Evening Buzz: Dollars & Votes
Maureen Miller
AC360° Writer
Stocks took a beating again today on Wall Street. The Dow plunged nearly 450 points, on top of the 500 point loss on Monday. Asian markets, now open, are also getting hit. That $85 billion dollar bailout of AIG we told you about last night is not calming nerves. Tonight, CNN's Ali Velshi explains why it didn't work and what might happen tomorrow.
We're also on the trail in Grand Rapids, Michigan where Sen. John McCain and Gov. Sarah Palin held their first joint town hall meeting, in front of a mostly friendly crowd. We'll share the highlights with you. Meanwhile, Sen. Barack Obama held a rally in Nevada tonight. We'll have those highlights, too. Nevada is a battleground state that could go red or blue, like many others this November. Tonight, we'll have the raw politics of the states in play.
And, don't miss our shot of the day. Wait till you see who's helping clean up the mess in Texas after Hurricane Ike.
All that and more tonight at 10pm ET on 360. Hope you can join us.
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Filed under: Maureen Miller • The Buzz |
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I Think The Republican party should be ashame of them selves. This
country has been run into the ground. Thousands of jobs have
lost. Corperate America is drowning. Food prices have gone up. Gas
prices are outrageous, and the stock market is on life support. And
the want us to believe that we are winning a war on terrorism. I think
this party has turned there back on the american people, but yet they
think they deserve four more years with a man that voted with the
president 90% of the time. Sen. Obama, I think that Sen. McCain
do get it, There main objective is'nt to let Democratic Party HAVE
IT.
What could bush have done to protect the economy; the democracts control the senate and the house.
today at a macain townhall meeting a lady in the audience ask palin,what is her econnomic policy for woman,,she said, i played sports that bettered my life,and macain, followed up,by saying she was a pointguard for her high school basketball champianship ,team so i played soccer in high school won a state champianship.so am guessing i was on macain shortlist for VP
Why aren't we speaking about the root of the problem. The Dec 1999 Commodity Futures Modernization Act. We as nation should be discussing this law and determining if this is partly the cause of the problem, who is to blame and what we should do about it. This problem is not about homeowners, it is about the financial system and lack of oversight.
McCain has clearly stated his positions and policies and they obviously differ greatly from Bush's in many instances. I believe the opposing party would rather attack Bush than McCain; therefore, they tie the two together and want McCain to sink with Bush. I do not appreciate the broken record, "four more years..." Let's listen to McCain's plans, this is his platform and his opportunity to speak. Bush's campaign is over. Someone can be of the same party, but have different ideas and desire change that will promote our county to the position she deserves. McCain stands for a change in government, a change in the economy, a change in politics in general. Let him run on his platform, not one from 8 years ago.
The Republican town hall meeting in Grand Rapids MI was once again a bunch of crap! Palin is still unable to validate herself. They simply avoid answering questions, and once again the crowds seem satisfied with the ridiculous vagueness and catch phrases! Typical! They also did a poll on who these people were here to see, and 76% were there for Palin! Why is it not an issue to these people that SHE isn't going to be the President! What you didn't show, but was shown on our local news, was the enormous anti McCain crowds outside on the sidewalks! Obama supporters in Michigan are very energized and enthusiastic! In other words...Game on in Michigan! Obama '08
It's ok, we are only an economic slowdown.....lol
Do some Googlin' on Senator Phil Gramm and the Commodity Futures Modernization Act of 2000 (Senate Bill 3283).
It's informally known as the Enron Loophole. It deregulated the market for energy futures. But it also deregulated a whole slew of financial instruments including various derivatives and the collateralized debts that caused the mortgage crisis and the financial crisis going on right now.
In short: Phil Gramm. One guy. He broke the system by removing the regulatory walls that kept financial institutions from engaging in the reckless speculation that's now collapsing on all of our heads.
Yeah, the same Phil Gramm who was John McCain's economic policy adviser.
I hope that the whole suite of events will wake people up into using their brains a little more. Then they might be more inclined to listen to Obama' intellectual discourse about the economy.
Since Monday, our economy has lost approximately $1 trillion of its value, and this is nothing short of calamity–a calamity which John McCain seems does not seem to recognize. After all, he did just say (and has been saying all along) that the fundamentals of the economy are strong. It is also true that he has, at least up until recently, favored governmental deregulation of the markets, an economic philosophy which has proved to be detrimental in the last few months. However, John McCain, despite his recent reversal on this issue, has not indicated a permanent shift in position on this issue, only that he doesn't like the idea of corporate bailouts. The fact is that in today's times these bailouts are neccessary for the economic security of the country, and that is why McCain, who has conceded a significant degree of economic ignorance in the past on his part, is simply not ready to lead this country.
But what is perhaps more concerning to me can be posed in a question: where is President Bush? Where is our current leader? He should take a page from FDR's playbook and actually talk to the American people during times of crises.
Looking back 8 years ago is enough to see where 4 more years of Mc Cain will lead. His supporters wouldl kick themselves for being far from acknowleging and seeing our time for change is with Obama. This is when the saying "you can't train an old dog but you have a better chance of training a new one" Obama may be new and fresh choice before us. But he did a heck of a better job thinking things through before he reached his decision for a running mate. That shows that as a president, he's more the likely to be counted on in running things in Washington. He is already commited to making change by choosing a reliable experienced running mate for the our country. Mc Cain, just chose his running mate without knowing what she would have to offer. its obvious he was selfishly thinking of a way to win votes for office, rather than what would be good for his country. This shows he put himself first before his country. Now how can his supporter overlook that. American must not let this happen anymore and vote for change, Obama/Biden.
