Before you totally trash and throw under the bus every member of AIG you should probably read this letter appearing in the New York Times.
We’ll have more defaults in the future, I’m sure. We’ll have another enemy company making headlines. Remember when you hated Enron? Yeah, we’ve have bigger failures across the board since then, and we’re only picking out one for the moment.
Why do I feel like I’m actually watching something on the order of “Atlas Shrugged” unfolding in front of my eyes? Probably because it is unfolding in front of me, and I can see the path we’re taking.
And don’t get me wrong. I’m not an AIG fan boy, and I’m truly unhappy with the unwinding of our economy. I’m a small business owner, and I want a stable economy to make my trade in. The derivatives trade developed in the open with our government’s awareness, the creation of fake money out of thin air was pushed as the boom of the 90’s, lending practices were loosened and encouraged, and Congress blocked efforts for transparency during the last few years. Now Congress is running around placing blame everywhere except with themselves.
For a nation that gives creedence to “survival of the fittest”, why are we obsessed with not letting the rotters fail? In the end they all will, but they’ll take the last of our savings with them.
And yes, I’ll get back to talking photography. 🙂 Read the resignation letter.