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Tuesday, March 03, 2009

Constitution Daily: Too big to fail

Excerpted from this post at Constitution Daily

Every time I hear or see another report of AIG (and others) being too
big to fail, I think of Tony Mandarich. Maybe only a Packer fan would
remember Mandarich. But Tony was a Michigan State Spartan in the late
80s that was deemed the greatest offensive lineman ever. Ever. The
Packers took the "Incredible Bulk" with the second overall pick
(behind Troy Aikman). Most scouts, fans, and especially the Packers
coaches knew that Mandarich was too big to fail. ... Is AIG too big to
fail? Are any of the other banks, insurers, car makers, etc. ... too big
to fail? After a $787 billion stimulus and $700 billion in bailouts
with more to come, plenty has been shelled out by the taxpayers to
grease the skids. AIG reportedly lost over $60 billion in the 4th
quarter and so the bailout geniuses are sending another $30 billion to
prop them up.

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Mike Schramm
Andy Szal

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