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September 19th, 2008
09:40 PM ET
Live Blog from the Anchor Desk 9/19/08
For what’s in the program take a look at tonight’s Evening Buzz.
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We’ll start posting comments at 10p ET and stop at 11p ET.
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Anderson
Did Fannie and Freddie start all this or has been longer?
I can't believe McCain is trying to blame this mess on Obama
The Dems. didn't have the majority they needed to get things done and Bush had the veto power. This mess didn't start two years ago. Obama said the mortgage situation was a mess two years ago.
I don't like the haste and secrecy but I am glad that Obama is waitint to see the legislation and how it will effect the average voters and that it won't reward the horrible, corrupt behaviour the greedy people who caused this.
@ Jared – Little Falls – Totally agree with you. My Sentiments EXACTLY! Obama makes more sense to wait for Paulson & Co. proposal, BEFORE he presents his 7-10 point plan. It’s the common-sense thing to do.
Today, McCain's diagnosis of our financial crisis is that it's Obama's fault, because Obama hasn't been in Washington long enough to have any experience? Let's see, Phil Graham wrote the laws deregulating the markets, Rick Davis lobbied to help Fannie Mae and Freddie Mac to avoid regulations, Charlie Black was a Fannie/Freddie
lobbyist for over ten years. These guys all work for the McCain Campaign. So which candidate, whose been in Washington for over 23 years as an active Reagan deregulator, now wants to start regulating?
i thought it was an interesting discussion.. Peter Schiff's advise was scary, but i know some people who are big believers in the free market who agree with him..By the way, i think gold went up a lot yesterday, the most in one day in a long while,if im not mistaken.
OK, we're inflating this country with billions of backup dollars like an
overinflated ballon. Tettering with collapse on one side and an
economy akin to the United States of Argentina on the other.
The American dollar is already worthless. Friends paid $500 for an ordinary dinner in LOndon, $14 for a beer in Dublin, and $18 for s drink in Istanbul - talk to anyone who has been to Europe (or now even Canada) and your dollars go about as far as a peso in LA
I think both McCain and Obama needs to take a break and wait to see what the government purposes before coming out and saying anything.
Any bailout plan should require that any Executive of the firms being bailed out should not recieve more that 1 million to leave and the rest of thier severance packge shoul be paid to the government
Can somebody tell me WHAT is OBAMA's plan to the financial crisis going on RIGHT NOW? Is he going to support the current bill that is at capital and the BLAST it later on? What is his STAND/PLAN?
I think I know enough not to take my 401k money and put it under the bed, every time I look at it, it keeps going lower and lower.
All I want to know is where is the bottom ??
So what else aren't they telling us? That is what I am afraid of.
Oh My! The sky is falling. What is wrong with these people? The middle class only seems to be important during elections. This economic situation was perpetuated by those who knew better but wanted to make a quick dollar. In doing so they took advantage of others. How is that right? Is that how we should be running people's retirement funds. I hate that the candidates are saying what we want to hear instead of what they believe. Who does care about the middle class?
The fact that bonds have to be created and that most likely China and Japan will buy them, is not a good sign for the economic future of this country. I'm a grad student about to graduate in 3 months, and I am searching for work in Latin America because I know I have no shot in the United States for a stable future.
It's a question of trust. The government and financial "experts" are asking the American people to trust them to know what's right and how to solve the problem. The problem is that they've already shown that they're just as lost as the rest of us. Fool me once shame on you, fool me twice shame on me.
I think that it's absurd to think that either presidential candidate have any clue on how to fix the economy despite what their tv commercials say. The smartest economists didn't see this coming and disagree on how to recover from this disaster! Hopefully, this treasury plan will help!
Anderson, there is one question that comes into my mind which has'nt been discussed. That questions is " what will happen if the countries which have lend the U.S. money insist on being payed back in gold ". I would assume that this may be the case, especially if the value of the dollar goes down because of our economic situation.
Is this possible?
The govt action was necessary. There was the beginnings of a run on the banks. The fact that money market funds were breaking the buck was terrifying. Libor was breaking down. Banks were lending to each other at 6% - and the FF rate is 2%!
