drieuxster (drieuxster) wrote,

Happy Nationalization Day To You, Happy Nationalization Day to You...

Well glorious Leader has Provided Greatness of Gloriousness:
The Federal Reserve plans to offer an $85 billion bridge loan to the American International Group in return for control of the ailing insurance giant, people briefed on the matter said Tuesday night.

In an intense discussion at the Federal Reserve Bank of New York on Tuesday afternoon, the Fed and a group of executives from JPMorgan Chase, Goldman Sachs and other firms agreed that a banking syndicate to provide the $75 billion in emergency financing could not be arranged by Tuesday night.

If the Fed intervenes, it would be an eleventh-hour bailout of A.I.G., whose debt downgrades by major credit ratings agencies could have sparked a debilitating need for additional capital.

Concerns about A.I.G.’s health have gripped the financial markets, as many investors feared the insurance giant would follow Lehman Brothers into bankruptcy. An A.I.G. collapse could be an even bigger systemic threat to major financial firms than Lehman’s downfall, because of the company’s dominant position in insuring mortgage-linked securities...

[ cf Now This Is a Surprise... ]
Three Cheers For Captain Spaulding...

And the rest of the marxianists who hate the free market, and the invisible foot of the economic thingus...

Remember, this is what our troops are fighting for....

The nationalization of the economy so that we can go on winning on the Eastern Front!!! Are you doing your part???

Hey, what if an incumbant president were to play games with the economy in the hopes of rigging the election? We would call that which type of plutocracy?

Remember kids, only seven years ago was the worst of all market days, since, well, yesterday....
Tags: economics, election, war

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