On the AIG collapse

Best reaction I've seen:

Welcome news comrades! We the People are now We the Owners. The People's Insurance Company, formerly known as AIG, was saved for the time being from the forces of capitalism by the new Union of Republican Socialists, formerly known as the GOP. Somewhere in the great beyond, the ghost of Karl Marx is grinning while the spirit of Adam Smith forks over the one dollar bet with an invisible hand:

In a move aimed at averting a new global economic shock, the US Federal Reserve agreed an unprecedented 85-billion-dollar rescue loan for American International Group. The deal, sealed late Tuesday, saved AIG from collapse and gave the US government a 79.9 percent stake in the insurance behemoth.

Now that the People own a major insurance company, it's fair to ask how the People's Insurance Company, along with the People's Mortgage Companies and the People's Investment Banks, will benefit the People who Own them. Can we expect lower premiums, equity sharing, and corporate perks for our hundreds of billions of dollars? Should we start checking our mailbox for dividend checks? Who gets paid first, claimants, bondholders, stockholders, or we the new taxpayer owners? We the Owners, want to know, and the Union of Socialist Republicans better damn well tell us, fast.

The ironic thing about all this is that the US government's balance sheet is really not substantially better than AIG's. Those hundreds of billions of dollars that are being spent bailing out investment banks (or in this case, essentially nationalizing a major insurance company) are just tacked on to the national debt, which, at last count, is already upwards of $10 trillion.