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February 20th, 2009
09:45 PM ET

Live Blog from the Anchor Desk 2/20/09

Want to share your thoughts on the stories we're covering tonight? You're in the right location. Just scroll down and post your comments. This is where you can "chat" with Anderson and Erica during the program.

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Keep in mind, you have a better chance of having your comment get past our moderators if you follow our rules.

Here are some of them:

1) Keep it short (we don't have time to read a "book")
2) Don't write in ALL CAPS (there's no need to yell)
3) Use your real name (first name only is fine)
4) No links
5) Watch your language (keep it G-rated; PG at worst - and that includes $#&*)

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Filed under: Live Blog • T1
soundoff (569 Responses)
  1. Jen

    My view on this stimulus plan: Obama has the best of intentions, but I think his focus is just off. bailing out foreclosures is a short term solution, and you can't plug a hole that will continue to grow. I'd rather if he put the majority of the money into businesses to grow and to hire. People would be more empowered with a job and earning power of their own, than handouts without foreseeable prospects in the future. The money for businesses will also help US companies more competitive. Put foreclosed people into public housing, assure them of necessities, like food and shelter, but give people ability to fish, not the fish.

    February 20, 2009 at 10:21 pm |
  2. Dodie from Irvine, CA

    After 8 years of an administration lying to us... I much rather have pres. Obama being honest! Finally someone is honest with us.

    February 20, 2009 at 10:21 pm |
  3. starr formerly known as vincent

    Yes, people are stressed out!

    However, Pres. Obama has only been in office 1 month. It took years for us toget where we are....the pessimism and negatively need time to turn around.

    I agree with Pres. Clinton, positive re-assurance would be helpful and I believe that is what Mr. Obama is trying to do...he has stated he is an eternal optimist. He also has to be honet with us about where we are now.

    He has to be realistic and a leader too. It is a real tight rope he is trying to walk.

    February 20, 2009 at 10:21 pm |
  4. Michelle, Kansas City

    Anderson, this is long, but people need to hear it.

    We need a re-set of our economy, starting with the money itself. Nationalization of banks? Not the way you're suggesting, not to the end you're suggesting, but yes – for a real purpose. Our money needs to be backed by real assets. If a bank is underwater with no chance of recovery, the government should take control of it, re-issuing notes to the people with money in those banks, and BACK IT with gold, silver, or other real assets. Guarantee the assets of account holders. Then, once there's REAL WEALTH back in the hands of Americans (not these worthless unsupported paper scraps), allow investors and economic experts to purchase the banks and build up the economy from scratch in the private sector, the way a true capitalist society should work. Allow viable banks to purchase into the program. Once banks and Americans have real, backed wealth, money will mean something again. And for goodness' sake, ditch the Federal Reserve!

    You want answers? I've got answers.

    February 20, 2009 at 10:21 pm |
  5. chuck - st. louis

    More sex in a bad economy? Why not? Why should Wall Street and Washington have all the fun?

    February 20, 2009 at 10:21 pm |
  6. Tim Petreikis

    Anderson, I think I would have to agree with what our founding father Thomas Jefferson said, "'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

    February 20, 2009 at 10:21 pm |
  7. Jo Ann, North Royalton, Ohio

    What happened to that uplifting message of hope? Why wasn't Obama this pessimistic and realistic during the campaign?

    February 20, 2009 at 10:21 pm |
  8. Cindy

    Hi All-

    In light of everything that is happening today in our economy, do any of you as ordinary citizens feel we are headed for a depression (in the US/globally), or do you feel we will only experience a recession?

    Cindy,
    Cincinnati

    February 20, 2009 at 10:21 pm |
  9. Tim Richardson

    If we ( us citizens/taxpayers) nationalize a bank, does that mean we lop off all the board members and their parachutes? I'm all for it if it means that these bozo's aren't getting off easily. BTW, I know a thing or two about succession planning since living in california in the 90's and worked for more than one company that was acquiring or being taken over.

