AIG is a major insurance company for the United States. In the mid-2000s AIG had gone through a series of fraud investigations which led to a one and a half billion fine for AIG and criminal charges. AIG's share prices fell over ninety-five percent to just one dollar and twenty-five cents on September 16, 2008, from a high of about seventy dollars. The company reported over $13.2 billion in losses in the first six months of this year. They came into massive debt and the owners could not handle the cost. They were about to go bankrupt and then the US government stepped in.
This article talks about how the United States government stepped in and lent AIG Insurance eighty-five billion dollars. They used this money to pay off their debts and get their company back on the stock market. One crucial part of this transaction is that eighty percent of their company’s stocks are now owned by the United States government. AIG needed this money because they had invested almost all of its money in mortgages. The fall of the real estate value in turn was the cause of their fall. The government decided to step in because if AIG had failed it would set of a chain reaction throwing other companies “under the bus” so to speak and cause them to go into bankruptcy as well. This was interesting because this week the government allowed the Lehman Brothers, another large company, to fail, which is seen as an act to show all companies that they cannot always count on the taxpayer’s money for help. This takeover helped the Dow go back up about one hundred and forty-one points. This helped from the large drops of 504 point drop on Monday.
I heard about this all week and I decided to do my own research and I came across this article. I could not believe that the United States government would give a company eighty-five billion dollars, just to save the company. After reading this article I understand that if this one insurance company would fail then a lot of other companies that had their insurance with AIG would also go bankrupt. Also this move was to help the stock market and to slow the dow falling even more. We see this as job for the next President of the United States. This is not a job for the next president; this is a job for the people that are representing us in congress. They are the ones who control our economy and what companies can merge together. They are the reason our economy is failing and the American people should do something about it.
Friday, September 26, 2008
Thursday, September 18, 2008
Election Post Week 1
For this blog post I need to discuss my ideology/political party preference and tell which of the presidential candidates I am supporting.
Well, this election, I believe that neither of the candidates is "good enough" for the job. But, that does not mean I do not have a preference. This election I am in support for Barak Obama. For many reason but mainly because he wants to create new jobs and lower taxes for the working class. He is also a great speech giver and does not make our country look like idiots like the leaders of today.
I would have to say though that my thoughts behind politics are very socially liberal but economically conservative. I am against guns and I think that gays have the right to be married but I do not think that it is the governments job to take money from the wealthy and just give it to people who need it because they're too lazy to work.
Obama has changed his view on Iraq during his campaign. AT first he was saying that he was going to pull out of Iraq as soon as he gets in office. But now he is saying that he would like to "end the war responsibly," which is also a way of saying; I was only half lying before because I still want to pull out. This upsets me in a way because one of the reasons that I was supporting Obama was the fact that he was going to pull out of Iraq. But hey, that’s politics,
Another issue that is very important to me is the issue of energy. Obama said that he was going to put "150 billion dollars in renewable energy" My first reaction to this was OH MY GOD but again if that kind of money is needed to make our country independent from other people to give us energy then I fully agree with it. Obama wants to create thousands of new jobs for people in the renewable energy plants that will be open. This really affects me for the future because I want to be an engineer and I may even be working on alternative energy sources so with this renewable energy I have no reason to worry that I will not have a job in the future.
Well, this election, I believe that neither of the candidates is "good enough" for the job. But, that does not mean I do not have a preference. This election I am in support for Barak Obama. For many reason but mainly because he wants to create new jobs and lower taxes for the working class. He is also a great speech giver and does not make our country look like idiots like the leaders of today.
I would have to say though that my thoughts behind politics are very socially liberal but economically conservative. I am against guns and I think that gays have the right to be married but I do not think that it is the governments job to take money from the wealthy and just give it to people who need it because they're too lazy to work.
Obama has changed his view on Iraq during his campaign. AT first he was saying that he was going to pull out of Iraq as soon as he gets in office. But now he is saying that he would like to "end the war responsibly," which is also a way of saying; I was only half lying before because I still want to pull out. This upsets me in a way because one of the reasons that I was supporting Obama was the fact that he was going to pull out of Iraq. But hey, that’s politics,
Another issue that is very important to me is the issue of energy. Obama said that he was going to put "150 billion dollars in renewable energy" My first reaction to this was OH MY GOD but again if that kind of money is needed to make our country independent from other people to give us energy then I fully agree with it. Obama wants to create thousands of new jobs for people in the renewable energy plants that will be open. This really affects me for the future because I want to be an engineer and I may even be working on alternative energy sources so with this renewable energy I have no reason to worry that I will not have a job in the future.
Wednesday, September 10, 2008
Obama's Acceptance Speech
I took notes of quotes from Obama's Speech and have some of my own opinions of what he said...
"The failure to respond to it, is the failed policies of George W. Bush”
I completely agree with this statement. George W. Bush has failed to fix things in the United States and has made things worse. We do not only need a change in president but a change in politics and policy as well.
