Friday, February 12, 2010

Obama's Owned -- You Can Bank On It by Ann Coulter

Ann makes a good case against the AIG bailout and subsequent payments to Obama's contributors.

Excerpt: As Peter Schweizer describes in his magnificent book "Architects of Ruin," the Democrats have been bailing out investment houses from their bad bets since the Clinton administration. The bankers got all the profits when their risky bonds were paying -- and then gave massive donations to their Democratic benefactors. But once the bets went bad, it was the taxpayers' problem.

Heavily leveraged securities packages put together by Goldman Sachs and others were the HIV virus that killed the American economy. And the reason investment firms piled leverage on leverage on leverage was that they knew the government would bail them out if their house of cards collapsed.

On one hand, Goldman put together toxic securities packages for their clients, but on the other hand, Goldman knew the mortgage securities being sold on the market were crap, so they also took out lots of insurance with AIG on crappy products being traded on the market.

The problem was that Goldman and AIG, among many others, knew they wouldn't lose. Twenty years of Democratic bailouts have led them to understand that when their bets go bad, the taxpayer will save them.

Read full article here.

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