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“Enough is Enough”


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  1. rosettasister Says:

    Larry Kudlow Links:

    This morning, I heard Larry Kudlow endorse the AIG bailout on the radio. John McCain seems to favor it as well; he said a little while ago:

    Today, the government was forced to commit $85 billion to stop the collapse of AIG, another in a growing series of events that includes Bear Stearns, Lehman Brothers, Fannie Mae and Freddie Mac. These actions stem from failed regulation, reckless management, and a casino culture on Wall Street that has crippled one of the most important companies in America. The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG. We must not bail out the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act.

    Meanwhile, there are rumors that a $100 billion Fed loan to AIG will be completed tonight. Otherwise the global giant insurance company probably will be forced into bankruptcy tomorrow. Helping to turn the Fed around is a lot of pressure from New York’s Mayor Bloomberg and Governor Paterson.

    Given AIG’s global connectedness in all the derivatives markets, a failure is almost unfathomable. The question is how the Fed might structure the loan in order to avoid taxpayer liabilities. They could conceivably provide funding through a conduit like JPMorgan Chase or some other high-quality dealer. Hence they would take high-quality collateral — a normal transaction. But it looks like some form of assistance is coming.

    This may compromise Paulson’s no-bailout policy a bit. But Paulson is really saying that not every Tom, Dick, and Harry is gonna get bailed out. AIG may be an exception. Let’s wait and see.

    09/16 04:11 PM

    CNBC US:

    Weeknights 7p ET

    Larry Kudlow

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  2. sisterrosetta Says:

    Wednesday September 17, 2008

    Larry Kudlow With Mike Gallagher

    The CEO of Kudlow and Company explains the fallout of the AIG bailout and the failure of Lehman Brothers.

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