As a bit of background the voting members of the FSOC are;
- the Secretary of the Treasury, who serves as the Chairperson of the Council;
- the Chairman of the Board of Governors of the Federal Reserve System;
- the Comptroller of the Currency (OCC);
- the Director of the Bureau of Consumer Financial Protection (CFPB);
- the Chairman of the Securities and Exchange Commission (SEC);
- the Chairperson of the Federal Deposit Insurance Corporation (FDIC);
- the Chairperson of the Commodity Futures Trading Commission (CFTC);
- the Director of the Federal Housing Finance Agency (FHFA);
- the Chairman of the National Credit Union Administration (NCUA); and
- an independent member with insurance expertise who is appointed by the President and confirmed by the Senate for a six-year term.
And who did these worthies decide they should keep an eye on? Wait for it - AIG
AIG - are you kidding me? Five years after the financial crisis when the egregious behavior of AIG almost ended western civilization as we know it, and these protectors of the commonweal are just now getting to the point where they believe they should watch AIG to make sure they don't do it again. You can't make this stuff up!! The amount of money the US taxpayer had to pony up to bail out the company and its trading partners (read JP Morgan, Goldman Sachs, Morgan Stanley etc.) was astronomical. The fact that AIG even exists is an artificially created miracle. Is there anyone in DC that understands what happened in 2008?
I don't want to be too negative but with public servants like the above it might be time to stock up on bottled water and canned goods and head to northern Idaho. I don't like our chances.