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McCain Says U.S. Should Let AIG Fail to Prevent `Moral Hazard'

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soleft Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:25 AM
Original message
McCain Says U.S. Should Let AIG Fail to Prevent `Moral Hazard'
Source: Bloomberg

Sept. 16 (Bloomberg) -- Republican presidential nominee John McCain said the U.S. government should let American International Group Inc. fail to prevent the financial burden from being placed on taxpayers.
``I think you have to, but I also know that there are great efforts being made to try to raise sufficient capital to keep AIG in business,'' McCain said in an interview with CNBC from Miami.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=a3Q...
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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:26 AM
Response to Original message
1. Smart money must be out of AIG
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apnu Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:28 AM
Response to Original message
2. If McCain is so worried about it, why isn't he screaming at Hank Paulison's 50 Billion handout? (nt)
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alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:35 AM
Response to Original message
3. Oh, Jesus...he's like the wingnuts who just repeat what they hear on Rush
Moral fucking hazard. Neoliberal claptrap, that. There's nothing moral about any of this.
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Lerkfish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:45 AM
Response to Original message
4. translation: AIG never bribed McCain.
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bluesmail Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 08:50 AM
Response to Original message
5. That came from a morally bankrupt politician.
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tannybogus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 09:25 AM
Response to Original message
6. Isn't it a moral hazard to waste all that money in Iraq while the US economy goes up in smoke?? nt
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Betty Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 10:10 AM
Response to Original message
7. Rethugs are the biggest socialists around
when it comes to "moral hazard". They want the middle class to pay for these assholes' law breaking ways. Profits are private, risks are public. And Obama should drive home the point that Mcnuts' financial guru Phil Gramm is one of the architects of this steal from the poor give to the rich mess we are in.
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harun Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 10:19 AM
Response to Reply #7
8. Great post, all good points.
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Billy Burnett Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 10:27 AM
Response to Reply #7
9. What you describe is NOT socialism. It's fascism.
I keep hearing lefties say that the repukes are the biggest socialists. :crazy:

http://en.wikipedia.org/wiki/Fascism#Economic_policies

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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 02:29 PM
Response to Reply #9
17. Thank you.
Sad seeing that claim become so popular.
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high density Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 10:50 AM
Response to Original message
10. The thing with AIG is that...
it has a consumer level business in addition to selling services and insurance to other businesses. I am surprised John McCain wants to be the guy that tells people a life insurance claim will not be paid because it was decided AIG should fail.
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halobeam Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 11:11 AM
Response to Reply #10
11. He just wants to be the guy "looking" like he gives a damn about the taxpayers.
He knows, most people aren't going to understand or look into much more beyond that. It's another.. "Oh lookie here what I said, and who I care about"... Total lies.
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T_i_B Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 01:11 PM
Response to Original message
12. I'm guessing McCain's not a Manchester United fan!
Isn't it funny haw many of the companies who've been really badly wacked by the credit crunch sponsor Premier League football team's shirts. AIG sponsor Man U, West Ham's sponsors (XL Travel) went bust last week, and Newcastle are still sponsored by the (now nationalized) Northern Rock bank.
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 01:13 PM
Response to Original message
13. Sorry John the 'Moral Hazard' moment was a few months ago... Bear Stearns. FAIL
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Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 02:22 PM
Response to Original message
14. Sounds like Andrew Mellon at the start of the Great Depression...
Edited on Tue Sep-16-08 02:24 PM by Odin2005
"Liquidate capital! Liquidate labor! Liquidate! Liquidate! Liquidate!"

:crazy:

You know what I say? NATIONALIZE! NATIONALIZE! NATIONALIZE! If a company is too big to fail it's too big to be privately owned. A company that is too vital to be allowed to fail should be under public control.
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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 02:25 PM
Response to Original message
15. He's right. So are broken clocks, twice per day. n/t
Edited on Tue Sep-16-08 02:25 PM by Psephos
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MaineDem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 02:28 PM
Response to Original message
16. Glad he's on top of things. The Fed is baliling out AIG. n/t
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 02:52 PM
Response to Original message
18. Yeah, just like the savings & loans, right John?
An entire industry, built on writing mortgages for first-time home buyers, was completely obliterated in the 1980s thanks to the machinations of the greedheads with the active connivance of Senators like Straight Talkin' Johnny Maverick. Not content with that debacle, Phil Gramm and his privateers (another word for pirate) launched their legislative assault on Glass-Steagall, the Depression Era legislation that got banks back on a firm footing. Suddenly freed to work both sides of the investment street (loans and venture capital investments), banks plunged into all sorts of chancy and dicey areas of capitalism, instead of being the bulwark against speculation. And now Phil "You're All A Bunch of Whiners!" Gramm, who never cashed a private paycheck in his first 60 years or more of life, is one of STJM's economic gurus.

Why does big business continue to support these idiots? Do they like to go bankrupt, or do they think they're immune to the fate that has befallen so many others?
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Crowman1979 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 03:26 PM
Response to Original message
19. I would prefer that we let McCain fail. LOL
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 05:30 PM
Response to Original message
20. That's right -- let the world economy fail but stay ideologically pure.
If AIG goes, so does much of the world economy. Better learn to shoot and field-dress moose!
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