Live Blog from the Anchor Desk 2/20/09
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The taxpayers already own the banks considering the masssive bailout money given to bankrupt banks. You don't pay for a car and tell the seller he can continue to use the car and hold the title. Why should it be any different in the case of banks?
Anderson..... Banks fail quite often .... and they open the next monday for business. The same working people do the same jobs. Only the top managers get replaced. Then, in very short order, the books and balance sheet are cleaned up and that Bank ... almost like an IPO, is sold back into the private sector...
I fear that far less than giving the same managers that made such monumental bad decisions more money to squander...
It's the Nationalization word, as if the Gov would keep these businesses, that scares people.. Get someone who has DONE these bank things to explain it on air...Please...
Let us understand why the federal gov need to take over the banks. Everyone ask yourself 1 question- who bail out your personal bank account when you over spend or make bad decisions? No one, so why should taxpayers take care of banks when the CEO's makes bad decision but taken home big pay? We should do the right thing and make everyone tighten their belts, even banks.
Anderson,
Under plan N, how will banks having more than 100 billion dollars in liquidity be reimbursed for participating in a mandatory stress test?
Why have a website to track what our money is doing if we are unable to see what it did until after it's done?
It seems to me that the important thing is that the White House is making some attempt to be accountable to the American people when it comes to the money that's being spent–whatever problems that might result from this new program can be worked out since the media is going to be pointing out the aspects of it which are questionable.
Larry,
What happens to the retired bank employees who have their 401K almost all in the bank stock if the institution is nationalized?
Do they have any protection or do they lose all funds that they have been counting on living on?
Ed
Erica, the webcast link isn't coming up for me, either. Nor is the webcam link, if that makes a difference?
ha! im the exception too!
Right on Clark Howard! If one invests in the stock market that is the same as gambling at the casinos. Gambling is taking a chance at making money or losing. I am not interested in giving people back the money that they lost at the casino or stock market.
I say let the Banks fail!! Everyone should put their money in the smaller local banks......let the big guys fall!
We should all just file bankruptcy......individuals as well as corporations.......we can all just start from scratch then!
Here's the problem with the banks. American banking laws have allowed every Tom, Dick and Dummy to set up a bank. It only costs about $2 million dollars to get a bank charter and about $1 million for the brick and mortar building. You're in business! Amazing!
@Erica–I'm not getting the webcast either.
Come on, Anderson. We all know that no matter what the government touches, it turns out badly. Even if we have a beef about the way the money's being spent, who's going to listen or care? Did our lawmakers listen to us when we called and overwhelmingly told them no to TARP or this bail-out package? The answer is a huge resounding NO. It's taxation without representation.
@ Erica, tried clicking on the listen to Webcast link and it just brings up CNN.com Live or CNN International, no webcast though 😦
I believe President Obama is sincerely trying to do the right thing. Its important to "keep them honest," but I don't understand the enthusiasm of the press for the opposition talking points with no research. Why isn't someone asking the questions: Tell me specifically what language in the bill supports your criticism? What page will we find that on? Did you read the whole bill?
I think Clark Howard is correct–nationalizing the banks temporarily makes sense. As to your question about the gov't running the banks: can they do worse the the banks have done themselves, i.e. bankrupt the entire U.S. economy?
It makes me so angry to hear financial people disdain help for "main street" while expecting help for themselves.
Erica, the link must not be working...I can't pull it up.
AC,
Please keep D. Howard on the radio with the small time idiots.
Nationalizing the banks would be a complete mistake.
The answer is ...to remove the goons from congress; such as Dodd,
Frank and others who allowed this to happen.
temporary nationalizing is necessary. As Nouriel Rhoubini and other economists note, most of the big banks are insolvent. their market caps are based on the hope that they will siphon off the public spigot. Wipe them out and reorganize the lending so that communities benefit through micro credit programs. We don't mind letting others take the fall when market forces move against business, see the pensions that go bust, 401k's etc along with the layoffs and euphemistic "downsizing". Big bank shareholders are no different.
I have money for 10 years CD, FDIC insured. I am afraid now.
FDIC money safe?
Maybe we need to let these banks fail because if we keep bailing them out, which its obvious that they are not using the money that it was intended for, its going to put us in bigger trouble than we are right now, and we are in it pretty deep
I cannot believe that it's only February 20th and there have been fourteen bank failures in 2009. More numbers that just don't make any sense. Amazing.
I lost my job, I lost my home, I lost everything,
GM Recieved all that money and what did they do?
Send 1 billion to their plant in South America. Hmmm
So I say take the banks and Nationalize them
when are we poor senior citizens going to get our little "bail-out" I waiting desperately.
If phone marking isn't new, why has it taken two years to "keep them honest"?
I believed in Bank of America. When they bought Countrywide, I thought, "o.k., they can do this and they will become the biggest mortgage broker in America."
