Sep 17, 2008 11:56am
AIG, AIG, AIG, AGGGGGHHHHHH
At a time when Sen. Barack Obama is trying to project expertise and instill confidence in his potential stewardship of the economy, his campaign this morning sent out his statement on the Fed’s bailout of the AIG where it misidentified the American International Group, calling it the "American Insurance Group."
- jpt
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More opportunist trash from the do nothing Obama.
Posted by: scu | September 17, 2008, 12:01 pm 12:01 pm
Sarah Palin knows what AIG stands for. Obama doesn’t.
Posted by: geevill | September 17, 2008, 12:06 pm 12:06 pm
Isn’t it really the philosophy of offering somewhat risky loans to less wealthy home buyers really what got us here? It doesn’t seem like the Bush tax cuts (or any tax cuts) have anything to do with the mortgage crisis.
Isn’t it the greedy banks and consumers who have led us here? I mean, the reason everyone went for those sub-primes were because they thought they could handle it because the prices would go up up up.
There is a lot of blame to go around, but it seems like it is one of those things where govt cannot act quickly enough to stop the bubble mentality…
If that was the case, why didn’t Clinton stop the dot-com bubble from bursting?
Posted by: Wade | September 17, 2008, 12:09 pm 12:09 pm
In 2001 my 401K took a huge dive, and was just again starting to recover, and now this year.
What happen to the historical trends?
It was 5 more years to retirement, now?
Do I go for and additional 5 years of work, or will it beat the crap out of me again?
Yea let’s privatize SS. What a solution
Posted by: Thinking | September 17, 2008, 12:11 pm 12:11 pm
Palin:
AIG stands for Alaska Is Good. :0
Posted by: Mr. Coffee | September 17, 2008, 12:14 pm 12:14 pm
Jake,
The statement on the web site states “American International Group”. I don’t know if the campaign made an after the fact correction, but you should probably note that in an update to this blog post.
Posted by: Khyber Jones | September 17, 2008, 12:15 pm 12:15 pm
Boom, boom, boom Carly’s under the bus. Another one gone, another one gone, another one under the bus. . . . .
“Carly will now disappear,” this source said. “Senator McCain was furious.” Asked to define “disappear,” this source said, adding that she would be off TV for a while – but remain at the Republican National Committee and keep her role as head of the party’s joint fundraising committee with the McCain campaign.
Fiorina was booked for several TV interviews over the next few days, including one on CNN. Those interviews have been canceled.
Posted by: Mr. Coffee | September 17, 2008, 12:16 pm 12:16 pm
Carly Fiorina wrote it while moonlighting from the McCain debacle.
Posted by: Ed from MA | September 17, 2008, 12:16 pm 12:16 pm
If people can forgive Palin for not knowing the Bush Doctrine, which has affected the world for the past 7 years, they can forgive the Obama campaign’s misstatement. As William Shakespeare wrote “What’s in a name? That which we call a rose
By any other name would smell as sweet.” It doesn’t matter what you call AIG, the fact remains it’s a mess.
Posted by: ReadMe | September 17, 2008, 12:17 pm 12:17 pm
Funny Stuff. I’m sure he has a very deep knowledge of the issue–except for the whole not knowing the name and all.
Posted by: The Dude | September 17, 2008, 12:17 pm 12:17 pm
Maybe your handle has something to do with it, Brownshirt. Perhaps if you quit putting sticks in people’s eyes, they’ll be nicer. Perhaps not.
Last spring, the week I posted a blog questioning Obama’s credentials, I began to receive hate calls in the middle of the night. Obama whipped up some awful rage out there.
Those comments are classicrage addiction. It is the same as road rage except it will last longer. We see this in web flame wars everyday and have for over a decade now.
This is the result of all campaigns having used symbols and signs guaranteed to create strong adversarial emotional reactions. It’s called emotional vectoring and it the technique applied when a candidacy is predicated on the notion that the voters are too dumb to reason.
Expect an uptick in drug addiction and some violence post-election. The term is addiction transfer.
The amount of money spent on the election is a clue. Pelosi’s Amazing Money Machine was an amazingly bad idea. The 527s are too.
Posted by: len | September 17, 2008, 12:19 pm 12:19 pm
McPain = Lipstick on a Bush
Posted by: Ed from MA | September 17, 2008, 12:20 pm 12:20 pm
Now even typos are newsworthy?
