Hollywood will be Bollywood soon enough, eh?
"The Treasury Department and the Fed on Monday threw a new $30-billion (U.S.) lifeline to the ailing insurance giant, which marked the government's fourth effort to stabilize AIG since September.
Both Democrats and Republicans expressed skepticism over whether the action would work, said they were worried that more taxpayer money will be needed to rescue the company and demanded more accountability and openness.
Mr. Bernanke defended the government's repeated rescue attempts on AIG, saying “the failure of major financial firms in a financial crisis can be disastrous for the economy.”
The U.S. will be better off “moving aggressively” to solve economic problems because the alternative “could be a prolonged episode of economic stagnation,” Mr. Bernanke said."
Both Democrats and Republicans expressed skepticism over whether the action would work, said they were worried that more taxpayer money will be needed to rescue the company and demanded more accountability and openness.
Mr. Bernanke defended the government's repeated rescue attempts on AIG, saying “the failure of major financial firms in a financial crisis can be disastrous for the economy.”
The U.S. will be better off “moving aggressively” to solve economic problems because the alternative “could be a prolonged episode of economic stagnation,” Mr. Bernanke said."
-Globe and Mail.
This follows Citi Corp last week, and whose next before Citi and AIG are back. I was watching Charlie Rose the other day and his guest (the creator of Netscape) proposed that the US governments let the banks fail and put far less tax money that Bush started handing them in September into new innovative cyber banking. In that sense, we would stop the same old pigs returning to the trough.
Lord Tunderin Geezuz all they need now is China calling in their treasury marker. WHAM. North America is the new India. They'll be cutting up derelict ships for scrap on the Californis's shores by Malibu Beach in bare feet with bandanas to guard human lungs from toxic fumes, my son. Lets hope the Canadian Fed and Banks squirrel enough away to pay for Homeland Security on our side of the border. Maybe we can buy the border guarding Predators from US Customs when China sells off the assets. I'm just sayin, eh?
Comments