Does Obama Support the AIG Bailout?

First, I've got no dog in this fight, but Biden's remarks about this situation may be the most economically illiterate I've heard yet. The more he talks the more one is forced to conclude, the man's not 'gaffe prone', he's just plain dumb.

Second, AIG is not being bailed out. This is going to be a forced liquidation -- avoiding the costs, delays and uncertainties associated with a bankruptcy filing -- with the Fed in the driver's seat. AIG senior management and shareholders are toast.

Emily, that was the title of this article on which people are asked to comment. Everyone, however, wants to use it to get their jabs in at McCain.The issue is whether or not Obama supports the AIG bailout. He and his own VP pick do not agree on it. Obama basically says yes, even though he admits to missing many facts and Biden says no, and then immediately launches into criticism about McCain. the bottom line is, if you are not part of the solution, you are part of the problem. The truth is that none of the candidates can possibly make a decision about what they would do to solve any of our problems without all of the facts. And neither none of the candidates have those necessary facts to make an intelligent decision.

The question should be does McCain support the bail out for AIG.
And what did he do in the last 8 years to prevent it ?
Not just wash hands by saying that it was out of govt reach to regulate risk and compliance.
Thats exactly the kind of excuse we don't want to hear for 4 more years.
America! Its time to wake up and not fall for another Republican diversion tactic for them to spend another trillion in wars that are unfounded.

I knew deregulation was going to come back and bite us in the ass, well its torn half of it off. McCain has headed this deregulation. And he wants more tax breaks for the rich. VOTE OBAMA and maybe he can right the ship of state in a couple of years after the 8 year wrecking ball.

I am convinced that this blog is all about Obama and not the issues

OMG, I am reading the posts and I can see many of you live in Obama's La La Land. You seem to think government can bail us out of every crisis. Obama was not even successful at community organizing. He was part of the Democratic Chicago machine. He is the poster child for the NEA. They only look out for themselves and not for the students whom they are failing to educate.

"Does Obama Support the AIG Bailout?"

-------- Well, as long as you're being unbiased about it. Why don't you ask McCain the same question? Why the slant?

Mr. Coffee: McCain moderately supports the bailouts because if these companies go under, our country will enter into a depression. These companies also supply jobs to 30% of the U.S. population, most of which are low to middle income jobs. If 36% of the U.S. population is unemployed, there is no other option except depression. Also, McCain does not support protecting those CEOs. In 2005 he petitioned congress to do something about all these corporations that were engaged in risky practices. He was shot down by both parties. However he also recognizes, (which you don't) that those companies protect more than just the investments of the top 2%. Fannie Mae and Freddie Mac are responsible for 75% of the mortgages in this country. If the top 2% don't have many mortgages, the middle and lower class do. Also, don't worry. 40% of this country do not even pay taxes. The top 2% pay the majority of this country's taxes so most of the burden will be placed upon the top 2%.

THANK YOU PHIL GRAMM AND JOHN McCAIN. They said China was going to be the richest nation in the world by mid-century. I just got off the phone from Hu, they now expect to be the richest by mid next week.
Again, thank you Phil Gramm and John McCain, thanks for ruining the United States of America.

I support Obama's response. To answer this yes or no would put any person on the spot. This requires a detailed and objective economic review. This issue is more than prospective president taking opposite sides of fence.

We need change and reform now-not necessarily from the person with the most expereince, but the president who will have the "guts" to initiate the change.

We are at a point where we need someone to restore the trust of the financial market and the strenght of America in the world.

As consumers and fellow Americans we should impress upon our leaders to take a clean approach on this issue.

American Insurance Group???????

How can Obama solve the problem if he has no clue what AIG stands for?

You idiots talking about contributions to Obama by Lehman et al are ignoring that even if you are a janitor for Lehman, you are asked for your employer when you contribute. It just means more employees like Obama.

Why does John McCain advocate bailouts that will cost the average taxpayer about $425 for AIG and another $1,200 for Freddie/Fannie to protect the investments of the upper 2%?

The bailouts are protecting the CEOs he stumps about including Carly and their pay/incentives. The bailouts protect the investments for the upper 2%.

Why does he support bailouts with the burden on the average taxpayer but won't give the middle class a real tax cut paid by the income the middle class is protecting for the upper 2%???

AIG Marketing, Inc.
One AIG Center
Wilmington DE 19803
United States

hey Joe, any tax breaks given to AIG for this office?

It's above Obama's paygrade.

Marylou,

In point of fact, Freddy and Fannie started buying the high risk loans from the reckless, dishonest, stupid banking and investment banks very late in the game.

In other words, the patient already had cancer and it had metastised before Freddy and Fannie got jealous of the high rate of returns announced by the private sector banking business.

It was unwise, yes. But the fraud was caused by the LOOK THE OTHER WAY Republican policies in effect at the time.

And John McCain and Phil Gramm are two of the authors of that policy. Now the PUBLIC is paying the price for their stupidity!

Obama is swimming in AIG's and Lehman Brother's money. They both contributed alot more money to Obama than they did anyone else.

This financial fiasco was made possible during the Clinton administration when both the politicians and the Fed (separate entities) made it easier for people with bad credit to purchase homes. This created the housing bubble, which was at its peak in 1998 & '99. It was when the housing bubble burst, that many of these corporations got in trouble. Of course these companies were not responsible in their management. But if all these corporations go under, we could be looking at a depression. Obama still wants to raise taxes on corporations that are in trouble and failing, which will only quicken the pace at which these corporations die. Already Fannie Mae, Freddie Mac, Lehman Brothers, and AIG are being bailed out by the government. But who is supplying the money to the federal government. The tax payers. If Obama thinks he can only raise taxes on the rich, then he is incredibly naive. In any case, previous taxes on the rich have only proven to hurt the middle class. Example: During the Clinton administration a luxury tax was imposed on yachts, private jets, etc. Well, the rich stopped purchasing and started selling these luxury goods. Who got hurt? The people who were building those goods, washing them, tuning them, etc. The rich were not hurt. This proves how you have to look at the consequences of a tax. You can't just say tax the rich, create a Robin Hood act and everything will be fine. It does not work. Also if you are reaping the benefits of federal programs, you should be putting something into it.

As for McCain, in 2005 he warned congress that something needed to be done about these corporations who were engaging in risky practices. He said that the general public should at least be warned. He was ignored, by both parties. Also, the democrats have been in power since 2006, yet they have done nothing that will truly help this country, while they have been in power. Congress has more power than the President, yet they are sitting on their butts and have the lowest approval rating ever and its much lower than the Presidents. People start doing your research. If you want to vote for Obama, fine, but at least do so because you have a reason and Obama has done something to show that your reasoning has substance. As for me, McCain has a long record in which he has voted and fought for policies that I agree with. I am voting for McCain/Palin.

This is not a yes or no answer. Obama is right in his response. He did say that he did not know all of the details.
A President need advisors and to put people in the right spots to make good decisions that will benefit the people and country. Remember the infamous -"Good job Brownie". Well, the issue here is can you trust this government to make the right decisions. Te fact that we are in this crisis says to me that we cannot. Only time will tell about this bailout and the only thing we can do now is to make sure that this does not happen again. Deregulation
and the fact that this govt., including McCain supported the fat cats getting fatter with big tax breaks and getting away with fatter checks even after their corporations goes bankrupt, allowing for no accountability by the CEOs and who in fact are rewared, are all teh responsibility of this admninistration and McCain is a huge part of that.
A no or yes answer at this point is irrelevant.
Obama give us a synopsis of the problem and what he will do to make sure it does not happen again. That is what is called leadership.

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