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Thread: AIG exit plan to slash U.S. bailout costs-official

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    AIG exit plan to slash U.S. bailout costs-official

    American International Group's (AIG.N) plan to exit government support could cut the cost of the U.S. Treasury's bailout program by half, to less than $50 billion based on current market valuations, a senior Obama administration official said on Thursday.

    The plan to convert the Treasury's preferred shares in the bailed out insurer to common stock could yield a profit of around $16.5 billion for taxpayers, compared to a previously estimated loss of about $45 billion, the official said.
    CORRECTED - UPDATE 1-AIG exit plan to slash U.S. bailout costs-official | Reuters

    The bailout's started by Bush and taken even further by Obama were a horrible idea and to me this maybe a lucky break for Obama.

    Mr President, I'd prefer you to NOT use my tax dollars at the craps table. Just because you may have come back positive this time doesn't negate the fact that you chose to participate in reckless gambling.
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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by Gibberish View Post
    CORRECTED - UPDATE 1-AIG exit plan to slash U.S. bailout costs-official | Reuters

    The bailout's started by Bush and taken even further by Obama were a horrible idea and to me this maybe a lucky break for Obama.

    Mr President, I'd prefer you to NOT use my tax dollars at the craps table. Just because you may have come back positive this time doesn't negate the fact that you chose to participate in reckless gambling.
    No one knows what would have happened without the bailouts or the stimulus even though they claim to. Bernanke and the top economic minds in the country said we would have gone into a depression worse than the Great One without the spending. They just might have saved our country. No one knows.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by USA-1 View Post
    No one knows what would have happened without the bailouts or the stimulus even though they claim to. Bernanke and the top economic minds in the country said we would have gone into a depression worse than the Great One without the spending. They just might have saved our country. No one knows.
    Any Minor good done will never in the long run offset the damage from the billions in wasteful spending and the economic damage coming from the phony Health Plan, Cap and Trade, and the rest of Obama's dangerous agenda. None of it so far has worked as claimed and all the damage has been fully felt yet.

    But mark my words it's coming and we get one good chance to Restore America and our Constitution.

    You do know it is also widely believed that fully one third of that money has has been held in reserve for another October surprise to try to effect the out come in the Nov. elections.

    Until massive spending cuts are accompanied and a reduction in Taxes large enough to encourage manufacturing to grow because consumer confidence will go up and Jobs will be created. It's an attitude and mind set that will come with better plans.

    I believe there is so much disillusionment now with Obama by the Democrat party, and of course by the Majority in the rest of us in the Trifeecta of Doom and the rest 0f Congress there is going to be a changing of the guard come Nov.

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by Councilman View Post
    Any Minor good done will never in the long run offset the damage from the billions in wasteful spending and the economic damage coming from the phony Health Plan, Cap and Trade, and the rest of Obama's dangerous agenda. None of it so far has worked as claimed and all the damage has been fully felt yet.

    But mark my words it's coming and we get one good chance to Restore America and our Constitution.

    You do know it is also widely believed that fully one third of that money has has been held in reserve for another October surprise to try to effect the out come in the Nov. elections.

    Until massive spending cuts are accompanied and a reduction in Taxes large enough to encourage manufacturing to grow because consumer confidence will go up and Jobs will be created. It's an attitude and mind set that will come with better plans.

    I believe there is so much disillusionment now with Obama by the Democrat party, and of course by the Majority in the rest of us in the Trifeecta of Doom and the rest 0f Congress there is going to be a changing of the guard come Nov.
    Funny how you were silent when Bush pissed away 6 trillion dollars and Reagan trippled the US debt..
    PeteEU

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by PeteEU View Post
    Funny how you were silent when Bush pissed away 6 trillion dollars and Reagan trippled the US debt..
    What is really funny is you don't know what the hell your talking about even a little bit.

    First I wasn't even signed onto this site until 04-25-09 so at least try to get a grip on reality and a few the facts that always seem to go the way of the Great Auk when ever one of your ilk goes on the attack an choose to use minor points that have nothing to do with the topic at hand, and then add made conclusions in another failed attempt to appear clever.

