 masbury says: Short answer: It might bankrupt your state treasury. It might bankrupt your local bank. It might put your local industries out of business. If the gov't acts quickly, it can break up and sell off the profitable parts of AIG, recovering the cash it has lent to cover AIG's unregulated Financial Products Division's inability to pay "insurance" benefits that it had sold to cover the risk inherent in mortgage-backed securities. Here's my totally selfish reason -- a good chunk of my monthly disability income comes from one of their subsidiaries. What's scary to me Masbury, is that the generation who actually experienced The Great Depression are too few and far between to warn the youth, many now ascending to management positions, what a depression would be like. A woman, around 26, said in a group, "I think we should let all the businesses fail and see what happens to the economy". No looking back and learning from history and very little thought. She is a manager in our company. A depression today would be so much worse because in the 20's and 30's our population was still largely rural. Those people didn't have a lot of money but they had livestock to provide them food. I was talking to my father as he recalled his mother giv... — Comment removed by moderator — Good thoughts - we are so unaware that these companies are not isolated entities off somewhere that have nothing to do with us. There is a genuine possibility that the nation's economy could fold if a ripple effect that large were permitted to begin. Those are stakes we don't want to play with. |
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