$152 billion is the total tally in government loans that insurance giant American International Group (AIG) accumulated over the past eight months and 90% the tax that a congressional bill proposes levying on bonuses for employees whose companies received more than $5 billion in federal bailout money.

328-93 was the final vote on that measure in the House of Representatives last Monday, and December 10th was the date that the bill’s catalyst—the story about continued AIG bonuses—broke. Fifteen is the number of weeks that President Obama allowed populist anger at Wall St. spending to mature before he forced Congress into action, and 15% is the amount his national approval rating dropped over that period.

Rick Wagoner is the name of the former General Motors (GM) CEO who was asked to resign by Mr Obama’s automobile task-force during a meeting last Friday—the same day that Mr Obama met with chief-executives from Bank of America, Wells Fargo, and Morgan Stanley, criticizing them for failing to grasp the financial crisis’ magnitude. That day, March 28th—when Mr Obama decidedly took the reins of Detroit and downtown Manhattan—will mark the president’s shift in policy toward bailed-out American companies from financially interventionist to outwardly managerial.

Click to continue reading “The Perils of Populist Anger: From Rick Wagoner to AIG”

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After spending the weekend in suburban Detroit hearing about the proposed request by the Detroit City Council to have their double-digit deficit spending problem be resolved by applying for a Federal Government “Bail Out;” the questions that ultimately need to be pondered is: Who is qualified to apply for AIG-like congressional bail outs, what are the congressional criteria for approving a bailout, and what is the process for the distribution of funds? The line of applicants for bailouts of all kinds is growing, and these applicants are desperate to find out the answer to these questions, if there truly is an answer.

Click to continue reading “Who gets a Bail Out?”

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