breaking news, government takes over AIG (buying, taxes, money, wage)

[arctichomesteader]

Inch by inch we will become socialist. Yet, anyone who stands back and looks at the situation can see what an act of desperation this truly is. Our economy is hanging by a thread these days.

[analyticalkeys]

Originally Posted by heydade

I can't believe it....where is the accountability ? Now all the major banks are gonna expect the Feds to break their fall.

Well, they'll be sorely disappointed then.. (I hope)

[Lulu101]

It doesn't seem socialist at all to me--in a very narrow sense it seems like fascism (tight linkage of gov't with private corporations).

Originally Posted by arctichomesteader

Inch by inch we will become socialist. Yet, anyone who stands back and looks at the situation can see what an act of desperation this truly is. Our economy is hanging by a thread these days.

[arctichomesteader]

Originally Posted by Lulu101

It doesn't seem socialist at all to me--in a very narrow sense it seems like fascism (tight linkage of gov't with private corporations).

It can be both.

[Lulu101]

If they were going to take the AIG profits & redistribute it for some kind of social welfare programs I might agree, but I doubt they'll do that.

Originally Posted by arctichomesteader

It can be both.

[goodbyehollywood]

The only other company I think they might bail out is Citi, if it comes to that. WaMu is going to be like Lehman-- they'll let it fall with a resounding thud. As they should. WaMu had zero standards in lending. They wrote huge mortgages to anybody with a pulse and they deserve to go under. Their stock is almost worthless now, anyway.

[arctichomesteader]

Originally Posted by Lulu101

If they were going to take the AIG profits & redistribute it for some kind of social welfare programs I might agree, but I doubt they'll do that.

Government ownership of the means of production, in a way (in this case not a factory or such as one typically thinks of). This very much is a welfare handout, just not to individuals. The Nazis were both fascists and socialists (by their definition of socialism anyways), but not entirely clearly identifiable as either one alone. A strange combination (and not a good one at that).

[Lulu101]

yes, we can at least agree that it's bad, whatever kind of two-headed monster it may be.

Just think, if Ford or GM goes down later in the year, maybe the federal government can be in the auto, mortgage and insurance business

Originally Posted by arctichomesteader

Government ownership of the means of production, in a way (in this case not a factory or such as one typically thinks of). This very much is a welfare handout, just not to individuals. The Nazis were both fascists and socialists (by their definition of socialism anyways), but not entirely clearly identifiable as either one alone. A strange combination (and not a good one at that).

[arctichomesteader]

Originally Posted by Lulu101

yes, we can at least agree that it's bad, whatever kind of two-headed monster it may be.

Just think, if Ford or GM goes down later in the year, maybe the federal government can be in the auto, mortgage and insurance business

It's already involved in almost everything else anyways so why not.

[Woof]

Originally Posted by analyticalkeys

It's the feds.. definitely the feds.

OK, which part of the govt is gaining control?

My understanding is that the Fed(eral Reserve) is composed of private banks put together in some kind of unholy alliance with the feds (public govt).

So you say the funds are taken from some purely govt entity, rather than the component private banks of the Federal Reserve?