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February 20th, 2009
09:45 PM ET

Live Blog from the Anchor Desk 2/20/09

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

    they make it sound like the mortgage rates are so low, and post these low national averages, yet my big Harris bank isn't passing them along, they'll lower them for a day then right back up! it sure doesn't seem like they're passing along the money they've been loaned from us

    February 20, 2009 at 10:30 pm |
  2. Kenneth Bellardo

    WHAT HAPPENS TO OUR RETIREMENT FUND SHARES WE HAVE INVESTED IN BANK OF AMERICAN STOCK. WOULD LOSE EVERYTTHING WE'VE WORKED FOR OUR WHOLE LIVES IF THEY NATIONALIZE THE BANK???????????????????????

    February 20, 2009 at 10:30 pm |
  3. win joe

    There is no incentive to save for the middle class. Why is interest on savings account taxed? Divideds on stocks are taxed at a lower rate. Middle class people do not have the money / time horizon required to stay in stock market / risk apetite to invest in stocks outside 401k. Having no tax on interest, effectively increasing the interest rate, will encourage people to have a cash cushion without worrying about inflation.

    February 20, 2009 at 10:30 pm |
  4. Shadow

    how many of us are going to lose our homes and lives?

    February 20, 2009 at 10:30 pm |
  5. angela

    they tell depositors they are covered, they are suppose to be covered. now that the banks are in trouble, you are covered even more, so if every bank fails do you believe everyone is really covered, I dont. it was to create a falsesense of security. in the perfect storm the gov can seize everyones money.

    February 20, 2009 at 10:29 pm |
  6. Rekha Prem

    I forgot to say i am watching you from Singapore!! The gov can do a good job. but most of the times they get carried away and if they do stay too involved in the economics of running a country then corruption and inefficiency generally set in. So long term, it sure is not a good thing. I know because i am an Indian and nationalization can take out efficiency and productivity! If nationalization is the only resort at this hour then the gov should get in with an exit policy when things turn around. and people should make them accountable for it too! Hey Ac 360 keep them honest!!!!

    February 20, 2009 at 10:29 pm |
  7. Eric walker, Miami fl

    Some of my fellow citizens just don't get it. You go to work and produce something and get paid for it. This allows you to take care of your family. Over the last 25 years we have watched factories, mills and plants close down. These good paying jobs replaced with welcome to burger king jobs. If the country does not produce anything but consumes erverything we will be doomed.

    February 20, 2009 at 10:29 pm |
  8. Jen

    Sex live in this economy?! no secret here, you are either too depressed to move, or too depressed to do anything else but.

    February 20, 2009 at 10:29 pm |
  9. dario

    where did all this lost money go? let's not forget how the people where told years ago about how social security will be broke and big gov said ira's and 401 investments is the way to help for retirement who in the h... do we turn to?

    February 20, 2009 at 10:28 pm |
  10. Megan Dresslar - Shoreline, Wa

    Hellooo Anderson, Erica, and best bloggers…..
    I am sorry be late to join tonight . and That is so bad news for banks failed.

    February 20, 2009 at 10:28 pm |
  11. Renee

    @ Mike in Syracuse, NY: You can have FDIC Insurance up to $250,000 per person/per account until 12/31/09.

    February 20, 2009 at 10:28 pm |
  12. Brett

    When will they get it? I don't mind the mortgage modifactions and helping a neighbor out but why should I have hamburger while my neighbor has steak? Something should be done for the RESPONSIBLE home owners. I think a $15,000 0 interest 0payment loan for home updates and repair for the RESPONSIBLE home owners would not only put a huge number of trade workers to work but it would reward the the people for paying their bills ontime. The hamburger might taste a little better! These loans would be repaid when homes sell in the furture and it would put MILLIONS to work now!!!

    February 20, 2009 at 10:28 pm |
  13. Anthony , Pa.

    The people who work for the banks are not the problem. It's the ceo not tellers.

    February 20, 2009 at 10:28 pm |
  14. Loren

    I think there's nothing wrong with the U.S. deciding to 'effecitvely' nationalize our banks-actually I'd prefer if all the banks were shut down, the executives all fired and new community lending banks were set up to offer consumer lending. But realistically, since we need to keep the banking management teams in place, there absolutely needs to be a dotted reporting line for approval on risk and other decisions to the Treasury or the Fed, after the 'bad assets' are taken off the books by the U.S. govt under any restructuring plan.

    February 20, 2009 at 10:28 pm |
  15. Liz

    Hello from Nairobi everyone!

    February 20, 2009 at 10:28 pm |
  16. John

    President Obama is making the economy worst by Scaring the public with very little hope and constant words like "crisis" and "catastrophe". A leader is suppose to Inspire people and provide optimism and confidence. FDR said "The only thing we have to fear is fear itself". Well Obama is Creating more fear among the public to push his socialistic agenda and to redistribute wealth.

