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Re: Madness: Bailing Out Greed in Wonderland
From: David Farber <dave () farber net>
Date: Wed, 17 Sep 2008 10:50:08 -0400



Begin forwarded message:

From: "Ed Biebel" <edward () biebel net>
Date: September 17, 2008 9:45:48 AM EDT
To: dave () farber net
Subject: Re: [IP] Madness: Bailing Out Greed in Wonderland

One of the things that I have not heard mentioned here but was
mentioned on the BBC this morning is that AIG is the largest insurer
in China.  They indicated that the financial crisis had not yet hit
Asia but AIG's failure would have certainly sent that country's market
into a tailspin.  Of course China has significant holdings in the US
and I could see potential ripple effects if China started tightening
its credit in the US.

Ed


On Tue, Sep 16, 2008 at 10:06 PM, David Farber <dave () farber net> wrote:


Begin forwarded message:

From: Lauren Weinstein <lauren () vortex com>
Date: September 16, 2008 8:38:26 PM EDT
To: dave () farber net
Cc: lauren () vortex com
Subject: Madness: Bailing Out Greed in Wonderland



                   Madness: Bailing Out Greed in Wonderland

                 http://lauren.vortex.com/archive/000428.html


Greetings.  I'm writing this from somewhere down the rabbit hole.
I'm convinced that we must all be living in Alice's Wonderland these
days, watching the parade of insanity playing across the news media
machine recently.

That global machine is buzzing right now with word that the Feds may
be about to announce a massive bailout of AIG.  This after massive
federal charity for Bear Stearns, Fannie Mae, and Freddie Mac to
keep them from drowning in their own bad investment decisions.  The
AIG bailout isn't confirmed just yet, but reports appear to be
converging.

This is the same government that not so long ago made it much more
difficult for individuals to file for personal bankruptcy, in line
with the GOPs' call for "individual responsibility" in such
matters.  In other words, if you're a (formerly) filthy rich
financial services corporation that screws up -- after getting your
claws so deeply into the economy that any attempt at removal will
clause a death by millions of cuts -- the taxpayers will be called
upon to bail you out.

On the other hand, if you're some poor slob trying to make a living
actually *creating* products and services of real value -- not
just pushing money around -- and you get into financial trouble --
well, the government just tells you to go to hell.

And what's the GOP standard bearer's reaction to all this today?
John McCain says we need -- get this -- a commission to study the
problem!  Another damn commission?  This isn't like trying to figure
out 9/11.  It's completely clear how we got into this position.
Greed -- lack of appropriate regulation -- the GOP's never-ending
belief in "trickle-down" economics and their genuine disdain for the
average working man, all wrapped up in the flag and disingenuous
talking points of course.

I am physically sickened watching this play out.  And I guarantee
you that there's no "Drink Me!" or "Eat Me!" solutions that are
going to be conveniently sitting around at the bottom of this rabbit
hole waiting to be cheerfully consumed.

Absolute, unadulterated madness.

--Lauren--
Lauren Weinstein
lauren () vortex com or lauren () pfir org
Tel: +1 (818) 225-2800
http://www.pfir.org/lauren
Co-Founder, PFIR
- People For Internet Responsibility - http://www.pfir.org
Co-Founder, NNSquad
- Network Neutrality Squad - http://www.nnsquad.org
Founder, PRIVACY Forum - http://www.vortex.com
Member, ACM Committee on Computers and Public Policy
Lauren's Blog: http://lauren.vortex.com





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