Lawmakers steamed over ritzy AIG retreat after bailout - CNN.com Oct 8, 2008
"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," the committee's chairman, Rep. Henry Waxman, D-California, scolded the company during a lengthy opening statement at a hearing Tuesday. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."
I think this article relates nicely to my previous post (Thumbs Down on the Bailout). The bailout is supposed to help "stimulate" the economy by helping banks and other financial companies ability to do business. These bankers got into trouble becasuse of irresponsible spending, bad loans and greed. And now, even after the bailout, they continue to do the same.
A question from my previous post was, "how will these companies learn from their mistakes?" This article makes a strong point for the argument that these companies may not use the bailout money wisely. It's like me getting into trouble all the time and never getting punished for it.
Also, where will the bailout money come from? Our taxes, most likely. Doesn't that mean that taxpayers will have to pay more in taxes? Is that a good thing?
Subscribe to:
Post Comments (Atom)
Posts
4 comments:
You bring up a good point-taxes. As you may have heard in the Debate, J.McCain wants to lower taxes (or so he says) but it is unclear where the money will com from to get what the taxes normally cover. B.Obama thinks that the lower-class taxes should go down, the middle stay the same, and high-class go up. Een if somebody in high-class society feels like that's unfair, B.Obama's doing what's best for the rest of the country.
i would like it alot more if you would answer questions instead of asking them in your blog. what do you mean by "irresponsible spending"?
I think the title of the blog answers the question as to what "irresponsible spending" is.
A spa retreat with $440,000.00 of bailout money?
Do you know what else these executives did? They paid themselves millions of dollars in salaries despite knowing the company was bankrupt! These people should be ashamed of themselves.
I think asking questions is a good way to get readers to think about the point I'm making and come up with their own conclusions.
Daniel and Dad
omg
Post a Comment