Today we take a break from the flood of bad news about the Obama recession to focus in on the rare glimmer of sunlight breaking through the dark clouds of gloom.
Reports are coming in that the AIG bailout is working! Last year taxpayers poured $150 billion into the insurance giant because it was deemed "Too big to fail." Encouraged by the company's loss of $62 last quarter, the Obama administration poured another $30 into AIG this week. The stock price has plunged from more than $20 per share last September to 47 cents.
The good news is that soon AIG will not be too big to fail, and we can stop pouring money down that hole.
Timothy Geithner announced that the Obama administration plans to take the same approach to bail out the mortgage market.