I agree with the greed factor.CEO's are cleaning up.Fifty yrs. ago the average person did well if they brought home $25,000 yr. and it was OK for the boss to bring home $60,000 to $70,000 yearly now the bosses are bringing home six figures a yr. and the average person is still bringing home $25,000. What changed? Further more ,Every time I turn around another part of my job is going to Mexico I don't even know if I'll have a job next week. How can you make plans with outsourcing hanging over your head? You can't go house shopping that's for sure, large purchases are out of the question. It's very frustrating and people are getting angry. Some body needs to fix something soon.
I agree with the above comment on where is Bush?! When the economy is strong he is out there. Now we are in a major crisis and he is in hiding. This mess is mostly a result of Republican deregulation and lack of oversight. This is where Bush and McCain have much in common. McCain has nearly always voted for deregulation of the financial industry and this goes back to the S & L debacle of the 80's. McCain says he wants to reform Wall street but he is once again misleading us. Even this March he said he is for more deregulation of Wall Street. When will the Republican campaign start being honest with America and stop pretending every four years when an election come around that they are for the average American,
I am living the mortgage nightmare. A mortgage broker screwed my husband and I over and we have been struggling for the past 2.5 years. We had good credit before his handy work destroyed it. All he was looking for is lining his pocket.
We were promised that our monthly payments would be much lower than what really they wound up being. I am talking $600 a month more than what we were promised. For us, $600 is devastating! What is worse, we owe so much more than what our house is worth. I know we are not alone, but it is little compensation, considering we have 3 kids, one in which has special needs.
I will tell you, NOTHING feels safe! I am not sure that either one of the candidates are going to do something that will help people like us. I am very worried about our future. Where are we going to be? Is there going to be more homeless people than homeowners? Are those people that predict the end of the world crazy or not?
We need help!
I feel more helpless than I have in my 57 years. What can we as the mere hard-working backbone of this country do to when our imperial government (not even our representative government) continually rewards greed, lack of accountability, and corruption through these bailouts. I am outraged, disgusted, afraid and without hope - what a difference from weeks ago when I was so excited about the future and hope for what we could do after this election.
Of course it didn't work. These companies will go under anyway. If they are meant to go under we should let them. Some co. will pick up the pieces and make money from them. That is the way of Wall Street. Just let it happen. Stop wasting money we borrowed from communist China............
Its not Bush ,its not Wall Street ,its American greed and the former are only the icons--i believe after being a part of The Street and mangaing a hedge fund for over 20 years that Mcain will lead us out of the mess with reform. He is not afraid of scraping the mess off the table and starting anew. Its those that see blood in the street that will reap the benefits---real estate needs to lead us out and if you think 7 years it will double in good areas as it has historically.
Let's face it both parties have to take responsibility for this economic debacle. We need bipartisan answers working together for the good of the country. I am sick and tired of trying to defeat the Democratic party when for the past two years the Democratic congress have accomplished nothing and the Republician administration has continued to sell the American people down the drain. We need adults acting like adults not a bunch a children throwing tantrums.
Fact: This country is and has been in financial trouble for upwards of a year with the facts altered and thrown under the rug.
More rhetoric being thrown around during this campaign (Correction out right lies by each party) that the average citizen could not know what is true and what is a false. You the media are as much to blame as the politicians. The media plays into this continuous rhetoric (Crap) like this is a soap opera. One word Depression, The Nile is not just a river in Egypt, America.
Can we use our purchase of AIG as collateral for bailing out Detroit?
I am glad we have Ali Velchi on CNN to explain this confusing, expensive mess we have gotten into thanks to W. Is this a new century with a new Depression.
Looking forward to the show and Ali explaining what all happened today in the economic market. Scary times – I still haven't looked at my 401K – I won't need it for some years yet but I hate to see it lose money. Especially principal money.
I wonder when the last time was that we had an election with all the things that are going on now – economics, al Qaeda, health insurance, jobs, etc. I don't quite ever remember a time that felt this desperate before.
Annie Kate
Birmingham AL
well at least its not more " Juice"
Where is Bush? Is he going even show his face during this economic debacle? In any other country, the President will be on air calming people and taking control. What a loser! This is why this country needs a Democrat in the White house.
Here is why we are in this mess. GREED! Greed of homeowners who took out mortgages they didn't understand. Greed of the mortgage brokes who were making major quick bucks. Greed of the banks who made the mortgages. APATHY! Apathy on the part of regulators who averted their eyes. I do not have an economic degree but about 5 years ago I was helping someone get a mortgage. I read the entire document and called the broker to say that it was virtual robbery putting that type of mortgage on people. She poo-pooed my concerns. I then told a retired Merrill Lynch executive that I feared a major meltdown in the housing industry when these loan rates increased or ballooned. He poo-pooed my concerns and assured me it was a robust real estate market with no end in sight.
So obviously no one except me was reading the fine print. So I took out a fixed rate 30 year mortgage and I sold my stocks many months ago and put my money in a Treasury Fund. Any body want to poo-poo those ideas?