3.18.2009

missing the point on aig

To bitch about AIG using federal "bailout" money to meet its contractual obligations to its employees is to miss the point entirely. The problem isn't the bonuses...the problem is that the "bailout" (I use quotes because it's properly pronounced "nationalization") occurred at all.

But whatever. If it takes some stupid populist backlash against rich people getting paid by the taxpayers (just what the fuck did you think was going to happen when the government got in the business of owning banks, brokerages, and insurance companies anyway?) to pull Obama and the congress off the nationalization track, then I'm all for it.

Businesses need to be allowed to fail. It's part of the cycle.

6 comments:

Gino said...

when stop to consider that a large part of the population was opposed to the various 'bailouts' from the beginning, we just may have a perfect populist storm.

not that it would matter that much in the long run.

KeepDurhamDifferent! said...

Why don't we deregulate and let the European and Asian banks operate like "our" banks get to do abroad?

There are Citibank branches all over Tokyo and Mexico City, but you won't see so much as a Nippon Bank ATM in these parts.

Disclosure: I consult for a swiss bank whose purchase of First Boston required a special act of Congress (after Milken & Drexel Burnam ran us into the ground). Hello, does anyone remember the lessons of these so-called crises?

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Gino said...

and in english?

LOL

Brian said...

I have no idea. I am completely at the mercy of Babelfish.