US bails out AIG for 85 BILLION dollars-must watch-1/3

US Seizes Control of AIG with $85 Billion Bailout

The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from collapse in what the New York Times describes as the most radical intervention in private business in the central banks history. The move comes as a series of financial crises has altered the landscape of Wall Street. We speak with investment banker turned journalist, Nomi Prins, and Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends. [includes rush transcript]

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People & Blogs

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• AIG
• fanny
• mae
• capitalism
• banks
• collaspe
• democracy
• now

[eldogg4life]

I am glad to see people waking up to the reality that the very foundation of capitolism is greed.

Corporate greed has written a check our economy cannot cash and yet the Gov is paying it. We will pay more intrest on new money printed by the Fed. We'll borrow from China. The collateral will be the income of the American people. Taxes will increase to pay off the bad debt. The rich will get richer and "The People"... we're screwed!!!

Now for the bad news...

The American Dream is over!!!

[murbones]

BILLION!!!! NOT MILLION! Billion = 1000 million.

[sulang85]

All the honour to Professer Dr Micheal Hudson.

[irreverentesempre]

I see, the colapse, of all economic system, in US.

[killergames187]

Thank you me to!!

[smellyfooty]

it should be a "democratic" vote whether or not the regular people are gonna pay( through taxes)for a company who could'nt care less for YOU the people.

[smellyfooty]

government should have NO! ties to ANY company(Only to the people). Just like if I can't pay the rent this month. THAT is not the government's responsiblity!

[smellyfooty]

those who profited from those who have nothing are now rich! ...and you ask "Why?! Is there "unrest"?

Classism is the new terrorism.

BRING ON the new revolution!

[paulp1021]

If Americans are waking up. Why do they continue to vote against their economic self interests election after election? We have two very prominent corporate presidential candidates in Barack Obama and Warmonger McCain. Americans will continue to vote based on inconsequential issues like guns, God, gay marriage, and prohibiting women from choosing between having an abortion, or not. Things will never change until we finally grow up for Christ's sakes.

[paulp1021]

Before the shit really hits the fan.

[Xproletariatx]

Brothers and sisters, this is not just about speculative instruments, boom and bust and sub prime mortgages. This is about the inherent nature of a economic system that knows absolutely NO BOUNDARIES in its avaricious pursuit for profit. Capitalism has to accumulate and accumulate for accumulations sake and it will go through anything to get it, no matter what the human cost is. It needs not to be reformed, it must be overthrown! Do away with this instable anarchic system and build society anew

[JUKIO01]

lol, the rederal reserve got it made man. they are rolling baby! i bet it was all part of the plan, collapse the banks, then buy them, take TOTAL control of the financial system. HAHAH! damn they good!