American Morning
Fast Forward
The stories that will be making news later today:
The "Discovery" astronauts about to begin their first full day at the International Space Station. The crew is scheduled for a wake-up call at 8:43 am eastern. They're preparing for their first spacewalk on Thursday.
President Obama travels to Southern California this afternoon. He'll hold a town hall meeting in Santa Ana on his economic recovery plan... Then head to Los Angeles. The President is scheduled to make a guest appearance on "The Tonight Show" with Jay Leno Thursday before returning to Washington.
And in Washington... Vice President Joe Biden hosts a conference of community leaders from across the country. The group will discuss the best ways of spending the stimulus money. There will be a working dinner tonight at 7 o'clock eastern. And, meetings are scheduled throughout the day tomorrow.
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The end of capitalism?
We all remember with great sadness the events of September 11, 2001, how all of us were attacked that day, and Americans came together in the days following to support the families that lost loved ones, helped the city that needed to rebuild, and the country went to war, giving our sons and daughters to show the world that this would not be tolerated, that America would Stand United. Remember that?
Fast forward a few years, and you see the people who live in New York today setting the financial future of not just us, but also our kids, in peril. In the halls of Congress today, they are talking today about conspiracy to defraud us with AIG, that they knew they were falling, and knew that Washington would save them, so they signed huge contract with workers to get millions for all of them. . That is not capitalism.
As a former republican, I have been asking for years what happened to the GOP of Reagan, why they seemed to have lost touch with reality, why they routinely choose business instead of people, and just what is it they now stand for?
It seems that after kicking butt for the attacks of 9-11, they went on a spree of getting what could be gotten, in everything from the using military funds wrongly in Iraq, to changing environmental rules that once protected all of us, to this whole mess with the financial market, and most importantly, the 401k money everyone of us had at their direction in stocks and ponzi schemes.
No matter to them that it hurt the country, and the people of America.
Did the thoughts of New York capitalists, and from there, Washington politicians, become a giant “going to get mine”, C.Y.A. and forget the rest attitude?
President Bush told Texans that he “could live with everything he did in office”,
I sure hope we can.
Did capitalist decide that they would only be in this for themselves after that day? Since 9-11, New York has gone from the city that lead America, to the city that sucks the blood from the rest of us.
I know that we can defeat anyone with our military, so that’s not what I mean, but is capitalism dead?
Did the terrorists win the war of hearts and minds after 2001?
my commnet is why these AIG are being allow to get bounes while the world is going throuhg a hard times.and useing our tax money,they should get fire and take over there building...i thank god that my wife is serviing in the usa ARMY.............
Are people that naive that they can't see what those 11 people at AIG did? Of COURSE they quit after getting those bonuses! You can't turn on a News station or pick up a paper or read online anymore without knowing the anger out there towards this corporate attitude of entitlement.
Those AIG "bonus" recipients knew perfectly well that there would be massive fallout after their receipt of "retention bonuses" hit the News. They left AIG as an act of self-preservation, essentially an act of "take the money and run."
Pay AIG bonuses with common stock, redeamable in 5 years. If the employees are as valuble as AIG is saying they will not only increase the company's value, they will increase their own.
Martin Hergert
In regards to "shovel ready". I've been in the R.E. development industry for 40 years and one thing that seems to be missing in all of this are the environmental impact reports that are required for ALL projects. These generaly take 1 to 2 years to be written, reviewed and adopted. Even in an emergency bridge repair you have geologic and structural engineering reviews to contend with. Oh, and the perveriable hard to get, building permit.
PLEASE! Don’t let the people be misled in anyway into believing that this AIG mistake is the new President’s fault. The bailout funds that were stolen by AIG employees (disguised as bonuses) were indeed from the bailout that former President Bush pushed through Congress. This was the bailout that wasn’t given any form of accountability and is no way in comparison to the strict line of bailouts that current President Obama is successfully bringing hope to the country with. PLEASE don’t let the media screw this one up too.
