Wall Street Bailout

I think Marcy Kaptur of Ohio speaks for many of us about this turn of events and the insanity of letting the rich continue to gouge the taxpayers for money with no strings attached, no oversight and no real planning for how we will improve our national finances. While she  does not detail her bill in this video, she gives an outline of its objectives.

Wall Street Bailout

The update on Monday Nov 10 is that the Bush Administration is providing even more money to AIG than originally offered. The administration scrapped its original $123-billion bailout of American International Group (AIG) and offered a new one, for $170 billion, that extends the loan from two years to five. The deal is part of the $700-billion stash that Congress passed last month.

So far this morning, Wall Street seems to like the news. As for AIG, its CEO Edward Liddy said the new plan “is a significant step forward” that will help AIG divest itself of bad business loans. Tapped to lead the company amid its turmoil five weeks ago, Liddy also said it feels more like five years.

This is amidst revelations that the CEOs and account executives are continuing to get the big bonuses and perks that led to the loss of investors’ money in the first place.

The “Lame Duck” presidents have inflicted their fair share of pardons, gifts, etc during these last couple months. Lets not forget that the Bush Administration still has 70 days to wreak havoc. Lets not let these actions go unchecked.

Obama will have enough of an uphill climb without additional tom-foolery.

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