Live Blog from the Anchor Desk 2/20/09
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Time to appoint a Banking Czar, right Mr. Gergen?
Team.
Blogger's.
Anderson.
Happy Friday...Okay people let's make this look good and as always like I say let's do it with style.
I like how all the mayors are really happy about the money, they are like gimme...acting like the money has not cost the constituents a lot whom umm they say they are getting it for lets play the game of let's see if we actually get any okay.Great...just a sign of the times again.
Miranda
Why doesn't CNN report that B of America just made its first TARP dividend payment to the US Government to the tuen of $402 million on Wednesday?
That BofA has extended more than $45 billion in new credit during 4th Q in mortgages, 7 billion in commercial real estate and 5 billion in home equity.
Why not mention that instead of talking about nationalization???
My question for Clark - I know it's hindsight - but if the govt had created a "bad bank" last fall when this economic crisis started, couldn't we have avoided a lot of the problems we are now facing?
My brother and I discussed this at the time - kind of like the S&L issues in the 80's.
Hello everyone - thanks for joining in tonight. Please tell us more about your views of nationalizing some of our key, big banks. I do not pretend to be an expert but I can tell you that from talking to a variety of heavy hitting economists, we ought to see it as a very last resort - and in the meantime, need to try some other alternatives... fast!
@Maureen, Georgia
Yes, I completely agree. Just look around the world and watch what other countries are doing. Several countries are nationalizing some banks. I think it will help. Nothing is a guarantee... but it must be better than what we are doing by giving billions of dollars and nothing!
Hey Anderson,
Though there is reasonable fear within the nationalization of the banks, like you said, it's uncharted waters, but at the same time, people are unsure if the government can run it better than the former management. And I say take the lesser of two evils people who are elected and committed to fixing this problem vs. people who've let this mess go under their nose.
Why can't we have federal banks and private banks?
Why people can not choose what kind of bank we want to work?
Why keep rewarding failure?
Depositors are protected, at least up to $200,000. Why should stockholders get a bailout? No one bailed out my 401K.
Anybody that wants Pres. Obama to fail wants the country to fail & that means we are all doomed, so everyone needs to start supporting the president because he is working his heart out for us.
I agree, with the commentary regarding bank bailouts. I hold Bank Of America stock. It is a risk I accepted when purchasing the stock – it may go up or down. I don't expect my neighbor to bail me out. If they go under, they go under. I'd love to speak my mind to their CEO before they do go under! How about making him refund American tax payers his last 10 years of salary!!!
Anderson,
These banks should be allowed to fail. Exactly in the way your guest described!
Good Evening Anderson and Erica...sure could use a little good news today. Hope you have something a little light-hearted later in the program to move us into the weekend...of course we always have Sunday with Jack to look forward to!
David Gergen, I don't think there's been one time where I've disagreed with you. Nationalization is a scary thought and should definitely be the the last thing we do.
Wow, how the recession has affected people's sex lives.. clearly hasn't affected my neighbors from what I had to hear last night when trying to fall asleep, awkward!
The Administration and the Federal Reserve are trying to prevent a market crash. We have to let the system flush itself out without government interference!
Jasmine- I agree, honesty is the key, we have been given half truths for years now. I applaud President Obama for getting rid of all of Bush's budget gimmicks he used to hide the real deficit (Iraq war). Next week when they reveal the deficit it will be scary but at least Americans know where we stand.
Why not try this? People can refinance to a lower 30 year fixed rate, say 4%. The mortgage company will also reduce your balance to today’s real estate values. If you sign up for this program you will split any house appreciation with the mortgage company.
This immediately helps put more cash in homeowner’s pockets. This helps stop foreclosures. This gives the banks an incentive to work with the borrower.
This does not cost the taxpayer one dime!
Why don’t we try this?
We need to stop bailing people out in America. Honestly, I wish we could destroy the banking system and start from scratch, but that is impossible.....:(
Hello Anderson and everyone. I am so tired of seeing banks fail because they are throwing all of our money around and not caring about the consequences. The banks that have borrowed money need to pay the money back and start being more responsible. I work very hard for my money ( I am a full time college student and full time worker) and I want it to go to what I need it to go to and where it needs to go to help out people who really need it.
Re: Economy depression leading to bedroom 'depression'.
