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A Few Lone Voices In the Wilderness of Populist Outrage

26 Mar

Looks like there may still be a few sane people out there even yet… but none of them are in Congress, apparently…

As the stupidity mounts and the A.I.G. bonuses are held firmly front and center in the worlds view the larger issues of the entire fiasco conintue to get barely any press at all.

Thanks to Joe Nocera of the New York Times for bringing some much needed perspective to the issues. In his article The Problem with Flogging A.I.G. Mr. Nocera addresses the underlying problems of the current public frenzy over bonuses and the failure of Congress (and almost everyone else) to comprehend or even acknowledge the real issues and needed solutions to the current financial meltdown.

I have to say I agree with Mr. Nocera pretty much across the board. The question is, will Congress come out of its rabble rousing stupor and take on the serious issues of this financial crisis; or will they simply continue slogging away through ever rising tides of useless and pointless rhetoric until there is nothing left to salvage?

As a taxpayer who is now a majority share holder in A.I.G. my hope is for the former but my observations tell me that the latter is still the rule of the day.

Where is the examination and rational inquiry into the A.I.G. payoffs to   foreign banks and other financial institutions who have already received generous bailouts?  Where is the discussion or questioning of why those A.I.G. payoffs were made at 100 cents on the dollar? Why is A.I.G. paying out at such a huge rate to institutions whose policies and practices have been major contributors to the problems we are now facing?

Finally, where is the rational in depth examination of the real issues which underlie this entire collapse? We cannot afford to continue down the path of popular outrage if we have any desire to curb this financial meltdown rather than simply run it into its most extreme possible result: the destruction of the remaining healthy institutions and market sectors, not only those healthy sectors of A.I.G. but across all markets.

 

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