The Federal Reserve will own 80% of AIG.
It is disgusting and dangerous that a government institution would, in one fell swoop, own so much of a private institution. It provides an advantage to AIG that other corporations do not have — government backing.
It provides incentive to other major corporations to be irresponsible knowing that the Feds will bail them out.
Bernanke should be dragged into the street, flogged, and exiled to some communist country where he can see the end result of his grand scheme toward nationalization.
Today is a dark, dark day for the free market. And we can thank President Bush too.