By Shea

According to the AJC, the federal government has agreed to loan AIG $85 Billion dollars! So, where do we (you know, the low and middle class folks that are really suffering from the Bush tactics) send our loan applications?

AIG, a New York-based insurance and financial services business provides property, casualty, auto and life insurance to annuity and investment services.

In a bid to save financial markets and economy from further turmoil, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG. The Federal Reserve said in a statement it determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy.

It also could “lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance,” the
Fed said.

Treasury Secretary Henry Paulson said the administration was working closely with the Fed, the Securities and Exchange Commission and
other government regulators to “enhance the stability and orderliness of our financial markets and minimize the disruption to our economy.”

The Fed said in return for the loan, the government will receive a 79.9 percent equity stake in AIG.

I am all for helping out, but isn’t it funny how we jump in to protect our corporations, but not our most valuable resources… our people? Is this the equivalent of a $600 tax rebate check?? huh!