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As we all know AIG is going down for the moment I have mine and my families life insurance through them but they do much more than life insurance...MANY people are going to suffer...the feds are currently offering to bail them but does anyone understand what that means..the government taking control of AIG... ...I already know a few bad things as the government has access to things on YOU they previously didnt have...etc...but they will save many people this way temporarily ANY AIG issues please discuss here....I'm not going to make a full page first post...let's all contribute...

The Stock Market is throwing us into a depression. I just know it. Companies like Meryl Lynch and others are like WOW! Bankruptcies just everywhere. People are losing their homes life and right...

I mean left and right...seems my edit button is gone..

save your scrap metal! It could be the thing that pays your land taxes!..lol..(not a joke)

The Gov is going to bail out three mega-corporations now, more to possibly follow.

I'm going to blame Bush.

what? not been following news on it since real early but I thought they were just gonna bail out AIG only and not set that pattern of bailing out big business...?...man the feds change like the weather reports..lol

Originally posted by Jack Daniels
what? not been following news on it but I thought they were just gonna bail out AIG and not set that pattern of bailing out big business...man the feds change like the weather reports..lol

Bear Stearns, Freddie Mac, Fannie Mae are on the list too. We're talking (possibly) trillions of $$$ here in bail-out money.

Edit: The Gov has taken control of Freddie and Fannie and booted their top execs.

boy they are going to track down everyone and call in some debts..lol

I believe that is called the free market regulating itself. Or regurgitating on itself. Something like that.

If the government bails out AIG would they then have control over the company?

Originally posted by Devil King
I believe that is called the free market regulating itself. Or regurgitating on itself. Something like that.

It has returned.

Some on the Right side of the spectrum are trying to lay sole blame on the Clinton Admin for this. Poor Bill.

Originally posted by Symmetric Chaos
If the government bails out AIG would they then have control over the company?

Possible, at least they get to remove and possibly position in top Execs of their choosing.

Hmmm, I wonder how low the Stock Market has to drop before we go into a real Depression or how many companies have to go belly up..

Originally posted by Robtard
It has returned.

Yeah, sorry you got called a lackey for pointing out the obvious to everyone. I checked back in a week or so later and saw that anyone who's ever even remotely agreed with me about anything had been banned.

Originally posted by Robtard
Possible, at least they get to remove and possibly position in top Execs of their choosing.

Well, with an outgoing administration of this size, there's going to be a lot of people who'll need a job.

Originally posted by Robtard
It has returned.

Some on the Right side of the spectrum are trying to lay sole blame on the Clinton Admin for this. Poor Bill.

How the ****?

Originally posted by Deja~vu
Hmmm, I wonder how low the Stock Market has to drop before we go into a real Depression or how many companies have to go belly up..

This depressing, or?

Originally posted by chithappens
How the ****?

Billy Boy signed the repeal of the Glass Steagall Act in 1999, which allowed the Gov to force (and they did) mortgage lenders to lend out to high risk ventures, which put those lenders in return at risk. Edit: I should also add, lenders were given out loans they knew would default to people during the housing boom to turn a quick dollar. Look how many foreclosures we have.

Thing is, this was in the works long before Clinton and parts of the Glass Steagall repeal where done by Republicans, ie it was a bipartisan movement, not just Clinton signed the repeal (which if he didn't, congress would have most likely vetoed his ass anyway, but that's a guess) and hell followed a decade later. It was greed across the board and many hands getting rich off it, now we, the tax payers have to pay to refill the cookie jar.

So a conservative president is advocating bailing out businesses? Seems off.

Well what have we learned kids? Thats right, dont give out mortgages to people with a shitty credit history and record of ****ing up.

You know what the sad thing is? I read online that the majority of these people that defaulted on their mortgage were black or minority, and I heard some black person blaming white people for causing it all because instead of giving the minorities regular mortgages they were racist and made them get sub prime loans.

Hilarious.

Originally posted by KidRock
Well what have we learned kids? Thats right, dont give out mortgages to people with a shitty credit history and record of ****ing up.

You know what the sad thing is? I read online that the majority of these people that defaulted on their mortgage were black or minority, and I heard some black person blaming white people for causing it all because instead of giving the minorities regular mortgages they were racist and made them get sub prime loans.

