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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.
Don’t forget to watch Erica Hill’s webcast during the commercials. LINK TO WEBCAST
And take a look at Anderson and Erica on our live web camera from the 360° studio. We’ll turn the camera on at 945p ET and turn it off at 11p ET. LINK TO THE BLOG CAMERA
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Search the AC360 blog
Ari, nothing has to be done. What happens if we do nothing. Prices come down. The reason chinese workers can work for 5 bucks a day is that in China you can live off 5 bucks a day.
We need to stop short term speculators from robbing the bank. I have seen the manipulation in real estate here.It is the same in the financial market.You are not getting what you are paying for.Pay alot and get paper.That's how they are doing it!
Senator Obama is calmly presently his analysis of the current crisis in an intelligent manner, McCain on the otherhand is just lashing out with confusing statements, and distorting some of the facts.
The last time I remember congress getting so behind an idea of GW Bush was when they voted for the Iraq War on sketchy underprepared, illinformed projections and miscalculations. Let the buyer beware of this bailout plan.
Hi everyone!! I find it kind of ironic that all these people who espoused free markets want bailed out. I thought the theory was if you failed then you failed. Wouldn't a lot the bad debt never have occured if they had acted sooner and possibly helped the people who were in trouble with adjustable loan's?
I am in fear of the lack of knowledge the American public has on the economic condition of this country. I think it is really sad that the entire building had to fall on our heads before anyone realized there was a problem. Listening to the government tell you we aren't in a recession does not change the fact that we are in a recession. In my opinion, people have to wake up and realize one fact, unless the middle class, the majority of the U.S., has money to spend the infrastructor of the economy of the U.S. cannot survive.
One shocking thing I heard today was someone blaming homeowners for the foreclosures. I work at a large bank and trust me, they were being lied to in order to get into those loans because no one was looking.
So far I haven't heard much mention of government bonds – purchased by U.S. citizens – as a source of money to fund these bail outs. Why not a major program as was done during WWII when we all bought war stamps in school and acquired numbers of bonds? With a good promotion program I think the govt. could acquire a good bit of needed financial assistance. Especially since there are few if any encouraging means of investing money elsewhere at present.
Sell these bonds at U.S. post offices or other govt. offices rather than at banks, which don't make much money selling govt bonds, I don't think.
Cutting taxes and increasing services is not a trick. It is an impossibility. We need to stop spending. Pay down debt and clean house. America's Piggy Bank is the peoples checking and savings accounts and when they run dry then we will no longer be able to repay the loans we have floating out there now. I guess we will do like other countries did us. JUST STOP REPAYING US.
That conversation was scary.
Ari, thinking "something has to be done is the problem". Nothing has to be done. Investing in stocks is risky, lending money is risky, buying things on credit is risky. Our government doesn't believe in a downside. So the tax payers have to step in again.
It all goes back to the FDIC. The tax payers insure those deposits. Bank failures may cause the tax payers to have to pay claims.
Get rid of the FDIC, FED etc.
here's a question to ask Anderson....
If the feds are bailing out the banks by buying all these houses... what price are they paying per house. Hopefully not the original price – because if the mortgage payers have been there for a few years - the banks will technically be getting paid twice for the same property.
How will it be set up so that banks don't profit in that way?
It is scary a little Heidi, but the rescue proposal might help, a lot of moving parts here as they say
I think this is more backstopping that a bailout.,
That is a valid point...if you put new regulatory agencies in place, who pays for them if both candidates still maintain they can and will cut taxes? Isn't the definition of bankruptcy have more going out than you have coming in?
McCain is using this crisis as a political ply. Half of his speech was bashing Obama which was not even believaable. Then a great deal of what he said is what Obama and Clinton talked about for months in the primaries. McCain seems to have just discovered the poor and middle class.
Yikes. I think that we need to really concentrate on balancing the budget or at least trying to reduce the debt. I think that all of our taxes are going to go up.
The bottom line is that Obama and McCain will not swing in and rescue any of us. Congress will gridlock us as usual.
Why won't Obama tell us what he thinks about AIG and the bailout? Is it really necessary to wait a week before making a statement?
Obama was absolutely presidential by not flailing around like MCCain with all kinds of ideas before he hears what the plan of the present administartion who is the only one who can do anything right now is so he can make an intelligent assessment...that is what president does!
Are those leadership skills that John McCain possesses or is it just an impulsive, erratic position on a very complex issue. Maybe this time we should actually think this through.
Bank Bailout
As a taxpayer I am torn between needing a fix for the banking mess, but also the cost of this plan. We have had 8 years of the "Fox guarding the hen house" economic policies, too much deregulation, and the Bush "Cronies" getting rich. One thing iI would like to see written into any bailout legislation is that all the banks that caused this mess return some of this money to the taxpayer down the road when they start making their BILLONS in the future. Lets not them them off scott free with no repercusions. This will only fuel this same kind of disaster in the future.
I' a veteran whos credit is not that good and knows that it would be irresponsible to get a home loan but i'm supposed to bail these poeple out who were irresponsible. warm up my ceo chair at AIG. I own 80 percent of that insurance giant!
