Money Down the Toilet

Robert Scheers slams Obama’s approach to AIG:

Six months ago, we taxpayers began bailing out AIG with more than $140


billion, and then it went and lost $61.7 billion in the fourth quarter,


more than any other company in history had ever lost in one quarter. So


Timothy Geithner and Ben Bernanke huddled late into the night last


weekend and decided to reward AIG for its startling failure with 30


billion more of our dollars. Plus, they sweetened the deal by letting


AIG off the hook for interest it had been obligated to pay on the money


we previously gave the company……..

We’ve already given AIG a total of $170 billion—an amount that dwarfs

the $75 billion allocated to helping those millions of homeowners

facing foreclosures. And more will be thrown down the AIG rat hole

because President Barack Obama is blindly following the misguided

advice of his top economic advisers, who insist that AIG is too big to

fail.

There’s no doubt Obama will nationalize the banking system, despite his teams insistence on chucking money at failed companies. It’s not a matter of how, it’s when, and the longer he dithers, the worse it is going to get.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.