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December 8th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 12/8/08

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Filed under: Live Blog
soundoff (212 Responses)
  1. Linda Kalaj

    I'm tired of everyone thinking that the Big 3 don't want to change and aren't developing "Green" cars. I know for a fact that at the University of Michigan, they offer students wanting to major in Engineering loads of scholarships because they want as many fresh minds studying Engineering as possible. It's the people of this country that have bought foreign vehicles instead of American made vehicles. Charity begins at home people!!! If we would have all bought American we wouldn't be in this mess.

    December 8, 2008 at 10:27 pm |
  2. Kathleen

    My husband works for a supplier for the big 3, along doing work with foreign car-makers. It amazes me how americans are so quick to want the big 3 to go under. It is bad enough everything we purchase at stores is from china, etc., and one of the few major items we can purchase from americans people seem to have no care!! We are talking about 3-4 million american jobs, and the problem is where are these people going to find another american decent paying job-there aren't very many (white or blue collar positions left!!) We have to support americans, we have to support our own!! Once these jobs are gone, we aren't getting them back!!

    December 8, 2008 at 10:27 pm |
  3. Kathy, Chicago

    I thought it was Oprah who snubbed all candidates because she was supporting Obama.

    December 8, 2008 at 10:27 pm |
  4. Joe - New York

    If we need a Car Czar, get one with a track record. Lee Iacocca is that man. He borrowed money as head of Chrysler and paid it back..EARLY with Interest.

    December 8, 2008 at 10:27 pm |
  5. Jo Ann, North Royalton, Ohio

    Anderson, You don't really believe that OJ will serve 9 years do you? Not a chance.

    December 8, 2008 at 10:27 pm |
  6. Clyde

    Sure, it's a buyer's market for real estate, but what (average) person can qualify for a loan? I see more extreme speculation and average people being left in the dust (again).

    December 8, 2008 at 10:26 pm |
  7. Megan Dresslar (Shoreline, Wa)

    Are we going to have a czar for every loan bailout? Car Czar? Mortgage Czar? Etc?
    Bea....
    Yes. we are going to have czar to loan bailout soon..... if Congress approved.

    December 8, 2008 at 10:26 pm |
  8. Derrick

    Financials forecasters and economists don't know anything. We just found out the recession started last December. They're useless. They only tell you what you already know. They don't know it's raining until the Weather channel tells them.

    December 8, 2008 at 10:26 pm |
  9. Bea

    Re Tom Foreman's piece, Isn't the real problem the amount of capitalization and collateral required to loan and not just loans?

    December 8, 2008 at 10:26 pm |
  10. Betty Ann, Nacogdoches,TX

    Hi Erica!
    I refuse to shop this year. I am giving my children incense. Myrr scented. After I read the Christmas story. No PC's or i-pods. Hey, if it's good enough for Jesus. . .

    December 8, 2008 at 10:26 pm |
  11. Caleb Schutz

    By not funding the US auto industry we make the Japanese the mega-companies of the future. US auto employment won't just go away, US workers will just work for the Japanese auto companies. The implications are staggering and I'd be interested in your panels opinions.

    December 8, 2008 at 10:25 pm |
  12. LisaL - Canada

    David Gergen :
    I always enjoy your level-headed [ ok – just take a deep breath and think for a minute ] approach to your commentaries.

    VERY interesting point about the computer-based models used to forecast the impact of programs within the government.

    With a lot of economic variables changing to much, perhaps it's better for Obama's administration NOT to have access to them – if they project false positives or negatives (scenarios), maybe they will be better off just doing it "old school" !!

    December 8, 2008 at 10:25 pm |
  13. Minou, New York City

    Erica, you hit the nail on the head!

    December 8, 2008 at 10:25 pm |
  14. Jim M

    He may be 84, but he turned Chrysler around with a 1.5 billion 10year loan in 1979, that was paid back in three years... time to bring back Lee Iacocca?