    FYI I am a retired Reporter, Radio Talk Show Host, and politician and was very busy until I retired going after Bush's wasteful spending on the wars in Afghanistan and Iraq comparing the money spent with the costs of WW-II is today's dollars and it is frightening to see that we spent more in a few years in two small countries than we spent in four years fighting around the world.

    I also apposed many of his other actions on a regular basis. You see Pal I am a Conservative not a republican and I am all about what is for what is good for our Nation in general and "WE THE PEOPLE" specifically.

    Bush did run up the debt and it was wrong and the prosecution of wars justified or not, the cost was way (BEEPING) more than it should have because the Military farms out too many of the functions they used to handle in house like transportation of supplies and the meals being prepared by by contractors at exorbitant costs.

    Companies like Backwater soaked us all.

    Obama has now Nearly doubled the Bush debt in two years to over13 trillion dollars and it's climbing too fast to read.
    Just try to read it/
    Defeat The Debt
    Last edited by Councilman; 10-01-10 at 10:12 AM.

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    Re: AIG exit plan to slash U.S. bailout costs-official

    I always say, you are what you eat. Eat a lot of garbage, and you become garbage.

    Look, I don't know anyone, other than Bush and Reagan supporters who once told us the deficit was meaningless, who is arguing in favor of the deficit. Instead, many are noting the circumstances and perhaps arging this is the best we can do today. And some of us are arguing that if you really care about the debt, you have to call for reducing spending and raising taxes.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by Councilman View Post
    What is really funny is you don't know what the hell your talking about even a little bit.

    First I wasn't even signed onto this site until 04-25-09 so at least try to get a grip on reality and a few the facts that always seem to go the way of the Great Auk when ever one of your ilk goes on the attack an choose to use minor points that have nothing to do with the topic at hand, and then add made conclusions in another failed attempt to appear clever.

    FYI I am a retired Reporter, Radio Talk Show Host, and politician and was very busy until I retired going after Bush's wasteful spending on the wars in Afghanistan and Iraq comparing the money spent with the costs of WW-II is today's dollars and it is frightening to see that we spent more in a few years in two small countries than we spent in four years fighting around the world.

    I also apposed many of his other actions on a regular basis. You see Pal I am a Conservative not a republican and I am all about what is for what is good for our Nation in general and "WE THE PEOPLE" specifically.

    Bush did run up the debt and it was wrong and the prosecution of wars justified or not, the cost was way (BEEPING) more than it should have because the Military farms out too many of the functions they used to handle in house like transportation of supplies and the meals being prepared by by contractors at exorbitant costs.

    Companies like Backwater soaked us all.

    Obama has now Nearly doubled the Bush debt in two years to over13 trillion dollars and it's climbing too fast to read.
    Just try to read it/
    Defeat The Debt
    Again, where were you and people like you under Reagan and Bush?

    And stop trying to push the fallacy that Obama has nearly doubled the debt in two years... The statistics simply do not agree with you.

    If we go by when Obama came to office the debt was 10.6 trillion. If we go by the first Obama budget (an argument I believe you or one of your compatriots made when it came to Bush and Clinton), which started 1. October 2009, then the debt was 11.89 trillion. The debt as of August 2010 was 13.44 trillion. Now any idiot can see that going from 10.6 or 11.89 trillion to 13.44 trillion is NOT even close to doubling the debt.

    http://www.treasurydirect.gov/govt/r.../mspd/mspd.htm

    Has all the monthly statements.. down to the last dollar.

    So again, stop lieing and acknowledge that most of the US debt is in fact due to two Republican Presidents.. Reagan that trippled it and Bush that doubled it.

    And dont forget.. AIG was under Bush's watch. Yes in 2008 we still had the brainless as US president.
    Last edited by PeteEU; 10-01-10 at 11:09 AM.
    PeteEU

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by PeteEU View Post
    Again, where were you and people like you under Reagan and Bush?

    And stop trying to push the fallacy that Obama has nearly doubled the debt in two years... The statistics simply do not agree with you.