Posted by: SET | September 17, 2008, 12:21 pm 12:21 pm
The big problem here is that debt is a commodity. Alot of people made lots of money creating then selling debt and all these banks and investment firms wanted a piece of the pie. The best part is when the bubble burst, Joe Average and Joe Taxpayer are the ones left holding the bag. What a sweet deal!
Posted by: Karl Marx | September 17, 2008, 12:24 pm 12:24 pm
Welcome to the Socialist Republic of Corporate America. Under, Premier Bush.
Posted by: Tomjoad1776 | September 17, 2008, 12:29 pm 12:29 pm
But he’s ready to lead, remember?
He’s certainly ready to lead supporters to flood WGN radio and suppress free speech — AGAIN. He’s certaily ready to try to influence the situation in Iraq for his own personal gain.
Oh yeah — change we can believe in 0– for the worse.
Posted by: beth | September 17, 2008, 12:30 pm 12:30 pm
That Cliff we are heading over is getting closer and closer. I do hope if McCain wins he reinstitutes the draft. We definitely need to get everyone 17 to 45 in the military. We’re going to be pretty busy conquering the world!
Posted by: CMSgt Gary Preston | September 17, 2008, 12:31 pm 12:31 pm
This is someone on Obama’s staff, not Obama.
How about a story on McCain repeatedly calling the SIPC the **** yesterday?
Posted by: April | September 17, 2008, 12:32 pm 12:32 pm
This is someone on Obama’s staff, not Obama.
How about a story on McCain repeatedly calling the SIPC the S-P-I-C yesterday?
Posted by: April | September 17, 2008, 12:34 pm 12:34 pm
ReadMe:
Uh um ah, the guy who uh, um coined the uh expression uh “Bush Doctrine,” has uh gone on the uh um record as uh sayin that um, Charlie uh Gibson was um uh WRONG. And, uh um as uh usual, you are um uh, three uh days uh behind the uh news cycles … which uh means you won’t um uh realize that uh your candidate has um LOST until um November 10th or so, right?
Posted by: beebop | September 17, 2008, 12:35 pm 12:35 pm
Mistaking Insurance for International by Obama’s campaign staff is a typo.
John McCain calling Sunnis, Shites is scary.
Posted by: Mary | September 17, 2008, 12:37 pm 12:37 pm
Get him, Jake! Take him down over a staffer’s typo!!!!
YES!!!!!!
Finally, real Naomi-Wolfe-sweater-gossip reporting!!!!!!!!!!!!!!
(I was getting so tired of all those darn facts, and all that blah blah blah about McCain’s lies. Boooooooring.)
Posted by: The Phantom | September 17, 2008, 12:37 pm 12:37 pm
Maybe 0bama can bail out Wall Street by holding fund raisers in Hollywood? $9 Million at a time? That should only take a year or so.
Posted by: beebop | September 17, 2008, 12:39 pm 12:39 pm
This was not a typo. Now that the United States Taxpayer owns this corporate mess we will call it the American Insurance Group. As a matter of fact, pretty much everything will soon be called “American” under the Bush socialist doctrine.
Posted by: keith from CT | September 17, 2008, 12:39 pm 12:39 pm
Keith from CT:
How much cash DID 0bama get from Lehman Brothers? Fannie Mae? I understand that only Chris Dodd — your Senator — got more Fannie money than 0bama.
Posted by: beebop | September 17, 2008, 12:41 pm 12:41 pm
I heard a couple of TV news stations call it “Insurance” instead of “International” too. I wasn’t sure which it was until they showed the actual AIG building and it had “American International Group” over the doorway.
Posted by: bonnie | September 17, 2008, 12:42 pm 12:42 pm
Bush’s I.Q. is to low to have a Doctrine unless it was written in crayon. Everybody knows Pinky and the Brain’s, a.k.a. Bush/Channey Doctrine. It’s to take over the world.
Posted by: Tomjoad1776 | September 17, 2008, 12:43 pm 12:43 pm
It’s dementia!
Posted by: trettione | September 17, 2008, 12:44 pm 12:44 pm
Oops He did it again. Perhaps Brittny or Paris can help him with the names of big financial institutions.
