Wednesday, September 17, 2008

SOCIALISM - US govt. 80% buyout - SAVES AIG, prevents ALL of WALL St. FROM CRASHING, WSJ cheers...

Well, the impossible, yet inevitable, has finally happened: The WALL Street JOURNAL, High Holy of Holies of Right-Wing "free market" "private capitalism" dogma and reactionary Republican PROPAGANDA, actually CHEERS as the US GOVERNMENT STEPS IN, to buy-out an _80% stake_ in AIG Insurance company, the world's largest business insurer.

THIS _SOCIALISM, GOVERNMENT-BUYOUT, comes of course, just one week after the PREVIOUS HUGE GOVERNMENT BUYOUT/BAILOUT, the FANNIE-Mae/Freddie-Mac takeover, reported in our previous post, below.

Remember, just two Christmas seasons ago, GOLDMAN SACHS executives WERE CROWING that G-S was distributing several BILLION DOLLARS in BONUSES.

Yet today, Wall St. Supermen/Wizards Goldman-Sachs... and ALL the other banks and brokers - are sitting on the sidelines, HOPING and PRAYING for fed, GOVERNMENT BAILOUTS, buyouts, and SOCIALISM TAKEOVERS, to prop up the last rotting remnants of an entire decade of Bush-Cheney-GOP rampant greed and crony corruption on Wall Street, masking as "free market capitalism."

Speaking of, here are some of GORDON GEKKO's infamous quotes "GREED IS GOOD!" quotes,
from the 1987 movie "Wall St." which movie portrayed the previous BUSH (1) ECONOMIC CRISIS, and "Bluestar Airlines" of the movie was based on Bush Sr. ALLOWING Texas Air Chairman FRANK LORENZO to do a monster LEVEREGED BUY-OUT of EASTERN AIRLINES, which company (Eastern) Lorenzo proceded to BLEED DRY from the inside out. When Eastern could no longer fight off bankruptcy, and finally declared bankruptcy, most Eastern working family who owned homes in the South Florida market had to put their homes up for sale that very week - leading to the Bush-1 SAVINGS & LOAN mortgage crisis KILLING the FLORIDA REAL ESTATE economy, which up until then had been resilient against the Bush-1 Recession.

SOME THINGS NEVER CHANGE: The BUSH-2 RECESSION and Market tumble (and would-be COLLAPSE, were it not for GOVERNMENT SOCIALISM), is an IDENTICAL REPEAT of the BUSH-1 Savings & Loan Crisis, Bush-1 DEFICITS, Bush-1 RECESSION, and the need for US taxpayers, via the federal government, to STEP IN and BAIL OUT Bush CRONIES.

And, then as now, DC Democrats are either IN ON THE TAKE (Dem. Senator John Glenn was, along with Senator John McCain, one of the "Keating Five" senators providing Keating with political "PROTECTION" in DC in exchange for huge campaign donations), or TOO STUPID, COWED, or corrupted to know what is going on, much less DEMAND MEDIA ATTENTION be paid to the need for SOCIALIZED TAX-PAYER BAILOUTS to SAVE the US economy.


Reuters) - The Federal Reserve will provide a roughly $85 billion bridge loan to AIG (AIG.N) and take a nearly 80 percent stake in the company, according to a source briefed on the matter.
CNBC earlier reported the bridge loan would be secured and that shareholders would be severely diluted by the bailout.
Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and others were involved in the talks, CNBC said, adding that the bailout plan being negotiated "isn't a conservatorship."
SEPTEMBER 16, 2008
U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dries Up
Emergency Loan Effectively Gives Government Control of Insurer; Historic Move Would Cap 10 Days That Reshaped U.S. Finance