The world's biggest insurer, AIG, had two more days before declaring insolvency. Still stunned by yesterday's bloodbath in Wall Street, the shutdown of AIG would actually mean Armageddon in the financial sector that is 1920's Great Depression happening all over again since the market wouldn't be able to take another gigantic beating.
This evening the Federal Reserve bailed out the insurance giant AIG with a US$ 85 Billion Federal Loan and prevented the Great Depression this week. It was well worth using the taxpayers money to save the hard-earned investments of not only Americans but every human being that invested their money in the planet.
Taxpayers don't have to worry about AIG repaying their debt since their insurance business can more than cover their bad exposure to credit default loans in the coming years.
Instead of seeing a 20% drop tomorrow morning and people jumping over buildings, we'll end up seeing hope in people once again. The market will be back bigtime tomorrow.
Kudos to the Feds for finally doing their homework and preventing another Great Depression in the next 48 hours.
This evening the Federal Reserve bailed out the insurance giant AIG with a US$ 85 Billion Federal Loan and prevented the Great Depression this week. It was well worth using the taxpayers money to save the hard-earned investments of not only Americans but every human being that invested their money in the planet.
Taxpayers don't have to worry about AIG repaying their debt since their insurance business can more than cover their bad exposure to credit default loans in the coming years.
Instead of seeing a 20% drop tomorrow morning and people jumping over buildings, we'll end up seeing hope in people once again. The market will be back bigtime tomorrow.
Kudos to the Feds for finally doing their homework and preventing another Great Depression in the next 48 hours.