Tuesday, September 16, 2008

Feds Bailout AIG

In a somewhat surprising move, it was announced late this afternoon that the Federal Reserve and Treasury Departments negotiated a federal bailout/buyout of AIG insurance.

Pundits and talking heads will debate the issue into the ground, but I thought Congressman Barney Frank's comments bore repeating. Not that I necessarily agree or disagree with Frank. I'm just at the point where I'm throwing up my hands, shaking my head and saying to myself, "well, there's nothing little old me can do about it, so I might as well laugh."

Congressman Barney Frank: “I mean this is one more affirmation that the lack of regulation has caused serious problems. That the private market screwed itself up and they need the government to come help them unscrew it.

AIG stories in the New York Times, BBC News, the Financial Times, the LA Times, and finally, the Arizona Repulsive Republic.

Interestingly, my adopted hometown of Philadelphia apparently doesn't update their Philadelphia Inquirer website overnight, because when I visited at 11:58pm Philly time, they had no mention of the AIG deal on their homepage. Their homepage carried a picture and story about the Philadelphia Phillies' win against  the Mets. Who knows what'll be up by the time readers visit, but it struck me that Philly's hometown paper is not running a story about a huge new bailout "above the fold".