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Once again the government stepped in to bail out yet another botched business. With no life preserver from the private sector and a hasty after hour reaction pulling market futures down 130 points, the government once again came to the rescue with an $85 billion injection of taxpayer money to bail out failed insurer, American International Group (AIG) Inc.
Saying its failure would further disrupt markets and threaten the already fragile economy, the Federal Reserve made a deal to provide a two-year $85 billion emergency loan to AIG where the government will get a 79.9 percent stake and the right to remove senior management.
The Fed's move was part of a concerted push to help calm jittery markets and investors around the world. How many more failed businesses can the federal government bail out? Take the OhMyGov! readers poll and let everyone know.
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kingdom media September 19, 2008 6:53 PM
from a historical point of view, it's hard to object to the government's mass bailouts since similar debt-producing methods were used to bring the U.S. out of the Depression... our economy has been supported and driven by debt ever since
The most fun government news has ever been...
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