    December 8, 2008 at 10:25 pm |
  15. Mike, Syracuse NY

    Betty Ann, you can celebrate. I'm going to watch and see when the promises start getting throw under the bus. It won't take long.

    December 8, 2008 at 10:25 pm |
  16. EJ (USA)

    Shopping for other people (esp kids) makes me happy so I bought a few things for the kid relatives and cut back on the adults.

    December 8, 2008 at 10:24 pm |
  17. Mindy

    Erica,

    I was shopping out here in the suburbs of L.A. and I was shocked to see the huge discounts being offered by all of the little specialty stores in the mall. I found myself wondering at what point do they break even with all the slashing of prices? It's great for those who have the money to take advantage of the sales, but I think a lot of us are trying to hold onto our money.

    I expect to see more small stores going out of business after this holiday season.

    December 8, 2008 at 10:24 pm |
  18. martin douglass

    I am livid about the bailouts when I have not had a full time job for seven 6 years. As a struggling graphic artist I have to rely on part time temporary positions. I believe the bailouts should go to the people to pay bills, pay off mortgages, and use as down payments for a house or nesteggs. This is the way to stimulate the economy. We should not subsidize corporations and banks who will use the money to their advantage-to make more personal profit. It makes me angry when politicians do not change the real problem of bank and corporate greed. When will it really end and change for the better?

    December 8, 2008 at 10:23 pm |
  19. CaseyJ - Palm Springs, CA

    Erica, I haven't "shopped" for a long, long time and just returned from being out of town where I found myself at an outlet mall for six hours (alone). It was like I had just been given my first credit card–I think you'd call it pent-up demand (the VALUE was incredible however).

    December 8, 2008 at 10:23 pm |
  20. Ann

    Why are we the taxpayers keep hearing about bailout and the important of helping people that are not helping us?
    We the taxpayers are not able to feed our family, pay bills or enjoy the hoilday.
    As I work with a non-profit and i know that the suicide rate went up in the Great Depression and people are getting to that point.
    Taxpayer need help and help now.

    December 8, 2008 at 10:23 pm |
  21. Kathy, Chicago

    Erica, I have barely shopped yet. I will do my best to help the economy on Fri. Our business finally has been picking up. People are using coupons and buying gifts.

    December 8, 2008 at 10:23 pm |
  22. Bea

    Erica, great seeing you. I don't think you have much to worry about. people getting spoiled by retail sales. Folks will buy when they have money. Most can't help themselves. The real threat for retailers is internet pricing.

    December 8, 2008 at 10:22 pm |
  23. Betty Ann, Nacogdoches,TX

    Rikki~ cheers!
    Anderson~Are we really surprised that Palin snubbed Oprah? I'm sure she isn't loosing any sleep. I wouldn't. Nope, none!

    December 8, 2008 at 10:22 pm |
  24. Brandi - bottom of the boot

    Erica,
    I havent bought the first Christmas gift yet, I think I'm going to boycott this year. lol

    December 8, 2008 at 10:21 pm |
  25. Megan Dresslar (Shoreline, Wa)

    Erica,
    I have been shopping for christmas...... I can't wait forward christmas....... it is so awesome... but economy is good..... there is on sale different stores or malls.

    December 8, 2008 at 10:21 pm |
  26. Phil W.

    Rikki...look at the numbers...car sales are UP in the Southeast. Coincidentially, these are areas where there are NO unions. The UAW, and all the unions are just a sbad as the CEOs robbing their respective companies blind. Get online, get a job, go back to school, etc. Life in American does not begin and end with the car industry. Countries that evolve, and change, and adapt will survive. Ones that don't die (see Rome). It's survival of the fittest, and if you are looking for a hand out, go to your neighborhood soup kitchen. Not shedding a tear here.

