I'm reading that if the bailout of AIG had occurred on Saturday, it would have been for $20 billion, but today, it's $85 billion. I'm also reading that instead of collateral, the Fed is taking ownership of 80% of the company and firing all of the chief executives, and this over a crisis of liquidity, not actual bankruptcy.
And I'm told that the big issue with Fannie Mae and Freddie Mac is that they're buying all of these mortgages without really looking at whether they're to a creditworthy borrower, and that when those went south, so did they.
You know, I'm just sure of two things here. First of all, I'm glad it's the insurance company, and not Answers in Genesis, in trouble, and second, I think that a lot of financial instruments are getting too complicated to keep accountability in place. Maybe it's time to return to what the Scriptures say about the dangers of debt, and of wearing oneself out to get rich.
The New Brighton Kangaroo Court Meets a Real Court -- Part Three, The Strib Takes Notice - The Star Tribune takes note of events in New Brighton: City elections in New Brighton this fall have been called off. A judge has decided that the city’s d...
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