AIG giving back money...what's that all about?

"At least to me, from "gay marriage" to "global warming" to the latest red herring issue "AIG bonuses", our federal government has yet to provide any relief to everyday citizens, in a variety of areas..."

Dear friends, At least to me, from "gay marriage" to "global warming" to the latest red herring issue "AIG bonuses", our federal government has yet to provide any relief to everyday citizens, in a variety of areas. Only the big banks and equally large businesses from here to Europe seem to be receiving benefits. Meanwhile, the consistently useless politicians of the US Congress are cashing in on our illusory "tax dollars", by holding "committees" and other such nonsense about making sure "the people's money" is being spent properly. Right.

What a laugh. The same Congress that enabled the impropriety now has imposed punitive taxes on the same people that the former were claiming to be helping by authorizing the "Bailout" in the first place. Worse yet, at least some of these people who received bonuses are not even in this country. Moreover, what will "giving back the money", which is 165 million dollars out of a “Bailout" package of almost 800 billion dollars, do for the current economic shortfalls of Americans?

The fact of the matter is: none of the "Bailout" money has any genuine "value" anyway. That is, through unconscionable maneuvering that makes Bernie Madoff look like a petty thief, the president. Congress, and the Federal Reserve Bank, like gangsters in a cellar, are simply printing up more and more money and giving facilitating more and more credit to big banks and companies.

And so, , for example, Treasury Secretary Timothy Geithner said about one aspect of the "Bailout", called the Supplier Support Program, "...will help stabilize a critical component of the American auto industry during the difficult period of restructuring the lies ahead...The program will provide supply companies with much-needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need."

In other words, the "Bailout" money is simply more finance capital (please peruse my post called "The Federal Bailout - a panoply of illusions", re-posted on Tuesday, Feb. 24, 2009). Allowing banks to control the flow of capital of businesses will, inevitably, lead us right back to the present situation. Businesses must perform. Otherwise, let them go out of business! That is the way that it works for ordinary (i.e., smaller) businesses, after all.

Still, it is no accident that former Treasury Secretary Henry Paulson who was Bush's guy and Geithner both have intimate connections with Goldman Sachs, a recipient of "Bailout" dollars. So why is Goldman Sachs not being asked to return their "Bailout" money, in what is so obviously a conflict of interests? Meanwhile, the other day, Bloomberg.com reported, "March 18 (Bloomberg) -- Goldman Sachs Group Inc., the largest U.S. securities firm to convert to a bank, closed above $100 in New York trading for the first time since Oct. 24 as investors gained confidence the company will become profitable. "

Finally, we are being told that American taxpayers own 80% of AIG? They also told us about Santa Claus. It is only military might that matters. Everything else is hogwash. That answers the question from my dear friend in the previous post.

One Love,
G. Djata Bumpus