The Dow took another big hit today, dropping below the 7000 level for the first time in twelve years, after news the troubled insurance company AIG has had to be bailed out to the tune of another $30 billion and its loss for 2008 was $61.7 billion. It's already received $150 billion in taxpayer injections just to stay belly up.
Enough is enough. It's not the policyholders' fault that executives made bad business decisions, and the policyholders' policies are guaranteed to be taken over by other companies anyway in case of failure. It's time to pull the plug on this monster. When we the people get a bailout, then corporations can get theirs.
If you are looking for life insurance -- if you can still get it -- don't get a policy that forces you to share in the company's risk. Dave Chilton was right, get a non-participating policy if you can.
Meanwhile, oil dropped about $4 a barrel today. Don't expect to see the price of gas drop four cents per litre until -- June.
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