Some here falsely believe Obama Bailed Out AIG

[berni_mccoy]

That isn't the case. It was the Fed under the Bush Administration who did that.

I'm hearing people say "Obama would bail out AIG but not GM".

Well there are two serious problems with that statement:

1. Obama didn't bail out AIG.
2. AIG not being bailed out would have collapsed the financial industry.

If GM fails, it won't collapse the Auto Industry. Several automakers, all with plants in the US will be strengthened if GM collapses. It won't be a good thing, but it would not be the economic disaster a collapse of AIG would create.

[mkultra]

1. yeah, AIG was from TARP which was Bushy and the dem congress

[karynnj]

51. Actually, the first AIG bailout was by the Fed BEFORE TARP passed

http://online.wsj.com/article/SB122156561931242905.html

[amandabeech]

62. Obama supported the TARP, remember?

There have been posts here that he actively recruited other Senators to support TARP.

He hasn't tried to repeal or reduce funding from TARP since he has come in to office.

I believe that there have been disbursements to TARP since he took office, and he has done nothing that we know of to find out where all the money went and why.

I don't understand how he could have been more supportive than he has, considering that he did not become president until January.

[Odin2005]

2. Oh quit making sense! n/t

[Pirate Smile]

3. Obama said it was right thing to do because the ramifications would have been catastrophic if we let

AIG fail.

The people on DU who just want to complain wont care about your facts though. I'll give you an A for effort. :hi:

[AZBlue]

55. And he's right. And you're right.

Unfortunately logic isn't welcome on DU anymore.

[RUMMYisFROSTED]

4. Voted "Yea," however.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213


:shrug:

[berni_mccoy]

7. To prevent 2. from happening. Please try again though.

[Raineyb]

11. Except 2 hasn't been prevented.

So so far what we have is a big fat giveaway with no strings attached. Can I get a gig like that?

Regards

[berni_mccoy]

15. Actually, it did prevent a global economic collapse. But I get the impression you don't care.

[Raineyb]

19. It prevented no such thing

Economically we're still in the shitter. Apparently you don't care that the taxpayers are getting raped in the process.

Keep defending the trickle down nonsense. Maybe next time it'll really work. It hasn't for 30 years but this time it may be different.

[AZBlue]

56. If you think this is the "shitter" you have no idea what life would have been like if AIG failed.

I'm not a fan of bailing out companies but that would have been CATASTROPHIC on a worldwide proportion. In the beginning I was all for letting them fail until I did a little research about them and realized what it would have done to the world - do some research of your own before you misquote "trickle down" and other such nonsense.

[stillcool]

46. How do you know what it 'prevented'?

[RUMMYisFROSTED]

50. Mutually exclusive. Bzzt! Try again.

He didn't.
He did.
He did so that he didn't collapse the market? :wtf:


I think time will ultimately tell but setting up false observations does no one any good.

[karynnj]

52. The AIG bailout was by the Fed and was done BEFORE the TARP bailout

Note the date on the vote - October 1 - note the date of the AIG bailout SEPTEMBER 16.
http://online.wsj.com/article/SB122156561931242905.html

[RUMMYisFROSTED]

54. Fair enough...yet...

AIG Bailout To Include $40 Billion Of TARP Money November 10, 2008
http://www.tradingmarkets.com/.site/news/Stock%20News/2011475/

[karynnj]

60. True - down thread somone has an article showing that

AIG has actually received 4 different cash infusions. This was the second. At the time of the vote, there was no talk that any would go to AIG.

[NYC_SKP]

5. Buzzkill. Now hundreds are going to have to scramble to find some other reason to whine.

Of course, the more clever among these have a list to refer to.

:patriot:

[high density]

6. If only AIG would unionize its workers

DU would love the bailouts.

[berni_mccoy]

8. If only they made cars like Honda, Toyota and Nissan

[high density]

9. There's an idea

Nationalize AIG. Change it into an auto manufacturer. Then use it to ape the products of those car companies, kinda like South Korean ones do. Profit!!!

The AIG Priuz, coming soon! It's going to be a wonderful car.

[Better Believe It]

36. Nobody is buying those cars anymore! Their sales have collapsed.

They will probably be getting help from their governments to stay in business.

[nc4bo]

10. and a few minutes ago some 527 just blitzed CNN with an ad

basically saying the same thing.

Wonder if I'm the only one who has seen it?

Disgusting especially when you consider who has been responsible for letting this happen.

[Romulox]

12. The OP is factually inaccurate.

http://thehill.com/leading-the-news/senate-dems-angry-over-aig-bailouts-2009-03-03.html

[berni_mccoy]

13. That link says nothing about Obama.

[Romulox]

16. It says that the Federal Government gave AIG $30 billion at the beginning of March

[berni_mccoy]

17. Set into motion last year.

[Romulox]

18. Nope. These are new outlays approved by the Obama admin this year.

You are confusing the current infusions with the TARP monies. Two different things.