“America we are better than these last 8 years, we are a better country than this”
I thought this was an interesting way of saying George W. Bush has screwed up the way people look at America and we should be ashamed. As a country we are better than the last 8 years just not with Bush as our President
"...Sits on its hands while we watch a major American city drown before our eyes"
I think this was a low blow because the bush administration tried to help. It was a tough job. Yes they could have done better, but they at least tried.
"I say, enough, this moment, this election is our chance to keep in the 21st century American promise alive"
Yes yes yes yes yes!!! We do need to keep the American promise alive because people have lost hope and we need to restore that hope.
"We love this country too much to make the next 4 years to look like the last 8
We will say 8 years is enough"
Alright now he's just repeating the same stuff but I still agree!!
"What is to be said about your judgment when you think bush is right 90% of the time?"
This was an interesting statement because he wasn’t really "agreeing with bush" he was following the "republican" way of thinking... still, this shows that McCain doesn’t have his own opinions he just goes with the republican way
"It's not because John McCain doesn’t care it's because he doesn’t know."
This is true because McCain has not gone through what Obama has in his life and does not know the hardships of life here in America
"Time for them to own their failure."
I have said this since day 1 of bush's second term. Bush needs to own up to his mistakes and the failure over in Iraq instead of sending more troops to try to make it seem like things are getting better.
"We will rise or fall as one nation"
This scared me because there is a chance that we will fail, but, at least Obama is being realistic and knows that everything he wants might not work.
"Cut taxes for 95% of all working families"
This is a big promise to make but I believe that Obama will be able to do it. I agree with a lot of his ideas for the economy and taking away from bigger companies to help the country's economy.
"Set a clear goal in 10 years get rid of dependence of oil from the middle east"
This is another big promise but hopefully this will be done we need this to be less dependent of oil and Obama can get us there
"Drilling is not a long term solution"
SO so so so so true!! We cannot just keep looking for places to drill because we need the oil; we need to change with the times.
"150 billion dollars in renewable energy"
My first reaction to this was OH MY GOD but again if that kind of money is needed then I fully agree with it. I would rather pay back that with the money we will no longer use for oil.
"Stop insurance companies from discriminating against those who need care the most"
Yes yes yes yes yes!! I have had an uncle die of cancer and have seen the battles with insurance companies so give people the chance to live and help them as much as we can
"Keep the promise of equal pay for equal days work"
This is one of the main reasons I would vote for Obama. He has his own daughters in mind when he thinks of what to do for the future. Women should get equal pay and if he can assure us that he can do this then there is no doubt in my mind that he will win this election.
“Government can’t do everything”
This is so true!! Citizens need to realize that they need to help the government do what they want the government to do. The government cannot do everything alone and need as much help and support that they can get
“McCain won’t even follow him to the cave where he lives”
I was blown away when Obama said this. I could not believe he would say something like this and bring an issue like this up so early but I know that McCain will have something to say to this.
"Think of the future instead of grasping on the past"
Someone needed to tell this to bush at the start of his presidency because it seems like he's holding on to his father's ideas.
"You don’t defeat a terrorist group that is in 80 countries by occupying Iraq"
TRUE!!! We need to leave Iraq because we are not helping anymore we are hurting more than helping. They are 76 million dollars in surplus and we are more and more in the hole every day.
"I will restore our moral standing so that once again American is the last best hope for those who call for lives of freedom, who call for peace and who yearn for a better future."
This was the most amazing quote from his entire speech. This is what won me over because the way that other countries look at America needs to be changed because it is crap. Right now and we have made ourselves look like idiot that past 8 years.
"Don’t tell me we can’t uphold the second amendment and keep ak-47s out of the hands of criminals"
THIS IS SOMETHING I HAVE BEEN FIGHTING FOR. I think people have the right to bear arms but not to bear ridiculous guns that are unneeded.
"This election has never been about me it’s about you."
We know we know. But seriously he puts his children first and the experiences he has gone through and seen is what fuels him and this is why I want him as President
I know that Obama has been talking about change change change and tonight he defined what this change would be. I made a list from what he said he would change
Change:
Tax cut for workers and small businesses
TAKE AWAY TAX BREAKS FROM BIG COMPANIES THAT SEND JOBS OVERSEAS
Eliminate capital gains taxes
Cut taxes for 95% of all working families
Set a clear goal in 10 years get rid of dependence of oil from the Middle East
Drilling is not a long term solution
Clean coal technology; find safe ways for nuclear power
Help auto companies with fuel efficient cars built in America
Make it easier to buy these cars
150 billion dollars in renewable energy
New industries and 5 million new jobs
All children get an education
New teachers, higher salaries, more support
Higher standards
Commit to service for community or country will help pay for education
Affordable accessible health care
Stop insurance companies from discriminating against those who need care the most
Change bankruptcy laws and keep pensions
Protect social security
Keep the promise of equal pay for equal days work
So basically if i could vote in this election i would vote for Obama. He seems like the best candidate and has changed my opinion of the democratic party.
"The failure to respond to it, is the failed policies of George W. Bush”
I completely agree with this statement. George W. Bush has failed to fix things in the United States and has made things worse. We do not only need a change in president but a change in politics and policy as well.
