Posted on 09/21/2008 4:57:31 AM PDT by Alas Babylon!
The Talk Shows
Sunday, September 21st, 2008
Guests to be interviewed today on major television talk shows:
FOX NEWS SUNDAY (Fox Network): Treasury Secretary Henry Paulson; Sens. Jon Kyl, R-Ariz., and Charles Schumer, D-N.Y.; Bonnie McElveen-Hunter, chair of the American Red Cross.
MEET THE PRESS (NBC): Paulson; New York City Mayor Michael Bloomberg.
FACE THE NATION (CBS): Paulson; Rep. Barney Frank, D-Mass.; Sen. Richard Shelby, R-Ala.
THIS WEEK (ABC): Paulson; Sen. Chris Dodd, D-Conn.; Rep. John Boehner, R-Ohio.
LATE EDITION (CNN) : Douglas Holtz Eakin, adviser to John McCain; Austan Goolsbee, adviser to Barack Obama; former Rep. Rob Portman, R-Ohio.; Gene Sperling, former Clinton administration economic adviser; Rep. Ron Paul, R-Texas.
Hi rodguy!
AIG is so big that its failure would paralyze world markets, as I understand it. The financial sectors are so interconnected (insurance/banks/mortgage companies/large manufacturers/pension plans/bokerage firms) that the failure of a very large insurer-investor like AIG can do real damage to a host of institutions. It has a snow ball effect and pretty soon lots of other companies are failing as well.
Things got so tight that credit was almost paralyzed, and without credit the economy simply cannot function. I think that this intervention is the last resort and is the only thing that could be done.
Everyday example on a smaller scale: Remember when Donald Trump got in financial trouble because of losses on some hotels and buildings? He’s still around, isn’t he? The reason is that the banks had loaned him so much money that they needed to make arrangements with him, rather than foreclosing and forcing him into bankruptcy. He got terms from the banks and was able to emerge from his problems without losing his shirt.
Think of AIG as Donald Trump. They have so many connections that they can’t be allowed to fail. I know it doesn’t seem fair, as a small guy on Main Street would simply go out of business, but unfortunately, this is the way of the world. The consequences of not doing anything would have been a lot worse.
About 7.30 BST
Great post! Right on track here.!!
And with Raines as a key player in Bomas little game and largely responsible for the fiasco, it would surely effect rat numbers which we can't have now can we!! I have yet to hear any of the chatting heads this morning pin this debacle on the rats where it belongs only how we should all get along to solve the tragedy,BS after a while.
I want heads on a spike gathering flies for this much money!
:O)
OK you win
OK if you say so. But I am still a little bit lost about how capitalism failed this time.
After reading a very few of your posts, I decided you were not really the backbone, but just a bit lower.
Capitalism did NOT fail. There’s too much socialism mixed in with it and politicians corrupted it all.
I do as well, here’s hoping Sarah can fill those boots.
Good one!!
The repeal of Glass-Steagall did make it worse, but I don't believe it was the underlying cause. Underlying causes were the attempt by government to force financial institutions to provide bad loans to people with no income and no assets; and the corruption and graft, among the government institutions and community organizations that that attempt engendered.
Your first impression was correct.
I gotcha, basically too big to fail. Makes you wonder how a firm this large could go for so long with out lots of warning signs.
ENjoy thanks.
Gotcha, now it makes sense.
Is that Greenwich time, or one timezone west?
“When someone attacks me, I ignore him/Her.”
That used to work for me, except in cases of physical attack.
The traitorcrats have changed the groundrules for debate and discussion to the point that disputing anything they say or do puts the speaker (and all the family and associates of that unfortunate) in danger of physical harm. (I’ll only point at the sh**storm on Sarah as evidence so convincing I need not bother with apologizing with a “JMHO”.)
Only way to deal with those scumbags is open up a can of whupa$$, knock their lying teeth down their throats and leave ‘em unconscious in the gutter.
THEN you can ignore them.
There WERE warning signs, rodguy, as demonstrated by the efforts of President Bush in 2003 and Senator McCain in 2005, not to mention the forced resignation of Franklin Raines from Fannie Mae.
I think that the financial reporters ignored it as they have a vested interest in people buying stocks rather than sticking their money in CD’s. (After all, how much of a show can you make out of varying interest rates on CD’s?) In addition, because most of the news media is democrat, they were very willing to ignore this DEMOCRAT CAUSED financial mess.
Anyway, that’s my opinion.
Good Lord, man, have you ever read the admonition against violence in posts?
It is located directly below the area in which you type your inflammatory comments.
Heh.
I like it.
Makes really good sense MM.
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