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.
What is your concern with the MER-BAC deal? I thought M&A was one long-standing solution for “buggy-whip co’s”? I can see potential kicking-the-can-down-the-road of problems in the whole sector, by making commercial/investment amalgams now the perceived solution, but please elaborate.
Having said that my school was not bad and if you wanted to learn about this sort of thing it was available to learn. In fact crazy as it sounds if you were hopeless at maths as I was you learned more about real life than those in the higher sets. We learned how to balance your bank account, read gas and electric meters, budget shopping lists etc etc. I think they took the view we would not have much idea with figures so try to put it over in everyday situations personally I thought she was a great idea shame the exam subject of arithmetic is thought much less useful than maths.
There was a long article in yesterday's Wall Street Journal about what was happening. One of the major money market funds had Lehman Brothers paper, which was now worthless. The share value of that money market fund went below $1.00 which set off a panic. There were millions of requests from money market shareholders to withdraw funds - which meant the money market funds had to stop lending to banks and other businesses, in order to have enough cash on hand to meet withdrawal requests.
Businesses depend heavily on borrowing from money market funds, in the form of commercial paper, in order to meet their immediate operating expenses. But the credit market had dried up. If there was no money to borrow, businesses would have to shut down, workers would lose their jobs, and there was the risk of a complete financial meltdown. The market was hysterical.
I do believe Paulson .. he hates this ..
but the undeniable, far reaching effects
of not doing this would be unimaginable,
globally.
I think the name Bloomberg immdediately makes people think of money and money/financial markets.
I do blame Cox for part of this. While derivative trading and construction is not totally regulated (it would not be Cox, anyhow — that would be an SRO) the SEC does have the duty to examine SEC filings. The post Enron laws gave them plenty of ammunition to “review” earnings reports of the public BDs. That is all it would have taken to stop this or short circuit it a long time ago.
I agree completely with your last paragraph. It will be interesting to see just how the mark down (cramdown) the CDSs. The CMOs should not be too hard to at least ball park.
Done right this could be a heck a money maker for the fed. Done wrong it is a federal jobs program for million dollar a year NYC peeps, er perps.
Possibly but many of those groups would not consider themselves part of a denominaton but just as a group of local Christians meeting together.
A left handed one legged Lesbian now that’s good!!!
Totally off comment but what do you find the major difference between Vista and XP?
Absolutely as I said to you yesterday they will talk us into a worse situation.
I hate to be the devil’s advocate, but I don’t see where the CRA had much to do with this at all.
There’s a couple of reasons:
First, the CRA did not force anyone to make dangerous loans. In fact, the original act specifies that it should “be consistent with the safe and sound operation of such institutions”.
http://www.fdic.gov/regulations/laws/rules/6500-2515.html
There were never any monetary penalties if an institution did not comply with the CRA, it only affected applications for new facilities and preferable treatment on inter bank loans, even after Clinton’s 1999 revisions.
Also, I can’t find that low income loans are the majority of the failures. Everything I see points points to middle and upper middle class foreclosures being the problem.
http://online.wsj.com/public/resources/documents/retro-MORTGAGE0807.html
If I’m wrong, I would appreciate some links to applicable mortgage information, or actual penalties levied on institutions for not fulfilling the requirements of CRA.
Thanks.
p.s. I’m off to a service call, be back in a couple of hours.
I am afraid I cannot take credit for it, it was one of our right wing newspapers that coined the phrase for one of the batty London councils pet projects.
Thanks for the addresses! They are always helpful.
It has been pretty well covered here on the threads yesterday that there were some politicians who did see this coming.
Thanks for that link;
LATE EDITION (CNN) : Carvelle is on
“Obama offers a tax cut for people making less then $250,000” [ James, tell me where?
http://www.barackobama.com/issues/economy/ ]
[ or you better get that in writing and read the fine print ]
Back when I went to high school college track students took theoretical math like Calculus and Trig, and the non-college track took commewrcial math.
Don’t know how to do links. Can you go to www.redstate.com and see if it’s still there?
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