Problem-solving. after decades of government and bank manipulation of assets, the chickens are coming home to roost and they are being led in this bond war to that effect. the markets here in the states on the stock market side which really is but the tail of the dog in this battle, closing after the fed today announced it will extent record low interest rates for yet another 24 months. again, the markets, quieter by a lot re toiv has we saw yesterday, but the conversation if anything louder. joining us now, director for equity research iq and author of bailout nation. todd harrison, founder of media and author of the other side of wall street. a pleasure to see you both again. what is the bet we are seeing play out between the bond investors of the world in europe and here as the central banks and why are the rest of us stuck in the middle of this? part of the bet is that uncle sam and various central banks are the cavalry and will come to
People. newly electedisms this is just shameful. if i was in florida, i would start a recall motion immediately. this is absolutely unacceptable. the biggest story in america obviously is the debt ceiling, will we default? will we not default? should we raise taxes? should we cut funding for poor people no one seems to want to talk about how we got you ve done tremendous cover with your book bailout nation and also before, going back to the 1990s and then connecting the dots between that household debt to ultimately the banks. so now the banks end up with this debt at which point the ratings agencies go and say you re ensuring the debts, that s the aig sundays, blah blah blah, and we give the bank debt to uncle sam and wonder how this could happen. i ve been writing a lot about the two economists who warned
Unemployed pay their mortgages. are we becoming a bailout nation? what happens when the money runs out or has it already? stu varney is live with us next. john mccain defending jersey shore s snooki. why he thinks she shouldn t go to jail for her recent arrest. hey, it s great to see you re back after that accident. well.i couldn t have gotten by without aflac! is that different from health insurance? well yeah. .aflac pays you cash to help with the bills that health insurance doesn t cover. really? well, if you re hurt and can t work, who s going to help pay for gas? ..the mortgage, all kinds of expenses? aflacccccccccc! it s the protection you need to stay ahead of the game.
The tea partiers before, saying she missed president bush which was right before she slammed government bailouts. is anything with the inherent conflict there, the discrepancy to the facts or am i just shooting too high? during the campaign she supported the bailouts too and john mccain supported the bailouts. this was in his predang fence completining days. he voted for the bailout. in the story you brought up earlier, talking to the senators, republicans admit that bailouts actually kind of worked. kind of is maybe too weak. they did work. we re getting a lot of that money back. but there s a narrative and michele bachmann said this, palin said this, they started a bailout nation. they started a pattern of the administration giving money to everyone. not quite true. it s a bit more complicated than that. it s just convenient for republicans to go back and rewrite this saying they never wanted this to happen. speaking of convenience, you wrote about the remarks on abortion and she
Empty and don t forget, this agency, fannie mae, at the center of the housing crisis and financial crisis, they are not dealt with at all in this financial services bailout. you expressed my point better than can i, the danger with some of these bailouts, rescues, support funds, whatever you call them. for companies or government agencies or countries, is that those getting the money know there s more where that came from and those told that they have to make swift adjustments, as we told fannie and freddie and a lot of banks and auto companies, that you have to do this, but they know in their heart of hearts, some of them are too big to fail and we re too big a loser to recognize that. i agree. i m as opposed to bailout nation as anyone. the short term effect is to relieve the bankers in these