Jim Dandy to the Rescue
Posted by redsatellite on September 17, 2008
Jim Dandy to the rescue!
Jim Dandy to the rescue!
Jim Dandy to the rescue!
Go, Jim Dandy! Go, Jim Dandy!
I was sitting on a mountain top.
30,000 feet to drop.
Tied me on a runaway horse
Uh huh, that’s right, of course.
Jim Dandy to the rescue!
Go, Jim Dandy! Go, Jim Dandy!
One day, I met a girl named Sue.
She was feeling kind of blue.
I’m Dandy, the kind of guy
Who can’t stand to see a little girl cry.
Jim Dandy to the rescue!
Go, Jim Dandy! Go, Jim Dandy!
Jim Dandy to the rescue!
Jim Dandy to the rescue!
Jim Dandy to the rescue!
Go, Jim Dandy! Go, Jim Dandy!
With apologies to Black Oak Arkansas and anyone name Jim, here comes the U.S government again. First it was Fannie Mae and Freddie Mac, now it’s insurance giant AIG. 85 billion? ….oh brother…the fun just never stops.
In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurer American International Group, officials announced Tuesday evening.
The Fed authorized the Federal Reserve Bank of New York to lend AIG (AIG, Fortune 500) the funds. In return, the federal government will receive a 79.9% stake in the company.
Officials decided they had to act lest the nation’s largest insurer file bankruptcy. Such a move would roil world markets since AIG (AIG, Fortune 500) has $1.1 trillion in assets and 74 million clients in 130 countries.
I don’t care if they’ve insured ALL of Las Vegas and parts of Zimbabwe and Sri Lanka, the government has no business bailing out publicly traded companies. None.
Liberty Just in Case 
patriciaaanderson said
Huzzah!
Completely and totally agree with you on this one!
The government has no business bailing out a private/public trading company no matter how bad the investment has gone down the poop chute.
The fact is: when a person puts their money into an investment vehicle, say… such as an AIG investment, annuity.. etc.. in big bold print there is a statement that tells you in no uncertain terms.. that you are taking a BIG FAT RISK and your money is NOT FDIC INSURED!!!!
*crickets chirping*
Long and short of it is this my friends: When people have invested in AIG they were told its a risk.. but now that AIG was confronted with its own risk policy.. they got the government to guarantee them.. there was no risk to them…and the tax payers are going to bail them out. Pardon me for saying so.. but did anyone ASK the tax payers if they wanted to bail out AIG???
So all of US.. all of YOU.. are now shareholders in AIG.. but you don’t get the benefits of being shareholders in AIG.. ain’t that just a hoot…. read it again…
YOU ARE ALL SHAREHOLDERS IN AIG BUT YOU GET NO BENEFITS OF BEING A SHAREHOLDER IN AIG, YOU’RE ONLY PAYING FOR IT.
It wasn’t so long ago.. that I was faced with the choice of whether or not to place an investment with an AIG moneymarket investment.. I chose NOT to. Why.. because of the very bold statement on the quote that said it was not FDIC insured. Long and short of it.. was that I am not a gambler with my child’s future.. if they couldn’t guarantee my principal.. I wasn’t going there.. well hell.. guess I should have after all.. the feds were going to ‘insure’ it afterall.
*sigh*
redsatellite said
Well said Patricia.
mobiusinformer said
How exactly does that connect up? The Federal Reserve (a privately owned and controlled institution) loans AIG billions of dollars, and that translates into US Government ownership?
With FDIC’s $50 billion set to “insure” $1 trillion in deposits…..maybe the FDIC will need a bail-out themselves pretty soon.
Lots and lots of paper floating out there, huh…..and it’s just paper, too.
Nice article. I especially liked the Las Vegas reference. Bailing out AIG is very much akin to bailing out casinos for losing money in a game that’s stacked against the house to begin with!