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The game's afoot - but what's the game?
The thing that gets me about these AIG "bonuses" is that they have been known since well before AIG got the initial $85 bn. Nobody hid them. Congress, the press, the Fed, bloggers, everyone knew about it.
I understand why the blog-o-sphere is freaking out: for all the pomp and self congratulation; bloggers really don't drive squat. They amplify what the MSM wants them to and the MSM wants everyone focusing on this $160 million.
But why is the media going all hysterical now? What are they trying to distract us from? There is a level of flat-out media dishonesty creating a distorted picture of what these payments are and how they came about. The implication is that somehow someone along the way was supposed to breach these contracts ... but yet the media never gave any real pressure to do so at any of the critical points (nor the blogging community or congressional reps - on either side of the political spectrum) despite full knowledge.
It appears this is technically the second in a series of scheduled payments, planned under various agreements that run through 2010. So, why now?
There's a game afoot and it isn't being played by the folks at AIGFP. I fear we're gonna look up from this very small group of trees and find someone finished clear cutting the rest of our forest.
I understand why the blog-o-sphere is freaking out: for all the pomp and self congratulation; bloggers really don't drive squat. They amplify what the MSM wants them to and the MSM wants everyone focusing on this $160 million.
But why is the media going all hysterical now? What are they trying to distract us from? There is a level of flat-out media dishonesty creating a distorted picture of what these payments are and how they came about. The implication is that somehow someone along the way was supposed to breach these contracts ... but yet the media never gave any real pressure to do so at any of the critical points (nor the blogging community or congressional reps - on either side of the political spectrum) despite full knowledge.
It appears this is technically the second in a series of scheduled payments, planned under various agreements that run through 2010. So, why now?
There's a game afoot and it isn't being played by the folks at AIGFP. I fear we're gonna look up from this very small group of trees and find someone finished clear cutting the rest of our forest.
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Thanks for posting this--I've been trying to skip over a lot of the AIG bonus outrage posts--they're everywhere, one after another, all over the webisphere. It's all they've been covering on the 24 hour news entertainment networks.
It seems that TPM, to a limited extent, is being pulled into the orbit of mainstream news and runs the risk of becoming more of an echo chamber than an independent voice.
Note that I said to a limited extent. Because there are still a lot of diverse topics being discussed here on this site, it's just getting harder to navigate through the clutter.
I want to be able to land on the TPM homepage and get a quick insightful fix on diverse international news topics--ones that aren't already being covered by everyone else, or that offer a bigger picture perspective.
March 18, 2009 3:09 PM | Reply | Permalink
Man, I feel your frustration! But this wasn't meant to criticize TPM so much as to pose an honest question ... what the hell is REALLY going on?
I think this noise is intended to bury information leaking out about the counterparties and disposition of the TARP funds - providing some low-level sacrificial lambs and hoping the public gets the outrage out of their system.
I came across a comment relating to AIG's relationship with Goldman that starts to strike at the heart of what I think the *real* crime is here. The article is mildly interesting, but to me the comment describes what we really need to be angry about. These people are skimming billions. I think we should all take a closer look at the practice of "portage".
http://dealbook.blogs.nytimes.com/2009/03/18/goldman-answers-aig-questions-and-raises-new-ones/#comment-210365
March 18, 2009 4:17 PM | Reply | Permalink
Sorry about that. I know your post is about the larger AIG issue.
My comment accidentally strayed off. Got a get a leash for that.
March 18, 2009 4:57 PM | Reply | Permalink
If you could see half the stuff I've decided NOT to post! :) I wasn't protesting your comment, it encapsulated something I've been feeling myself. Rereading, I see a lot of it came out in my post - so I thought I'd clarify my intent.
Leashes all around I guess.
March 18, 2009 6:09 PM | Reply | Permalink
I too thank you for posting this..
It's so ironic that there is little credible and thorough research being done by critical entities. (Media and our public officeholders).
Media shorthands it, facts and context be damned.
Government officials sign bills and approve/disapprove legislation, expenditures, etc. without reading and researching the pertinent materials.
Most of the media puts expediency and nuance first. Majority of the public employees/representatives continue to do less with more.
Yet each entity keeps passing the buck without change (and yes, pun intended)
Thanks for post.
March 18, 2009 3:56 PM | Reply | Permalink
How about health care? Distracting us from that?
March 18, 2009 3:58 PM | Reply | Permalink
I wondered that myself. I'm leaning against it, but still scouring the news to see if anything big is on that front is getting buried just in case.
The only thing so far is this terrible plan for privatizing Veteran's health from HuffingtonPost . It dropped off their pages in less than 8 hours - and would be gone completely if Jon Stewart hadn't brought it up.
I don't know what it is ... but SOMETHING is going on here.
March 18, 2009 4:27 PM | Reply | Permalink
That plan they "floated" intrigued me. I didn't really think they were serious. But I did think it had a purpose. To focus anger at insurance companies. And to show the public how satisfied people can be with a govt-provided set of health services.
I also think the focus on the AIG stuff may have initially been based on repub ideas that the Obama administration could be weakened by getting people angry at them. However, it seems they're mostly enraged at the financial folks. So it may have had a "reason" - but ended up backfiring. Even the repubs are angry about this!
Good of you to focus on this question though. Thanks for that.
March 18, 2009 4:31 PM | Reply | Permalink
that's an interesting perspective. Perhaps a narrative not just driven by Republicans, though. Sen. Bayh and a few other dems are doing some curious political posturing right now. I don't expect all dems to fall in line, and I admire individual dissent, but that Bayh--there's something about him I don't trust.
March 18, 2009 5:10 PM | Reply | Permalink
That's what's got me paranoid. It isn't following the usual GOP trajectory ... this seems like it's got all the players activated - like someone with big money is yanking some serious chains.
Glad we got Biden instead of Bayh BTW.
March 18, 2009 6:15 PM | Reply | Permalink
One thing that gets to me if how we have to question everything that happens. How we've lost the trust - and we're always wondering what the hidden agenda is. Reminds me of that blog I did on "systemic deception." Because it seems to have invaded everything!
March 19, 2009 1:10 PM | Reply | Permalink
Health care is my biggest personal concern (over the economy actually) - so my head instantly went there first. The vet thing has been killed officially. So it wasn't that.
Maybe you're right and it's another GOP media mission gone awry. Never attribute to malice that which can be explained by incompetence and all.
But my spidy-sense is tingling like crazy. I'll likely be paranoid all week.
March 18, 2009 6:21 PM | Reply | Permalink