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Thursday, October 9, 2008

I hate to say I told you so, but ...

The Deseret News reported Thursday, Oct. 9, that a beneficiary of the federal government's bailouts is going on an expensive junket at Half Moon Bay, Calif. I've driven through Half Moon Bay and can attest it's a playground for the rich and shameless.
"American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week," the Deseret News reported. "President Bush didn't push for the bailout 'to help top executives go to a spa,' White House spokeswoman Dana Perino said Wednesday at the daily press briefing. Hours later, the Federal Reserve agreed to lend AIG an additional $37.8 billion on top of the initial $85 billion."
Not to beat a populist drum here, but ... OK, maybe it's time to beat a populist drum. I wrote earlier about how the $700 billion bailout package initially resisted but ultimately passed by Congress was selling the American taxpayer down the river. Nothing in this report causes me to reverse that earlier judgment.

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