Only this time it’s not Fannie Mae or Freddie Mac; it’s AIG, one of the world’s largest insurance companies. Total cost to American taxpayers? Up to 85 billion dollars.
And let’s not forget this latest government-funded bailout comes fresh on the heels of a horrific start to the week that saw the Dow lose nearly 1,000 points on Monday and Tuesday, as well as the largest bankruptcy in the history of the world.
Who do I blame for the current state of our economy? Well, President Bush would be the easy answer, but a healthy dose of blame should fall squarely on Republican presidential nominee John McCain, who’s been a staunch proponent of government deregulation of banking and commerce throughout his career in the Senate. What’s worse, McCain’s now flip-flopped on this issue, adding to his litany of flip-flops, but this latest change in position reeks of political opportunism at its worst:
John McCain ought to be ashamed of himself for the kind of opportunism and pandering we’ve seen from him this week, especially on an issue as important as the economy. It’s become painfully obvious he’ll do or say anything – and I mean anything – to get himself elected.