American Morning

Tune in at 6am Eastern for all the news you need to start your day.
March 23rd, 2009
01:00 PM ET

Kiran: Monday Roundup

Good Monday morning to you! Hope you had a good weekend.

Here on AM we started the week talking about the new plan by the Treasury Department and Secretary Tim Geithner to establish a public/private partnership to help get toxic assets off the banks' books and help them lend again. Here's a look at the actual plan.

And just as soon as it was released, the criticisms started as well. Not just from political foes but from leading economists who say it's a waste of money and a rehash of a similar plan the Bush administration's Treasury secretary floated and then backed away from. Read Paul Krugman's NY Times op-ed here.

Christine Romans told us today in one of the breaks just how much hope there is on Wall Street and in the banking industry that this plan will work. Other questions too, after getting eviscerated by Congress last week during the AIG bonus scandal, how willing a partner will some of these private investment firms be? Will they be scared away by the potential for caps on compensation if things do turn around and these assets start making money again? And what about the taxpayers? Many of our viewers asked... why does it seem we as the taxpayer put the money up front and assume the risks while Wall Street benefits if the plan works?

Well, we put a lot of these questions to Christina Romer, President Obama's Chief Economic Adviser. Check it out here.

Another big issue today, the more than one hundred billion dollars set for infrastructure projects around the nation. We talked to Pennsylvania Governor Ed Rendell who co-founded Building America's Future Coalition along with California Governor Arnold Schwarzenegger and New York City Mayor Michael Bloomberg.
I asked Governor Rendell how soon we'll see jobs come out of it and if now is the time to be spending billions more tax dollars.

Finally, the story of a former banker who found a new job and passion as a NY cabbie. He is a real character and shows us that success comes in all forms.

As always check us out on twitter.com/amfix and twitter.com/kiranchetrycnn.

Cheers,

Kiran


Filed under: Roundup
soundoff (3 Responses)
  1. Michael Posey

    President Obama made the same mistake Hillary Clinton did in the 90's. He tried and cram this whole notion of "overhaul" onto a population that essentially has good health care, and KNOW that free, or nearly no-cost care is available nearly everywhere....In San Diego, a large city, there is a hospital, Grossmont, in La Mesa, a suburb that is REFERRED to people with no insurance, mostly illegal aliens, a large population in this border city...They go to Grossmont, no ID, no insurance, half a dozen runny nosed kids, and get free, quality healthcare from some really good doctors. They use the ER as a primary care, because they CAN. The 47,000,000 without health care simply means that 253 million of us DO have health care...Again, President Obama underestimated the American people's will to NOT be told who, or where they can go for healthcare. I love my PRIVATE doctors, get Medi-Care, and Medi-Cal and pay $6.50 a MONTH for over 1400 bucks in supplies for a colostomy, diabetes, and meds for high blood pressure, high cholesterol, and kidney disease. I'm 62...I'm in "good" health, according to my PRIVATE primary care Doctor, considering the things I have wrong with me....This care is available to ANYONE with a PULSE, in this city....Fact is, as long as Grossmont takes anyone still breathing into the ER, and gives them great health care, the debate is academic...People CAN get care here, and hundreds a day do just that...There is ALWAYS 100 people in the large ER at Grossmont, and 100 in the waiting room. I've done my own private "polling" in visits to the ER....One night, I asked 80 people if they had insurance....6 of them did....All 80 were treated anyhow...And the bills are sent, never paid, and the hospital eats it....I've been in Grossmont for serious surgery a number of times since 2001. Two trips to ICU, private rooms, best care available...The entire hospital was full, and nearly NO ONE had insurance. Again, I did a private "poll" while in for 45 days getting my lower bowel removed. Out of 40 people on my floor, I was the ONLY one with insurance...All private rooms, at better then 1,000 bucks a day, Doctors coming in, nurse care, meds, the whole works. Millions of dollars that Grossmont will NEVER collect....I had a bill for 235,000 dollars for 45 days, a major abdominal surgery, I paid a TOTAL of $28.04 to the hospital for a DRESSING that wasn't covered by Medi-Care and Medi-Cal....I paid it, of course...The lady at the cashier desk said I was the FIRST person she'd actually got any money from in two weeks! That's the REAL problem....People using ER's as primary care facilities..Which they are NOT....We have to do something about that....We do that, and we'll see health costs drop like a comet...That's the focus Obama ought to focus on, rather then "overhauling" a system that works for 5 out of six people in this country....Mike Posey, Lakeside CA

    August 24, 2009 at 8:27 am |
  2. Mitchel

    Good morning Kiran,

    BTW< Leno probably meant how he loved that view.

    I am commenting on our Treasury dept. ideas as of late. They are not being responsible fiscally. I like the bond idea, but I was hoping that they brought back the old "H" bond. It was in effect from 1952-1989. It was a great safe long term, flexible investment, and the stoppage of it, was the start of our "hard cash in the safe" decline as a nation. We could have have bonds similar to this, and promote them like we promoted war bonds. Those helped us pay bills. Nixon took us off the gold standard...that was bad, and now we print money on debt owned my other countries. Do you sense checkmate soon? I hope we can all get along, but our past does not indicate this, so we need to swallow hard, times to survive long term. That means quit spending money we don't have now. Just my view Kiran. Sorry, if I sounded negative or what. loll. Take care, and great show to you, John, and all the crew.

    March 24, 2009 at 6:11 am |
  3. Catherine

    Hi CNN, why does John Roberts is negative about everthing the President does. He is depressing to listen to he finds fault with the President and his staff. This bad economy is bad for all of us but we all need as a Nation to support the President. The Presidnet will stumble and not please everyone on what he does. But degrading the President on his actions to fix the economy is not helping the situation. Rememeber he is a human being just like the rest of us and he has a lot to do. It would be pleasent to see if the media would support the President instead of "picking" everthing he does. You are support to report news not degrade the President.

    March 24, 2009 at 12:07 am |