From the NYT: Feds bail out AIG:
“Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group.”
So, let us just consider the facts here for a second:
1) The Feds arranged for JP Morgan to buy Bear Stearns at a huge discount.
2) The Feds effectively nationalizes Fannie Mae and Freddie Mac.
3) The Feds are now bailing out AIG.
Somewhere, Milton Friedman and Robert Nozick are rolling over in their respective graves right now.
And all this from a Republican administration, the party that is allegedly all about “the free market,” the very same party who considers every other government intervention anathema?
The very definition of irony.