    December 8, 2008 at 10:21 pm |
  27. Pamela

    The bailout is not free money, it is access to loans. Millions of jobs depend on the survival of these 3 companies. We have some of the most fuel efficient vehicles available and Ford offers more hybrid vehicles than foreign car makers. We are just asking for a level playing field. I love it when people demonize the UAW, they certainly need to make some concessions, and they have already.The UAW is "evil" for negotiating living wages for its members, but CEO's and Wall Street can be as greedy as they want and we are told they should be able to make how ever much they can because it's all about "Free Trade". Who cares how many employees these companies layoff or how many jobs American Companies send oversees, as long as it results in higher dividends for it's shareholders. That is ok but UAW workers making $30+ an hour is unreasonable? Give me a break. That is class war fare, the rich getting richer, and who cares about the rest of us.

    December 8, 2008 at 10:21 pm |
  28. Jana, Indiana

    I have been out of town. I am glad I missed the OJ hoopla!

    December 8, 2008 at 10:20 pm |
  29. Kathy, Chicago

    After paying bills today, the conservative side of me says-where does the money come from and how will the government pay back the money to get out of debt? I'm not really sure about the auto bailout. I don't want anyone to loose their jobs(except maybe those at the top), but I really don't trust the big 3.

    December 8, 2008 at 10:20 pm |
  30. mark howar

    I know that we need to bail out the auot industry because ther failure would mena alot more homes forclosed on and cars re-poed and the millions of jobs. Untill we get people buying the big three cars we won't fix anything. Car dealers won't order anymore cars till they sell the ones they have now.

    December 8, 2008 at 10:20 pm |
  31. Olu

    Hi Anderson,
    It will make no sense to have a bailout without a positive effect on the main street.

    December 8, 2008 at 10:20 pm |
  32. Marsha Spickenagel

    I am the wife of a GM retiree. I don't understand why we need a "car czar" to oversee our auto companies. I don't think we have a "mortgage czar or a "bank czar" when they were given money on a bailout. Why do people call this a bailout when it is just a loan. I also would like to see some members of congress actually work for a living. I wonder how many of them would make it when it is 120 degrees in the factory working to keep manufacturing going. I also wonder why the media says that UAW members make $70 an hour (including benefits) what a crock. My husband probably made $25/hour. I wish congress would be more concerned with the trade deficit with Japanese imports. Do Japanese buy American made cars? I bet not. Why do Amercian's drive Japanese? It is time to bring it home America.

    December 8, 2008 at 10:20 pm |
  33. EJ (USA)

    I think we should rebrand Anderson as the News Czar!

    Ha!

    I still prefer "The Prince of Primetime News." I don't think Anderson likes either of them though.

    December 8, 2008 at 10:19 pm |
  34. ericacnn

    hi, everyone. it's interesting to see your posts on shopping and retail sales.

    minou, i have to wonder sometimes how stores can make money these days with so many sales to be had. it's great for the consumer, but it sets up expectations heading fwd of never again having to pay full price, which is definitely bad news for retailers. i love a bargain, but businesses can't survive when everything is 70% off.

    December 8, 2008 at 10:19 pm |
  35. Candace from Canada

    David Gergen you are the Barry White of Economic Distress Reporting! 😉

    So smooooth..... the economy is craaashhing.....

    Love your reports!
    cam_canada;)

    December 8, 2008 at 10:19 pm |
  36. Lori from IL

    Good evening Anderson, Erica and All -

    Hope everyone had a good weekend.

    It's my understanding that with the Big 3 it's a bridge loan, not a "bail out" as was Wall Street. I think congress needs to do this to prevent even greater job losses this month.

    Erica - I was out shopping this weekend and I was one of only a few carrying shopping bags. The mall was packed - but not many buyers. I, too, love the lights this time of year. With all this depressing economic news, I'm always looking for things that bring a smile to our faces. We've faced tough times before, and I have confidence we'll get through this too.

    Ahh, the calming voice of David Gergen.

    December 8, 2008 at 10:19 pm |
  37. Ross

    Big 3 Auto bail Out

    Sorry but I dont see why the Big 3 auto makers should get anything.
    Over the last 24 months over a million people have lost their jobs in the financial/mortgage industry. The sub prime has come and gone and the problem now is across the board, "A" credit borrowers who now dont qualify or have lost all equity in their home prohibiting refinancing their homes. This has caused a dramatic decline in income for employees in the industry who are now facing foreclosure/bankruptcy thenselves. What happen to their bail out, you hear about the Big banks getting cash injections but the employees have been overlooked. Let the auto workers go compete for minimum wage customer service jobs to raise their families on..........