They had to do something to stop a run on the money before it picked up steam.
Why is John Mccain bashing Obama instead of putting country first!
Recession – Depression, is anyone better off now than before? Does it matter what we are calling it when Americans continue to lose their homes, jobs and ability to participate in the economy?
Mr. Fund and his fellow conservative ideologues and spin-meisters played a huge role in creating the mess we are in. Watching him is just making my blood boil.
A confetti dollar? That's a scary thought.
I can't believe what I am hearing... Are we on our way to beconing a third world country?
Hey Anderson, Let's talk about how the Chairman of AiG made 68 Million and the Chairman of ML made kije 90 million, they fail and get bailed out what about the people who are getting foreclosed upon who bales them out
Anderson, what is going to ultimately happen the Lehman and Merrill?
Did someone go to a psychic who told them that there was a trillion dollars in someone's backyard? If not, how are we going to pay for this mess? Note, I said "we"
Anderson they are saying take your money out of banks and buy gold. All of that is fine and good but we as a nation can't go around with scales to verify the amount of gold being transferred for a purchase is the proper amount. That's not an option for running an economy from the taxpayers point of view.
Peter Schiff has lots of comments about what's wrong with the Government intervention in the Economy this week and week-end. But, he doesn't suggest another alternative. How about putting his feet to the fire and question him?
Thanks
Why continue to borrow from other Countries and go in to further Debt? Just does not make sense to me, Anderson.
BettyAnn,
I agree with you...... you are right!!!! we are screwed up!!! We can't bailout right now......
Teri, no one wants to blame Congress because they're too busy blaming the Republicans.
I believe everyone is waiting like me. I haven't panicked because I'm trying to recover as much of my money as I can and then I intend to get out of the market. If the people who get paid every day to watch the market don't know what's happening, there's no way I can even guess.
@Mike, I agree something is up that we are not being told. There is no way that during the election this year there would be this much bipartisanship unless things were very dire. What we don't know makes me very nervous.
Printing money???? Do we even do that in America anymore? Everything I look at says "printed in China", how ironic.
Ali and Peter have said it correctly: the US cannot continue to simply print money....Argentina did that, Russia did that earlier (mid 1990's) created all kinds of problems.
He feels the public is now breathing easier and we can see a light at the end of the tunnel? I don't see now how this will fix the problem. The government tries so hard to pacify the public instead of being truthful. This is a bad situation and it can't be fixed by this alone
We may be holding off the panic for the time being, but what about tomorrow and the next day?
I bailed out of the stock market and I hpe everyone else will too. Buy property or gold!!! YIKES!
I spoke too soon, it's incredibly hard to understand what's going on when people speak over one another.
I think the bail out is the same as off-shore drilling, it's a short term fix to a long term problem.
I am also very glad to see Obama wait til the facts are in before opening his mouth and inserting his foot in it like others.
Who is this guy..pull your money out and but gold?
Not sure if these questions could be answered tonight...
Will the financial institutions pay the money back to the fed?
Are there criminal or civil laws that these businesses broke that they can be held accountable for?
Seems like these companies made horrible decisions and we're paying the price for it.
it is scarryyyy
Is this bail out short sighted then? Is it a band aid so to speak?
Can there be a solution that helps now and sets up a beginning to make sure this doesn't happen again?
I'm confused now.
is it me or does all this make corporate america look like a bunch of teenagers with the government in the parental role? k, maybe that is a strange analogy.
Basically this bail-out is for the bondholders who own the debt. It is really a bail-out of rich investors, including foreign investors, at the expense of the American taxpayer.
This is the final nail in the coffin of the US middle class. Bush and his cronies have increased the disparity between rich and poor, this is just another step in that direction.
Bailout for the rich. Stop saying this is a bailout for the American people.
We ain't getting through this one. It is bad. John Fund is full of , well you know what!
What the heck is John smoking? We aren't in a recession? He is crazy!!
Hey Anderson
Oh,what a week! so many things happend.What the us goverment did,this bailout,will it work?And where are the money from.Who will pay it
The American poeple and German sleeping banks.(560 million)
i wish you a verry good silence weekend.