Oil's energy contribution has declined by about 12% since 1999. The world's economies have also declined by about 12%. (Using conventional metrics, which are time delayed determinations, this will only be seen in hind sight). The massive destruction of asset values now occurring testifies to it happening.
Peak is well behind us, world economies have peaked and will continue to decline.
Joined: May 27, 2007 Posts: 1774 Location: The Post Peak Oil Historian
Posted: Tue Sep 16, 2008 6:19 pm Post subject: Re: The Hypocrisy of an AIG Bailout
That reminds me of my chinese neighbor Hung Lo. _________________ In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell
It riles them to believe that you perceive the webs they weave. - Moody Blues
Joined: May 27, 2007 Posts: 1774 Location: The Post Peak Oil Historian
Posted: Tue Sep 16, 2008 6:23 pm Post subject: Re: The Hypocrisy of an AIG Bailout
Someone needs to file a class action suit on behalf of the American taxpayer against the FED. After all, they keep pointing out they are not part of the federal government when it's in their favor to do so. Isn't it illegal for them to become a conservator for AIG? _________________ In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell
It riles them to believe that you perceive the webs they weave. - Moody Blues
Last edited by Cid_Yama on Tue Sep 16, 2008 6:35 pm; edited 1 time in total
Joined: Jun 18, 2005 Posts: 3985 Location: In a van down by the river
Posted: Tue Sep 16, 2008 6:29 pm Post subject: Re: The Hypocrisy of an AIG Bailout
Amazing day.
The federal reserve which has Fark with insurance companies is going to bail out the largest insurance company in the US. The Fed is their to make money and regulate banks, not bail out insurance companies.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Tue Sep 16, 2008 6:32 pm Post subject: Re: The Hypocrisy of an AIG Bailout
Cid_Yama wrote:
Someone need to file a class action suit on behalf of the American taxpayer against the FED. After all, they keep pointing out they are not part of the federal government when it's in their favor to do so. Isn't it illegal for them to become a conservator for AIG?
Yes. This doesn't follow any law, and may anyway trigger a default. _________________ It's already over, now it's just a matter of adjusting.
Federal officials reportedly may take 80% stake in the nation's largest insurer in an $85 billion rescue plan to prevent financial chaos worldwide.
Quote:
NEW YORK (CNNMoney.com) -- The federal government is reportedly on the verge of taking over crumbling insurer American International Group in an $85 billion deal that could leave the company in the Federal Reserve's hands.
According to published reports late Tuesday, officials decided they must act lest the nation's largest insurer file bankruptcy. Such a move would roil world markets since AIG (AIG, Fortune 500) has $1.1 trillion in assets and 74 million clients in 130 countries.
The plan calls for the Federal Reserve to take an 80% stake in AIG, the New York Times reported. The insurer's assets would be used to secure the loan.
_________________ "The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein
Posted: Tue Sep 16, 2008 6:42 pm Post subject: Re: The Hypocrisy of an AIG Bailout
DantesPeak wrote:
Cid_Yama wrote:
Someone need to file a class action suit on behalf of the American taxpayer against the FED. After all, they keep pointing out they are not part of the federal government when it's in their favor to do so. Isn't it illegal for them to become a conservator for AIG?
Yes. This doesn't follow any law, and may anyway trigger a default.
My brother told me last year that he figured the end game was the govt, "shrunk to the point you could drown it in a tub". Now, perhaps this is one of the reasons this was allowed to play out. If you leave the govt holding the bag, all federal social programs, including medicaid will have to be done away with, under strict austerity measures. That, combined with sky high taxes might stave off or forestall a default.
Posted: Tue Sep 16, 2008 6:53 pm Post subject: Re: The Hypocrisy of an AIG Bailout
"(Reuters) - The Federal Reserve will provide a roughly $85 billion bridge loan to AIG (AIG.N) and take a nearly 80 percent stake in the company, according to a source briefed on the matter. "
Well the shareholders are taking it up the @$$ on this one. An 80% stake represents a huge dilution for the current shareholders if I understand this correctly.
I just hope that everyone at the VP level and up along with the entire board gets the axe with no severance pay or farewell package. Just show them the door, its what they deserve.
Posted: Tue Sep 16, 2008 6:53 pm Post subject: Re: The Hypocrisy of an AIG Bailout
Cid_Yama wrote:
Someone needs to file a class action suit on behalf of the American taxpayer against the FED. After all, they keep pointing out they are not part of the federal government when it's in their favor to do so. Isn't it illegal for them to become a conservator for AIG?
Well, according to the article I read, they say it's not a conservatorship... What else are they going to call it? Bridge loan not conservatorship
Posted: Tue Sep 16, 2008 6:55 pm Post subject: Re: The Hypocrisy of an AIG Bailout
drew wrote:
Cashmere wrote:
Jesus. Do all Canadians have Little Penis syndrome, or is it just those who post on PO.com?
Why Cashmere, why, are you such a dick???
Been here a few years. Don't let the start date fool you.
Seriously, virtually every post by a Canadian about the U.S. reeks of stinky little jabs. Virtually every post by a Canadian about Canada reeks of the kind of apple pie up their ass nationalism I get from my U.S. neighbors.
There is one Canadian who ripped Canada pretty good on another thread - good for him. As for the rest of the pathologically delusional in socialist Canuckistan, I'm happy to U.S. bash with you if and only if we take a turn every so often bashing the woodshed to the north, that has no sovereignty, and that is 100% beholden to the Empire. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Tue Sep 16, 2008 7:04 pm Post subject: Re: The Hypocrisy of an AIG Bailout
RdSnt wrote:
The majority of American's still feel that way and therein lies a real problem. The citizenry consider they are in the best place on the planet, thus there is no where better to go.
This is the ultimate human sin, which the Greeks recognized as "hubris."
The gods tend to slap the sh*t out of such people.
It's old, it's tired, it's happening again. That the country is "america" doesn't make a bit of difference.
Remember Babel _________________ "By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price
Posted: Tue Sep 16, 2008 7:18 pm Post subject: Re: AIG bail out, doom, etc.
Printing press activated, problem solved. Next crisis. _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
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