Wall Street tried to bring China down. But Chinese are smart!!
I've got a better stimulus. Take back the $ from AIG & give it to the people. Anybody who handed out/or received millions in bonuses at taxpayer's expenses(during a crises)should be shot or imprisoned! Aig is the worst example of management abuse in history! Since they have full time lobbyists lining pockets in Washington, it is very import that the tax payers continue to hand them billions. The waiting line for "new" luxury yaughts is now 4 years. Aig management still has to wait in line with the bank & housing execs. They accepted short term profits knowing it would lead to a adverse effect. I vote for public hangings. Take back the money & distribute it amongst the tax payers. That would spark the economy directly. If we took the $ we gave AIG alone & divided amongst the people (instead of CEO's & exec pigs) We'd see millions of common people buying cars & houses. These elitists & their government are keeping everything to themselves. They believe in the trickle down effect. If you hand them millions & billions, they will eventually be nice enough to bring our jobs back & give us loans.
LOL - if they actually cared about the economy, we wouldn't be here right now. (...they don't)
That $160 BILLION $$$ has been paid-out to Bernanke & Bush's Banking-buddies who bought insurance against assets they didn't own, understanding the mkt for said 'assets' would be broken soon enough.
Since you can't take out insurance in most states on assets not yours/ in which you have no primary interest... they called them 'swaps'.
As such... AIG acted as the bookie for bets, and a slew of Banks/ Investment Banks/ Hedge Funds were the bettors. Your tax dollars are going to AIG so they can pay bets to other friends of theirs/ with enormous returns to the bettors.
So, the majority of banks/ hedge funds taking your taxes, and your childrens' future --> would NOT go insolvent as a result of never receiving said money. This is going to bonuses for billionaire VP's, or gets hidden somewhere on the balance sheet, or brazenly added to the top line.
Who cares about the bonuses... the $160B in payouts are ill-gotten gains... of which GS got $13B WITHOUT EVEN HAVING ANY MBS'!!!
YOUR CHILDREN AND GRTANDCHILDREN PAY ...to add to the PURE profit of banks like these.
Most CDS' were not insurance on assets held... they were 'bets' that someone that others' assets would default... and since 'the bookie' (AIG) couldn't pay them, the banksters decided you and your progeny would.
To have insurance on something you must have a 'prmary interest' in it... GS and the hedge funds being paid via AIG (taxpayer $$$) had none.
AS such, your country's Trillion $$$ bailout/ bankruptcy, is their Trillion $$$ fortune.
How does that feel? Do any of you get it yet???
I hope you have plenty of ammo --> because those busrides today in front of AIG exec's houses are about to become full blown assaults instead.