Okay, so AIG got 1.2 billion in bail-out already. And now they want more! So where did the money go? It surely didn’t flow back to Middle America. To my understanding, AIG insured our government loans to China, (loans that paid for oil from OPEC). AIG backed these loans with mortgage assets that have now defaulted. So if I understand this right, our government gave AIG money to secure the risk on these loans. Did AIG pay this money to China? Is this where the money went, I would sure like to know.? I don’t think this bail-out plan helps America at all. Do you?
Oh, and OPEC, made up of members from Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela wants to slow production of oil to keep prices high. And these countries would like nothing more than to bankrupt America, and I believe they are doing a very good job at it!
And yet another rant: Why does GM need money to re-tool? They have known since the 80’s that we need fuel efficient cars. Why should we bail-out a company that has not kept up with what America needs? All you have to do is look at car sales over the last 20 years to know that foreign small cars are what are being purchased. And why haven’t they re-tooled before this? Maybe we wouldn’t be in this mess if they did ten years ago. I saw an article that stated that the ‘big three’ auto makers' management make 50% more salary than any other manufacturing company in the world! Does this make sense?” And this bail-out is supposed to help American keep their jobs, but no matter what jobs will be lost, especially during re-tooling!
I think Larry Page and Elon Musk of Tesla Motors should buy up some of these plants and start mass producing the electric car. I am sure they could get them cheap. (1) They would have a built in workforce and (2) Mass production could lower the price on their cars and (3) just maybe we wouldn’t have to bail-out these American auto makers who don’t have their act together anyway.