It is hard to believe that a Republican administration is nationalizing a huge company. What happened to the privitization of everything that moves? There is no policy or ideology or principle that is stronger than greed.
The Federal Reserve and the Bush administration believe the threat of
defaults by A.I.G. on a lot of unregulated derivative contracts creates
a national emergency. It’s too bad they didn’t think of that when they
were opposing any efforts to regulate those markets. That would have
been interfering with free enterprise. This move, somehow, is not.