ON THE AIG BAILOUT « The Urban Grind

ON THE AIG BAILOUT

I just heard a mutual knob-gobbling fest on NPR where our elected representatives were praising and congratulating each other on passage of a bill to bail out AIG.

You’ve probably heard some details on this but basically it amount to this: AIG gets $85 Billion, shareholders get ZIP as the stock is basically now worthless. These assclowns in Washington are praising the deal saying the USG gets 80% of whatever AIG is worth and that the government might actually make money on the deal.

YEAH! RIGHT!! That will be the day.

Meanwhile, the US taxpayer takes it in the shorts.

Hey, look, I am not stupid. I realize it needed to be done or the consequences of non-action would have been far, far worse. Hell, Yesterday I spoke with a cousin currently living in Portugal and she doesn’t know shit from shine-ola when it comes to investments but she knew that AIG was kicking Portugal’s ass with its imminent demise.

It pisses me off to know that democrats were the driving force behind this. Don’t believe me?

See this story on how the Fannie/Freddie mess came about and Jamie Gorelick’s involvement ….. yeah!! … that Gorelick…..the one who during Clinton’s administration put up walls between our intelligence communities and I consider single handedly responsible for 9-11.

Johnson and Raines were both “Friends Of Angelo,” meaning that they got extremely favorable loans from Countrywide Financial at the direction of Countrywide CEO Angelo Mozilo. Johnson himself scored over $3 million in very, very favorable loans from Countrywide.

A third former Fannie Mae top exec might ring a few bells. Jamie Gorelick was the vice chairman from 1997 to 2003 (straddling both Johnson’s and Raines’ administrations) despite having no background in financing. During her tenure, she took home over $26 million dollars while Fannie Mae underwent a $10 billion accounting scandal. Gorelick had previously served in the Clinton Justice Department, where she was instrumental in constructing the “wall of separation” between foreign and domestic intelligence operations — which kept the CIA and FBI from comparing notes on terrorist threats that might cross our borders. Gorelick was also one of the commissioners who were appointed to investigate the 9/11 terrorist attacks — which struck a lot of us as troublesome, as we thought she would be better as a witness. I would have much preferred her to be answering questions, instead of asking them.

Democrat fingers are all over this mess and now Nancy Pelosi denies all democrat involvement attempting to blame Bush when it was during Clinton’s administration that this mess was taking place.

Pathetic as it may seem, the Republican response to this was “nanny-nanny-boo-boo! Imagine how bad it would be if Dems controlled the White House! No kiddin’. Here:

Republicans responded quickly, pointing out that a Congress led by Democrats had not helped the economy.

“The Pelosi-Obama Congress has failed to pass an all-of-the-above energy plan, failed to stop earmarks, and failed to break the partisan gridlock that plagues Washington,” RNC spokesman Alex Conant said. “If Pelosi thinks the Democratic Congress is doing a good job handling the economy now, then just imagine how bad our economy would be if Democrats controlled the White House, too.”

If these sorry pieces of shiite were half as smart as a rock they’d have laid out exactly how this happened and how the democrats stifled all attempts to stop it from taking place.

And another thing, just before this debacle where were the “so-called” analyst EXPERTS on Wall Street who could not see what was going on? How the hell can anyone believe a word they say when something this huge, this egregious, this fraudulent was taking place right under their noses.

And, yes, I am pissed because, whereas I may not have held stock in those companies, I hold mutual funds that did and my portfolio and the portfolio of tens of MILLIONS of Americans is now taking a HUGE drubbing because of all this turmoil.