[berni_mccoy]

22. And Obama needs to keep troops in Iraq and approve new money for it. A problem inherited

can't be abandoned without regard.

[Romulox]

23. LOL. Goalposts: MOVED! nt

[berni_mccoy]

26. You've got nothing so you make a baseless claim. Nice.

[Name removed]

27. Deleted message

Message removed by moderator. Click here to review the message board rules.

[berni_mccoy]

29. LOL. I'm the troll? You haven't proven anything.

[Name removed]

32. Deleted message

Message removed by moderator. Click here to review the message board rules.

[berni_mccoy]

35. Is that board FreeRepublic.com?

[Romulox]

38. Nope. But this one may as well be some days. nt

[berni_mccoy]

20. Which were set into motion by the original bailout.

[Romulox]

24. "Set into motion" sounds like weasel talk. Obama approved the current outlays, as you admit.

:hi:

[berni_mccoy]

31. Obama worked for the approval of TARP which bailed out the auto industry

And is why he fired Wagoner. Wagoner failed to use the bailout money effectively. You are the one who is confused.

[Romulox]

33. LOLOL. Now you are just making shit up! nt

[berni_mccoy]

34. Google TARP GM 13.4

[Romulox]

37. That is not what I was referring to, Mr. Bozo. I was referring to your obfuscation

in attempting to pretend that the Obama admin hadn't been distributing monies in addition to the monies authorized in the TARP bill to AIG et al.

[berni_mccoy]

44. Name-calling. That says everything about you that people need to know

not to mention your two nasty responses deleted above.

[karynnj]

53. The Fed, headed by Bernacke is independent

[AZBlue]

57. So you're suggesting we let the first $150 billion go to waste and let it fail now.

Sorry, that's my money you're throwing away so cavalierly and stupidly, so I'm going to have to say NO to that asinine idea. No matter how much you want to pin this on Obama, you can't, it was begun long before him.

[HiFructosePronSyrup]

14. Obama is bailing out the auto industry.

[AZBlue]

58. Um, no he's actually not.

Wow, you'll stop at nothing to try to discredit him, huh?

[girl gone mad]

21. Which bailout?

Be specific. AIG has been bailed out more than once since last September. AFAIK, Obama has supported all of the bailouts of AIG. McCain was opposed to the initial bailout, Obama supported it but said he thought managers and bondholders shouldn't be rescued. Since the election, however, Obama has done nothing to force management or the board out or to ensure bondholders take a haircut.

[berni_mccoy]

25. GM has also already received government money. 13.4 billion to be exact.

[Romulox]

28. AIG recieved $30 billion in March (no strings attached!) nt

[berni_mccoy]

30. Set into motion last year. GM also has received 13.4 billion (as well as other automakers).

[Romulox]

39. Authorized by the Obama admin THIS YEAR. nt

[Bodhi BloodWave]

40. I wish you the best of luck on educating some on this board

But my overall view is that its mostly like talking to a wall

[girl gone mad]

43. To be able to educate others..

wouldn't one have to know what he or she was talking about?

[girl gone mad]

41. Not sure what that even means.

AIG didn't even ask for the $30 Billion until March, so how could it have been "set into motion last year?"

[girl gone mad]

42. But the premise of this thread was that Obama opposed bailouts to AIG.

That's what I was responding to.

[berni_mccoy]

47. No it was not. I never made that claim. The premise is that he *did not* bail out AIG.

And that even if he had, it was the right thing to do.

Obama also lobbied heavily for TARP which gave 13.4 Billion to GM among other funds for the Auto Industry.

His firing of Wagoner and refusal to give the ADDITIONAL funds to GM are because GM hasn't DONE ONE CONSTRUCTIVE THING with the money. They have no plan for recovery other than ask for more money.

[acmavm]

45. Golly, that's true. But Obama came out and endorsed the bailout

before bush** even opened his mouth.

It's his.

[berni_mccoy]

48. He also lobbied for TARP which gave TENS OF BILLIONS to the Auto Industry and which GM

has squandered.

Not Bailing Out AIG would have led to global economic collapse.

[acmavm]

49. Not bailing out AIG would have led to economic collapse? THAT

is the one big unproven 'truth' (for lack of an accurate, better word) about this whole thing.

And as for the money he'd given Detroit. That went to workers.

The AIG money went to rich men to pay off gambling debts. And Detroit didn't get anywhere near the money that the Wall Street crooks did.

Oh yes, and AIG got money, billions of dollars, with no strings attached.

[AZBlue]

59. Do you know what would have happened to the world if AIG failed?

Why don't you educate yourself before posting another comment like that one.

[amandabeech]

61. Many of the suppliers supply more than one auto company.

If too many GM suppliers go down, Ford, Honda, Toyota and Volkswagon won't be able to get parts.

That will be a big problem for all.

[Christa]

63. K & R nt

[ClarkUSA]

64. DU poutrage-mongers have no need for facts because their agendas don't include honest dialogue.

Your lesson is a good one for those who are cluelessly vitriolic, though. Be prepared to kick this OP for the next year or two.