Crony Capitalism
The U.S. purchase of AIG is crony capitalism at its worst. We, the tax payers are left holding the bag for bad investments. AIG has 85 billion world wide of insurance and other products. The front page story in the BEE says the U.S. gets a stake in the insurance giant. No. We get a liability. So, we now sell insurance in Thailand, Indonesia, Korea, Peru and Russia and Europe – all supported by our taxes and our bank accounts. But, John McCain says we can not afford health insurance for our own people.
AS described in a Salon.com article, this system was created and promoted by Phil Gramm, formerly John McCain’s principal economic advisor.
http://www.salon.com/tech/htww/2008/09/16/mccain_and_aig/index.html
It is accurate that Gramm had assistance from Democrats, lead by Joe Lieberman, now Mc Cain’s primary advisor.
These politicians demonstrate the examples given in the book, The Best Way to Rob a Bank is to Own One.
Public money should be used for public purposes, for schools, roads, water systems. Not for crony capitalism and to reward millionaires.
Its time to throw the bums out- the Republicans -to protect your home ,your job and your pension funds.
Duane E. Campbell
Sacramento
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