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What is going on?
Author: Raine
Date: 03/23/2009 12:33:01
I keep hearing people on the TV mosheen say things like let the companies fail, or we can't let them fail -- it depends on the pundit. The money amounts keep getting bigger and bigger whether it the bonus, the amount given or the amount going into the machine. I am overwhelmed.
I am starting to think that Geithner should go, not because he can't handle it, but because I simply don't trust him anymore. Then I remind myself that so far, our president has come thru, even in the face of incredible odds. So here I am trying to convince myself not to worry.
But I am worried. I am concerned. And so is AIG's competition: The thing that has me most bothered about this situation is that AIG is not a part of TARP, we [the American People] were not told about this, and it was rushed thru right before the elections.
As I try to not look back and place blame, I can't help but wonder how we got here. Not just financially, but how AIG became Godzilla to Obama's Gamera. This was something that the president adopted and short of just saying fuck it all and walking away, he must deal with it. I just hope that the very people he has to do this job are acting at THIS point in the interest of the American people. I am not so sure Geithner was doing that when he was working for the NY federal reserve.
For myself... it is not about the Bonus Money-- it's about the principle of the bonus money. American's by and large are understanding people, but they don't like being lied to. Actually, they don't like KNOWING they are being lied to. So when people on the left AND the right talk of fake outrage and populism, be happy that for the first time in a long time America is fighting back about something besides the war. I wish we didn't have to be angry, but the fact that people are actually questioning what is happening is wonderful.
Happy Monday!
:peace: and
Raine
I am starting to think that Geithner should go, not because he can't handle it, but because I simply don't trust him anymore. Then I remind myself that so far, our president has come thru, even in the face of incredible odds. So here I am trying to convince myself not to worry.
But I am worried. I am concerned. And so is AIG's competition:
Some of American International Group's biggest rivals have urged U.S. Federal Reserve Chairman Ben Bernanke to prevent the insurance giant from using the government rescue to win an advantage, particularly by cutting prices, The Wall Street Journal reported.
In an article posted on its website, the Journal said AIG's competitors had complained directly to Bernanke at a Mar 4 meeting at the St. Regis Hotel in Washington.
Bernanke said he would look into the complaints, the Journal reported, citing unidentified people familiar with the situation.
Industry executives and competitors told Reuters in December that AIG has been lowering prices to win new business and boost market share after receiving bailout dollars, even as market fundamentals suggest that prices need to be raised.
As I try to not look back and place blame, I can't help but wonder how we got here. Not just financially, but how AIG became Godzilla to Obama's Gamera. This was something that the president adopted and short of just saying fuck it all and walking away, he must deal with it. I just hope that the very people he has to do this job are acting at THIS point in the interest of the American people. I am not so sure Geithner was doing that when he was working for the NY federal reserve.
For myself... it is not about the Bonus Money-- it's about the principle of the bonus money. American's by and large are understanding people, but they don't like being lied to. Actually, they don't like KNOWING they are being lied to. So when people on the left AND the right talk of fake outrage and populism, be happy that for the first time in a long time America is fighting back about something besides the war. I wish we didn't have to be angry, but the fact that people are actually questioning what is happening is wonderful.
Happy Monday!
:peace: and
Raine
Comments:
Order comments Newest to Oldest Refresh Comments
Comment by 
BobR on 03/23/2009 12:49:18
BobR on 03/23/2009 12:49:18
I think some of what is going on IS fake outrage and posturing and piling on, but AIG has definitely been acting in bad faith. They also are apparently bad at business if they wrote employee contracts where they have to provide a bonus when the business fails.
One thing I am not clear on: Are these bonuses for the executives of that particular failed business unit or for other parts of AIG that actually did well?
And my last thought: I completely understand the competitors' concerns. This taxpayer money is supposed to keep them from folding completely, not undercut the competition.
One thing I am not clear on: Are these bonuses for the executives of that particular failed business unit or for other parts of AIG that actually did well?
And my last thought: I completely understand the competitors' concerns. This taxpayer money is supposed to keep them from folding completely, not undercut the competition.
Comment by 
Raine on 03/23/2009 12:49:27
Raine on 03/23/2009 12:49:27
Comment by 
TriSec on 03/23/2009 13:04:03
TriSec on 03/23/2009 13:04:03
Morning comrades!
