Monday, March 02, 2009

The New N-Word: Nationalization

Former insurance giant AIG officially reported the largest quarterly loss in American corporate history. $62 billion. That's $681 million A DAY. And you own it. 79.9% of AIG is owned by the government.

Citigroup, you own that too. General Motors owes you money. Not a bad portfolio 5 years ago, but an unbelievably shitty one in 2009.

Why do you own these? Because if they failed, the damage done to the economy would be more than the $162.5 billion it's costing you to support AIG, or all the TARP money Citigroup's assumed. But it's all a short-term fix, delaying and amplifying our economic problems.

Remember that whole cable switch? Everybody had to go from analog to digital signals on their TVs. Remember how it still hasn't happened? The people who brought you that cluster-fuck are the ones running the financial foundation of our economy.

Congressman who have NO experience in the business world standing on soap boxes and telling banks what gold tournaments they should sponsor to promote their business. Which stadiums they should pay for naming rights, and how much they should pay. Maybe sports marketing doesn't work, maybe it doesn't. But Senators have no fucking place telling businesses how to promote themselves.

The people who brought you the post office, the DMV, they run the banks now.

I don't know about anyone else, but I'm scared. Barack's helped brew that fear. Apparently the world would have stopped spinning on its axis, continents would have toppled over each other, mountains would have flown into space, and the planet would have shriveled to a cinder, and crashed into the sun; had we not done EVERYTHING he said.

What is AIG going to be in 5 years? 10 years? 20 years? What about Citi? General Motors? Barack and his cronies have no idea. Yet we're spending tons and tons of money to keep them alive. For what reason? Who in their right mind will get insurance from AIG in 10 years? Who will deposit money with Citi?

And what exactly is Nationalization? The White House proudly declared they would not nationalize Citi. Yet they own 35%. Rather, WE own 35%. How is that not nationalization? The next largest shareholders own 5%. The government controls Citi. You own it, they control it. They blow it up, you pay for it.

And I thought Democrats and liberals were against keeping dying things alive on life support.

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