I'm OVER hearing "too big to fail" in regard to the AIG debacle. As I believe I've asked before, how is "too big to fail" any different than "too big to succeed"? If you can't "fail", then why bother trying to "succeed"? And as I've seen happen with so many things lately, the AIG outrage is directed in the wrong direction. Was it sucky of them to huge, multi-million dollar bonuses when they ran the company into the ground? Well, sure. But are you going to tell me that if it was wrote in your contract that you get a bonus at the end of the year no matter what that you're not going to take it? Sure you are. But regardless as to whether or not that's despicable behavior, let's just remember that it wouldn't have been possible without the help of Congress, who allowed the terms of the taxpayer money that AIG received to include wording that specified the executives receiving bonuses. Be mad about it because you should. But be mad at Congress.
And I'm going to have to assume that it was Congress, in an attempt to deflect some, any or all of the blame off of themselves, who came up with the "too big to fail" explanation as to why blindly handing over bazillions of dollars is necessary. Along with using "too big to fail" as a justification for these bailout/spending bills, it also seems to carry with it the unsaid implication that "too big to fail" also means "won't fail". I know they say it like it's supposed to mean "can't fail", but the "won't fail" is implied instead because if it couldn't fail then we wouldn't need to fund its not failing.
And, like almost everything else that has been attempted during this economic nightmare, it's misleading and installs false hope. Really, there have been a lot of things which carried the implication of "too big to fail". Let's review, shall we?
Oh, yeah. We're doomed for sure. Still not convinced? Fine, one more example of our impending doomage, though it really doesn't fit the "too big to fail" category, it's definitely a sign of something. (If nothing else, at least it's something amusing!)
The final sign of doom: Nancy Pelosi looks like Gloria Allred. Behold!Sphere: Related Content