Hilarious.



I hate ignorant people.

looking into some of the practices that caused this economic downfall it's actually amazing how share dealers get away with it.

short selling: when traders sell large amounts of stocks and shares that they dont even own in order to drive down the price so they then buy them at the lower price then advise the people they sold the shares to to sell then skim the profits made.

it's apparently a hedge fund speciality...although in order to benefit from a hedge fund you need to be able to put in usually upwards of a million bucks just to get in...basically it ends up as a way for the people who work in the stock market to up their already huge incomes by dealing on the side and taking all the largest profits for themselves....then when it all goes pear shaped, the companies they are investing for take the hit...ie the normal investments that most peoples pensions and savings are tied up in.

Err...

Fannie Mae and Freddy Mac happened like a fortnight ago. Bear Stearns was bought up by JPMorgan Chase months ago in a Fed-engineered deal iirc. IndyMac was seized in July by the FDIC. (So I'm not sure why people aren't aware of these three financial failures already. Or why the AIG buy out deserves it's own thread - it's not the first, and I frankly don't think it will be the last.)

Merill Lynch was expected to go under too, I believe, save for the buy out by BofA, which was suspected of being Fed-engineered; but there was apparently "no pressure." And Lehman Brothers was allowed to fail.
Originally posted by Symmetric Chaos
If the government bails out AIG would they then have control over the company? The $85 billion bail out loan gives the Fed an 80% stake in AIG.

Originally posted by xmarksthespot
Err...

Fannie Mae and Freddy Mac happened like a fortnight ago. Bear Stearns was bought up by JPMorgan Chase months ago in a Fed-engineered deal iirc. IndyMac was seized in July by the FDIC. (So I'm not sure why people aren't aware of these three financial failures already. Or why the AIG buy out deserves it's own thread - it's not the first, and I frankly don't think it will be the last.)

Merill Lynch was expected to go under too, I believe, save for the buy out by BofA, which was suspected of being Fed-engineered; but there was apparently "no pressure." And Lehman Brothers was allowed to fail.
The $85 billion bail out loan gives the Fed an 80% stake in AIG.

If you had been paying into AIG as long as I have you wouldnt ask why it deserved its own thread..lol

Damn, this morning i just heard that Goldman Sachs and J.P. Morgan are the last 2 major financial investment bank companies left and that the U.S. gov't cannot afford another foul up and thus will not bailout any of the 2 should they fail.

I also heard that the AIG bailout was a good thing because not assisting AIG would've meant the collapse of dozens of smaller firms around the country that deals with other peoples investment equating to an even deeper crisis.

And Fannie Mae and Freddie Mac got into the trouble they got into cause of greed. That they abused their lending powered privileges since they were able borrow at lower interest rates than their competitors. They had a field day with the borrow privaledge they had until the weight of their greed caved in on them. By giving loans to people with no down payment and bad credit. How idiotic.

My student loan is/was Fanny Mae...

Originally posted by KidRock
Well what have we learned kids? Thats right, dont give out mortgages to people with a shitty credit history and record of ****ing up.

You know what the sad thing is? I read online that the majority of these people that defaulted on their mortgage were black or minority, and I heard some black person blaming white people for causing it all because instead of giving the minorities regular mortgages they were racist and made them get sub prime loans.

Hilarious.

It isn't that cut and dry, Badass.

Mortgage companies where handing out loans left-and-right to people they knew would default during the housing boom, for the sole purpose of making a fast dollar. Banks used to handle it, so in their best interest, they would screen each applicant with a fine-toothed comb before they gave out a loan, they didn't take risks, generally.

You can blame the people who took a loan that was well above their means, and you'd be (partially) right in doing so. But if someone feed you a line of shit and then said "just sign here and you'll own your own home", while they knew for a fact you couldn't afford it once the interest flipped, who's fault is it really?

In the end, the mortgage companies who were duping the foolish loan takers screwed us all, the American taxpayer.

Originally posted by Robtard
It isn't that cut and dry, Badass.

Mortgage companies where handing out loans left-and-right to people they knew would default during the housing boom, for the sole purpose of making a fast dollar. Banks used to handle it, so in their best interest, they would screen each applicant with a fine-toothed comb before they gave out a loan, they didn't take risks, generally.

