BANZAI7 NEWS--
"Since last September, the government's case for bailing out AIG has rested on the notion that the company was too big to fail. If AIG hadn't been rescued, the argument goes, its credit default swap (CDS) obligations would have caused huge losses to its counterparties—and thus provoked a financial collapse.
Last week's news that this was not in fact the motive for AIG's rescue has implications that go well beyond the Obama administration's efforts to regulate CDSs and other derivatives. It's one more example that the administration may be using the financial crisis as a pretext to extend Washington's control of the financial sector."
This is what a wing nut named Peter J. Wallison, a so called Financial Industry De-Regulation "Scholar" at the American Enterprise Hacktank has to say in today's WSJ.
Mr. Wallison is absolutely right, Bush, Paulsen, Bernanke and Geithner were all agents operating under secret orders from candidate Obama. They were all acting in a vast Obamian economic conspiracy, launched in the twilight of the dimly lit Bush Presidency, for the hostile US government takeover of Wall Street...or was it the friendly Wall Street takeover of the US government?
What does "Scholar" Wallison think?
Who besides Republican minority leader Bonehead cares.
Whatever happens, one thing we should not allow is Conservative douche bags to claim
the subprime meltdown and the AIG shadow Wall Street/Goldman bailout were engineered by Obama. This particular conservative douche bag happens to be House Minority Leader John Bonehead's appointee to the Financial Crisis Inquiry Commission. That's the emergency Bi-Partisan Commission appointed to issue its report on the crisis the end of next year.
Congratulations "Scholar" Peter Wallison:
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