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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. Tom, Minneapolis, MN

    The administration efforts to help out the specific individuals in the housing crisis, why can't that be expanded to everyone's 401K which is now a 201K ? Isn't that the same problem that our accounts have been decimated no different than the housing ?

    February 20, 2009 at 10:35 pm |
  2. Elaine, Lanham, MD

    Yes, the banks should be nationalized immediately. I saw the RTC up close and personal and it worked, so the model is there and we should use it without apology and now!

    February 20, 2009 at 10:35 pm |
  3. Robert Shorin

    Our banking industry has proven that it cannot self-regulate. It needs more than supervision. It needs direction from our government to protect every bailout taxpayer dollar given to them. This can only take place if our government has the voting power of 51% ownership of every bank to which we have given money, and every bank whose deposits we guarantee.

    It doesn't matter that the stock market has an immediate panic response to the possibility of nationalizing our banks. It will only be momentary. In time, Wall Street, corporate America, and our "socialism-phobic citizens" will get used to realistic policies and programs of "nationalization" that are essential to prevent our banking industry from collapsing. In time most Americans will learn that nationalizing our banks is not socialism. It will preserve capitalism. If you let the banks run their own show, the results will ensure the catastrophe that must happen without nationalization.

    February 20, 2009 at 10:35 pm |
  4. Jen

    Pres Obama is not going to say individual entrepreneurs are what got the US out of all their times of economic woes because that is a republican point of view and it is also not true. The US got out of the depression like it did because of FDR's spending on public programs then all the government spending from WWII. WWII also benefited the US from the european nations borrowing and buying from the US out of necessity. This time around it is America that has the wars and is having to borrow and buy from abroad to support them, as it has already been doing for years under Bush.

    February 20, 2009 at 10:34 pm |
  5. Casie_AZ

    Our beloved country is in far worse condition then anyone could ever
    imagine. President Obama's 1st State of the Union address should be a doozy. " God Bless America, now and in the future which looks totally bleak!!!"

    February 20, 2009 at 10:34 pm |
  6. Michelle

    Dorothy I think that is exactly what Wall Street
    is trying to do they are manipulating the market
    to try and get their way.

    February 20, 2009 at 10:34 pm |
  7. Amber

    I believe that the economy does have an effect on bedroom life. I am so stressed from the worry of just getting by and keeping what I have, the bedroom is the farthest thing from my mind.

    February 20, 2009 at 10:34 pm |
  8. Dodie from Irvine, CA

    The way to determine whether someone lived over their means and bought a house they could not afford and one who was responsible and now lost their job is by looking at the last 3 years taxes including this year. The taxes will paint a ‘portrait’ of the person’s financial capability.

    February 20, 2009 at 10:34 pm |
  9. Jim Ostrove

    I have more of a question than a comment. I have a brokerage account with Bank of America. If they are nationalised what happens to this account? Is there any protection for me?

    February 20, 2009 at 10:34 pm |
  10. Enrique

    Why nationalize profitable banks? Bank of America turned a profit in 2008 and it carries a successful record with integrating prior acquisitions. What we need to do is give this process time. Nationalization speculation only exacerbates the issue driving adverse reactions in our stock markets by the uninformed.

    February 20, 2009 at 10:33 pm |
  11. Glen Up North

    31 minutes late, but I'm here! 🙂 Evening Anderson, Erica, all you great bloggers... I've made 5 chats out of 5 this week! 😀

    February 20, 2009 at 10:33 pm |
  12. Kathy

    I'm so sick of everybody whining. I did the right thing and I can't get money from the government. Give me a break. This generation and attitude is so childish. Johnny has a bigger piece of pie than I do. Give it a rest. People need to support one another. these are tough times. Instead of whining about people that didn't do the right thing, fire all the people that allowed people who came to a broker to find out if they qualified and told them yes when they knew they couldn't. These guys are the ones to blame not the people that didn't know any better. This was american greed at it's finest. Is no not in our vocabulary anymore? If you still have a job and can pay your bills be thankful, don't bitch because there are people who can't and are now losing everything. Get over it. Life isn't fair. America is going down the tubes quickly and this attitude will only get us there faster. Be part of the solution, not the problem.

    February 20, 2009 at 10:33 pm |
  13. Marie

    The value of our portfolio has dropped 1/3 in the past year and a half and we are wondering if we will be able to reach the maturity date in 2 more years. I would like to know what happens to the capital in a variable annuity if the value of the fund goes down to zero.

    February 20, 2009 at 10:33 pm |
  14. Kathy, Chicago

    I think that helping out people who have lost their jobs is a good thing. I don't think that we should help people who willingly bought more than they could afford. We shouldn't have to pay for their bad choices.

    February 20, 2009 at 10:33 pm |
  15. Eleanor Goldman

    I'm 70 years old and have saved about 380,000 $80,000 of which is in Bank of America CDs. Should I withdraw this money? My only income is $655. a month in social security and $450 a month from a part time job. I'm really frightened about my future and that of Bank of America.

