Sunday, November 09, 2008

AIG bailout grows

The AIG bailout started in September and grew in October:

The government had earmarked $85 billion in September for AIG's rescue. Another $37.8 billion was made available in October.

Now we're into November and they want more of our tax dollars:

American International Group Inc. late Sunday was reportedly near a deal for a revised bailout package from the U.S. government that would make borrowing terms easier for the troubled insurer.

A proposed $123 billion bailout package would be replaced with a new $150 billion package, according to the Wall Street Journal.

Does anyone expect these bailouts to end? I don't. I expect The Fed to continue letting money grow on trees printing money with no end in sight. Printing money is much less "politically-painful" than raising taxes or cutting spending.

And here is Ron Paul's brief description of what is really happening:

Tim White

1 comment:

Cris Cohen said...

In a related story, a man who got drunk and drove his car into a utility pole has been given millions of dollars by the government so he can buy a new one.