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March 20th, 2009
06:00 AM ET
What's on Tap – Friday March 20th, 2009
Happy Friday! It's the final day of CNN's special Road to Rescue. We hope it leads you to a better future.
As always, we want your calls, e-mails and “tweets” today. Anything on the economy is fair game, from foreclosures to the Fed.'s trillion-dollar gamble.
We have a grand finale lined up for you:
- The big get – Rep. Ron Paul. He is the voice of the resistance on Capitol Hill. He's enraged that the Fed. just created one-trillion-dollars of "new money" – and calls a 90% tax on executive bonuses a "disgrace," a "distraction" and an "outrage" that undermines the Constitution.
- For those of you who fell asleep after your late local news, we have all the highlights from the president's appearance on Leno last night, including a poor attempt at humor that has people talking today.
- Plus – Our Fareed Zakaria landed an exclusive with former New York Governor Eliot Spitzer. He talks about a couple of dirty things – AIG... and his alleged affair with a hooker. We'll have a sneak peek.
- We also have a special look at why women are key to the recovery. As more men become victims of recession, women are gaining the power of the purse. They're spending money in places you wouldn't expect and marketers are paying attention. There's even “just-for-women” potato chips now.
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What is funny. I was just getting out of school when unemployment was at it highest in 1980. Now I'm unemployment again with unemployment almost back to1980 levels. What is different for me this time beside age. We have more women, and more population in this country looking for positon that was never plan for. Has a major player in this global encomoy you would think we would always have a plan for the amount of population in this country that will need to be employed. The only thing we have focus on was how to make more money then we could ever spend in a life time. There is a problem in this world when all these people are making more money then the Commander and Chief of the United States.These are the industries to name a few. Sport's Figure, Movie Star, CEO's, If something is not done with this soon. We better look at what happen to people in these thrid world countries.
I've watched all the anger over the AIG bonuses, and have been very disappointed that there has been no attempt to garner any sympathy for the many employees at AIG that had absolutely nothing to do with the mess the company is in, yet are being ridiculed and their lives threatened. The media could help by pointing out that these people are victims, too. Most of the "bad guys" at AIG are gone, and have left others to clean up the mess and try to hold the company together long enough to get the government paid back. We need to also remember that these victims are taxpayers just like the rest of us, and I'm sure they are just as angry as the rest of the U.S. over the bonuses as well as all the other financial mess this country is in. I watched Congress berate Ed Liddy in a way that made me ashamed that the leadership of our country would exhibit such despicable behavior. Had Mr. Liddy been the person behind the fall of AIG, he would have deserved such abuse–but there is no excuse for the verbal abuse to a man trying to keep a very bad situation from getting worse, especially when the people berating him were much more responsible for what happened than Mr. Liddy was. I personally think he should have looked at everyone of those people in Congress and said "This isn't my mess, it's not worth it, and I quit!" But, instead, he took the unwarranted abuse, which showed real character. Congress could learn a lesson or two from him, but unfortunately they feel they know everything. Also, I saw on CNN this morning that Elliot Spitzer has been brought out of hiding to now talk about the AIG situation. I just hope someone will at least look at how much his personal contempt for the Greenberg family actually added to this fiasco. Had he not insisted that Greenberg be ousted without having adequate management in place leaving the company extremely vulnerable, maybe the meltdown at AIG could have been avoided–or at least better managed by leaving the taxpayers out of it. It is so sad to see innocent victims suffering for the sins of a few. I personally am angry at Congress, the people we elected to be the watch dogs for our country, who clearly let us all down by not doing their jobs. We should be really mad over how much taxpayer's money is being spent to pay these incompetent people as we are at what has happened to the financial industry in this country, especially since Congress set all of this in motion.
Capitalism is dead and close behind to it the free market system may fail. And what we have now is the new corporate welfare "corporatism" It’s hitting North America to save the so called elite in corporations and the investment business.
During good times they argue that socialism is dangerous and threatens to kill the economy but when their collective greed pulls the economy into the mire we now see they all call for socialistic bailouts while at the same time accusing socialistic policies (pensions, decent worker wages, health benefits, etc) of being at fault.
Like a barrel of apples, the only way to preserve the good ones is to throw out the bad ones not preserve the bad ones at considerable risk to the good ones.
This is the capitalistic way is it not?
I have a observation and a comment.