Checking the summer show schedules, I have discovered that the Blue Angels, The CAF Snowbirds, and Sean Tucker are all going to be in Rhode Island the same weekend in June!
:party:
Checking the summer show schedules, I have discovered that the Blue Angels, The CAF Snowbirds, and Sean Tucker are all going to be in Rhode Island the same weekend in June!
:party:
Comment by Raine on 03/23/2009 13:09:53
Raine on 03/23/2009 13:09:53
WTF is this? Geitner isn't allowing anyone to RECORD his presser?
:rage:
:rage:
Comment by Raine on 03/23/2009 13:27:54
Raine on 03/23/2009 13:27:54
Helloooo ........ tap tap tap
Comment by Raine on 03/23/2009 13:37:16
Raine on 03/23/2009 13:37:16
Comment by Raine on 03/23/2009 14:06:20
Raine on 03/23/2009 14:06:20
a fifth explosion has occurred at Volcano Redoubt in Alaska.
Comment by Raine on 03/23/2009 14:06:27
Raine on 03/23/2009 14:06:27
a fifth explosion has occurred at Volcano Redoubt in Alaska.
Comment by BobR on 03/23/2009 14:16:42
BobR on 03/23/2009 14:16:42
the job hunt continues... :kickcan:
Comment by 
velveeta jones on 03/23/2009 14:16:59
velveeta jones on 03/23/2009 14:16:59
Morning all.
Anyone suggest were I can get a decent stream of SMS? No radio this am. :(
Anyone suggest were I can get a decent stream of SMS? No radio this am. :(
Comment by velveeta jones on 03/23/2009 14:19:43
got it through Chicago. Okay, now I can catch up.
Good morning!
velveeta jones on 03/23/2009 14:19:43
Quote by velveeta jones:
Morning all.
Anyone suggest were I can get a decent stream of SMS? No radio this am. :(
got it through Chicago. Okay, now I can catch up.
Good morning!
Comment by Raine on 03/23/2009 14:21:37
I have also found AM 1090 in my iTunes (under talk/spoken word)
Raine on 03/23/2009 14:21:37
Quote by velveeta jones:Quote by velveeta jones:
Morning all.
Anyone suggest were I can get a decent stream of SMS? No radio this am. :(
got it through Chicago. Okay, now I can catch up.
Good morning!
Good morning Ms. Jones!
Comment by velveeta jones on 03/23/2009 14:23:02
Glad my tax dollars are helping (along with my late fee's and finance charges). Also, these are my most ardent callers to hassle me over paying my CC. Wow. Just...... WOW.
velveeta jones on 03/23/2009 14:23:02
Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premiere corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.
Glad my tax dollars are helping (along with my late fee's and finance charges). Also, these are my most ardent callers to hassle me over paying my CC. Wow. Just...... WOW.
Comment by velveeta jones on 03/23/2009 14:26:57
velveeta jones on 03/23/2009 14:26:57
BobR, secretly, I am hoping that you find work up here. Already have a painting studio picked out for Raine.
Oh....... I guess its not a secret if I say it over the internets.......
Oh....... I guess its not a secret if I say it over the internets.......
Comment by velveeta jones on 03/23/2009 14:47:12
velveeta jones on 03/23/2009 14:47:12
Did I break the blog?
Comment by TriSec on 03/23/2009 14:49:40
TriSec on 03/23/2009 14:49:40
So, what did you do during your unemployment?
A: Spring Cleaning! ('tis true....re-arranged all the furniture, swept, mopped, and vacuumed...plenty more to do. I'm getting rid of an old couch today and will be tackling upstairs once we get some more floorspace downstairs.)
Oh, and I'm heading into Boston in an hour or so to meet with another staffing agency.
But....plenty of nibbles, no bites.
A: Spring Cleaning! ('tis true....re-arranged all the furniture, swept, mopped, and vacuumed...plenty more to do. I'm getting rid of an old couch today and will be tackling upstairs once we get some more floorspace downstairs.)
Oh, and I'm heading into Boston in an hour or so to meet with another staffing agency.
But....plenty of nibbles, no bites.
Comment by Raine on 03/23/2009 14:51:08
Raine on 03/23/2009 14:51:08
THis REALLY pisses me off...