    The US Government should not redistribute wealth, but should reduce taxes so We the American people can spend our own hard earned money.

    February 20, 2009 at 10:27 pm |
  17. Lori from IL

    Anderson - good panel discussion tonight.

    And to David Gergen - always appreciate you comments - and I think nationalization of the banks should be a last resort. I like the "bad bank" idea, better.

    February 20, 2009 at 10:27 pm |
  18. Andrew

    It's odd hearing about all the national banks and financial institutions failing and needing huge amounts of money from the government when all of our small town local banks seem to be doing just fine.

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

    Obama has been honest with us and ran a clean campaign. I appreciate his candor and this to me shows that he is serious about change.

    February 20, 2009 at 10:27 pm |
  20. Craig - Santa Clara, Ca

    Re: Mortgage Crisis

    We need to create the Department of Mortgage and let the companies and citizens pay the Government our monthly payments ...

    Banks can not be trusted to help !

    February 20, 2009 at 10:27 pm |
  21. Megan Dresslar - Shoreline, Wa

    Hellooo Anderson, Erica, and best bloggers.....
    I am sorry be late to join tonight problem tech my computer glitch. and That is so bad news for banks failed

    February 20, 2009 at 10:27 pm |
  22. Paolo

    While it is good to be realistic about how the economy is expected to perform, the president must remember why he was elected – precisely to fix the mess.

    February 20, 2009 at 10:27 pm |
  23. Bridget, TX

    Hi David G:)
    We are making too many big drastic decisions in a short period of time, so no I'm not for nationalizing the banks. Please let's slow down and see where we go with the stimulus plan and housing plan before we even consider nationalization.

    The president is going to need a vacation before he hits his three month anniversary at this pace.

    February 20, 2009 at 10:27 pm |
  24. EJ (USA)

    Recession has had zero impact on my sex life..

    February 20, 2009 at 10:27 pm |
  25. Brenda

    Hi everyone, I was wondering about US savings bonds , are they still safe? and if you have alot of them should you worry about having all your money in bonds?

    February 20, 2009 at 10:26 pm |
  26. Barbara in Boston

    David, what ever ahppened to the original TARP idea – that the government will buy the bad debts? Isn't that essentially the idea of a "bad" bank?

    February 20, 2009 at 10:26 pm |
  27. Miranda

    Anderson

    Oh let the President say what he is going to say If he did not feel the need to say it he wouldn't. Life is not a fairytale with a happy ending...it's like i'd be married to you not going to happen, yeah so people wake up!

    Miranda

    February 20, 2009 at 10:26 pm |
  28. Clarence

    Optimism is hard to find when the news agencies also carry the news of bank failures... and foreclosures... and even when they go into the bedroom of doom.

    February 20, 2009 at 10:26 pm |
  29. CaseyJ - Novato, CA

    @Mauren..."Sex & Money, it’s all about sex and money. Divorce business is up at our firm – big time."

    What kind of business are you in?

    February 20, 2009 at 10:26 pm |
  30. Gautam

    Looking At The Road Out With Rhetoric, Isn't That The Same Problem America Faced With The Bush Administration. Is Regulation Going To Get More Tighter? Will Wall Street Allow It? Will President Obama do the hard thing and take a knock on his approval rating? These Are The Answers That Are Needed. Not Rhetoric.

    February 20, 2009 at 10:26 pm |
  31. Shannon

    Hello Anderson- just got to tell you I disagree w/the reports on the Nation's Sex Lives- I work for an inhome adult party plan and I have to say sales are GREAT! My organization had the best year ever in 2008(just over 1 million in retail sales) . I realize people are spending less money on many things such as going out, or traveling however- my sales figures are showing people are staying home and keeping "Passion" alive. 2009 is already looking real Passionate!
    Thanks and I love your show!
    Shannon in WI

    February 20, 2009 at 10:26 pm |
  32. George

    We The People need to realize this money is being created by the Privately owned FEDERAL RESERVE BANK and we the tax payers and the Government are on the hook to repay this Loan They are referring to as a stimulus!!
    The private bankers are the ultimate loan sharks and until the American People, understand how they rigged the game against us,
    We The People, will continue to be hung out to dry by the private bankers!

    February 20, 2009 at 10:26 pm |
  33. Dorothy-Calif

    I know very little about the stock market but is it possible for Wall Street fo manipulate the Dow Jones results to show them lower so that banks and other large corporations will appear to need more bail out money?

    February 20, 2009 at 10:26 pm |
  34. Bill

    Hello Cooper and Howard

    Is the nationalization of banks an answer for the credit market to unfreeze? If so, what kind of time frame would we be possibly looking at?