Posted by: s.b. | September 17, 2008, 12:44 pm 12:44 pm
McCain?Palin=SNOW JOB EXPRESS
Posted by: polarbearkiller | September 17, 2008, 12:44 pm 12:44 pm
I blame individual consumers for this problem. They bought more house than they could afford, and hoped that their adjustable rate mortgages never *gasp* adjusted!
Now all of a sudden, keeping up with the Jones’ has cost you your house and cost the economy its stability and cost taxpayers hundreds of billions of dollars that really aren’t there.
This dangerous trend of buying today’s material possessions with tomorrow’s money is finally beginning to catch up to the largest economy in the world. And the end result can be delayed, but I believe it is inevitable. And it isn’t going to matter who is in the White House or Congress when the time comes to pay the piper.
Posted by: Kirch79 | September 17, 2008, 12:44 pm 12:44 pm
Chris from CT:
I’ll save you the google search:
Dodd – $165,400. 0bama – $126,349. Kerry – $111,000.
Those are the top three. So. 0bama didn’t accomplish a lot in his short senate career, but he certainly learned fast, don’t you think?
And. No republicans in the top three ….
Posted by: beebop | September 17, 2008, 12:46 pm 12:46 pm
Obama’s statement on his website at 10:42 this morning has it correct. Your statement here at 11:56am has the typo. So my question is… this is just a typo- is it your or his staff?
Posted by: b | September 17, 2008, 12:48 pm 12:48 pm
Typo? That’s not a typo. That’s a lack of understanding by the author, the reviewer, and the reviewer’s reviewer. Staffers don’t jot these things down a push them out unilaterally. Makes you wonder if Obama’s thoughts about “Big Oil” are really just a reflection of his thoughts about “Big Business” in general, you know, the whole Wall St. is the root of all evil thing.
Should we go back and check Obama’s statements about Lohmen Brothers and AmerilLynch? All kidding aside, the most surprising thing about the link to the article was someone found Joe Biden and actually stopped and talked to him.
Posted by: Woody | September 17, 2008, 12:48 pm 12:48 pm
Kirch 79:
Your comment: And it isn’t going to matter who is in the White House or Congress when the time comes to pay the piper.
That is just plain WRONG. There were people with a very keen interest of keeping money available and cheap. We need to find out who they are and take actions to tighten up regulations and punish these offenders. People lost homes and those working for these lending institutions are going to lose JOBS. This is not just an intellectual exercise. There are real people out here losing.
Posted by: beebop | September 17, 2008, 12:49 pm 12:49 pm
Thinking, food for thought!
About 28 years ago, Galveston Co., TX opted out of Social Security for its county employees (before Congress blocked local governments from opting out in 1983). So instead of going into Social Security, the employees’ contributions went into conservative fixed-rate guaranteed annuities. The average annual rate of return has been 6.5% over the last 24 years. So now upon retirement after 30 years and assuming only a 5% annual return (far less than what they have been receiving), workers making $17,000 a year will receive $1,036 instead of $683; workers making $26,000 a year will receive $1,500 instead of $853; workers making $51,000 a year will receive $3,103 instead of $1,368; workers making $75,000 or more will receive $4,540 instead of $1,645.
In addition, the Galveston County survivorship benefits pay 4 times a worker’s annual salary upon the death of the worker. AND if a worker dies before retirement the survivors receive the full survivorship benefit plus a generous accidental death benefit.
Posted by: James Danley | September 17, 2008, 12:54 pm 12:54 pm
I heard a couple of TV news stations call it “Insurance” instead of “International” too.
That’s what happens when the media parrots talking points from Obama. Can they be anymore in the tank?
Posted by: geevill | September 17, 2008, 1:12 pm 1:12 pm
Can you imagine the uproar if Sarah Palin made this mistake? Charlie Gibson would be jumping up and down screaming “Gotcha!”
It raises a question though. Obama has over 300 foreign policy advisers. How many economic policy advisers does he have that let this slip through.
Posted by: Dan | September 17, 2008, 1:33 pm 1:33 pm
Obama: The Wizard of Uh’s
Mistakes even with the teleprompter.
