So I suppose it was about an hour and a half ago that the Fed decided to take a hatchet to the spinal column of Lady Responsibility and Viscount Fiscal Integrity by bailing out AIG with an $85 billion "loan". That's a funny word, really. Loaning typically means to temporarily give with the expectation of receiving the sum back in full or with interest. But AIG has no choice now but to liquidate their assets to pay back the Fed, and it's the opinion of Wall St. big wigs that AIG won't be able to do so in full. This and the S&L scandal of the 80s, coincidence that both happened under Republican presidents?
Hooray for the invisibile, infallible hand of the Free Market! Hooray for unchecked capitalism and greed!
--Matt
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