    February 20, 2009 at 10:33 pm |
  16. Gautam

    China Has Enacted A Voucher Payment System Instead Of Cash On A Trial Basis To Help Spur Consumer Spending. Is That An Option America Would Be Interested In?

    February 20, 2009 at 10:33 pm |
  17. David Gergen

    Hello again - some of you have raised an important question: would your deposits be safe if major banks were nationalized? Thankfully, yes, that was one of the reforms put into place during the Great Depression.

    February 20, 2009 at 10:33 pm |
  18. Saleem Banatwala

    All I ever hear about is the homeowners and how terrible it is that their home prices are falling and how we have to do what ever it takes to make sure they keep their homes. What about all of us that held off on buying a home until prices came down to a reasonable level? We stayed in our apartments that we didn't necessarily like because we thought our patience would be rewarded. We knew we couldn't afford a house at the current price so we waited rather than get into a home that we wouldn't be able to afford. However I can see now that I should have just gone for it and then when the payments got too much to bear I could have just sat back and let the government force the taxpayer to take care of me.

    February 20, 2009 at 10:33 pm |
  19. marcia

    You say sex is down in the country. When yesterday the news said,
    condom sales were way up. Because people are making their own
    entertainment. Who is right?

    February 20, 2009 at 10:33 pm |
  20. Jean

    So, the new theme is "Obama needs to build confidence and not be so negative" (heard it on PBS as well.) Got to tell you, as long as Republicans are out there with their doom and gloom ("it won't work, a waste of money, etc etc etc"), I don't think Obama can turn it around single handedly and it will just be another opportunity for the right-wing!

    February 20, 2009 at 10:32 pm |
  21. mike

    When talking about nationalizing the banks and that Taxpayers should not bail out shareholders it's important to note that thousands and thousands of shareholders are tax payers (not aliens from another world) many of them middle class retired and dependent on divedends as a source of income.

    February 20, 2009 at 10:32 pm |
  22. Minou, New York City

    Hi all, just got home..to news of the 14th bank failure? woah...

    February 20, 2009 at 10:32 pm |
  23. Ronnie

    Hi Anderson, I am just hearing about people loosing their homes. whats in this stimulus for people that rents and cannot pay their rent the fact that they lost their jobs. And they are being kicked out.

    February 20, 2009 at 10:32 pm |
  24. Eric walker, Miami fl

    I have a rental home in Palm Bay, Fl purchased for 205K 3 years ago
    Brand new similar homes are selling for 140K

    February 20, 2009 at 10:32 pm |
  25. Rikki, Fargo, ND

    Those videos of the foreclosure proceedings are absolutely heartbreaking. People who have worked so hard all their lives to provide for their families and now they are losing their homes....devastating...I cannot imagine!

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

    Question:
    How come the Board of Directors of the bad banks are not held responsible, they hired all the top personnel. They also have E & O insurance to cover the bad decisions.

    February 20, 2009 at 10:31 pm |
  27. Jeannette

    Hi Anderson,
    I also would like to know if the credit union would be nationalized. In the case of Citi Bank, what would happen to their credit card business?
    Jeannette – PA

    February 20, 2009 at 10:31 pm |
  28. Raul Camarena

    My question: Have you noticed that the talking heads in the House, Senate, White House and the so called expects on television shows are the same ones that have been in charge for many years and all professed to be experts are the ones that led the american people to this mess and now are all telling us how they are going to get us out of this mess. If I ran a private business like they ran this country, I would have been out of business a long time ago. The problem seems to be that they have a hunger for the American taxpayer's money that can not be stopped. We need to get rid of 90% of government and go back to what we can afford. If you live beyound your means, you deserve what you got.

    February 20, 2009 at 10:31 pm |
  29. Paul

    Maybe it would help if the media had a little more "hope than mope". Every story on every major network is basically doom and gloom. You all need to lighten up.

    February 20, 2009 at 10:31 pm |
  30. Gloria, Brooklyn, NY

    Our poor banks, whatever happen to the good old days when it was impossible for the banks to go broke? Our banks are in the wind.

    February 20, 2009 at 10:31 pm |
  31. Heather - Spokane, WA

    When an armed police officer has to go into a foreclosed home like that, it tells you exactly how bad our economy has gotten

    February 20, 2009 at 10:31 pm |
  32. Ralph

    I think banks should voluntarily lower interest rates on mortgages allowing homeowners a chance to stay in their homes - rather than foreclose, take the property back, and let it sit vacant, unattended, and decaying.

    February 20, 2009 at 10:31 pm |
  33. Bea

    Deregulation meant fewer lawyers for the little guys in the mortgage crisis. The big guys always had lawyers and always will. The little guys were left with no one on their side - and were told they were saving money by not having a lawyer.

    February 20, 2009 at 10:31 pm |
  34. Steve - southern Illinois

    I just shudder wondering how close we are to a total collapse of the U.S. Government.

    Sorry for thinking that way.

    February 20, 2009 at 10:31 pm |
  35. Jo Ann, North Royalton, Ohio

    I would like to know how these banks decide who to foreclose on who to help.

