Jack Linthicum wrote:
On Sep 17, 9:05 am, Actual Boater wrote:
Jack Linthicum wrote:
On Sep 14, 4:03 pm, "Eisboch" wrote:
"Calif Bill" wrote in message
...
As to Obama saying he is going to cut taxes for 95% of the people.
Impossible. Only 45% pay income tax in the first place.
You just said a mouthful.
He's really describing another form of government, namelySocialism.
All his speeches, writings and comments drip of the signals. If he is
elected and the Dems truly get control of the Congress, we are in for some
major "Changes".
Eisboch
Today on CNBC Mark Haines, "Everybody's for a free market economy
until starts to work against them, then they turn socialist"
I just *love* the latest rounds of taxpayer-supported bailouts of
private corporations.

AIG should have been allowed to fall. It's legitimate insurance business
would have been sold off to other insurers, and along with that business
would have gone many of its employees in the legitimate insurance
business. It's b.s. insurance business deserves to die.

You may miss the point. AIG's business is international, like that
London firm with the consumer loan rate fixing capability, it sets
loan standards and backs loans everywhere.

Fed Takes Control of AIG With $85 Billion Bailout (Update3)

By Hugh Son and Erik Holm
Enlarge Image/Details

Sept. 17 (Bloomberg) -- The U.S. government took control of American
International Group Inc. in an $85 billion bailout to prevent the
bankruptcy of the nation's biggest insurer and the worst financial
collapse in history.


I didn't miss the point. I'm very familiar with AIG and with what
happens when an insurer falls on tough times. Some years ago, I had a
three-year contract with a private sector insurer/investment company
that had had a minor bout (relatively speaking) of "corporate greed,"
and as a result its shareholders bit it on the ass, real hard. It's
insurance business was downrated for a while, and AIG was brought in as
a partner for certain insurance lines in order to be able to offer an
"A" rating to certain customers.

The client downsized substantially, sold off certain business lines, and
got tougher and smarter. It's profitable again. This was done without a
penny of taxpayer money.

AIG should have been allowed to fail. Its insurance customers would have
been ok because their business would have gone elsewhere. Its other
businesses could have been sold off. It ****es me off mightily when my
tax dollars are used to reward Wall Street criminals.

Corporate welfare - socialism for the rich. Foch the rich.