    Take care,

    February 20, 2009 at 10:26 pm |
  35. Amber

    Just listened to the story regarding nationalization of banks with 3 pundits. Free market person here with common sense...tired of the Republican vs. Democrat drama. Obama said we need to get over the drama of the 60's and we need to avail ourselves from the same drama here. Best pundit you had was the youngest and most honest to the right of my screen speaking of nationalization. Taxpayers have no reason to bail out stock holders...period. Is it a permanent answer? No, of course not, temporary, but could work better than the S&L retooling in the 80's if getting these institutions healthy again is the real goal as opposed to continued power struggles from folks who have already proved themselves inept.

    February 20, 2009 at 10:26 pm |
  36. Jeff

    Does anyone really think that this financial mess that we are in is even 1% the fault of our current administration? He is remarks have been candid and we should of heard this in the last 2-3 years when we were hearing how strong things were from the Bush administration.

    February 20, 2009 at 10:26 pm |
  37. Dodie from Irvine, CA

    @ Lori from IL

    I think it would have helped to have a federal bank then. The problem is, thinking out of the 'box' We want to do business as usual and I think we will not be able to do that any more.

    February 20, 2009 at 10:25 pm |
  38. Earl

    Recovery.gov is great, but why not have someone get off there behind and actually hold these agencies hands. Obviously they need it. If you say your starting to build a bridge on one day the next day someone(new job) that doesn't work for the agency should be on-site verifying the work, number of new jobs and documenting the ripple affect. Then we can see the process of our money at work.
    Yes this shouldn't have to be done but it would make for less fraud and more transparency.

    February 20, 2009 at 10:25 pm |
  39. Carrie Bradshaw

    Clark is awesome. I love what he has to say. Entrepreneurs are what make this economy work. Who is going to further their cause? Will the govt make money available for people to start up a business, or will they see it as too risky – not a sure thing?

    February 20, 2009 at 10:25 pm |
  40. Isabel, Brazil

    @ Dodie

    In my country I have lived both sides of the coin: nationalization and privatization.

    Businesses more productive, competent and profitable are privatized (eg Vale)and businesses less productive was nationalized, not always competent (eg Petrobras)

    February 20, 2009 at 10:25 pm |
  41. Marcy

    I agree, sugar coating it, isn't going to fool anyone!

    February 20, 2009 at 10:25 pm |
  42. Michael

    to the guy who said "No one bailed out my 401K."

    If you have an average mutual fund chances are you're invested in Bank of America or Citigroup, and if not, your invested in a stock market that is going to do even WORSE if bank shares are wiped out. Restoring the market cap of these banks would send your 401K soaring back up.

    To sum up : if your in mutual funds you're a shareholder too.

    February 20, 2009 at 10:25 pm |
  43. CaseyJ - Novato, CA

    @Mike in Syracuse...I agree. I'm a BofA stockholder (converted from Countrywide) and I don't believe any of us are entitled to any $. Investing in ANYTHING is a gamble, no matter what it is (including our homes, evidently). Stockholders KNOW there is risk and no guarantys.

    February 20, 2009 at 10:25 pm |
  44. Vik

    I think nationalization is the only way to stabalize the situation. This is huger version of the S&L collapses of the 80s.

    I think its also a joke when they talk about business ethics. It looks that what Gordon Gekko said in the movie Wall Street is true. "Greed is good"!

    February 20, 2009 at 10:25 pm |
  45. Patricia Lum

    We may have to nationalize some banks in the short term. Banks are really information industries. They share market characteristics with communication industries. In about 1917, our telecommunication industry was in such a mess because it was not regulated that the Federal Government nationalized control of ATT in order to put in place technology and control they needed for their involvement in WWI. This period only lasted for approximately 18 months. But the US government made such dramatic improvements in the efficiency and tecnology of the network that they created the best telecom network on the face of the earth.

    We have the internet today because the military , the Federal government, built the ARPA net and then turned it over to private enterprise.

    We can do something similar with the banks, they are an information industry. Money is nothing but a piece of information about the value of a tranaction of consumable goods.

    February 20, 2009 at 10:25 pm |
  46. Cindy

    Clarke is right...too many people tried to live too high on the hog and couldn't afford it and now we all are paying the price!

    Cindy..Ga.

    February 20, 2009 at 10:25 pm |
  47. Bryan

    B of A charged me and everyone else millinons of $$$ in fees!! Where did that money go???

    We all know what B of A stands for......Bank of A..holes!

    February 20, 2009 at 10:25 pm |
  48. Mike

    You don't need to worry about the slow-down in the bedroom... The government has us all bent over and hump day is right around the corner.

    February 20, 2009 at 10:25 pm |
  49. ericacnn

    looking into the webcam links – standby!

    February 20, 2009 at 10:25 pm |
  50. Stacy

    David Gergen, President Obama has reiterated over and over again that he believes we will ultimately prevail. I don't know what more people want from him. He's being realistic.

    February 20, 2009 at 10:24 pm |
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