American International Group Inc. is asking the federal government to lessen the insurer’s bailout burden, according to an article in the Wall Street Journal. Yes, that burden. The one where we loaned it $150 billion – yes, letter “b,” followed by “illion.” But that was a long time ago. It was last September, when the stock market was still topping 10,000 and many more of us not only had jobs, but lacked any serious fear for their workplace survival. Funny how those times seem good now.

Anyway, AIG‘s goal with its latest help-me Treasury plan is to ensure its credit rating is protected, thus saving it from having to pay billions of dollars in payments to its business partners, payments that would further erode its condition, according to the news report.

In essence, AIG wants Washington, D.C., to play mommy and daddy, to save AIG, the child, from itself and all of that big, bad, nasty, high-interest credit debt because it spent too much money at The Gap, Hollister and Old Navy. And the Treasury Department has to decide if it’s willing to bail AIG out, knowing it will once again run up its credit debt, or if it should apply the tough love of a caring parent.

Each option has its risks and rewards, but only one ensures that we taxpayers aren’t further dragged down by AIG’s missteps. That’s tough love.

Giving AIG some tough love would prevent the U.S. government from changing its role “from that of a creditor to one of a potential owner,” as the Wall Street Journal puts it. Owner!

As much as AIG’s failure might harm an already depressed economic situation, it’s hard to see how U.S. ownership of the insurer would help anyone but those who got the company into this mess in the first place. And as the stock market keeps falling, the unemployment numbers continue to mount and people’s fear and frustration about our economic condition heighten, most people would say we own far too much of this situation than most of us deserve.

Sometimes mommy and daddy just have to say “No.” This is one of those times.