AIG

[tw]

Originally Posted by classicman

A very liberal friend of mine is telling me he thinks this whole thing, the outrage over the bonus deals, is nothing but a cover to distract us from the billions being funneled to foreign banks through AIG.

Money to AIG was to pay off incurred debts. AIG payments flow all over the world because AIG was contracting internationally. Why could AIG suck up $40billion and need many times more? AIG used Enron accounting that was openly encouraged by deregulation. AIG wrote their contracts so as to have no government oversight - another economic miracle encouraged by the George Jr administration. Therefore nobody knew where all that TARP money was going until secret corporations created by AIG suddenly appeared demanding money.

$40billion to save AIG means paying off the world. America owes money to everyone due to extremist economics that said, "Reagan proved that deficits don't matter." Bailout money must go to numerous overseas entities because that is what a bailout is - paying off the debts.

Meanwhile AIG rewards those who created 'money game' contracts and then hide those losses in secret corporations. Bonuses even to employees for creating secret corporations because they did good - according to Enron accounting techniques that are still legal.

[sugarpop]

Originally Posted by tw

... America owes money to everyone due to extremist economics that said, "Reagan proved that deficits don't matter." ...

I read recently that under Reagan the wealthiest people paid 50% in federal income taxes. Maybe we should go back to that, since he is the darling of the republican party.

yea, I like that idea. WOO HOO!

Originally Posted by sugarpop

I read recently that under Reagan the wealthiest people paid 50% in federal income taxes. Maybe we should go back to that, since he is the darling of the republican party.

yea, I like that idea. WOO HOO!

I think it was more like 70% for the top marginal tax bracket in the '70s.

Back to the 2000 level of 39% (as opposed to the current 35% that is set to expire next year) works for me.