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CNN: Treasury ‘Nationalizing More than Vladimir Putin’
Lauren O’Reilly
Business & Media Institute
Tuesday, Oct 14, 2008
For anyone wary of government intervention in markets, CNN stoked your worries on Oct. 11.
“Your $$$$$” co-host Christine Romans called attention to the anxiety many people feel about the government’s reaction to the financial crisis. Romans said, “Some people would say we’re talking about socialism, a nationalism of banks.”
But Romans didn’t criticize two of the show’s guests, Chrystia Freeland, U.S. Managing Editor of Financial Times, and Joe Klein, columnist for Time magazine, who proclaimed the end of deregulation and popular support for regulation.
Freeland told viewers that Treasury Secretary Hank Paulson “will end up nationalizing more than Vladimir Putin has.” Citing Paulson’s action, she declared that “we are at the end of the Reagan Era. This is the end of the era of deregulation.”
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Klein contradicted Romans’ earlier statement saying that “It is not only that people want to see government, you know, regulating the economy, but they want to see government regulating everything.”
Freeland and Klein’s remarks ignored government’s role in creating the financial crisis and free market economists who disagree with the notion that deregulation caused the problems.
George Mason University economist Don Boudreaux has called the idea “utter mythmaking.” Free market economists have blamed the financial disaster on the government sponsorship of Fannie Mae and Freddie Mac, higher risk lending quotas imposed on banks by the Community Reinvestment Act and mark-to-market accounting regulation. But those points weren’t used to rebutt Klein or Freeland.
During another segment of “Your $$$$$,” Stephen Leeb, president of Leeb Capital Management, supported the government spending even more to stabilize the financial sector.
According to Leeb, the market problems we see “fundamentally can be solved by money. It’s a question of how much money we need. Obviously $700 billion did not do the trick. Maybe it’ll be five or six times that.” Leebs suggestion for government intervention to the potential cost of up to $4.2 trillion wasn’t criticized by Romans or host Ali Velshi.
A frequent guest on “Your $$$$$,” Leeb has passionately criticized free market solutions in favor of government action. On Sept. 29, the economist vehemently defended the economic bailout and criticized the idea of a free market solution. On Oct. 4 he warned that delaying a bailout would cause “mass starvation, not just in this country, all over the globe.”
“Your $$$$$” did advise people trying to weather the financial storm. Ryan Mack, president of Optimum Capital Management, urged fiscal responsibility and CNN’s Susan Lisovicz recommended frugality in a separate segment of the show.
Mack said that sixty percent of Americans spend more than they earn every month, but now is time to get “back to the basics on our budgeting” and be responsible with loans and credit card debt.
Lisovicz also called for more careful spending, recalling lessons previous generations learned from the Great Depression, such as frugality and living within your means. “It’s not a bad thing for all of us to learn that,” Lisovicz said. She also calmly referred to the problems with the credit market as a “normal cyclical downturn.”
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9 Responses to “CNN: Treasury ‘Nationalizing More than Vladimir Putin’”
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October 14th, 2008 at 6:17 am
All this dancing around the 800 lb. gorilla in the middle of the room makes me sick, all this saying everything except the truth makes me want to puke. We KNOW why all this is happening, THE SCUMBAG GLOBALIST BANKERS ARE DESTROYING THE USA AS WE KNOW IT AND ARE MODELING OUR COUNTRY ON RED CHINA WHO THESE FREAKS THINK HAVE PERFECTED THE SCIENCE OF GOVERNMENT. WHY DO YOU THINK THE EXECUTIVE BRANCH TOOK MOST OF THE POWER FROM LEGISLATIVE BRANCH? BECAUSE IT IS A TOTALITARIAN TAKEOVER! COMMUNIST———FASCIST NO DIFFERENCE—–THEY CONTROL EVERYTHING EXCEPT WHAT YOU ARE GOING TO DO RIGHT NOW. DO NOT BE AFRAID. WAKE UP AT LEAST 1 OTHER PERSON TODAY. End transmission-
October 14th, 2008 at 7:44 am
I was going to comment but the first sentence of Kshatriya’s statement makes anything I would write superfluous.
October 14th, 2008 at 8:18 am
60 % of americans spend more than they earn every month?!? Fuck me, that makes me feel a lot better about blowing my wages down the casino. Thanks yanks~!
October 14th, 2008 at 10:40 am
Why not talk about the people crying now are the same people that cried for deregulation, which caused this whole mess.
why not talk about the banks like AIG that blew their wad on fucking parties, 440,000$ the week they got their bailout, spent on a fucking SPA VISIT.
Be nice, they canceled the second one.
October 14th, 2008 at 11:18 am
The CORPORATION is the biggest evil in this world.
All Corporations should be made illegal. There should be no corporate/limited liability among any bussinesses. The owners and investors should be made public for all to know and held strictly accountable for every action the “company” makes. They should not be allowed to hide their identities and crimes behind a Corporate name.
Corporations are the biggest evils left over from the Colonial times as they were used to commit crimes against humanity with colonialism.
Britain is the biggest FASCIST state the world has ever seen. Britain wanted the sun to never set on their flag. I piss on the Queen and any British subject, may they rot in hell as the worlds biggest fascists that ever walked this Earth.
The best thing Americans could do is NUKE Britain and Israel.
The world would celebrate the end of these Fascists.
October 14th, 2008 at 12:04 pm
Corporation = Unlimited Profit with Limited Loss/Liability
Hidden Owners of Corporations are the root of many of todays evils.
Can anyone tell me the names of the actual “PEOPLE” who own Assciated Press and Thompson Reuters? These 2 corporations provide 95% of the news Amerikans get. Who are the actual individual people that own these Corporations and thus the brainwashed masses knowledge?
October 14th, 2008 at 2:49 pm
http://www.csagov.org
October 14th, 2008 at 3:17 pm
IF YOU VOTE, YOU ARE A TERRORIST.
Cosidering you only have terrorists to choose from, voting for either would be an act of terrorism.
October 14th, 2008 at 5:09 pm
Hey there Smedley, don’t feel bad or left out…. they’re coming over there too!! According to them, there’s enough famine and poverty to go ’round. Unless of course, you live in Dreamland….. Maybe some night someone will read you a story about these mean people who want global depopulation, and how they gave 60% of everyone on this planet an eternal ouchie, and made them all dead….. Sweet dreams
For the rest of us, we KNOW what lies over the horizon, and we are bracing for impact. The survivors of this holocaust will spare little mercy for the sheeple.