Larry Kudlow of CNBC Reporting of Emergency Federal Reserve Meeting Tonight

CNBC television | 7/23/2002 | Larry Kudlow

[rumrunner]

Larry Kudlow mentioned that the Federal Reserve may be meeting tonight to discuss the exposure of Citibank and JP Morgan Chase to derivatives and the stock market collapse.

Possible that both banks have billions of derivatives that need to be unwound. Would collapse the banking industry.

[Betty Jo]

Maybe Bin Laden has financial wizards in his court, and is orchestrating all of this?

[Arleigh]

OK, how much you would you like to wager that the US is not in a depression at the end of Bush's term?

The only thing that prevents me from taking your bet is that I'm not sure how to define "depression" in 2004. It's hard to imagine a government with unlimited power to create money allowing a 30's-style deflationary depression ever again. So there's the strong possibility of a 70's-style stagflationary depression with NOMINAL growth.

If I knew whether it will be a deflationary or inflationary depression, I'd be a millionaire in 10 years.

[Shermy]

You underestimate American know-how. These scams were the product of sophisticated American ingenuity.

We're No. 1!

[Ernest_at_the_Beach]

The Democrats see that this is going to assure them of winning back the House and they are reportedly thinking about doing things like the FDR New Deal!

This was stated on a CNBC show, Capitol Report I believe!

[aristeides]

Maybe a submarine would be a good place for the Fed to have a secret meeting.

[terilyn]

Beats me. All I ever see is the Senate doing it. Must be something in the way it's set up? (Congress)

Why doesn't the House confirm federal judges?

[Ernest_at_the_Beach]

This was stated on a CNBC show, Capitol Report I believe!

I believe it was at the end of the show following the K&C hour or possibly at the beginning of the Brian Williams News hour!

[jwalsh07]

A depression is generally acknowledged to be 20% negative growth. The Japanese have not even experienced a depression in their miserable economy these past years.

[aristeides]

Constitution gives only the Senate the right to advise and consent on presidential appointments, including judges. But both houses have the right to hold oversight and investigative hearings.

[uncbob]

they are reportedly thinking about doing things like the FDR New Deal!

NEW DEAL was a FAILURE

there was more unemployment 6 years after FDR took over

WWII stopped it all

[Mo1]

Well the Democrats are MORONS .. they may win back the house .. but this is to big for them to fix with their "New Deal"

Folks are PO'd .. it's one thing to raise their taxes .. it's another thing to steal their savings

[terilyn]

I sure hope it turns out this way. (Can't run and hide forever).

IMHO, Jail is too kind. People have committed suicide over this already, (Enron/Andersen). Accessory to murder sounds good to me. String 'em up!

[justshe]

Interesting that this tid-bit of the Dems winning back the House was published 2 days before the Citicorps/Etc. news broke. Gephardt must have crystal balls.

[OldFriend]

Donald Trump got away with it..........he was into the banks for so much money they felt they had choice but to restructure his debt.

This time there were just too many crooks to bail them all out.......but you can count on it.....taxpayer money will bail the banks out in the end.

[aristeides]

I can see how this might be an opportunity for Nader and his Greens, scary though that thought is. The Democrats are so tied up in all of this that I don't see how they can capitalize unless they quickly purge everybody involved in the scandals, beginning with the Clintons and Rubin.

[TheLurkerX]

I believe it was Time magazine that wrote a major scare story on the derivitive load and American banks a couple of years ago. This fast and loose crap has been going on behind the scenes for a while.

[eno_]

Bingo. If it hits the fan, it will be stagflation. I just signed a 6.25% 15 year fixed refi. At least I'll get half my house for free.

[NormsRevenge]

Im shur the Mossad will have notes transcribed before the sub pulls in .. :-)