Tarp Money going to campaign contributions...
A whole NEW way of Public financing!
There was plenty of outrage on Capitol Hill last week over the executive bonuses paid out by AIG after getting federal bailout money. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program.
While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG "counterparty." "This certainly appears to be a case of TARP funds being recycled into campaign contributions," says Brett Kappel, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions.")
Tarp Money going to campaign contributions...
A whole NEW way of Public financing!
Comment by Raine on 03/23/2009 14:52:03
I thought it was your turn to run the hamster wheel! :D
Raine on 03/23/2009 14:52:03
Quote by velveeta jones:
Did I break the blog?
I thought it was your turn to run the hamster wheel! :D
Comment by BobR on 03/23/2009 15:05:10
Like I said on the FaceCrack: How many more jaw-dropping moments are we going to have?
But even beyond that - how is it possible for ANY Congressperson to take campaign contributions from a company or lobbyist directly affected by the committee(s) upon which s/he sits
BobR on 03/23/2009 15:05:10
Quote by Raine:
THis REALLY pisses me off...There was plenty of outrage on Capitol Hill last week over the executive bonuses paid out by AIG after getting federal bailout money. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program.
While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG "counterparty." "This certainly appears to be a case of TARP funds being recycled into campaign contributions," says Brett Kappel, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions.")
Tarp Money going to campaign contributions...
A whole NEW way of Public financing!
Like I said on the FaceCrack: How many more jaw-dropping moments are we going to have?
But even beyond that - how is it possible for ANY Congressperson to take campaign contributions from a company or lobbyist directly affected by the committee(s) upon which s/he sits
Comment by 
livingonli on 03/23/2009 15:19:11
livingonli on 03/23/2009 15:19:11
Good morning everyone. 
Listening to Frangela talking about the state of the economy and stuff and I am starting to feel more and more that we should have policies that push some redistribution because those of us who are at the bottom need to be able to live on what we make.
Listening to Frangela talking about the state of the economy and stuff and I am starting to feel more and more that we should have policies that push some redistribution because those of us who are at the bottom need to be able to live on what we make.
Comment by velveeta jones on 03/23/2009 15:22:16
velveeta jones on 03/23/2009 15:22:16
BREAKING (NON) NEWS:
Blonde Bimbo Hassleback just throws water on Joy and Babs!!
:rofl: :rofl:
Blonde Bimbo Hassleback just throws water on Joy and Babs!!
:rofl: :rofl:
Comment by livingonli on 03/23/2009 15:23:52
It seems that everything that Chimpy set up in his final months was to further the redistribution of wealth from the middle class and the poor to the rich further screwing us over while they live like kings.
livingonli on 03/23/2009 15:23:52
Quote by Raine:
THis REALLY pisses me off...There was plenty of outrage on Capitol Hill last week over the executive bonuses paid out by AIG after getting federal bailout money. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program.
While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG "counterparty." "This certainly appears to be a case of TARP funds being recycled into campaign contributions," says Brett Kappel, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions.")
Tarp Money going to campaign contributions...
A whole NEW way of Public financing!
It seems that everything that Chimpy set up in his final months was to further the redistribution of wealth from the middle class and the poor to the rich further screwing us over while they live like kings.
Comment by livingonli on 03/23/2009 15:42:35
livingonli on 03/23/2009 15:42:35
Where's Mala this morning? I haven't seen her on the blog or on the facecrack.
Comment by livingonli on 03/23/2009 15:52:42
livingonli on 03/23/2009 15:52:42
If my parents were still alive, I would be thinking of moving back home.
Comment by Raine on 03/23/2009 15:59:49
For real?
Raine on 03/23/2009 15:59:49
Quote by velveeta jones:
BREAKING (NON) NEWS:
Blonde Bimbo Hassleback just throws water on Joy and Babs!!
:rofl: :rofl:
For real?
Comment by Raine on 03/23/2009 16:00:31
I dunno. I was wondering where she was as well.
Raine on 03/23/2009 16:00:31
Quote by livingonli:
Where's Mala this morning? I haven't seen her on the blog or on the facecrack.
I dunno. I was wondering where she was as well.
Comment by livingonli on 03/23/2009 17:04:11
livingonli on 03/23/2009 17:04:11
It's quiet today here.
