AIG Bail-Out - OUTRAGEOUS FRAUD !!! The system is in melt-down and this action will only benefit wealthy investors - a colossal depression is around the corner and 99.9% of the population will suffer so the very, very few can continue to live a life of luxury, jets, yachts and mansions.
What has been overlooked in sales presentations of the $85 billion AIG taxpayer bailout, is the fact that when the U.S. Treasury lends money to private enterprise, it means that the $85 billion is not available for domestic programs like schools, social security, medicare and health care, veterans benefits, etc. So without increasing individual taxes, federal programs directly benefiting citizen taxpayers will have to be cut or curtailed. Further, this private corporation, AIG, may be tied in with Berkshire-Hathaway/Warren Buffett's conglomeration of companies, and will be getting my taxpayer money at a bargain basement rate, when taxpayers have to pay 18% to 24% interest on credit cards and other forms of consumer debt. THERE IS NO FAIRNESS IN THIS BACK-ROOM DEAL.
AIG should have to pay retail interest on this bridge loan, essentially a subordinated convertible debenture, at a minimum of 12%, and the interest rate to credit card holders and other forms of consumer credit, by Federal law, should be capped at 12%. Further, hurricane IKE and other U.S. disaster victims, should be lent money at the Fed bank rate. As it stands, the AIG bail-out, is a transfer of wealth from the public/middle-class to the wealthiest 1/25th of 1% of the U.S. population; bottom line, the U.S. middle-class has been mugged, beaten and robbed and the U.S. Treasury has been looted ! It's the Republican way.
http://socrates911.blogspot.com
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