Re: Madness: Bailing Out Greed in Wonderland

[David Farber <dave () farber net>]

Begin forwarded message:

From: "Ed Biebel" <edward () biebel net>
Date: September 17, 2008 9:45:48 AM EDT
To: dave () farber net
Subject: Re: [IP] Madness: Bailing Out Greed in Wonderland

One of the things that I have not heard mentioned here but was
mentioned on the BBC this morning is that AIG is the largest insurer
in China.  They indicated that the financial crisis had not yet hit
Asia but AIG's failure would have certainly sent that country's market
into a tailspin.  Of course China has significant holdings in the US
and I could see potential ripple effects if China started tightening
its credit in the US.

Ed


On Tue, Sep 16, 2008 at 10:06 PM, David Farber <dave () farber net> wrote:
> Begin forwarded message:
>
> From: Lauren Weinstein <lauren () vortex com>
> Date: September 16, 2008 8:38:26 PM EDT
> To: dave () farber net
> Cc: lauren () vortex com
> Subject: Madness: Bailing Out Greed in Wonderland
>
>
>
>                    Madness: Bailing Out Greed in Wonderland
>
>                  http://lauren.vortex.com/archive/000428.html
>
>
> Greetings.  I'm writing this from somewhere down the rabbit hole.
> I'm convinced that we must all be living in Alice's Wonderland these
> days, watching the parade of insanity playing across the news media
> machine recently.
>
> That global machine is buzzing right now with word that the Feds may
> be about to announce a massive bailout of AIG.  This after massive
> federal charity for Bear Stearns, Fannie Mae, and Freddie Mac to
> keep them from drowning in their own bad investment decisions.  The
> AIG bailout isn't confirmed just yet, but reports appear to be
> converging.
>
> This is the same government that not so long ago made it much more
> difficult for individuals to file for personal bankruptcy, in line
> with the GOPs' call for "individual responsibility" in such
> matters.  In other words, if you're a (formerly) filthy rich
> financial services corporation that screws up -- after getting your
> claws so deeply into the economy that any attempt at removal will
> clause a death by millions of cuts -- the taxpayers will be called
> upon to bail you out.
>
> On the other hand, if you're some poor slob trying to make a living
> actually *creating* products and services of real value -- not
> just pushing money around -- and you get into financial trouble --
> well, the government just tells you to go to hell.
>
> And what's the GOP standard bearer's reaction to all this today?
> John McCain says we need -- get this -- a commission to study the
> problem!  Another damn commission?  This isn't like trying to figure
> out 9/11.  It's completely clear how we got into this position.
> Greed -- lack of appropriate regulation -- the GOP's never-ending
> belief in "trickle-down" economics and their genuine disdain for the
> average working man, all wrapped up in the flag and disingenuous
> talking points of course.
>
> I am physically sickened watching this play out.  And I guarantee
> you that there's no "Drink Me!" or "Eat Me!" solutions that are
> going to be conveniently sitting around at the bottom of this rabbit
> hole waiting to be cheerfully consumed.
>
> Absolute, unadulterated madness.
>
> --Lauren--
> Lauren Weinstein
> lauren () vortex com or lauren () pfir org
> Tel: +1 (818) 225-2800
> http://www.pfir.org/lauren
> Co-Founder, PFIR
> - People For Internet Responsibility - http://www.pfir.org
> Co-Founder, NNSquad
> - Network Neutrality Squad - http://www.nnsquad.org
> Founder, PRIVACY Forum - http://www.vortex.com
> Member, ACM Committee on Computers and Public Policy
> Lauren's Blog: http://lauren.vortex.com
>
>
>
>
>
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