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Tuesday, March 17, 2009

Erin Go Broke....
Posted by Melina | 1:18 PM

Our good friend Richard Blair of the All Spin Zone is traveling today to AIG headquarters in NYC to make some noise (look for the guy in the leather jacket with the sign that says GIVE IT BACK MR LIDDY!! ) If you're around there go and find him!...and Richard, text if you need to get bailed out! Security is tight in the big city!
He's not the only one, apparently....It seems that protests are popping up all over the place, and they seemingly stem mostly from guys like Richard who have just had enough and who want to jump into the thick of things in this drunken town.

The new Tea Party movement is gaining momentum, and as the bailouts come down with little reasonable explanation or accountability, the turnouts are growing. If this was the thing that was gonna get people into the streets then so be it. I always thought that it would be tent cities and people dying in the streets, which is likely not so far off. We witnessed Hurricane Katrina and were so numbed that we just watched in horror and maybe sent money. Some went there immediately, but not enough in light of what was going on and the government's non-response. It had to be something that effected us all; and here we are. The thing is that this is all so blatant and corrupt that its almost unbelievable!

Ive been struggling to understand the details of the AIG thing, and its all so illogical that I cant quite believe that the government has given them anything. Why are we bailing them out? I'm hearing alot of this hold-your-nose-and-bear-it talk because its necessary for the world economy...? When it becomes clear that bonuses are being paid out at the same rate as before, and that its business as usual. Are we bailing them out so that they can just continue on with what they were doing that got us into this mess? How are they going to go forward? and what gives them the idea that they don't have to answer to us?

Here, thanks to the Cognitive Dissonance blog is some explanation of the swindle via post and video:

I'm working on this, and I hope that I don't end up with some novella length post about the ins and outs of this nonsense, because it seems that we really have little more to do than to take to the streets; and it occurs to me that people will be spurred to action by short bursts of easy to understand facts about this rather than a long lament.

Its just all too much.

c/p Brilliant at Breakfast

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Anonymous Anonymous said...
Actually, it's quite easy to understand.
AIG was an insurance company. They wrote insurance contracts that said essentially that if "X" happens, I'll pay you "Y" dollars. They did this thousands [millions!?] of times.
Well, lo and behold.... "X" happened, and all the people who had paid them money against such an occurrence came and said "I want my money now!" AIG said, "Sorry! But we don't have the money to pay you! We've spent it!"

In most worlds, writing insurance contracts you couldn't possibly pay off would be fraud. People would go to jail! But if you're the largest insurance company in the world, you say "If I can't pay all the money I've contracted to, the world will come to an end...." And then you get a $10,000,000 bonus.

Voila! Did I hear something about the sanctity of contracts???