The latest culprit of the collapse…and other stories on our radar:
ON THE TRAIL: Sen. McCain spends the morning in Blue Bell, PA where he’ll attend a rally before heading to New York City for a finance event. Sen. Obama is in Oregon, OH with no public events. Sen. Biden is in Ohio with rallies in Warren, St. Clairsville and Marietta. Gov. Palin has a rally in the afternoon in Scranton, PA.
CULPRITS OF THE COLLAPSE: Who is next on the top ten most wanted list and how did he contribute to the financial crisis?
WALL STREET: The Dow Jones industrial average ended 936 points higher today. What will tomorrow bring?
FINANCIAL CRISIS: President Bush is scheduled to make remarks on the nation's financial
crisis at the White House Rose Garden.
LOS ANGELES FIRES: More than 3,500 acres in the Angeles National Forest have burned and one person has died in a fire that’s driven by the Santa Ana winds.
SUPREME COURT ORAL ARGUMENTS: The Supreme Court is scheduled to hear oral arguments in a case concerning North Carolina and redistricting. and a case concerning police informants, the 4th amendments and search and seizure.
WTO GENERAL COUNCIL MEETING: The World Trade Organization’s General Council is scheduled to meet in Geneva.
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We’ll start posting comments at 10p ET and stop at 11p ET.
The devil is in the details. I'm sure you've heard that old saying. Tonight, investors are waiting to get details from the Treasury Department on the plan to boost the U.S. economy.
Some specifics on the plan earlier today helped the markets surge on Wall Street. The Dow gained 936 points at the closing bell. It's the biggest one-day closing point gain ever and snaps eight straight days of losses. Big losses.
Tonight on 360°, we'll look at the Treasury's latest measure to boost investor confidence. As part of its authority granted in the $700 billion bailout bill, the Treasury would invest as much as $250 billion dollars in banks, according to a source briefed on the proposal. The plan also calls for the FDIC to back up some bank debt for three years.
Doesn't it seem like we keep hearing of new plans to help ease the credit crisis?
"They are clearly just making it up as they are going along," said Lawrence White, an economics professor at New York University's Stern School of Business. "They don't have a clear and focused strategy," he added.
Do you agree?
And, we'd love to hear your thoughts on the latest person added to our 10 most wanted: Culprits of the Collapse. Be sure to watch 360 tonight to see who is on our list. Some people say this is not the time to point fingers. We disagree.
All that and more tonight starting at 10pm ET.
Hope you can join us!
When assessing Richard Fuld, former CEO of the now bankrupt Lehman Brothers, one Wall Street watcher put it bluntly: "Either he should have known that the company was in difficult circumstances or if he did know and didn't tell, it creates another problem. On the one hand he is either a liar or else on the other hand, he is stupid." That from Sean Egan of Egan-Jones Ratings, who evaluates companies like Lehman for investors.
Fuld was at the helm of Lehman Brothers as it raked in record profits during the housing bubble and then last month filed the largest bankruptcy in U.S. history. Lehman's startling demise helped touch off a panic in the financial industry that is still rocking the markets and the economy today.
A 158-year-old firm like Lehman going under sure sent a signal that no one was untouchable. The government mulled over stepping in to save the company but ultimately decided Lehman was too flawed to rescue.
The attacks on Fuld are, like our national debt, growing by the second. In a scathing Congressional question and answer session last week, Fuld denied the charge that he purposely misled the public about Lehman's problems.
Fareed Zakaria | BIO
CNN Anchor, “Fareed Zakaria – GPS”
Amid all the difficulties and hardship that we are about to undergo, I see one silver lining. This crisis has—dramatically, vengefully—forced the United States to confront the bad habits it has developed over the past few decades. If we can kick those habits, today’s pain will translate into gains in the long run.
Since the 1980s, Americans have consumed more than they produced—and they have made up the difference by borrowing. Two decades of easy money and innovative financial products meant that virtually anyone could borrow any amount of money for any purpose. If we wanted a bigger house, a better TV or a faster car, and we didn’t actually have the money to pay for it, no problem. We put it on a credit card, took out a massive mortgage and financed our fantasies.
