It has a name - A.I.G. Supposedly an insurance company, it announcd a $61.7 billion loss last quarter. That is half the GDP of New Zealand, and three times that of Iceland. Over the year, it lost almost $100 billion, or approximately one Peru or Kuwait. Why don't we measure US corporate losses in terms of their country equivalent? "GM lost One Kenya in 2008" (or $30 billion).
The US response was to give AIG even more money. The total is over $160 billion. This new round will disappear just as fast as the last batch.
Where does all the money go?
The CNBC guy says, "when do we get to the end of this"?
As I write the Dow is down 3.25% for the day.
Monday, March 02, 2009
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