    February 20, 2009 at 10:20 pm |
  10. isaac,Miami, FL

    I believe Banks like bank of america in some way must controlled or regulated from all the money they've has been stealing from the customers in the last years, with hiding fees and manipulating deposits and overdrafts penalties. Together this with all worst services provided to the customers. My opinion it must no be bailed out all. Bankruptcy is the solution for it.

    February 20, 2009 at 10:20 pm |
  11. Rekha Shetty

    Hi Anderson:
    There are lot of countries their Banks have Nationalized.
    For Eg: India and other countries.

    It is a very good idea to do that . Instead of tax payers money goes to
    the Dead Bank which they do not do any loans. Hence, it is better Govt.
    take it and rearrange the bad loans, and start fresh.
    Otherwise, you are feeding money for the big whole. It is extremely imp.
    to have Trust in our Bank.

    Rekha

    February 20, 2009 at 10:20 pm |
  12. Miranda

    Anderson

    Umm how is that people can request money and not spend it for the projects they requested? Can we not just deny them money the next time so they learn their lesson or actually appoint people who when they request money for say a dam will actually build it? It's just crazy talk would I speak and translate fluently so what gives and it shouldn't be money either

    Miranda

    February 20, 2009 at 10:20 pm |
  13. Cindy

    Talking sex on ac360! Who would've thunk it! LOL

    I can see why peoples sex lives are suffering...they are too worried about their jobs, how they will live and all.

    Cindy..Ga.

    February 20, 2009 at 10:20 pm |
  14. Greg

    What's with the sensationalism around the banking industry? And who was that in favor of nationalizing our largest institutions? Do we even know what is credentials are?

    BAC has sufficient cash at the parent level to run for 2-3 years, has already paid $402MM in their first dividend to the US Gov, and is having an extremely strong start to the year particularly with the boom in their Countrywide division....

    How about some real reporting based on facts, folks instead of following the herd!

    February 20, 2009 at 10:20 pm |
  15. C Snapp

    The budget deficit in Kentucky has caused the state agency where I work to pull 'all travel' reimbursments/costs and recently issued a 'no-discretionary spending' the rest of this fiscal year – June 30th. This includes the purchase of office supplies and postage. Stark contrast with the report today of how many members of Congress are travelling OUTSIDE of the United States – ex: Pelosi (Italy) attending banquets, conferences and receiving gifts – I thought the NEW CHANGE was "the bottom up" replacing "trickle down" – well the bottom feeders have done our part but it looks like the message didn't make it to Congress there must have been 'loose' connection in the communication on the way over the Appalachian Mountains!

    February 20, 2009 at 10:20 pm |
  16. Isabel, Brazil

    Erica,
    For me not working for days.
    I do not know if I caught the CNN International, where there is a difference ...

    February 20, 2009 at 10:20 pm |
  17. Paul

    With looming bank failures amidst all the other financial debacles, is it not time to address what I perceive to be the root cause of the economic downturn? Change the banking system from the Federal Reserve (60% + – foreign banks) to a US Government Bank, similar to Canada who's banks made $8 billion vs. losses by US Banks of $8 billion in 2008.

    February 20, 2009 at 10:20 pm |
  18. Barbara in Boston

    Erica, no webcam from the studio.

    February 20, 2009 at 10:20 pm |
  19. Erna Toback, PhD

    The bankers have gotten us into this mess.
    Why should they be trusted to get us out of it?
    They are morally bankrupt.
    Let us not put good money to bad.
    The answer may be to nationalize the banks.

    February 20, 2009 at 10:20 pm |
  20. Gautam

    Ok..Now that's a catch 22 situation for the President. Damned If he does, Damned if he doesnt

    February 20, 2009 at 10:20 pm |
  21. Allen Goyne

    RE: Carl Scott

    I agree with you – I heard Jim Cramer say that the other day

    just give everybody with a mortgage the option of a 4% 40yr mortgage

    Great Idea

    takes out the sour grapes argument

    February 20, 2009 at 10:20 pm |
  22. edmond

    any type of regulation at this time is needed .nationalization of the banks and the health care industry would also be a helpful thing

    February 20, 2009 at 10:20 pm |
  23. Maureen T, Canada

    So if that young man is having sex a lot more I certainly hope he believes in birth control, you know what I mean?

