News Roundup - Hour 1
http://thedianerehmshow.org/shows/2010-04-23/news-roundup-hour-1
President Obama makes a final push for financial reform legislation. The Securities and Exchange Commission sues Golman Sachs. And a new poll finds public trust in government is at an all-time low. A panel of journalists joins Diane for analysis of the week's top national news stories.
Guests
Naftali Bendavid
national correspondent, Wall Street Journal; author of "The Thumpin': How Rahm Emanuel and the Democrats Learned to be Ruthless and Ended the Republican Revolution."
Sheryl Gay Stolberg
White House correspondent, "The New York Times."
John Dickerson
chief political correspondent for Slate.com and CBS political analyst and contributor. Author of "On Her Trail: My Mother, Nancy Dickerson, TV News' First Woman Star."
Comments
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How about a few comments on some of the bizzarre legislation that the Arizona state legislature has been pushing recently?
- Requiring law enforcement personnel to demand proof of legal residence if there is "reasonable suspicion" that a person might be an illegal immigrant - effectively a requirement that brown-skinned people keep their IDs with them at all times.
- Allowing the carrying of concealed weapons with no permit.
- Requiring that President Obama show a birth certificate to Arizona authorities to get on the ballot in the state in 2012.
Is there really a societal need for any of this, or is this a case of in-your-face right-wing posturing?
The phrase "to big to fail" along with the notion that the government will always bail out financial institutions which fall under this category, is an indication that these institutions are to big to begin with. Perhaps legislation which requires big banks to break up into smaller specialized entities under the corporate umbrella would prevent big bank failures.
Why is it that people HAVE to have so much money?????
If people would have a DECENCY about themselves, they would NOT be obsessed with GLUTTONY!!
With computer power, I don't understand why Amazon couldn't charge state sales taxes. Most people pay with credit cards, and "card verification" can include the billing zip code which "assigns" a state for tax purposes! I suppose some can find a way around this, but I suspect that 95% "automatic compliance" would result.
If we want smaller government - let's cut the military. Why don't we discuss the fact that we are in two wars!
The call in person requarding social security being like an annuity because she paid in, is wrong. When you pay in your money goes to those who are retired and then when you retire, it is the young worker is paying in for the current retired persons. One needs to understand this.
Also, the market is only better when it is up. It is not always up when you need the money.
Diane, give me a break!!!
Where are the over 55 y/o going to find jobs they can work until they're 67? When 35 y/o actress cant land parts in Hollywood, over 55 y/o are the first lay offs?
Diane,
I am a dedicated listener and I love your show. However, today I was very upset that none of your guests new anything about derivatives. Their inability to describe how derivatives increase social welfare demonstrates what little they know of finance and economics. More upsetting is how they pretended to know and still commented, spreading misconception and falsehoods.
DERIVATIVES allow institutions to hedge against uncertainties, effectively reducing risk and volatility in earnings and investment. This is good for business as more predictable cash flows allow for better planning and increased investment. This has a direct positive effect on the welfare of an economy. Also, speculators are necessary to ensure that all hedgers are able to place their hedges. The speculator thus provides needed liquidity since all transactions need two participants.
THAT being said, the real topic is whether or not derivatives transactions should only take place on a transparent exchange.
PLEASE try to have someone trained in economics or finance on your show when discussing matters of this type. Thank you.
How quickly we forgot the leasons of the Savings and Loan melt down. When S&L's were allowed to sell junk bonds right along side of securities which were insured by the SPIC. Have we already forgotten that the "too big to fail" policy was encouraged by the federal government encouraging banks to buy up broken down S&L's. also that these S&L's became involved with Real Estate development projects whereby the S&L took an ownership position? Recall the Resolution Trust Corporation? Recall Lincoln Savings and Loan or the Keating 5?
Well guess what folks? We are back to the same sort of situation with similar particpants. As a former Vice President of a bank, I recall when we were required to identify 98 % of any risks to the bank, as well as primary, secondary and tiertary sources of repayment before approving loans. Then we would bundle up auto & home loans as well as auto & equipment lease and securitize these credits. They were placed in a pool for a minumum of 90 days in oeder to weed out any potential 1st & 2nd payment defaults. Using industry best practice every step of the way then and only then would these credits be offered for sale. Now all you do is bundle up some CDO'S go out and buy some CDS coverage and off you go to the races,let the chips fall where they might.., on the taxpayers lap! Thank you Wall Street.
Actually there are programs which already do that with auto leases. It is table driven and precomputes the monthly use tax so, that is achievable.
this mornings show an illegal called in and said he tried six times to enter this country the legal way but to no avail so because he didnt get his way he cane me here illegaly. So I tried to get a loan from a bank six times and was turned down I have no money to feed my family so I rob the bank and take what I need. What is the difference in what he did and what I will do? The law is the law without it were no better then a third world country. And of course diane felt sorry for hm and I bet she thinks what he did was ok . The left dont believe in the rule of law if it affects them. Just look at Charlie Rangle a tax cheat but thats ok. If a republican did what rangel did they would burn him to the stake but sence he is a leftist thats ok. What a bunch of two faces hypocrits.