Taxpayers Mugged Again!
As the financial crisis continues in the United States, the latest headline which should catch every taxpayers attention goes like this…
Federal Government Gives AIG More Money!
When will this madness stop? The very government that’s supposed to bring a sense of order to the nation, is doing nothing more than cause panic at every corner. Government leaders have mismanaged our money for years, and now not only are they mismanaging our money, but they’re also empowering the sickness of the rich CEO’s on Wall Street. For whatever reason the federal government has decided the best way to deal with every situation is to throw more money at the problem. But, in this case, they’re throwing money at money institutions that have not handled money well in the first place.
Could it be the politicians are simply buying votes in this election season?
This is really starting to sound like a broken record as I continually write about the dumb moves of the federal government. They keep giving money away, our money away. It’s clear we the people don’t want this to happen, but they keep doing it. It’s also clear throwing money at Wall Street is doing nothing either. Everything keeps falling. At times, it falls faster when word comes out the government plans yet another bailout.
If you missed my previous posts on this issue you can find them here;
Making this mornings headline even more disturbing is it comes on the heels of my entry from yesterday. In that post, Spending Spree Continues, I outlined the fact that right after AIG received their first big dollar check, they went on another wasteful spending spree. Last month the Fed gave an $85 billion dollar loan to AIG as they found themselves, supposedly, on the brink of bankruptcy. What did they do with that money? I for one would like an accounting of the full $85 billion. We know close to half a million was spent wining and dining AIG execs. But just what did they do with the rest of the money?
Why am I asking this question today?
The question comes in light of the fact that the Federal Reserve has once again agreed to provide the insurance giant, American International Group, with yet another loan. Yesterday the Fed announced a new loan, on top of the $85 billion dollars the company said is already gone, in the amount of $37.8 billion dollars. That’s right, AIG has now been approved for a grand total loan of $122.8 billion dollars! This comes in the midst of people being kicked out of their apartments because they’re landlord can’t pay the mortgage. The tenants are paying their monthly rent, but the landlord is in default, so everyone gets kicked out.
Once again, in the midst of rich people acting poorly, the government has mugged the taxpayer.
If you haven’t been screaming about this craziness yet, maybe now is the time to sit up and take notice of what’s going on. Thanks to the federal government, there will be a little less in your paycheck at the end of this week.
Just my two cents,
Dr. Rus
