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daveddawg

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  • 8 Reasons the Obama Administration Will Not Solve This Crisis by the End of 2009 [View article]
    Thank you Mr. Kim! I would rather be told the truth, as painful as it might be, than lied to, anyday. This article reinforces the reason why you are on my watch list.
    Mar 17 09:46 PM | 4 Likes Like |Link to Comment
  • Why AIG Wasn't Allowed to Fail [View article]
    Felix, you made a good case for why AIG shouldn't have been allowed to fail, at least at that time. Now, however, it seems the taxpayers are on the hook for the totality of all the CDS paper. Since contracts, even fraudulent ones that were written with full knowledge that AIG could never pay out "must be honored", we taxpayers may end up throwing trillions down this black hole.

    All parties on the other end of the CDS paper have had 6 months to prepare in whatever way for an outcome. We should not give anymore money to AIG and let the chips fall where they may. As Larrysyr said, we really only need a basic check clearing function from these big banks. Smaller banks will then step up, and you can bet that they won't be so stupid to bet their own money on fraudulent insurance contracts backed by AAA ratings from some paid-off whores.
    Mar 17 07:36 PM | 3 Likes Like |Link to Comment
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