Posted by: harry | September 17, 2008, 1:34 pm 1:34 pm
Unfortunately for you Dems, the biggest gaf was nominating this unqualified community agitator in the first place!!! I’d rather deal w/ Clinton if I had to deal w/ a Lib – at least she’s somewhat reasonable!
Posted by: D'Obama | September 17, 2008, 1:37 pm 1:37 pm
The critics point to a 1999 study by the General Accounting Office, the investigative arm of Congress, which found that low earners tended to fare worse under the Galveston plan than under social security. It also found that people did better with social security if they lived longer, because the federal system is indexed to inflation. The private plan is not.
Posted by: Privatization is Bad | September 17, 2008, 1:50 pm 1:50 pm
i guess we should be jumping up and down saying gotcha to the mccain camp after not saying sicp correctly and not knowing how to spell bare sterns or fannie mae
or how he was against aig bailout yesterday but today is for it
Posted by: Bhrandon | September 17, 2008, 1:51 pm 1:51 pm
sara palin can see russia from her house!
Posted by: Bhrandon | September 17, 2008, 1:51 pm 1:51 pm
thank god mccain and palin are out there ready to reform wall street and washington
but we dont know how they are going to do it, if its anything like thsi bridge or the airplane, or any number of economic statments from mccain in the last few days
im going to have to tell them
thanks but not thanks
Posted by: Bhrandon | September 17, 2008, 1:53 pm 1:53 pm
only in republican land can you criticize a community organize and hail a corrupt in experienced mayor as someone who will reform washington
Posted by: Bhrandon | September 17, 2008, 1:54 pm 1:54 pm
palin wont testify in troopergate after saying she would
and is now saying her officials wont honor the subpoenas
gosh where have i heard this before
oh yea bush cheney
Posted by: Bhrandon | September 17, 2008, 1:55 pm 1:55 pm
a liar is a liar no matter if she wears lipstick or has a giant scar on her face
mccain and palin are bush cheney it doesnt matter if they jump up and down and refuse to say the word republican…
you are what you are…
thanks but no thanks bush cheney 3
Posted by: Bhrandon | September 17, 2008, 1:57 pm 1:57 pm
If America elects McCain, we deserve everything thats coming to us.
I hope you enjoy selling bags of oranges at street corners.
Posted by: Rick Cain | September 17, 2008, 2:04 pm 2:04 pm
A quick Google search shows it’s not that uncommon an error. I mean, AIG is an insurance corporation, so it’s not exactly a huge leap to think the ‘I’ stands for ‘Insurance’, nor does it indicate a fundamental misunderstanding of what AIG is.
It’s not exactly a big issue.
Posted by: Aengil | September 17, 2008, 2:20 pm 2:20 pm
American International Group or American Insurance group.
So much news about the storm in the teapot!
Posted by: LieHater | September 17, 2008, 2:22 pm 2:22 pm
aaparently Obama’s staffers cannot indentify a largfe company like AIG.IF THEY DON’T KNOW THE PROPER NAME OF THIS HUGE INSURANCE GAINT ,HOW IN THE WOELD COUILD EXPECRT THIS PEOPLE TO INDENTIFY WORLD POLITICAL PROBLEMS BY THE CORRECT NAME , OBVIOUSLY oBAMA AND HIS STAFF ARE NOT UP TO THE TASK.
Posted by: tom f | September 17, 2008, 3:01 pm 3:01 pm
To beebop, who said:
“There are real people out here losing.”
Yes I know. The reason they are losing is because they didn’t do the intelligent thing and take the time to research before they decided to make what was most likely the largest purchase in their lives with someone else’s money!
The fact of the matter is that if you purchase a house with an adjustable rate sub-prime mortgage, then you have to make sure that you are financially prepared if that rate should rise and, thus, increase your monthly mortgage payment. Either that, or you buy a smaller house at a higher fixed rate that is not going to change.
The bottom line is that people got greedy and stupid and didn’t concern themselves with what might happen in the future. They gambled with the largest purchase just about any member of the middle class can make. It’s not the big bad greedy bank’s fault that these people didn’t spend a couple hours on the Internet finding out just what they may have been getting themselves into.
Posted by: Kirch79 | September 17, 2008, 3:30 pm 3:30 pm
Why is everyone now interviewing Ron Paul? Could it be that he has been correct the last 10 years in predicting this mess?
