Bailing out AIG… Again.

In the wake of insurance giant AIG announcing today that they lost $61.7 billion dollars in the fourth quarter alone, the DOW closed at below 7,000 points. What I never quite got was why the government should bail them out. ABC World News reported tonight that it’s simply because AIG has so many customers worldwide: 74 million to be precise. Apparently us tax payers own 80% of the company. But, perhaps the best analogy I’ve heard yet is that AIG is like a casino. AIG took too big of a gamble on the housing market and when the bubble burst, the house lost. The company simply did not have enough money to pay out, hence the government bailout.

On a lighter note, check out the irony of this AIG advertisement from September of ’08.

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Blagojevich Impeached 114-1

The Illinois House impeached Gov. Rod Blagojevich today in a historic vote of 114-1.

“The vote by the House was 114-1 with one member voting ‘present.’ It marks the first time in the state’s 190-year history that a governor has been impeached, despite Illinois’ longstanding reputation for political corruption.

Rep. Milt Patterson (D-Chicago) was the lone vote against impeachment. The ‘present’ vote was cast by Rep. Elga Jefferies (D-Chicago).

A spokesman for the governor said he won’t resign.”

To read more, check out the Chicagobreakingnews.com article.

A Glimpse at Obama’s Inauguration

Thanks to @marklemunyon, he posted a link on Twitter that got me thinking about the inauguration of our 44th President, Barack Obama. I’ve been scouring the Internet for a taste of what’s to come:

D.C. Officials Considering Opening Bars 24-7

The D.C. Council is considering legislation today that would allow bars to serve alcohol until 5 a.m. — three hours longer than current regulations allow — and remain open 24 hours a day from Jan. 17 through 21 to serve crowds in town for the inauguration.

The bill, offered by council member Jim Graham (D-Ward 1), is up for a vote at today’s legislative meeting.

“This is absolutely a unique opportunity, and we want our night life to participate in all of the activities and events during the Inauguration,” Graham told Post reporter Hamil R. Harris today… see Washington Post article.

Metro Plans for Inauguration Weekend

Metrorail will operate rush hour service for 15 consecutive hours (4 a.m. to 7 p.m.), will stay open for two extra hours (until 2 a.m.), offer free parking at its facilities and will be one important transportation alternative for people who are planning to attend the Inauguration of President-elect Barack Obama on Tuesday, January 20, 2009.

Metro officials expect extremely crowded conditions on Inauguration Day. Metrorail stations and trains will be packed as people head to the Inauguration, and expect to see even tighter conditions afterward. Expect the crowds to be huge with hundreds of thousands of people expected to be in the nation’s capital not only for Inauguration Day, but for the days preceding it as well… see Metro website.

Banned from inauguration: strollers, umbrellas