    If we go by when Obama came to office the debt was 10.6 trillion. If we go by the first Obama budget (an argument I believe you or one of your compatriots made when it came to Bush and Clinton), which started 1. October 2009, then the debt was 11.89 trillion. The debt as of August 2010 was 13.44 trillion. Now any idiot can see that going from 10.6 or 11.89 trillion to 13.44 trillion is NOT even close to doubling the debt.

    Government - Monthly Statement of the Public Debt (MSPD) and Downloadable Files

    Has all the monthly statements.. down to the last dollar.

    So again, stop lieing and acknowledge that most of the US debt is in fact due to two Republican Presidents.. Reagan that trippled it and Bush that doubled it.

    And dont forget.. AIG was under Bush's watch. Yes in 2008 we still had the brainless as US president.
    Though I don't agree with a lot that Obama does I can never understand the need from some to lie and exaggerate to try and support their opposition.

    Defeat The Debt eludes that Obama took office with zero debt and inheriting no policies from the previous administration that were adding to the debt.
    Last edited by Gibberish; 10-01-10 at 11:24 AM.
    "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by Gibberish View Post
    Though I don't agree with a lot that Obama does I can never understand the need from some to lie and exaggerate to try and support their opposition.

    Defeat The Debt eludes that Obama took office with zero debt and inheriting no policies from the previous administration that were adding to the debt.
    No policies that were adding to the debt?

    Wow. I mean there's ignorant and then there's just living in some other universe.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: AIG exit plan to slash U.S. bailout costs-official

    Quote Originally Posted by PeteEU View Post
    Again, where were you and people like you under Reagan and Bush?

    And stop trying to push the fallacy that Obama has nearly doubled the debt in two years... The statistics simply do not agree with you.

    If we go by when Obama came to office the debt was 10.6 trillion. If we go by the first Obama budget (an argument I believe you or one of your compatriots made when it came to Bush and Clinton), which started 1. October 2009, then the debt was 11.89 trillion. The debt as of August 2010 was 13.44 trillion. Now any idiot can see that going from 10.6 or 11.89 trillion to 13.44 trillion is NOT even close to doubling the debt.

    Government - Monthly Statement of the Public Debt (MSPD) and Downloadable Files

    Has all the monthly statements.. down to the last dollar.

    So again, stop lieing and acknowledge that most of the US debt is in fact due to two Republican Presidents.. Reagan that trippled it and Bush that doubled it.

    And dont forget.. AIG was under Bush's watch. Yes in 2008 we still had the brainless as US president.
    The mere fact that TARP was enacted by GW Bush kills that argument right there. I'll give you the stimulus spending was all Obama, but since most economist say not even half of it has been spent yet (and even some Republicans are still arguing why all of the money hasn't been allocated to date), it just stands to reason that alot of the information about Obama spending (some, of which, hasn't even started yet, ie., appropriates yet to be acquired for health care reform legislation beyond what was authorized to start state high-risk pools), all this talk of spending under Obama is misleading at best.

    I've said it from the start, Corperate American (banks) couldn't fix itself...still can't. Thus, IMO, it was responsible for the Obama Administration to not only re-evaluate TARP spending to the banks and auto industry to ensure taxpayer dollars would be repaid (or atleast as much as possible would be recouped in the short-term), but also to force the banks to keep "emergency funds" available from here on out to ensure something like this never happens again. The funny thing is aspects of TARP where the bank bailout is concerned mirrors pretty much exactly what former Pres. Clinton did in 1998 when this same thing happened with the banks. The only difference then was the housing market wasn't affected, just speculative high-risk leanding practises. The banks didn't learn their lesson then because no new legislation was ever enacted to change the rules nor were those charged to oversee speculative trading on Wall Street doing their jobs!

    Like it or not, but TARP was necessary (for the banks at least; and in a way for the auto industry, too); so was the ARRA (stimulus bill). It's just a shame some people refuse to see how bad the situation was and would rather complain about how bad things are now rather than be grateful things didn't get any worse.

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