Source Of The AIG Outrage

The AIG outrage is not just over these particular bonuses, or that the AIG taxpayer bailout billions went to Goldman Sachs and European banks.
What is wrong here is that people committed fraud, bribed legislators, destroyed our economy and our democracy — and no one is being held accountable. In fact, they’re still running the show. The system isn’t being changed. The system is still set up to give and get multimillion-dollar bonuses while so many lose jobs, houses, wages, etc. Wealth continues to concentrate at the very top. Power continues to concentrate. Politicians continue to give benefits to those at the top of the economic food chain, and we are the food. There is a wealthy elite in charge and the public sees it and is sick of it.
That is the source of the outrage, and until that is addressed the outrage will increase.

One thought on “Source Of The AIG Outrage

  1. You should be interested in the Thomas Jefferson, Andrew Jackson, Ron Paul position (no I did not vote for him). The constitution calls for Congress to create the money supply. The founders were anti paper currency and did not create a Central Bank. Yet it suddenly appeared in 1913. Curious.
    The Federal Reserve is not Federal. It is owned by members banks in mysterious amounts. To save the “system”, to save itself, it can create more paper, aka fiat, currency…by simply making a few debit and credit entries.
    Today the Fed promised to BUY treasuries and BUY mortgage bonds. The Fed will not spend taxpayer money (how nice). It will not spend member bank money. Why bother? Instead they will create fresh dollars…out of thin air. More dollars, less value per dollar. This transfers value from the fixed teacher’s annuity to the banking system. It is like an invisible tax.
    Bernanke is really really mad at AIG. He should be. They were NOT a bank or member of Club Fed. Yet they have focused great attention on the capricious monetary policy and Fed power.
    60 minutes pays homage, Ben does a head fake (and he really is a nice guy), and Congress goes along pretending they are riding in the locomotive. Congress and the people are riding in the caboose.

Comments are closed.