The United States government takeover of American International Group saved the company from going under during the financial crisis of 2008. As The Wall Street Journal reported at the time, the government drove a hard bargain — tens of billions would get it an almost 80 percent stake of the company — but the government argued if AIG went down, so would the rest of the economy and AIG argued if the company wasn't pumped with money, it would collapse. The U.S.
With the members of the congressional deficit-cutting supercommittee essentially announcing that they couldn't get to "yes," the nation is only seeing the latest turn of the screw in the partisan paralysis gripping policymakers in Washington. We all know it is far from the last.
Coming as it does now less than a year before the 2012 general election, the panel's failure to achieve at least $1.2 trillion in deficit reduction means each major political will now be focused on trying to persuade voters that the other party is more responsible for the impasse.