Posted by: Huh | September 17, 2008, 3:46 pm 3:46 pm
I’ve heard Obama use the right name when he’s speaking.
So now we’ve migrated from bogus claims on pigs and sex ads to typos?
Posted by: cleduc | September 17, 2008, 6:56 pm 6:56 pm
Guess his teleprompter malfunctioned! Lol! What an idiot!
Posted by: Beckie | September 17, 2008, 8:00 pm 8:00 pm
I can only imagine the tempest Obama would have created, had Governor Palin made a similar mistake.
We’ll see how kind Obama supporters are to her, if she has a similar slip-up.
Posted by: Sami | September 17, 2008, 8:10 pm 8:10 pm
He knows what the Bush Doctrine is, though…
And he knows a LOT about Fannie Mae and Freddie Mac, since he got more money from them in less time than any other Senator.
McCain was trying to fix this mess three years ago, but got blocked by Chris Dodd, who got even MORE money from these deadbeats.
McCain–right on the Surge, right on Palin, right on Fannie/Freddie.
Obama–wrong on the Surge, wrong on Biden, not even wrong on this disaster. He was too busy running for President of the Planet at the time.
Posted by: Scott Somerville | September 17, 2008, 8:41 pm 8:41 pm
If McCain had said this, the drive-by media would have been all over it saying the Senator was senile and that he is clueless on the economy. But, since it was the Messiah, the media ignores it along with New Pennsylvania, 57 states and the Nittaly Lions.
Posted by: Dennis | September 17, 2008, 9:36 pm 9:36 pm
I love Jack, but still.
Note that when it comes to pointing out Obama’s gaffe, Jack makes it clear that it was Obama’s CAMPAIGN that sent out the release, as if it’s not really Obama’s mistake at all.
Even though in a story about the release, it quotes Obama as if it’s all Obama’s ideas.
In any case, McCain was part of the solution before Obama was in the Senate, only Obama and his Democratic buddies joined up with some Republicans and thwarted the regulatory changes that were needed to nip this crisis in the bud.
Meanwhile, Biden thinks that a bill that has a ton of bad stuff should be supported just because it punishes CEOs. Well, I’d love to punish CEOs who cheat us, but that’s not going to fix the crisis. McCain is too busy working on a plan to fix the real problems while Obama and Biden are still trying to afix the blame.
Posted by: Charles | September 17, 2008, 9:51 pm 9:51 pm
Call a spade a spade. This is a mistake that doesn’t even matter in the large scheme of things. Why pick on things that are irrelevant on either side. There are plenty of legitimate questions to raise and concerns to point out without stooping to unnecessary levels.
Posted by: 4theloveofcountry | September 17, 2008, 10:55 pm 10:55 pm
Maybe if we focus hard enough on the typos, the Wall Street collapse will
just go away.
Posted by: Leonard Peltier | September 17, 2008, 11:02 pm 11:02 pm
Yes, it was dumb. And it was just as dumb when John McCain started talking about AIG as if it were State Farm or Allstate instead of one of the biggest international corporate insurers on the planet. He apparently thinks that AIG covers trailers and trucks in Kansas. And he reversed his position (yes, again) – 24 hours after he stated that there should be no bailout.
Posted by: Mara | September 18, 2008, 1:37 am 1:37 am
Who cares what their name is. They could Call themselves An Irrelevant Gaffe for all I care. If you can look up NYSE:AIG, that’s what matters. Honestly, I didn’t know what the I was until everything started hitting the fan. I’ve always just referred to them as AIG, as they refer to themselves regularly.
Posted by: Scott | September 18, 2008, 9:15 am 9:15 am
Who is next on the Communist shopping list, Exxon Mobil? Let the free market weed out the bad apples, have them tossed in prison. I’d rather be poorer and free than a little better off in a Socialist country.
Barack why don’t you take a few bucks from your Fannie And Freddie donations and send it to your brother who lives on a buck a month
No I am not racist I would vote for Colin Powell or Condi Rice or Michael Steele in a heartbeat over you anytime.
Posted by: thegr8 1 | September 18, 2008, 11:16 pm 11:16 pm
Doesn’t AIG currently have plans for more employee bonuses in the near future?
Posted by: Susan Steele | March 23, 2009, 1:45 pm 1:45 pm