    February 20, 2009 at 10:20 pm |
  24. Dodie from Irvine, CA

    @Fay – California I agree... I am just afraid he may make a lot of enemies

    February 20, 2009 at 10:20 pm |
  25. Lindsey

    So Bobby Jindall (Gov. of Louisiana) says NO ....to the stimulus money..when New Orleans still needs rebuilding....maybe it's time that you make another trip to N'orleans Anderson...remind people how much work still needs to be done.

    February 20, 2009 at 10:19 pm |
  26. Geoff

    Great show Anderson! You and Erica have a nice weekend too!

    February 20, 2009 at 10:19 pm |
  27. Lisa,FL

    Why are the credit card companies raising the intrest rates so high to where it is making it so difficult to pay them off, or even be able to make the payments?

    February 20, 2009 at 10:19 pm |
  28. Monte

    Clark, If i wanted to start a business, Are Grants the thing to use to get started, and if so wheres the best place to go to get one. And how do you know ifn the place your checking on is not a scam. Thank You! Monte from Indiana

    February 20, 2009 at 10:19 pm |
  29. Jo

    My husband and I have $130,000.00 cash in BofA. Is it safe or should we switch banks?

    February 20, 2009 at 10:19 pm |
  30. David

    Clark – we're all praying for a successful surgery and complete recovery

    AC – AWESOME book.

    On the banks – my biggest concern is that any intervention by the government is almost impossible to dissolve, and nationalizing any of the banks would be no exception. Look what happened when the feds set irresponsible incentives/requirements to get folks into homes they couldn't afford – oh wait, that's what more than likely got us into most of this mess. . . .

    February 20, 2009 at 10:19 pm |
  31. Dulcie - Denver

    I couldn't get into the webcast either, Erica.

    February 20, 2009 at 10:19 pm |
  32. Jared

    Nationalizing the banks is one approach to correcting our floundering financial system. However, what that solution is attempting to do is force the managers of the banks to have more accountability and oversight (even those words are overused). However, like in a company with a lot of hierarchy, more levels just causes inefficiencies and increased costs. In reality, the problem that must be fixed is more responsible management of the assets that the banks control. This can be accomplished through "nationalization," or by somehow giving the people that run the banks positive confidence, motivation, and incentives to properly allocate the resources that they have available from this point forward! Whatever is done to improve the situation, money needs to be spent on new investment projects that will stimulate our economy so we can remain an influential economic power in this world!

    February 20, 2009 at 10:19 pm |
  33. Tracey - Boston

    No the link isn't working, Erica. Help.

    February 20, 2009 at 10:19 pm |
  34. Sharon

    The more negative talk that is going on the more people are not going to spend. CNN you got to start reporting more positive things stop showing all the partisan stuff going on.

    February 20, 2009 at 10:19 pm |
  35. Gail

    I believe the banks were nationalized at some point in the Great Depression, and they emerged OK and private entities. Mr. Krugman, Nobel Laureate in Economics, believes nationalizing the banks would be a good idea, and he is a Nobel Laureate. He says the banks could be auctioned off at a later date, thereby privatizing them once again. You know, as much money as we are pouring into the banks, the auto companies, etc., we could own everything right now... At least we would have something tangible for our money,.

    February 20, 2009 at 10:19 pm |
  36. Carl Brosseau

    You should tell that by the way if Mr GreenSpan is sending fear into the market by saying that bank will probably be nationalize, he is doing it to take some big Monetary advantage personnally as is boss Mr John Paulson, an Edge fund Manager which have makes and still makes BILLIONS OF DOLLARS Short-selling banks stock. Mr GreenSpan is sitting on the counsel of Paulson & Co, the Hedge Fund Company.

