of what the bailouts accomplished and what happened to the bailout recipients and what evolved into, as i did my research, was i found that there had been so many lies told in the course of the bailouts over the last four years and it became about what the bailout inspector calls the original sin of the bailout, which is there was a moment in time when the government decided that it was going to start lying on behalf of the banks. they were going to start calling unhealthy banks or insolvent banks solvent and healthy. that evolved into we re going to allow failing banks to pass stress tests. we re going to accept their phony accounting. then it became we re going to pretend they re not committing crimes by not prosecuting them. all of these different decisions, all of these little tiny deceptions, they were big deacceptings, but they all added up over time, and became what we have now, which is the implicit guarantee, which is sort of the second bailout, ongoing bailout, where the enti
i share the same concerns. but my main frustration is when i start criticizing bailout recipients or the corporations taking the welfare, the response i get from a lot of my fellow free market and conservative types is, you can t blame the businesses. they are just rationally pursuing their own profit. don t we need to start blaming the guys who are the subsidy suck lers? i like that. i want to use that. it s the next book. good. go ahead, charles. if that s the way the system works, it s rational to get money. on the other hand, when you go go to a cocktail party and run into an executive who brags and you say it s a moocher. call it what it is. i absolutely agree with you. the free market is not about who has the most suckage in
week, saying he s not going to renew his term at the end of august. and there s discussion on an emerge gent candidate stepping up. we go from the concept of a g-8 structure to a g-20. but they were hoping to keep a european at the international monetary fund. the toll, already $400 billion. john, thanks so much for the update. we ll go back to john later in the show, to be talking about what this means for the bailout recipients. it s the unwritten laws that the head of the imf tends to be european or someone from the usa. this could change. dominick strauss-khan s arrest isn t gist calling into question
expected to ask for three arrest warrants in libya. they are said to be for those against crimes against humanity. a source says leader moammar gadhafi will be among those named. those living around the mississippi river, will leave for higher ground, as homes and farmland as residents have been ordered to evacuate. and two additional floodgates have been opened on the morganza spillway. the space shuttle endeavour has been cleared for launch today. and weather reports indicate a 70% chance of favorable conditions. world business today starts right now. good morning, from cnn london. good afternoon, from cnn hong kong. you re watching world business today. these are the stop stories on monday, may 16th. dominique strauss-khan in cuffs. it s crunch time for u.s. lawmakers, as the country s ballooning debt reaches its legal limits. and bankrolling bin laden. we ll investigate the terrorist networks money trail. pulled off a plane and arrested. that s how t