An $85 billion dollar loan from the Fed secured by the company itself. Another entity too big to fail.
For those keeping track, it’s government bailouts 4, free markets 1.
Bear Stearns, Fannie Mae, Freddie Mac, and now AIG. And this doesn’t even settle the matter. There are lots of unbalanced sheets out there just waiting for Uncle Sucker to ease the pain.
I know, harsh. But rather than an extreme and relatively brief period of agony, we are in for years of drawn out economic malaise. You think this year was bad? Wait until 2009 and 2010. Mark my words, AIG winds up on the Feds books. What does this mean? I have no idea. There is no precedent for this…
It’s going to be bad and it’s going to drag on.
God help us all if McCain (Hoover) / Palin (Bush) takes office.