The Fed Will Bail Out AIG

September 16, 2008 at 6:29 pm | Posted in American politics | 3 Comments

A real shame

The Fed caved. Any wonder why private banks didn’t want to fork over their own money? They knew Joe Taxpayer would eventually.

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  1. http://lefarkins.blogspot.com/2008/09/masters-of-universe-to-rescue.html

    This may be an extremely naive question — I’m sure it is — but how is it exactly that the U.S. government can essentially nationalize a $100 billion dollar corporation in a matter of hours, with no legislative action of any kind other than a phone call to Harry Reid?

    I mean do they just go to a big ATM or something?

    As Atrios notes, in real dollars this rescue operation is more than 25 times larger than the infamous 1979 bailout of Chrysler, when both Congress and the presidency were in the hands of socialists, if I remember the history course I took from Newt Gingrich and Phil Gramm correctly.

  2. I can only conclude that this is so important, it must be kept out of the hands of Congress.

  3. Mark,

    Congress long ago abrogated their Constitutional duties regarding running their part of the country. We truly are following in the footsteps of the Roman Empire.


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