I am disappointed in the federal government for the lack of requirements dealing with AIG bailout monies. Did they do this intentionally to keep the American public from questioning other (less expensive) stimulus packages? The senators seem outraged by AIG bonuses, but they are not offering to return the millions they requested for earmarks that don't help stimulate the economy. The "new" government is making Americans spend money to help companies that they have no financial ties too and if the tables were turned those companies would hang us (Americans) out to dry. Also, since when were the stimulus package monies designated to pay bonuses to foreign employees (AIG). How is this money supposed to help the American economy? I feel betrayed by the "new" American government.
Let me add my voice to those outraged by the paying of bonuses to those in corporations taking stimulus funds to keep the company solvent. Get the money back! Downsize EVERY employee in any way
responsible for the downfall of this business and/or the economy. Other businesses are forced to let good workers go due to the economy...AIG certainly has a boatload of great candidates for dismissal!
This whole debacle is the result of the “old boy” network that has always been an intrinsic force in the whole system of government and business. The mantra has always been, “I’ll cover your behind if you cover mine.” The American people’s anger should be placed exactly where it belongs—on Congress. They failed to do their jobs while acting like spoiled children. These politicians have had it too good for too long. Strip them of all their pensions and first class health insurance. What we really need now are some patriots not polititians. American people, let’s push for term limits!
ALI, STOP DEFENDING AIG.
WE ALL KNOW THEY MUST SURIVE THAT DOES NOT MEAN WE SHOULD BEND DAY AFTER DAY TO THEIR ARGUMENTS.
Guy
Here's a question for government to answer.How much interest are they chargeing on this Bail Out money that the people are lending these Comapnies?Are they going to lower our crazy rates they charge us,or charge us more down the road , so we may pay out of our pocket ,again, to pay down their debt?Or is someone finally going to look into what i think is scaming the people., and look into fair interest rates.
I hear callers who would like relief from their mortgage because their house is "under water." My mortgage is paid off (a lot of peanut butter and jelly sandwiches later) but my 403b is way under water. My only recourse is to wait for the market to come back up. How is it any different for someone whose house value has dropped, and why should they get relief?
NOT A SINGLE BONUS SHOULD BE PAID AS LONG AS TAX PAYER MONEY IS USED IN THEIR SYSTEM
RETURNING THE MONEY DOES NOT SOLVE ANYHTING AS THESE CROOKS WILL USE OTHER MONEY GIVEN TO THEM TO PAY THEMSELVES & REDUCE THE SAME AMOUNT TO HOME OWNERS OR BUSINESSES.
ASK FOR THE AMENDMENT OF THE STIMULUS BILL
I'm outraged to see Sen. Grassley and Barney Franks whining about AIG bonuses. They (the Congress) are responsible for the conditions that allowed the bailout money to be dispersed. And where is the oversight for it? As bad as the AIG elitists are, the Congress has a bad habit of only speaking up when they get caught.
Thanks,
Shar Lombardo
I like the idea that Congress pass special tax legislation directed specifically at the 73 AIG individuals who received bonuses and tax that income at the 90% or 100%. Show them our teeth !
I think to fix the Mortgage forclosures as follows:
1)give all borrowers an option to get their house reappraised at todays value ie; if a house is worth $300K and has a $500K loan the lender rewrites the loan for $330K @ 4.5% 30 yr fixed the federal gov carries a second of $170K @ 0% with no monthly payment and when the house value matches the amount of both loans it must than be refinanced @5% 30yr fixed that would help people that are having a hard time making their payments by having a smaller payment and give them additional money every month to put back into the economy instead of a one time stimulis check thats doesnt do much for the retailers & the economy in general and the money to bailout banks is primarily necessary because of the housing crisis with banks weathering the forclosure storm this would relieve some of that pressure
I just want to know why Obama gets the full blame for AIG? Wasn't it the Bush administration that got all the bailout mess started? It seems that the media forgot to mention that small point. So, if the Obama administration feels the need to consider giving another 30 billion dollar bailout (which, by the way, hasn't been appropriated yet), it's not nearly as massive as what the Bush administration gave.