Today we are piecing together two seemingly unrelated news stories that ran on successive days -- because they will lead us to a solution for finally getting to the bottom of the financial crisis that has crippled our nation and the world.
The first story appeared on November 11. Just one day after the federal government announced its restructuring of the bailout of insurance carrier AIG (American International Group, Inc.), bringing our total rescue effort to of the insurance and financial services giant to $150 billion, ABC News' crack investigative correspondent Brian Ross reported that executives of AIG held yet another executive retreat at yet another luxury resort.Read More
While America's auto manufacturers and other companies are begging Washington for bailouts, the liberal-derided Wal-Mart Stores Inc. is making money hand over fist, providing the nation with more jobs than any other employer and doing something else very, very positive: serving the poor.
Times are getting harder, people want cheap stuff, and the place they find it is at Wal-Mart, which boasted a 9.8 percent increase in earnings and a 7.5 percent increase in sales the third quarter, according to The Wall Street Journal.Read More
This could only happen in America.
The insurance giant AIG that is more than a little responsible for the current economic crisis reportedly has decided to lay out $503 million of early deferred compensation to top employees so they won't abandon a ship that is being kept afloat only by billions upon billions of taxpayer dollars.Read More
Cross burnings. Schoolchildren chanting "Assassinate Obama." Black figures hung from nooses. Racial epithets scrawled on homes and cars.
Incidents around the country referring to President-elect Barack Obama are dampening the postelection glow of racial progress and harmony, highlighting the stubborn racism that remains in America.
From California to Maine, police have documented a range of alleged crimes, from vandalism and vague threats to at least one physical attack. Insults and taunts have been delivered by adults, college students and second-graders.Read More
Michael Eisenstadt is a nonexistent senior fellow at the Harding Institute for Freedom and Democracy, a nonexistent think tank, but he has a blog and the "Institute" has a Web site and for parts of the blogosphere that's credibility enough.
Eisenstadt is actually Eitan Gorlin, half of a team of aspiring film makers who over the course of the campaign generated loopy Web postings that, while something of a stretch had a hint of plausibility: plans to build a casino in Baghdad's Green Zone, the assertion that Joe the Plumber was related to McCain nemesis Charles Keating, angry calls to the McCain campaign from Paris Hilton's family.
When Congress established the $700 billion bailout fund, it promised strict and thorough oversight. Over a month later, with $290 billion already committed, we have our answer: There isn't any.
The legislation called for a special inspector general within the Treasury to audit and investigate the bailout, reporting on what assets the government is acquiring, its reasons for doing so and their value. The special inspector has yet to be named, although the Bush administration is said to have a candidate lined up, but there's a question whether the Senate can confirm him in a timely fashion.