Comment by livingonli on 03/23/2009 19:04:53
livingonli on 03/23/2009 19:04:53
Now it's time to venture off to the salt mine. :kickcan:
Comment by Raine on 03/23/2009 20:28:15
Raine on 03/23/2009 20:28:15
Dow Closed up 500 points today? :party:
Comment by livingonli on 03/23/2009 21:12:54
livingonli on 03/23/2009 21:12:54
Come to think of it, where's Mondo today? Is he on his way home from his weekend excursion?
Comment by Raine on 03/23/2009 22:18:51
Raine on 03/23/2009 22:18:51
Probably.
Scoop is MIA too.
AND>>
Now tha tI think about it... where has Random been? Has he come up for air since he turned the big 21?
Scoop is MIA too.
AND>>
Now tha tI think about it... where has Random been? Has he come up for air since he turned the big 21?
Comment by livingonli on 03/23/2009 22:29:00
livingonli on 03/23/2009 22:29:00
That's a lot of searching parties to send out. Did Random party hardy for his big 2-1? I remember when I hit the big 2-1 although I got more buzzed when my friends at the college station took me out for number 22.
Comment by Raine on 03/24/2009 00:23:52
Raine on 03/24/2009 00:23:52
Just heard a rumor: (no link, no source... jut a rumor)
National Enquirer is about to break the story that Rush is back on drugs.
Delish!!!! Not that I ever really thought he went off them, but this could be fun.
National Enquirer is about to break the story that Rush is back on drugs.
Delish!!!! Not that I ever really thought he went off them, but this could be fun.
Comment by AuntAzalea on 03/24/2009 00:33:35
That is a tasty nugget- I will be watching for my National Enquirer/People Mag emergency email bulletins!
Quote by Raine:
Just heard a rumor: (no link, no source... jut a rumor)
National Enquirer is about to break the story that Rush is back on drugs.
Delish!!!! Not that I ever really thought he went off them, but this could be fun.
That is a tasty nugget- I will be watching for my National Enquirer/People Mag emergency email bulletins!
Comment by 
clintster on 03/24/2009 00:43:38
clintster on 03/24/2009 00:43:38
Evenin' everybody. I'm sitting here in tech rehearsal for "The Lion In Winter" aka "Clintster and the 40' Long Papier Mache wall." It's actually come along quite nicely, and I hope to post some piccies of it in the next couple of days.
Miss y'all. Love ya more than air; can't breathe without you.
Miss y'all. Love ya more than air; can't breathe without you.
Comment by 
Mondobubba on 03/24/2009 01:49:48
40' or 40"? I have visions of little people dancing around 18" high Stonehenge megaliths.
Yeah I am home. Georgia tried to kill me of course. Note Florida: when you close THE MAJOR NORTH-SOUTH ARTERIAL HIGHWAY YOU MIGHT WANT TO MENTION THAT MORE THAN ABOUT 20 FEET BEFORE THE CLOSURE!
Mondobubba on 03/24/2009 01:49:48
Quote by clintster:
Evenin' everybody. I'm sitting here in tech rehearsal for "The Lion In Winter" aka "Clintster and the 40' Long Papier Mache wall." It's actually come along quite nicely, and I hope to post some piccies of it in the next couple of days.
Miss y'all. Love ya more than air; can't breathe without you.
40' or 40"? I have visions of little people dancing around 18" high Stonehenge megaliths.
Yeah I am home. Georgia tried to kill me of course. Note Florida: when you close THE MAJOR NORTH-SOUTH ARTERIAL HIGHWAY YOU MIGHT WANT TO MENTION THAT MORE THAN ABOUT 20 FEET BEFORE THE CLOSURE!
Comment by livingonli on 03/24/2009 01:51:49
Karma payback is a bitch indeed.
livingonli on 03/24/2009 01:51:49
Quote by AuntAzalea:Quote by Raine:
Just heard a rumor: (no link, no source... jut a rumor)
National Enquirer is about to break the story that Rush is back on drugs.
Delish!!!! Not that I ever really thought he went off them, but this could be fun.
That is a tasty nugget- I will be watching for my National Enquirer/People Mag emergency email bulletins!
Karma payback is a bitch indeed.