Interesting article in today’s Province about the bailout failure: http://www.canada.com/theprovince/news/story.html?id=a5832287-bc0c-4921-88ac-8d067dfc4462
"Not only is Bush saddled with record-low approval ratings, he is facing widespread mistrust among Republicans and Democrats who have felt bullied by the White House for much of the past eight years." This is not a surprise.
"GOP leaders were furious with Bush when, earlier this month, the White House approved the $85-billion takeover of American International Group without consulting Congress." This is a surprise. He unilaterally spent $85 billion to help his friends without going through congress? Conflict of interest, abuse of power.
Congressional leaders said "the ($85 Billion AIG) rescue put taxpayers’ money at risk to save a private enterprise that should have been regulated more closely."
http://www.nytimes.com/2008/09/18/business/18insure.html?_r=1&adxnnl=1&adxnnlx=1222902375-2m49h5IbeErymT0fbeLa0A&oref=slogin
Interesting indeed. The past practice is privatize everything and throw away public accountability. With the news of privatized prisons I joked about privatizing the military. Guess what. They already did. Blackwater. I can’t believe it. I just got the book so will have a read before I post a critique of that insanity.
Nevertheless, the business at hand is the financial markets, which seem to be doing fine without the bailout. This is an interesting article connecting Bush with Enron and AIG: http://www.8thestate.com/docs/06-26-06%20RG_Greenberg_Khashoggi_Bush_9-11%20Ties.doc
This is the original article: http://www.waynemadsenreport.com/articles/20070406_20
Michael Moore makes a good point. Let the rich bail themselves out: http://www.michaelmoore.com/words/message/index.php?id=237
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