9/11-AIG Collapse

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Submitted by rl on Fri, 10/03/2008 - 11:35

Wall Street Bailout

The 9/11 Collapse – The AIG Collapse

As I listened to the public/ social pundits analyze the economic turbulence that the AIG collapse inflicted and will continue to cripple everyone's money management system I wonder if the cause of the Wall Street collapse is from the collapse of the Twin Towers that occurred in 2001.

During the media coverage of the 9/11 I recall several commentators state that the insurers of the Twin Towers will not receive the true cost of playing for the collapse for five to seven years. At that time the commentaries predicted a $300 billion plus price tag.

That collapse had many different stories for the media to cover; and the reporting of the future economic predictions is side tracked as the public remained glued to the death and destruction coverage that titillates them. Two weeks later the media continued to feed the masses thousands of personal tragedy stories along with nebulous cause and effect stories.

Now the major investment institutions are asking our Federal Government for $700 billion dollars to bail them out because of the failure of the housing blitz which followed the 9/11 tragedy. These titans of the financial world didn't see that the housing blitz would end in millions of bankruptcies?

These financial titans have at their access the best information on any investment; why would they lend money to people that are risks? Was it to cloud the depressed psychological impact 9/11 caused?

Many financial tragedies followed 9/11. These tragedies are actually weather related but the economic revitalization is backed by our Federal Government. New Orleans, Florida, Texas and other weather related tragedies are requesting funds Let's not forget the Oklahoma office bombing.

One will conclude the insurance industry, even though it is the largest industry in the United States, is in economic dire straits. U.S. taxpayers will pay the insurance industry one way or another. Either through higher premiums or higher tax collections. With that said I recall our President Ronald Reagan telling the economic strapped citizens to “pull themselves up by their own bootstraps”. The insurance industry should heed the advise of the man they promoted to Executive Power.

R.L. Philippi