“America we are better than these last 8 years, we are a better country than this”
I thought this was an interesting way of saying George W. Bush has screwed up the way people look at America and we should be ashamed. As a country we are better than the last 8 years just not with Bush as our President
"...Sits on its hands while we watch a major American city drown before our eyes"
I think this was a low blow because the bush administration tried to help. It was a tough job. Yes they could have done better, but they at least tried.
"I say, enough, this moment, this election is our chance to keep in the 21st century American promise alive"
Yes yes yes yes yes!!! We do need to keep the American promise alive because people have lost hope and we need to restore that hope.
"We love this country too much to make the next 4 years to look like the last 8
We will say 8 years is enough"
Alright now he's just repeating the same stuff but I still agree!!
"What is to be said about your judgment when you think bush is right 90% of the time?"
This was an interesting statement because he wasn’t really "agreeing with bush" he was following the "republican" way of thinking... still, this shows that McCain doesn’t have his own opinions he just goes with the republican way
"It's not because John McCain doesn’t care it's because he doesn’t know."
This is true because McCain has not gone through what Obama has in his life and does not know the hardships of life here in America
"Time for them to own their failure."
I have said this since day 1 of bush's second term. Bush needs to own up to his mistakes and the failure over in Iraq instead of sending more troops to try to make it seem like things are getting better.
"We will rise or fall as one nation"
This scared me because there is a chance that we will fail, but, at least Obama is being realistic and knows that everything he wants might not work.
"Cut taxes for 95% of all working families"
This is a big promise to make but I believe that Obama will be able to do it. I agree with a lot of his ideas for the economy and taking away from bigger companies to help the country's economy.
"Set a clear goal in 10 years get rid of dependence of oil from the middle east"
This is another big promise but hopefully this will be done we need this to be less dependent of oil and Obama can get us there
"Drilling is not a long term solution"
SO so so so so true!! We cannot just keep looking for places to drill because we need the oil; we need to change with the times.
"150 billion dollars in renewable energy"
My first reaction to this was OH MY GOD but again if that kind of money is needed then I fully agree with it. I would rather pay back that with the money we will no longer use for oil.
"Stop insurance companies from discriminating against those who need care the most"
Yes yes yes yes yes!! I have had an uncle die of cancer and have seen the battles with insurance companies so give people the chance to live and help them as much as we can
"Keep the promise of equal pay for equal days work"
This is one of the main reasons I would vote for Obama. He has his own daughters in mind when he thinks of what to do for the future. Women should get equal pay and if he can assure us that he can do this then there is no doubt in my mind that he will win this election.
“Government can’t do everything”
This is so true!! Citizens need to realize that they need to help the government do what they want the government to do. The government cannot do everything alone and need as much help and support that they can get
“McCain won’t even follow him to the cave where he lives”
I was blown away when Obama said this. I could not believe he would say something like this and bring an issue like this up so early but I know that McCain will have something to say to this.
"Think of the future instead of grasping on the past"
Someone needed to tell this to bush at the start of his presidency because it seems like he's holding on to his father's ideas.
"You don’t defeat a terrorist group that is in 80 countries by occupying Iraq"
TRUE!!! We need to leave Iraq because we are not helping anymore we are hurting more than helping. They are 76 million dollars in surplus and we are more and more in the hole every day.
"I will restore our moral standing so that once again American is the last best hope for those who call for lives of freedom, who call for peace and who yearn for a better future."
This was the most amazing quote from his entire speech. This is what won me over because the way that other countries look at America needs to be changed because it is crap. Right now and we have made ourselves look like idiot that past 8 years.
"Don’t tell me we can’t uphold the second amendment and keep ak-47s out of the hands of criminals"
THIS IS SOMETHING I HAVE BEEN FIGHTING FOR. I think people have the right to bear arms but not to bear ridiculous guns that are unneeded.
"This election has never been about me it’s about you."
We know we know. But seriously he puts his children first and the experiences he has gone through and seen is what fuels him and this is why I want him as President
I know that Obama has been talking about change change change and tonight he defined what this change would be. I made a list from what he said he would change
Change:
Tax cut for workers and small businesses
TAKE AWAY TAX BREAKS FROM BIG COMPANIES THAT SEND JOBS OVERSEAS
Eliminate capital gains taxes
Cut taxes for 95% of all working families
Set a clear goal in 10 years get rid of dependence of oil from the Middle East
Drilling is not a long term solution
Clean coal technology; find safe ways for nuclear power
Help auto companies with fuel efficient cars built in America
Make it easier to buy these cars
150 billion dollars in renewable energy
New industries and 5 million new jobs
All children get an education
New teachers, higher salaries, more support
Higher standards
Commit to service for community or country will help pay for education
Affordable accessible health care
Stop insurance companies from discriminating against those who need care the most
Change bankruptcy laws and keep pensions
Protect social security
Keep the promise of equal pay for equal days work
So basically if i could vote in this election i would vote for Obama. He seems like the best candidate and has changed my opinion of the democratic party.
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