CNN should be RNN (republicain news network)
It is quite obvious that CNN does everything it can to supprt the Republican party by making anti Democrat statments regularly, the same party that allowed the present condition of this great nation, I wonder why. No matter what President Barack Obama says or does, CNN also allows Republicain leaders to use it's air waves to spead thier negative feelings. I will have to crab my chest the day CNN says anything supportive of the Barack Obama administration. CNN trys to discredit the President. Reporters like Dana (Bush) Bash, never gives a report without making a feeble attempt to discredit any Democrat, especially President Barack Obama, Bash is not the only CNN reporter that does this.
I thought CNN was a news network that reports the news honestly and professionally, obviously I was wrong. I doubt this make to the air, thats ok, I will still get this out to listing public anyway. All hail RNN..
March 20th, 2009 8:27 am ET
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The GOP is going to pick apart everthing the President says and does for their own spiteful agenda.The President is trying to reach All sources of media to get out His message.Some people just don't watch alot of news,or they get mixed messages depending on which ones they do tune in to.
Congressman Paul is correct; however, when Congress gave OUR money to be controlled by a privatized banking system this was bound to happen. As the Fed continues to print money with no backing it will eventually deflate our economy to where the dollar is completely worthless. My anticipation is that the dollar will be worth 1/5 of what it is worth now by the end of President Obama’s first term. The stimulus actions are a short term solution for over 60 years of the Fed destroying our economy. How is this keeping America competitive in the global economic system again?
I think it is wonderful that women are highly prevalent in the workplace, but let’s not get overboard with the whole empowerment thing. Equality does not include “women only,” “white only” or ANYONE only concepts. Kind of defeats the purpose huh?
I was laid off from Telecom in 2001. I picked up the pieces and worked hard to get myself back into the industry that I loved. It took four years, but I did it. Now I am in a very successful position with a major carrier. What tickles me absolutely pink is that the same people that are whining now are the same people that were laughing at me then. All I have to say is WHAT GOES AROUND COMES AROUND!
Earlier this week CNN reported that several congressmen, including Sen. Dodds had received campaign contributions from AIG-my question congressmen-"will you also return that money to the government?" I seem to be more upset at our government for allowing this mess. Man-up congress return all AIG contributions in additon to the money that must be returned by AIG executives.
Wow! Can I begin to discribe how shocked I am, and frankly, disappointed in Obama. I voted with trust (perhaps because he talked the talk) for change and progress. What I see is a cabinet of corruption, a narcicist, play-boy president who runs around smiling and waving and makin jokes about the "Special Olympics" on Leno, and embarrassing our nation with tacky gifts to the English Prime Minister. Not exactly the president I'd hoped for. No class, no answers, no evidence of a real value system, and certainly no answers to this economic crisis. It is scaring me and everyone else I know to death! Forget partisian crap and get Romney in there. He makes sense at least! What a mistake I and millions of other Americans made.
I'm told that the gov'mt is giving approx. 20B to banks in other countries, it seems to me we should be more concerned about where the big dollars are going instead of focusing on the AIG bonuses which is a drop in the bucket in comparison. Can you tell me about these foreign banks executives bonuses.? Have any of Fannie & Freddie executives received bonuses? Can CNN give a break down of where all of the billions are going and why, and once in awhile you might remind your readers how we got into this mess to begin with. I'm willing to bet that most of the people complaining were part of the problem to start with.
These are all interesting topics but what about the topic that most Americans are dealing with: losing their homes. i would like to see more resources being put on the air for people who are looking for help in modifying their loans and seeking financial assistance to keep their homes. Are there other government programs that help homeowners? Are there non-profits that provide assistance?
I think Americans are a little tired of hearing about the AIG bonuses. I mean congress is already taking steps to get the money back. Problem solved. Move on to another story already.
I haven't seen ANYONE on television even bring up that maybe those bonuses are a good investment, or that maybe the American people, the legislators, and the president have absolutely no idea how to run a business.
People need to understand that if AIG loses those employees (who could make significantly better money at any other company because AIG is simply trying to self-destruct in the least damaging way possible) then there will be NO ONE capable of unwinding the web of bad assets on their books. No one is going to be able to unwind those positions as effectively as those who know first hand where the bodies are buried. Paying $160M to keep those employees is one of the few investments we have made in AIG that is virtually guaranteed to bring a positive return. Those employees will certainly recover Billions more than anyone who we could bring in at this point. These bonuses aren't going to CEO's, they are going to the people who are responsible for helping the taxpayers get everything we can back from AIG.
People need to get over this hysteria that tells them that if they are poor or unemployed then anyone who makes money is evil. Anyone who wasn't against the initial bailout should just accept the fact that Mr. Liddy knows much better than they do how to spend the money effectively.