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The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history -- some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That's $465,000 a minute, a yearly income for a median... more
Reviewed by dysviz Mar 20 2009, 11:34pm ( 62 reviews ) • rollingstone.com
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Rated by Torchiest on Jul 23, 8:58pm
An absolute load of bullshit, because the government shouldn't be bailing out anyone, and they certainly weren't forced to do it. Let these companies fail! The economy can only be strengthened if inefficient, wasteful, idiotic corporations go down and make room for the good guys! Don't buy the lie that we have to preserve the worst elements of the economy. And this deregulation bit is all nonsense. The government encouraged, and practically forced the vast majority of these toxic loans, and artificially low interest rates are preventing a recovery, after causing the problems in the first place.Nowhere does this article mention that it was Fannie Mae and Freddie Mac buying up these awful mortgages that allowed lenders to keep lending well beyond their means. Fannie and Freddie together own or guarantee HALF of the $12 trillion worth of home mortgages in the U.S. And yet that is never mentioned. Neither is Ron Paul and his Federal Reserve Transparency Act of 2009, HR 1207, ever mentioned, despite the fact that it's our best hope for beginning to find some way out of this mess. That and the Federal Reserve Sunshine Act of 2009, S 604, the senate version. People need to realize that you can bitch about these companies all day, and how they lost, ooh, $63+ billion in three months, but, hello, the federal government just blew $767 billion on this idiotic "stimulus!" And it has an annual budget well over $2 TRILLION dollars... and where is all that money going??? Why do people insist on continuously giving more power to the most powerful institution in history? Bad idea!
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Rated by flyinglungfish on Apr 24 2009, 6:52am
This made me want to buy Matt Taibbi's book. Every now and then Rolling Stone publishes an article that akes me steal it from the dentist's office... still, everything else in it is consumerist garbage.
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Rated by darrkstarr on Apr 17 2009, 7:34am
I'm beginning to actually understand this mess
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Rated by uncleroy on Apr 07 2009, 7:04am
From the page: "So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial--we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream. "
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Rated by pinkisred on Apr 01 2009, 10:15am
From the page: "The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history â€" some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That's $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. "
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Rated by ryan0000 on Mar 29 2009, 1:40pm
incredible breakdown of the financial crisis. http://www.doomers.us/forum2/index.php/topic,42259.195.html --- 14 page discussion thread on the article. Really has sparked a lot of discussion.
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Rated by iridebmw on Mar 29 2009, 1:36pm
This is one of the better explanations of what is going on with the credit crisis.
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Reviewed by gerardwarmerdam on Mar 28 2009, 10:55am
From the page: "When Stevens asked the GAO about what authority Congress has to monitor the Fed, he got back a letter citing an obscure statute that nobody had ever heard of before: the Accounting and Auditing Act of 1950. The relevant section, 31 USC 714(b), dictated that congressional audits of the Federal Reserve may not include "deliberations, decisions and actions on monetary policy matters." The exemption, as Foss notes, "basically includes everything." According to the law, in other words, the Fed simply cannot be audited by Congress. Or by anyone else, for that matter."