Does Republican/Democrat really matter? I feel sad for this country right now; absolutely no soul or any conscience. We continue with the blame game...who next? Unity, Unity, Unity is what this country needs...there are very few things that unite, other than dark times and I can feel it approaching.
Hi Anderson, The bailout is a small bandage on a deep cut, the blood is still flowing until the bandage is removed which will take about a week, so the Amercian people is not out of the woods yet. What you all are going through is something call the invisible recession period.
I like Obama,s wait and see on this wall street mess, instead of flip flopping like Mccain.
This new financial bailout will be a disaster for the US. It's purpose is to save Paulson's friends at Goldman Sacks, etc and not to save our financial system. Let the companies fail and private companies will purchase the failed ones( not the government)–like Lehman Brothers.
This is not like the Resolution Trust-at that time we took the bank assets for free–we did not pay for it! Stop this now!!!!!!!!!!!!1
The only problem with McCain's statement is that he also took money from Freddie and Fannie
Tom has some good points. I hope during the debate each canadidate is asked to explain how his economic plan is going to work based on what is happening now.
Anderson,
I agree with you..... I will try to sell my things or else....... not bailout....
Wow that is lots of money trillion dollars!!! Yikes!!!!
Lisa Tyler
I think Obama shouldn't say nothing until we actually know what the government is purposing before saying anything. Simply puting a plan out when they can't do anything to start with is just crazy.
Tom is so interesting and smart! Die on the vine is right!
Frightening..Terrifying really...I have no confidence at all in this adminisration...we have been backed into a corner, all because of this administration's policies. Hopefully in Obamas presidency we can begin to to turn this around and once again have trust and pride in our government.
A "trillion" used to be a number we all used to grossly exagerate and make a point in conversation. I can't believe we're talking about a trillion like it's a dollar.
It honestly feels like America is falling apart...
The main thing I find so disappointing on this, is McCain lying in the middle of the most serious financial crisis ever.
Is he so out of touch, he doesn't realize how serious this problem is?
I think Obama looked presidential not jumping into platitudes or fake plans to fix such a complex problem. His reasonable and methodical problem solving is the kind of thinking I wish we had used before going to war with Iraq. It is critical to have all the facts before jumping on a bandwagon.
Good evening Anderson, is and embarrassment that we as the most power full country in the world could be facing this crisis, I will like to know what the rest of the world thinks about all this. I started to live the American dream three years ago and know it has turn out to be a nightmare. when is the goverment going to think about us.
I really like the fact Obama wants the G20 to come together on this, cause this affects more than just America
I am not certain Obama wimped out....we had three 'experts' here a little bit ago and if I am not mistaken, there were at least 4 different opinions.....maybe thinking about the problem a bit is better than demanding action and firing people.....
Look who’s “calling the kettle black” – isn’t MaCain the one who had at least 8-10 former lobbyists in his campaign? At least the man vetting Obama’s VP Candidate removed himself from the Vetting team to avoid to any discrepancies!!
good evening Anderson love your show , what peter just said about the dollar has me thinking and worried . What do you think about that?
I am hoping that politics can be taken out of this. This also is idealistic.
How would the Bush and McCain families have been affected financially if pres. Bush didn't agree to these bailouts?
Peter is exactly right if you could print money to pay your bills you'd do it.
The US has seen hyper inflation before with state banks. People wallpapered their walls with it.
Every company who prints money to pay it's bills will eventually experience hyper inflation.
On Monday, obama declared we were in the worst crisis since the great depression, while most people were watching their 401k's tumble... that was the day he needed to be presidential, show calm, declare America is strong enough to solve this issue... how can we credit him today with being presidential when he had watched the stocks gain yesterday?
Anderson, Only the rich can afford to buy gold.
How does one exchange their assets from cash into gold? Do you simply own a bunch of actual gold and have it yourself, or do you own it but have it stay in a different place (like a Fort Knox type of place)?
When are all the person's responsible for this financial problem going to be criminaly charged for this heinous crime to the american public and also fired.?
Why can't the goverment make all the morgages be droppet to a 3 or 4% rate across the board and everyone could keep paying there morgage payments and the company's would still be able to make a small profit? This might help the average american!!!!!!!!!!!!!!!!!!!
Jason: How can you have a PLAN until you see what the "solution: is that Congress and the White House had. With the quality of his advisors, I am sure he has options depending on what is passed.
How does the bank bailout help homeowners who are upside down in their homes.
WHY NOT this plan I thought of....
Stimulus package for all American Homeowners, force the homeowners to go to the IRS website and enter their loan number and bank, and have the Trillion dollars go to the banks THROUGH peoples mortgages, thus getting people back in the black on their home and the money to the banks.... Just seems like the bailout doesn't solve the problem of most Americans being stuck in their homes for several years to come.
You know, your guests just now created a bit of panic Anderson. I was not panicked before and after listening to them I feel a large sense of gloom. That was very confusing.
I'd say the Palin effect is losing the wind in its sails. Lets get back to the issues!