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“Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt..AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we’ll never start over.”

Futures for the Dow Jones Industrial Average are down sharply indicating an opening of 6,918, the lowest level in 12 years.
News of a massive loss from AIG, and the  announcement that  HSBC  will pull out of the US consumer lending business is weighing in on the market. HSBC reported a 70% drop in profits [...]

No  sign of a bottom! The S&P 500 Index has violated it’s 2002 lows. The financial sector remains in free fall. Hartford Insurance appears to be the next AIG, and Citigroup the next Lehman.
The Dow Jones Industrial Average is coming close to it’s moment of truth, a test of it’s 2002 lows. A breach of [...]

Are you one of the millions of Americans that has a portion of their retirement assets in annuities? If so, you MUST read this.
Thanks to their hefty brokerage commissions, annuities have become one of the most widely sold and marketed financial products in the US today. Variable annuities have upfront sales costs which range from [...]

That’s right $4.28 trillion dollars. That’s $4,284,500,000,000. The total cost has now exceeded the total cost of World War 2, in inflation adjusted terms. Fannie Mae & Freddie Mac have cost the American taxpayer $350 Billion, AIG $110 Billion+, Bear Stearns $30 Billion and $25 Billion to the Auto Makers.
The US has shelled out $700 [...]