Market crash: are we there yet ?

[Bene505]

I know a few people that work at AIG. I don't think they are really happy, but they seem to be keeping their head down and working. Something about Liddy encouraging them to stay focused on paying the government bask.

[SeaWolf]

While I don't agree with continuing the bailout and I certainly don't agree with bonuses being paid with bailout money... no secret here... to release the names of the people that received the bonuses would be a travesty. They don't deserve to be the scapegoats for the politicians folly. Unfortunately, we all know that many, if not most, of our lovely politicians would be willing to throw their own mothers under the bus if it meant remaining in power.

Loree
Aboard SeaWolf
CruisersLife.com

[bljones]

This wouldn't have even been an issue if AIG had been proactive on the public relations front. They should have gotten out in front of this thing and laid it all out in interviews and advertising prior to getting called out by the pols. Nobody ever scores any points running nothing but defense.

It also didn't help that AIG was in the spotlight for holding a six figure corporate retreat after the first round of loan guarantees.

Contrast the AIG experience with that of an earlier bailout package:
Remember when Chrysler had to get bailed out back in the 80s? Remember Lee Iacocca getting in front of his new de facto bosses, the American people, and thanking them for their faith in Chrysler, and how it was going to succeed? Remember Lee Iacocca announcing that he was going to give up his salary? That approach sold a lot of really crappy k-cars, built a lot of goodwill, made Iacocca a folk hero, and defused a possible bomb.

[sailaway21]

Bonus, schmo-nus.

Keep focusing on the pennies and the flashing lights, while you're missing the elephant in the room. The AIG bailout was a massive transfer of funds to Goldman-Sachs and foreign banks. About $27 billion worth.

But when you're a professional in the grievance business, the class envy business, all you've got to peddle is the fact that individuals got money. Republicans and other sensible individuals are correct to avoid such imbecilities and would be better served in asking questions about that 27 of real-long green.

And where's the outrage that bonuses are flowing at Freddie and Fannie? Since when did they start covering themselves in glory?

[TropicCat]

Originally Posted by sailaway21

Bonus, schmo-nus.

Keep focusing on the pennies and the flashing lights, while you're missing the elephant in the room. The AIG bailout was a massive transfer of funds to Goldman-Sachs and foreign banks. About $27 billion worth.

I agree, this was a twofer. Cash goes to AIG, but ends up bailing out banks. Ingenious, really.

I really hate the idea of a company surviving only by the grace of our tax dollars paying that kind of money out as retention bonuses. Retention? OK, where else can these guys get a job , in this market?

The real casualty here is Chris Dodd. He wants the mantle as King of Finances, he gets the heat when things go wrong. His numbers are plunging in Connecticut and he's two years from relection.

If Dodd initiated this, that's one thing. I blame all of Congress for not reading these damn bills before voting on them. Congress is there for one reason, to do the American Public's business, and we are not being well served.

[MMR]

LOS ANGELES - President Barack Obama said Thursday evening that he was “stunned” to hear about the $165 million in bonuses that were paid to employees of troubled insurer AIG over the weekend, promising to do everything he could to “get these bonuses back.”

“These financial industries are holding us hostage,” Obama said in an interview on NBC’s “Tonight Show With Jay Leno,” which NBC said was the first time a sitting president had been a guest on a late-night talk show.

Give me a fricking break! Does this man have any talents other than pandering to the mob?

And that "hostage" remark is some serious pot calling the kettle black. Wonder if AIG feels like its holding the government hostage.....

A wise woman once told me, if you are accused of something, and, in your heart, you can honestly say the accusation is false, then view the accusation as an admission of the accuser's actions. The louder congress screams GREED and LIES the closer we should look at congress.

[camaraderie]

OOOOPs ...turns out the deficit will actually be $1 Trillion dollars more than was announced last week. Seems the shortfall in taxes and actual costs of the new budget were not properly accounted for.
Oh well...what's another trillion or so.
Make that $1 trillion more - David Rogers - POLITICO.com

[PBzeer]

A trillion here, a trillion there, pretty soon you're talking real money.

[Cruisingdad]

Originally Posted by camaraderie

OOOOPs ...turns out the deficit this year will actually be $1 Trillion dollars more than was announced last week. Seems the shortfall in taxes and actual costs of the new budget were not properly accounted for.
Oh well...what's another trillion or so.

That's no surprise. It would also surprise me if he is able to get his healthcare reforms through given the massive financial failures of our country. In that respect, I wish Obama would keep his eye on the economic ball before it goes completely flat.

So curiously, does anyone here remember a time they were alive when they were as concerned about the economy? I am relatively young (38), and cannot remmeber a time when I thought we were so far in the crapper. I am just curious if my lack of appreciation is due to the fact that I have not seen as many winters?

Brian

[PBzeer]

Not just the economy, but the dangers of kumbaya diplomacy during the Carter years.