[quote=Allan from Fallbrook]Underdose: A series of excellent posts, thank you.
The U.S. might be in dire straits, but I guarantee the dynamism of the American economy and the self-righting mechanisms it contains will carry us through and do so in far better fashion than the Europeans. That might sound Pollyanna, but it’s a huge improvement over letting Helicopter Ben and his minions dictate policy and run the printing presses until they completely debase and devalue the currency.[/quote]
When Ben stated last week that he hates the AIG problem, but he doesn’t know what to do, I for once believed he was being sincere.
What do you want Ben to do? Nothing?
Do you really want half the life insurance companies in the USA to liquidate? Do you want half the annuities to diappear? Many people bought these contracts years ago when the companies were financially sound. Among the AIG counterparties are these types of parties. Of course many foriegn govt are also on the other side of AIG and the USA can fold on them but at a huge cost.