    February 20, 2009 at 10:31 pm |
  36. Geoff

    David,
    Regarding your comment...I feel the banks should be allowed to fail, just, like you or I are allowed to fail, nobody would bail us out. I feel these banks have acted so irresponsibly and have acted so greedy. Not to mention their arrogance regarding the first round of TARP and how they treat current customers who are truly having a hard time through no fault of their own. Charging the outragious interest rates on credit cards and playing the games they do with people who are struggling. Nationalization is a bad word and its sparks controversey, but it needs to be done like it was in the 80's...thanks for listening and asking for the opinion.

    February 20, 2009 at 10:31 pm |
  37. Tom Klemesrud

    "Toxic assets" is a misnomer. These assets are beautiful homes that people wanted so much, that they extended themselves to try to own them.

    Why would homes that everybody wants, be considered "toxic?" It's more like stilted language to forward an agenda, or idea.

    February 20, 2009 at 10:31 pm |
  38. Jasmine-Spokane,WA

    Being a foreclosure judge must be wretched. Wonder how much baggage he has to leave at the door...

    February 20, 2009 at 10:31 pm |
  39. Jim

    We will be unable to heal until this toxic debt has been burried. Nationalize the banks and start over. Get on with it.

    February 20, 2009 at 10:31 pm |
  40. Cindy

    @Bridget,TX..I agree we are moving way too fast on all of this. We need to really slow it all down and really look into it before we decided to just jump into nationalizing banks. I mean if we do that what is next!?

    Cindy..Ga.

    February 20, 2009 at 10:30 pm |
  41. 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 (company Vale) and businesses less productive was nationalized

    February 20, 2009 at 10:30 pm |
  42. Cessy, Chicago

    talk about multi-tasking on a friday night! texting overseas friends asking why there is no webcast and behind the scenes from AC360 studio-wondering if im experiencing the same thing...planning with Chicago friends where to go and meet tonight..explaining to them I cant meet unitl after AC360 is over...(They know better not to bother me when the show is on but it's friday and everyone is stressed!)and yeah, blogging...whew!

    February 20, 2009 at 10:30 pm |
  43. Carrie Bradshaw

    Question for Clark:

    If banks are federalized, how will that effect Credit Unions?

    February 20, 2009 at 10:30 pm |
  44. niwat, Chicago, IL

    Hi AC, AC360 and bloggers,

    Well before solidifying nationalising the 14 banks policy, What is the progress of the first TARP that poured to community and regional banks in the past october? Did they stimulate and strengthen local microeconomy? if yes, i think the same injection wouldn't be such a terrible idea..only this time it will be in a grand scale.

    Happy Weekend! ...

    February 20, 2009 at 10:30 pm |
  45. Andrew - Providence, RI

    Why nationalize institutions? Let them sink or swim on their own... This talk of 'seizing' Citi and BAC is hype meant to manipulate their stock price...

    Do folks understand how broadly held these stocks are in their 401Ks and pension plans? Nationalize them, and all stockholders loose.

    Let the markets work like they're intended to....

    February 20, 2009 at 10:30 pm |
  46. Connie in Vegas

    Aw, no! Don't tell Barack he needs to lighten up. We CAN handle the truth about the economy. In fact I'm real sick of the happy talk we got for eight years while the fat cats told us how fundamentally sound the economy was. Now we're impatient for our president to tell us it's all better? Reality check needed. Are we men or mice...(women or meese?)

    February 20, 2009 at 10:30 pm |
  47. betsy

    I am a Real Estate broker–isn't it true that 92 percent of people are on time–that it is only 8 percent that are inn real trouble?? Where did I hear that?

    February 20, 2009 at 10:30 pm |
  48. Peter Millington

    My question is very basic about banking:

    If the banks need cash, why don't they raise the interest rates of savings accounts?

    February 20, 2009 at 10:30 pm |
  49. Brandie Hayes

    Or how about a 40 year -50 year Mortgage with an Interest rate at an even 5.5% For those Under WATER/facing foreclosure that apply for the program...Most should qualify... so they Break even BASED ON HOUSE VALUE and start again with their past due balance on a bubble....reducing the amount by 1500.00 per year for each year they remain in their homes. No Capital Gains exemptions for people who have to implemant this "Mortgage Bailout Program" when they sell their house the balance due to the Mortgage company from the reset is paid as a "prepaid penalty for selling before a set time frame....we'll say 5 years to 10 years on a sliding penalty scale.
    New Home Buyers =New Construction, and 1st Time Home Buyers; should get a 3% Government rebate check filed for refund at the time when the Deed or Mortgage note is recorded with the respective municipality, that money will stimulate the economy because the home owner will use it to buy New Home Odds and Ends like Shower curtains and Home improvement upgrades!
    2 Birds 1 Stone!

    February 20, 2009 at 10:30 pm |
  50. Bridget, TX

    @Michelle, I agree, the President does offer some optimism at the same time remaining real and telling us what we already know-things are bad. However, I think the media is the one scaring people not P. Obama.

    February 20, 2009 at 10:30 pm |
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