Posted by Nancy Howell on March 18, 2009 at 07:59:19 from (144.162.48.126):
In Reply to: Grassley nails it ! posted by Bryan in Iowa on March 17, 2009 at 15:52:49:
To get the news with less distortion, I look at news reported by non-US sources (BBC). Read a lengthy report yesterday and the Treasury knew about the bonuses months ago. They said nothing until the checks went out because then it was impossible to retract the bailout funds.
AIG was legally (through contracts) obligated to pay the bonuses if solvent. If the govt had not bailed them out and they went belly-up, the bonus contracts would have been void. By bailing AIG out, govt ensured that the contractual obligations of AIG would be met. That's the law.
I don't like it either. I absolutely believe the govt is using this to make them look like the good guys and AIG as the bad guys. Govt is hoping no one looks closely and sees the truth.
A quote by the late Dr. Adrian Rogers, 1931 – 2005:
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving.
The government cannot give to anybody anything that the government does not first take from somebody else.
When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation.
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