Monday, March 2, 2009

Dear President Obama: You've already wasted $150 BILLION on AIG; now you want to waste $30 BILLION more?

As I write this, the market is once again weighing in on your moronic handling of our economy.

From the "voting with their feet" category, your brilliant handling of the economy has resulted in massive losses across the board, and the market is bouncing off lows in the 6700's.

Your idiocy on fiscal matters is stunning almost beyond words. You've buried future generations in debt that'll never be able to pay in the name of your political paybacks and porkulus program; you've caused $150 billion to vaporize by handing it over to AIG... and now you want to compound that idiocy by giving them $30 BILLION more?

Mr. President, that unbelievable stupidity has hit home when I look at our budget here in Washington State, and I see where our democrat governor and democrat controlled legislature ignored the loud warnings and spent us into an $8.3 BILLION deficit, much like you've ignored the Congressional Budget Office and almost every economist that doesn't view Marx as a fiscal genius, and have spent us, so far, into a $2 TRILLION deficit.

The reason I mention that is your idiotic-give aways would cover this state's budget for the next two years, paying off almost every aspect of government for the next 24 months (we use a biennial budget)

I've begged you to stop. I've begged you to end your efforts to destroy our economy, and you won't listen.

No one has damaged their country this much since Moron President Jimmy Carter almost got it done. Compared to you, Carter, who until now held the title as the most incompetent, inane and stupid president in the last century, is a shining beacon of government competence.

Clearly, you've managed to live up to your advanced notice as being intellectually inept, and completely unequipped to guide this country. You efforts to date have done far more harm than good.

You make it increasingly scary to be an American. And I do hope you're happy with that.

AIG will get $30 billion more in federal aid
It's 4th time government has stepped in


The federal government agreed Sunday night to loosen the terms of its huge loan to the American International Group and provide an additional $30 billion as the insurer prepares to report a $62 billion loss Monday, the biggest quarterly loss in history, people involved in the discussions said Sunday night.

The intervention marks the fourth time the federal government has had to pitch in to help AIG, the giant insurer, avert bankruptcy.

The government already owns nearly 80 percent of the insurer's holding company as a result of the earlier interventions, which included a $60 billion loan, a $40 billion purchase of preferred shares and $50 billion to soak up the company's toxic assets.

The government will commit $30 billion more in cash to AIG from the Troubled Assets Relief Fund, should the company need it, said the people involved in the talks. AIG is not expected to draw down the money immediately.

Federal officials, who worked feverishly over the weekend to complete the restructuring, believed they had no choice but to prop up AIG, because its business and trading activities are so intricately woven through the world's banking system.


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