At some point, the magical accounting had to stop. At some point, consumers had to stop using their homes as banks and spending money that they didn’t have. At some point, the government had to confront its indebtedness. The United States—and other overleveraged societies—has now gotten the wake-up call from hell.
One of my goals this year was to be a better listener. It’s not always easy, yet I learn so much just by keeping quiet. I am fascinated by people’s lives and their paths to the lives they create. It is the “average Joe” – six-pack optional – who always seems to have the most interesting story, not the celebrity du jour on the cover of the gossip rags.
Today, the stories of real people who we can all learn from, people not unlike the ones who may live next door or down the street: Families and young children, struggling to survive, taking life-threatening jobs to keep food in their stomach. Grandparents, opening up about the horrors of war, and the love that can grow out of misery. And reminders about just how bad things can get – and how lucky we are – from those who lived through the Great Depression. All are lessons that never grow old, and that we could miss if we don’t stop to listen.
I want to warn you the images and the details of this next story are disturbing. They are heartbreaking. And they are important. The images from Shehzad Noorani tell the tale of the “children of the dust” in Bangladesh. Their reality is documented in the book “What Matters.” Edited by David Elliott Cohen, the collection of photo essays explores environmental, economic and other issues around the world. The photos of the children of the dust will show you what child labor is truly like…and why trying to rid the world of it altogether may not be the answer.
I have always been drawn to stories of World War II, specifically, those of Holocaust survivors. I am in awe of the strength, courage and in so many cases, the forgiveness that the Greatest Generation – both here and abroad – continues to show, decades later. The lessons for us are many, but one man’s final words from his own father may be some of the best and most difficult advice yet: Don’t carry a grudge in your heart and tolerate everybody.
It is amazing how such incomparable beauty can come of such dark times, but the inspirational stories of humanity from every war are many. There are also countless stories of love born out of tragedy. It was Herman Rosenblat’s father who offered those wise words more than half a century ago. The story of Herman and his wife, Roma, is one of loss, sadness, and, ultimately, of a love and a connection that was meant to be; a couple united by the worst of circumstances. Mr and Mrs Rosenblat recently celebrated their 50th anniversary.
My grandfather was the ultimate packrat. After he passed, my mother, aunt and uncle were cleaning out the basement; they found decades-old cardboard TV boxes, magazines, even coupons. He and my grandmother were smart with their money yet so generous with all of us. Coupons were always a big deal with my Grampa – and still are with my Mom. I admit, I, too LOVE a good bargain – with or without a coupon. But for my Mimi and Grampa, the reasons were different: they grew up in the shadow of the Great Depression. They lived through WWII and rationing. They knew what it was like to truly worry. When I was pregnant, my Mimi told me how she had one maternity dress when she was pregnant with my aunt – one dress. But she probably never complained. She’s an amazing lady, one I love to listen to.
As we hear so many cries of a “second Great Depression”, the lessons of the first one are once again en vogue…lessons we should probably all pay a bit more attention to in the boom times.
caption="Right: Sen. John McCain. Left: G. Gordon Liddy."]
CNN Political Analyst
Does John McCain "pal around with terrorists?"
Certainly McCain's continuing "association" and relationship with the convicted Watergate burglar and domestic terrorist G. Gordon Liddy might suggest that is the case, if we are to apply the standards drawn by the McCain campaign.
In 1998, Liddy gave a fundraiser in his Scottsdale, Arizona home for McCain's senatorial re-election campaign - the two posed for photographs together; and as recently as May, 2007, as a presidential candidate, McCain was a guest on Liddy's syndicated radio show. Inexplicably, McCain heaped praise on his host's values. During the segment, McCain said he was "proud" of Liddy, and praised Liddy's "adherence to the principles and philosophies that keep our nation great."
Which of Liddy's "principles and philosophies" was McCain referring to? Liddy's advocacy of break-ins? Firebombings? Assassinations? Kidnappings? Taking target practice with figures nicknamed Bill and Hillary?
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Republican presidential candidate, Sen. John McCain waves to volunteers working inside
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