You can blame the people who took a loan that was well above their means, and you'd be (partially) right in doing so. But if someone feed you a line of shit and then said "just sign here and you'll own your own home", while they knew for a fact you couldn't afford it once the interest flipped, who's fault is it really?

In the end, the mortgage companies who were duping the foolish loan takers screwed us all, the American taxpayer.

My sentiments. I haven't any pity for either group, either. Both the lenders and borrowers. For being blind with greed. But when you say "the American taxpayer" i don't see how we'd be severely effected by it. I mean, don't corporations pay the most taxes out of any single entity in the country, loopholes and corporate welfare bennies included.

If anything, they're mostly using up they're own taxes they paid into the system.

Nevermind i got my answer here. (sort of)

"How bailouts could end up costing taxpayers: Bailout reality check: Taxpayer exposure"

cnnmoney.com

Bankrupted America will soon be in a theater near you.

Meaning this will soon effect you.

don't reeeaally think the 2nd line was all that neccessary there

http://www.abovetopsecret.com/forum/thread392616/pg1

havent checked any more on this just found it interesting...

- McCain says Fed should stop government bailouts -

GREEN BAY, Wis. - "Republican John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions. The Republican presidential hopeful said the Fed should get back to "its core business of responsibly managing our money supply and inflation" and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign."


- AP

more a PR statement than anything i think...the reality is you simply cant let big banks go to the wall without destroying the lives of millions of people

Originally posted by jaden101
more a PR statement than anything i think...the reality is you simply cant let big banks go to the wall without destroying the lives of millions of people

the millions'll still've been affected and practically destroyed with the bailouts. Investments've gone down in value across the board. For both small investor and the rich guy.

but I guess letting those corps. "hit the wall" would've been worse.

Still the point is is that these companies should be made accountable. They should run the right way. Violating that rule should warrant being dissolved. Banks should be allowed to fail.

This is serious sh*t. We're currentty looking at the biggest gov bailout in US history..

It's a difficult period now. Even for the poor. they'll suffer more..

My friends. for the 1st time since the days of FDR we're looking at a depression dead in the eyes at close range. We're talking nose to nose..

Wash. has some plan they're brewing that they plan to unveil this weekend so we'll see what they have to say..

I wanna see how this will affect foreign exchange...Im gonna jump in if I see some jumps...Also in my AIG annual statement I noticed they charged like 20 bucks less than the minimum they said they have to charge per year...Im not liking that...is that way to screw me over? I should have been paying more attention b4 but now Im watching....could they deny benefits due to them undercharging?

I don't pretend to understand the "economy" but they are using our money to save our money. Sigh.

Rescue plan seeks $700B to buy bad mortages

Probably like a domino effect. To many other countries are invested in us.

But they can help if they buy American..

the coming collapse is all planned hahahahhaha

that'll be how the markets rallied up on average over 400 points..some as high as 1200 points on friday then?

Originally posted by Deano
the coming collapse is all planned hahahahhaha

What the hell is funny about that?

nothing but what can we do but laugh...hmm I know we can vote in new crooks!...was that funny?...anyways Ive been googling but cannot find anything about being undercharged and benefits being denied...agent has been switched and the boss guy wont call back..guessing he has a million calls right about now though...?

Originally posted by jaden101
that'll be how the markets rallied up on average over 400 points..some as high as 1200 points on friday then?

I like how some media outlets are touting the friday gains as the largest gain in decades, simple because the market went back to where it was on wednesday before the federal government annouced that the bad practice and investments of the last 4 years would be wiped out. If it had been a historical recovery, it should have shot up 1500 points. But such was not the case.

Originally posted by Deano
the coming collapse is all planned hahahahhaha I've heard that too.

I saw on my caller ID the AIG agent they switched me to called 2nite...Im gonna make him come see me at work since they just got 85 gazillion dollars..lol...anyone have questions they want me to ask him...lol...we could have fun with this one

well my agent said my life insurance would be unaffected no matter what happened as the state protects me??? said he would explain it later when he brought me new paperwork??..gonna have to be sober for this meeting..