Senator John McCain
Our economy is fundamentally strong!, Yes that is what he said last Monday the day that AIG was supported by the U.S. government. About a week after he chastised Senator Barack Obama, for being very specific in his speeches, he comes out with a statement like that. However, he went on to say that the economy is in chaos because of greed of many people.
But, what planet is he on, I mean give me a break. He was on the Commerce committee and he has always said that he is in favor of deregulation. Which is precisely what this financial mess is all about. With no good specific safeguards or reality checks Fannie Mae and Freddie Mac have been let loose in the financial mortgage markets for years. They sell your mortgages in bulk to other financial companies. This is a pig in a poke (Pig-in-a-poke is an idiom that refers to a confidence trick originating in the Late Middle Ages, when meat was scarce but apparently rats and cats were not. ), and a burnt pot calling the kettle black as well (The phrase "Pot calling the kettle black" is an idiom, used to accuse another speaker of hypocrisy, in that the speaker disparages the subject for a fault ).
According to Suzy Orman: The fact that the government is now running the shows means both entities are protected by the full faith and credit of the U.S. government. That will calm financial markets around the globe.
Now that AIG is also in dire straights of failing, we will have to bail them out as well. Their bailout is expected to top 80 billion dollars. So much for those people who believe in deregulation. This kind of stuff is what makes people crazy and pushes them to do bad things to themselves, their families and companies that they work for.
If you are looking to find out who the fox is in the financial hen house, you will have a lot of fast footwork to do and it will be very long and exhausting days into months work.
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