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AIG In Layman's Terms (Not Mine!!!)

Sorry folks, I don't have any wisdom about the bailout messes, other than to say as an Average Joe I feel like taxpayers have been bent over without the benefit of receiving kisses first.

But, Matt Taibbi of Rolling Stone has broken it all down here in as plain language as you're likely to get.

I don't care which political philosophy you've "insured" your theory on the bailout with. I found Taibbi's explanations mind-blowing.

The irony is I know so little about high finance that I don't know if Taibbi's account is accurate and/or fair. But if it is...accurate and fair, then bravo to him.

So if you have a spare 15 minutes (20ish if you read slowly), check out his article in the link above. I finished it angrier than I was when I started reading. And that says a lot, 'cause I was already fuming - just not fully sure what I was angry about.

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Jeni Hill Ertmer

Well, I agree completely with the last part of that article -about it being illegal to allow slaves to learn to read because reading gives power. I'm paraphrasing there a lot, I know, but I got the gist of what the author as saying in that particular part of this piece! It's true, I'm sure, that probably only a very select few people understand even part of all the mumble-jumble of code words and such to be able to completely follow this whole mess from start to current time. We all know it's far from finished too though, don't we? And, we'll all get our tiny piece of the bailout pie too with either some kind tax breaks to the lowly and the $250 payoff to those of us on social security sometime this spring. If the government wanted to spur the economy, keep the cars rolling off the lines in Detroit, keep lots and lots of other business running smoothly too with better sales and such, my theory was to give all adults in the country a share of that $700 OR $800 billion bailout money, and tell everyone then to "Go forth and spend!" With the amount of money they are giving to the banks and Wall Street, etc., were divided up equally to each person over the age of 18 -or legal age maybe 21 say -it would amount to each of us getting a hell of a lot of money with which to make all kinds of purchases -new cars, RVs, houses too, remodeling old homes, paying in cash for medical care not otherwise avaiable to so many here -yeah, all kinds of things! Even to purchase stocks on the market too for the really brave! I know I sure could have given a big boost to lots of companies had the government seen fit to toss it's money off to those of us living on or near poverty row, for sure.
This whole thing -how these people were able to rape the market and how many other places and people and get away with it -no charges pending -just more money in the pockets of many who created this mess. In my world, when you worked if you screwed up, you were FIRED with no stinking golden parachute to guide you back to ground and another job to keep you going after the fact. Yeah, I'm still confused but I'm also still very, very angry at the gross unfairness, lack of ethics and also common sense too of those in power of the financial markets in particular along with their co-horts in Washington and even in Europe too! Tangled webs woven here for sure!

Pamela

Too much power in the hands of too few people.
(Too few people with integrity, too)

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