    February 20, 2009 at 10:19 pm |
  37. Ken - Irvine, CA

    If a bank fails, its employees lose; its share holders lose; and depositers in the bank will lose any amounts over the FDIC insured limit. That was going to happen to Indymac Bank but the FDIC took over and has been operating it since (probably because no one wants to buy it). So my opinion is that if bank is going to fail anyway, nationalizing will be a savior to the employees and the depositors. Only the share holders will lose.

    February 20, 2009 at 10:19 pm |
  38. Nattada, Houston TX

    Good evening everyone. Good Friday to all.

    We get started with scarry stuff today.

    Erica, the link does not seem to be working. I got the black monitor with nothing on.

    February 20, 2009 at 10:19 pm |
  39. Andrew - NJ

    I agree with Renee. The stockholders aren't necessarily "greedy bankers on wall street". Pension funds, 401ks and many mutual funds are huge holders of financial stocks.

    "Wiping out the stockholders" means wiping out anyone who has any kind of savings in a retirement plan.

    February 20, 2009 at 10:19 pm |
  40. Dave

    The talk of bank nationalization scares me to death on so many levels. I work for a bank. Are the hundreds of thousands of bank workers in the US next on the chopping block if all the banks get nationalized?

    February 20, 2009 at 10:19 pm |
  41. Jo Ann, North Royalton, Ohio

    All of the members of congress who voted for the bailout without provisions for tracking the money are responsible, including Obama.

    February 20, 2009 at 10:19 pm |
  42. Billy

    The one thing that I keep hearing is "we gotta get the 'toxic' debt, loans or assets off the books". That doesn't sound like its going to help this countries citizens who could once afford their albeit crazy loans. When am I going to hear "we've gotta UN-toxify these loans".
    let's hear the panels thoughts on that...

    February 20, 2009 at 10:19 pm |
  43. Paula, Colorado

    Anderson,
    Hi! Happy Friday.
    With the stimulus bill signed this week–and further economic plans put forth by Pres. Obama–I hope more effort is put into making it all work–rather than discouraging progress–or continuing in opposition.

    February 20, 2009 at 10:18 pm |
  44. Sarah B

    As a 'survivor' of the Texas banking mess of the '80s & '90s, I am 1000% behind the President in his efforts to see that money is spent as it should be, not a the powers that be want to spend it to pad their pockets. Not only have stockholders suffered but also have innocent employees who lost their jobs due to the greed of executives. Most bank executives are 'good' people, but everyone suffers from those who choose to 'bail out!' CitiBank, don't ask me to pay a higher interest rate on my credit card to allow you to your name on a new stadium for the Mets when my CB stock is now worthless thanks to your mismanagement and malfeasence..

    February 20, 2009 at 10:18 pm |
  45. betsy

    Since we are in such unprecidented terriory I don't think anybody actually knows what to do, I think that is the problem and therefore severe "chances" should not be taken! Also optismism breeds the same as well as negative breeds negative so all should be honest but Positive!

    February 20, 2009 at 10:18 pm |
  46. Brandi - bottom of the boot

    erica,
    the links are not working.

    February 20, 2009 at 10:18 pm |
  47. Dorothy-CA

    Link webcast not working here Erica

    February 20, 2009 at 10:18 pm |
  48. Paul Brosseau

    You can nationalise the banks and be the only socialist country in
    the world without a universal medicare system.
    Paul B. saltspring island canada

    February 20, 2009 at 10:18 pm |
  49. Michelle

    Does anyone no if the banks were nationalized
    during the Great Depression?

    February 20, 2009 at 10:18 pm |
  50. Tom Klemesrud

    The fellow arguing for bank stockholders to be wiped out, was forward the line from those ETF double-short traders in the banks, like the SKF.

    I suppose he thinks it's fair for the short sellers–perhaps people like him– to drive the banks into bankruptcy, while they make a killing– by killing our economy.

    Tom Klemesrud

    February 20, 2009 at 10:18 pm |
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