Stephen A. Lawrence wrote:
Jed Rothwell wrote:
Stephen A. Lawrence wrote:
Obama's mega plan, and Bush's not-quite-so mega plan before it,
involved nothing more than transferring a couple trillion dollars from
taxpayers and bondholders to banks and related businesses.
"Transferring" is the wrong word. It involved lending the money, at
interest. In the case of AIG the government has taken ownership of 80%
of the company. (In my opinion it should have taken large chunks of the
other banks.)
I'm not so sure about taking large chunks of the banks.
I cannot pretend to understand this bailout. However, one thing seems
clear: When it looked like Citibank and BOA were going to be
nationalized, the stock market went into a full power dive.
The AIG money is going to pay their policy holders for the money that
they lost on bad loans. You may not like what Bush did with his bail
out, but the economy has only contracted 10%.
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