9-15-08 Wall Street's Doomsday?

" Now let's talk about 915. Bank lending dropping by more than half an unemployment doubling. Since Lehman Brothers Lehman Brothers went belly up. Last year. President Barack Obama will address the nation on the day before the 915. Anniversary of the Lehman collapse. Standing across from the New York Stock Exchange on Wall Street the president will explain how he in the Albert and the other. Republican slash Democrat regime murderers were correct. When they told you and me that we'd all be fine if we just used taxpayer money to keep the other installment. Insolvent investment bankers like Ken Lewis of Bank of America. And the cracks at Citigroup all -- business Michael panzer author of financial Armageddon says nothing's gonna change because all these guys. Art in bed together which is a perfect with the segued my first question and that is it. And Bernanke and Summers and all of the guys who are still supposed to be regulating this industry in writing the new regulations on this industry. Cause the problem and they wrote the last regulations for the industry. Don't like it has this problem until like truly get rid of the entire regime."

" Well I might take your revolution that's the problem I think here that the man on the street must be getting angry now you got this whole situation we're bonuses and and banks you know particularly people like Goldman Sachs are doing exceptionally well. This -- sense that there's a disconnect not only between this -- stock market in the real economy but between. Wall Street robbery and really well they're using taxpayer money and -- it from left pocket into the bankers' pockets and -- to distribute some money is up at twenty million dollars -- from AIG this I wish I had some of that that's a -- Sarah."

" Michael talk about trust you know this is the one being. No one of the many things. Lacking in the country right now. In the -- before with all these bailouts as it ended they were going to go with a government. The FCC in all the regulators they are all going to go after the crux that Cody speaks up and people who got into this mess starting with sub prime. And all these collateralized debt obligation that caused this mess we haven't seen any of that's why it. The foundation of everything that's going wrong in this country all this mistrust of government in anger toward government. All stamps goes back to that. Starting from the mayor from when we first got into this trouble how we gonna get out of it and if all we do now with this trust everything that the government does to the government. Don't do anything out stay out of our lives."

" Well this setting up for very dangerous situation in my opinion I think you could seize on social unrest -- business sense that. You don't Wall Street is and in cahoots with Washington. I this is sensed that. There's no real penalties for people taking risks no penalties for people make mistakes and fact you get rewarded when you screw up big time though. -- somebody average American's point of view this whole idea that we've been trying to do work hard and follow the American dream and we have nothing to show for."

" Frustration I think that's what's different this time is one the American as frustrated. We've been through this before it. Corporate America in DC fit in cahoots and that together for very long time I think the bigger problem now is the intelligence. And the intelligent people are not in DC they're down on Wall Street coming up with the next big thing the next big bubble the next big derivative. They're not in DC so DC will always be behind this proverbial 8 -- they're just not smart enough to get out of it."

" for sure I mean look at the SEC you know it's a regulatory agency which you know and it ostensibly has -- purview to regulate. And keeping them in control but how many people they have ex Wall Street -- Know what they're."

" Michael no one trusts that neither -- him. But had a we think that we know what the problem and we need and we think that that they haven't proved smart people down yeah -- you -- about smart -- we just simply need someone who's got the guts to go and and and forced but it. On oh yeah well now I'm going to know. And enforce laws on the books."

" Observation. -- and what is eight event season unfortunately I think it's going to take -- the voting box and a and the political."

" Upheaval to cause that to happen right now this is too much of a connection between Washington and Wall Street I think when you start to see people reacting at the ballot box and they say. Hey you know what we're really angry we want change then that's going to scare you want to know Michael -- they mess it up but yet they they get all of our Mark Cuban I'll get -- Now -- we're just about out of time bottom line is. Is the country better off because we bailed out banks and after -- alert learned that lesson from Lehman. Or would we fight we'd be much better off lower unemployment higher stock prices had recently allowed in contract law to rule the day. It's always hard to look back that way but I think in reality what we've done is created this whole mess of other problems on top of the ones already have so instead of letting them play themselves out at resolving and a sort of you know intelligent manner. We basically given up the ghost."

" That that will never be resolved in the history of this country yeah. Say that right now -- contract blog don't I don't know whether whether we would have been worse solved or better off you alluded to that it yet it's academic. Michael thank you very much."