I have been a real estate agent in California for 28 years, and I should have known better. I also had a lot of Bof A stock .
I was wrong. I was a sap. And, now I'm selling my house to get my financial house in order. Bank of America is just as bad as AIG, or Lehman, or any of the other mortgage banking companies. The fact that Ken Lewis has been subpoened by Cuomo says it all. He and John Thain were in it together. I was married to a corporate banker at Security Pacific ( to turn into B of A) for many years and these people have taken complete advantage of all of us. Nationalize them!
AC360 – don't promote your webcam or Erica's webcast if they are not working. There is nothing up tonight on CNN.com Live video for 360.
Thanks
hmmm... we just did a webcast, amy. in honor of floor crew friday, seth was interviewing don – both are camera operators. is the link not working?
Why on Earth are you concerned that the government would do a worse job of running the banks than the bankers? DUH! the bankers certainly didn't know what they were doing. Or if they did, they should be in jail!!
If Federalizing the Banks restructures them and allows them to begin lending again then the answer is.... what are we waiting for?
Federalize the banks that go under leaving Credit Unions alone, allows Americans to exercise their right to choose!
Otherwise....Let em all fail, Bail out No-One and we can rebuild!
Starving Real Estate Broker in FLORIDA!
Anderson,
It is so hard for some of us retirees in our 70's who were advised that BAC was the best investment for us, and now here we are worried to death about our future.
To the guest speaker : How dare you suggest wiping out the shareholders of banks, claiming the taxpayer should not subsidize them. Yet the taxpayer should subsidize overextended homeowners and prop up their inflated home values?
I can't believe what a mess our economy is in what was left by The Bush Administration. How in the world did it get this far, you would have though someone in his adminstration would have seen this coming, or do you think they did, got their money and then said well lets dump the rest on the new President. That what it seems like to me
@ Amy – I'm not getting the Webcast either.
I see no reason why the banks should not be nationalized at this time in the current economic climate. Once the economy settles down and there is hope, now that we have a "good president", then we can de-nationalize them with a better set of rules and regulations.
The administration should make sure it has an easy way of getting statistics on all applicants for the refinance. That would be helpful in telling us how bad off people really are, particularly those with bad credit going back more than 3 years.
Sex & Money, it's all about sex and money. Divorce business is up at our firm – big time.
what your so called money expert does not realize is that the nationlization of the banks would crush the insurance companies because they own tons of bank prefered stock in their portfolios as well as the fixed annuities that some americans own...money expert what a joke this would kill the banks as well as the insurance companies...later
AC:
Banks in India have always been nationalized. Yes we have to wait in lines for a while but money are not given out blindly and interest rates are not that bad either. Current economical situation has affected very little in India and its banks. I say let’s do it, Govt cannot do any worst then what these CEO clowns are doing.
Lots of money went to pork. I support the stimulas, but I question the haste to get it done. I suspect sly and sneaky, not transparency.
Nationalize the banks for a temporary period. It is dangerous for the government to inject money we dont have to irresponsible bankers.
Anderson the economy is not having any adverse affect on my sex life. In fact I still remember back last year when I had sex. I had a job then too. I had them both at the same time. Now I collect unemployment and unsex.
Clark Howard is ABSOLUTELY correct. He is totally trustworthy. Nationalize these currently criminal banks. B of A is charging people on unemployment .50 for the cost of their phone call TO the bank to see if their unemployment check was electronically deposited. B of A raised my credit card rate to 20%. I was not late, I was not over my limit.
Anderson,
What happens to the thousands of credit unions and other ‘non-traditional’ financial institutions if the government nationalizes banks?
Anderson,
The week concludes without concrete solutions to the systemic crisis.
With the increase in unemployment in the United States are growing fears about the credit card companies. There is increased risk of default, with the decrease in income of households.
The Government has some action to this problem?
Hi, Anderson, Erica, Megan, everyone. I can't believe there's another bank failure.
I do feel that, as Ed Henry noted the White House is feeling, the different parts of the President's plan will come together, can come together.
All right, I can see what Clarke Howard is saying about not wanting the taxpayers to be on the hook and then wiped out by a banks bad decsions, but I agree w/David Gergen about wanting to get private investment in the banks, that's the help that's needed, just have to make it profitable. Also, there's alread a bad bank provision in treasury's plan at this point isn't there?
2nd half of the Troubled Asset Relief Program is needed.
I can't seem to get the webcast...
What does it mean to Nationalize a bank? If it means that Banks will not waste tax payers money in sponsoring football matches, then I am in support of it. Thanks Anderson.
What I haven't heard anyone talking about yet is that we are likely to have to recapitalize the banks yet again within a couple of years upon adoption of the International Financial Reporting Standards. It would be interesting to introduce this into the discussions of nationalization.
another bank failure wow.