Heh, no wonder I'm having trouble scaring up a date to go see a friend's band tonight.
Hey Anderson !
I agree ... the Financial institutions should be rolled up into the Depart of Banks and run by the Team of Financial Advisors.
Craig
Santa Clara, Ca
how about Nationalizing the banks, and if they play by the rules and do the right thing they can earn points. If they earn enough points they can earn their freedom back. essentially all their dishonest practices have sent the message that they need to be watched or they are going to be bad, like little babies.
Holy Cow Anderson,
I'm excited in a bad way, and tomorrow I am moving my money out of B of A and deposit it into WaMu.
Jamie Dimon is the only guy I trust anymore.
Anybody think of looking at what has been touted as the "most secure banking system in the world" – Canada – which is a nationalized system...???
I just got a notice this week that BofA is participating a non-mandatory reorganization or tender offer (another educational hoop to for me to go through) which will take place sometime in the next six months.
Maybe someone at 360 could tell me what this means?
Those of you talking about stuffing your mattresses...I hear you. It's more tempting by the day.
Good Evening all...Maybe we can have better TRUST in the Government to take care of the Money...than the GREED that lead us this far.
This Program just started, from this past years of calamity, and just gross misuse of Power, why all these Financial Agencies are in a pickle from the lack of Regulation. All just getting Rich, forgetting the common Man that put them there.
What is with all the RANT, when Wall Street started this Problem too. From the Monies of these common People...that is what built Wall Street. Thanks.
Hey Anderson, Erica, and all at Ac360! Great Show and lots of info. I watch you guys nearly everyday. Anderson and the show are liked by a lot of people outside the US. I see that the show is being advertised more nowadays on CNN international. Even before all the ads your show was a big hit with a lot of us outside America and i have been watching this show and your reporting for a quite a number of years now. Anyway great show and keep up the great work!!!!!!
I think it would be good to nationalize the banks...up until now private banks have been in charge, we now have a chance to make things right...remember it does not matter who makes the laws, only who controls the money, and right now that is private banks.
casey – thanks for delaying the dinner so you could blog with us... hope your guests arent angry
Whoa-what? Now taxpayers have to pay to know what exactly is going on in their government...transparency plan is going to cost us? I find that a little disturbing.
Good Evening Anderson, Erica and fellow bloggers!!
@Isabel, Brazil
Check out China. They have one National bank... bank of China. The rest of the banks are private like Citi Bank which is in Beijing and Shanghai. Bank of China dropped the interest rate for everyone from 7 to 3%, no re-finance charges, and I believe they will pull out faster than we wil because of this.
I think David Gergen is right that Nationalization of the banks should be the last resort, but seriously something has to be done.
What about temp. nationalizing the banks, get them restructured, place guidelines so the same mistakes are not being made then turn the banks back over?
sex depression too? hmmm...i hadnt noticed that one, mine has actually improved! lol
When I lived in Atlanta I listened to Clark Howard everyday. Finally someone that speaks from a common mans perspective
welcome everyone... 14th bank failure of this year... scary stuff
Hello everyone!
Sex lives are suffering? that would be the one thing that shouldn't go down in a recession. Inuendo not intended......but usually, that's free!
Good evening dear Anderson! TGIF! Yeehaw!
no webcast again? =C
Anderson, re your story on sex and the economy, you're not going to play that porn music again are you? What is it with you honey?
I don't care about the pundits or politicians. What is the general consensus among economists regarding nationalizing the banks?
Great to see Clark on. The man is a financial wizard. Nationalization is scary but some of the arguments for it make sense if it comes to "last resort time". Heaven help us if last resort time comes.
Absolutely no bail out for Bank of America. Greedy and under-handed tactics. I know first hand and I am so very tired of them...
Not so Happy good evening Anderson, Erica, Randi, Joe Johns, and David G. and all Bloogers.
The banks are heading south with all the money paid out in bonuses.
Nationalization of the banks might not be all that bad. We have to have someplace to put our money, process our checks, give us free Internet banking. The FDIC can’t take over all the banks in the country. We are about to become the United States of China!
If we nationalize banks, what's next? The auto industry? Pretty soon we WILL be a socialist coutry.
SO thinks that they are threatning Nationalization to scare the banks into getting their acts together.