Construction Bonds

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CONSTRUCTION BONDS….Andrew Sullivan is amused by a CBS report that Sarah Palin actually answered a question from the press today, “prompting concerned looks from staffers.” I can well imagine. However, I’m more perplexed by the answer itself:

“Disappointed that taxpayers are called upon to bail out another one. Certainly AIG though with the construction bonds that they’re holding and with the insurance that they are holding very, very impactful for Americans, so you know the shot that has been called by the Feds — it’s understandable but very, very disappointing that taxpayers are called upon for another one.”

Construction bonds? What is she talking about? Maybe performance bonds? Not that that makes any more sense. What’s more, I’m pretty sure that AIG’s consumer and commercial insurance business wasn’t in any danger. So why focus on that? I mean, if you’re only going to give the press a single sentence, why not spit out something about counterparty risk and leave their jaws hanging?

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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