Big spending weekend
 

Just shortly after the feds bailout AIG some of their CEO's went on a big spending frenzy at a spa and spent almost a half million dollars on a week of luxary. Here is the article. What say you?


http://blogs.usatoday.com/ondeadline...xecs-went.html

:evilglee

Re: Big spending weekend
 

Make 'em pay it back and fine 'em. This isn't what taxpayers are paying for.

Re: Big spending weekend
 

I read that the government refused to give them the 85 billion because of this. They only gave them 37 billion.

Re: Big spending weekend
 

If that's true then......OUCH!!!! That was really a $48 billion dollar shopping spree!!!

:uhoh

Re: Big spending weekend
 

This is yet another indicator that we outsiders may use to ascertain what is truly going on with all this. This party indicates that the management of AIG believes that, rather than a crucible moment of reform, this is the dawning of a new era of privatized profits and socialized losses for a wide variety of businesses.

However, I personally believe that these types of people are going to be caught short. Just as the housing market bubble has experienced a contraction, I believe that the consumer spending bubble, which has concealed a stagnant or shrinking national economy, and has been fueled by home equity loans and excessive unsecured debt, is ALSO about to experience a contraction. And when consumer spending stops, the wheels come off the wagon and the entire Ponzi scheme will be revealed.

It will be a good time to know Jesus, and a bad time to have 'Congressman' or 'Senator' in front of your name. :club

One more of the indicators to me is the lowering of interest rates that just happened. They are simultaneously begging for and scaring away foreign investment in our currency.

None of our leaders is willing to stand up and take the political risks to do the right things, such as protecting our currency, allowing the investment banks to go bankrupt for their poor decisions, and allowing the practice of sub-prime lending to die a natural death by allowing the natural consequences to befall the lenders and borrowers.

It's amazing to me to see such populism being used in the election, but so few in congress listened to the people about the bailout.

And another indicator is the enthusiasm of Republicans (of lmited-government in days of yore) for communist-style centrally-planned economies. It's as obvious as water's wet that no such economies that were tried in the past century worked. Now they are calling the continued slide in the stock market (in response to the bailout) a "crisis of confidence." They have got a lot of ideas about what it is that individuals lack confidence in, but never get around to the notion of congressional government meddling in national and global economic matters.

Be careful what 'change' you ask for . . . you just might get it.