The turmoil happening right now is the explosive unwinding of a business model that cannot be sustained by oil. AIG, bad mortgages, high unemployment, bank failures are not the causes of the unwinding, but the symptoms. The Saudis, the Russians, the Venezuelans, the Mexicans all have falling output of oil. We have no alternative infrastructure… Read Article →
How could they think this was sustainable? via Council on Foriegn Relations edit: updating formating.
We’re arguing about AIG v. GM on the Cheers and Gears site. The argument started over an article by the Baltimore Examiner that compares the situation of the two companies. One member posted this: In the interest of “keeping it real”: 1) The AIG money has given the US partial ownership. So if you want… Read Article →
The government has given $170 billion of your dollars to AIG to stabilize them. Angry yet? For that $170 billion, the government owns 80% of a company worth $4.33 billion as of this writing. Angry yet? Via the New York Times – Andrew Cuomo sifts through the bonus payouts for AIG employees. From the $165… Read Article →
Why are we still calling this a recession? From the Wikipedia and Economic Depression is: A depression is a sustained, long downturn in one or more economies. Considered a rare but extreme form of recession, a depression is characterized by abnormal increases in unemployment, restriction of credit, shrinking output and investment, numerous bankruptcies, reduced amounts… Read Article →
AIG posted a nearly $62 billion fourth quarter loss. So far, AIG has received $150 billion in taxpayer money and as of a plan announced today will receive and additional $30 billion of your dollars. But these aren’t loans. These are gifts to AIG meant to help free up lending and spur the financial system…. Read Article →