Withdraw your investments.
I have resisted saying this because I know it will be devastating to what economy we may have left. If you have investments and you are able to withdraw them now is the time to do so. The proof continues to mount that the large companies in need of bailing out are simply going to drain all the "good" money from the market by chasing "bad" money. Take your money out and force the government to let these companies fail if that is what is looming. The foreign markets are about to call their loans and investments due. You money is the first line of defense, the FDIC is some 3.2 billion dollars over extended right now. It is not worth the risk of losing everything to bail out those who lied their way into this problem in the first place. THIS IS LARGER THAN OUR GOVERNMENT EITHER WANTS TO ADMIT OR CAN POSSIBLY UNDERSTAND.
AIG hits up Fed for more money
Three weeks after an $85 billion bailout, AIG is turning to the New York Fed for additional funding.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: October 8, 2008: 6:37 PM ET
NEW YORK (CNNMoney.com) -- The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.
The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.
The lending program is a way for AIG to get funding for its businesses, said a New York Fed spokesman. The system is similar to lending facilities the Fed provides to banks, which can also exchange collateral for cash.
The latest announcement does not jeopardize the government's ability to recoup its loan to AIG, experts said.
"AIG will repay the loan," said Stewart Johnson, portfolio manager at Philo Smith, an investment bank specializing in insurance. "It's just a matter of how much of themselves they will have to sell."..........
AIG hits up Fed for more money
Three weeks after an $85 billion bailout, AIG is turning to the New York Fed for additional funding.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: October 8, 2008: 6:37 PM ET
NEW YORK (CNNMoney.com) -- The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.
The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.
The lending program is a way for AIG to get funding for its businesses, said a New York Fed spokesman. The system is similar to lending facilities the Fed provides to banks, which can also exchange collateral for cash.
The latest announcement does not jeopardize the government's ability to recoup its loan to AIG, experts said.
"AIG will repay the loan," said Stewart Johnson, portfolio manager at Philo Smith, an investment bank specializing in insurance. "It's just a matter of how much of themselves they will have to sell."..........
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