    December 8, 2008 at 10:19 pm |
  38. Mark Bollobas

    It might be the case that 50 years ago the US car industry led the world. But today the big 3 produce cars that simply cannot be sold outside this country... the cars are too big, too slow, too ugly. I don't agree with the bailout, but if law makers insist on throwing good money after bad, the government should fire all upper and middle-management, and demand a vehicle which drives no less than 50 mpg. The government should represent (and protect) the people, after all.

    December 8, 2008 at 10:19 pm |
  39. Rikki, Fargo, ND

    Betty Ann...I will definitely toast that! 🙂 President-Elect Obama does have his work cut out for him but a lot of people have a lot of faith in him, me included, I think he is up for the job!

    December 8, 2008 at 10:19 pm |
  40. Bea

    Are we going to have a czar for every loan bailout? Car Czar? Mortgage Czar? Etc?

    December 8, 2008 at 10:18 pm |
  41. Mike, Syracuse NY

    How does any of these bailouts fix the problem that started all this, too much lending in subprime mortgages?

    December 8, 2008 at 10:18 pm |
  42. Tom Kernohan

    hi Anderson

    bail out with conditions ... I like that

    Ontario Canada ... we're not all in a deep freeze

    tom

    December 8, 2008 at 10:18 pm |
  43. Dulcie - Denver

    I agree with David Gergen. I think things are going to get worse before they get better. I'm very hopeful about Obama's Presidency, but Rome wasn't built in a day. The economy is too large to turn around that fast. It's taken us 8 years to get here and it'll take time to climb out of the hole.

    Thanks, David. Your thoughts are always welcome

    December 8, 2008 at 10:18 pm |
  44. Prakash

    These companies should be getting a baliout as this is encourgaement for others who fail to get handouts for their mistakes. They don't make a product which is appealing considering the competition. Which I am sure no surprise!

    December 8, 2008 at 10:17 pm |
  45. CaseyJ - Palm Springs, CA

    I just don't understand. Why can't these highly paid executives, with this huge managerial support (this goes for our representatives in Washington as well) can't get a definitive plan in place? There's simply no excuse except LAZY.

    I think we should rebrand Anderson as the News Czar!

    December 8, 2008 at 10:17 pm |
  46. Mindy

    Good evening bloggers!

    I am glad that there is a rescue plan that is being put together to save the auto companies. Chapter 11 in this economy would be a complete disaster.

    I don't care if it's called a "car czar" or whatever, as long as there is some oversight as to how the money is spent. We do not need any more jobs lost in this economy.

    Long range it would be great to have some kind of restructuring or new management to run these auto companies more efficiently. At least this money is going to an industry that makes something useful. That's more than can be said about the original $700 billion bailout for the financial institutions.

    December 8, 2008 at 10:17 pm |
  47. John

    Time to keep it real and realize that the big 3 are done, mainly due to unions and smothering government regulations. Just like the dinosaurs, it's time for the big 3 to go and let a new, better car manufacturing company rise from the ashes.

    December 8, 2008 at 10:17 pm |
  48. Megan Dresslar (Shoreline, Wa)

    David Gergen is so smart!!! I agree his comment about bailout.

    December 8, 2008 at 10:17 pm |
  49. Jo Ann, North Royalton, Ohio

    Who is responsible for this auto industry disaster anyway? If you listen to the Big 3 CEOs you would think that someone else is responsible for their ineptitude.

    December 8, 2008 at 10:17 pm |
  50. Imani from Maryland

    I think of it like this:
    If The Big 3 goes bankrupt and fires thousands of workers they won't have money to spend and that puts us back in the almost the same place we started...Does it not?

    December 8, 2008 at 10:17 pm |
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