i m erin burnett and outfront tonight, rejection and dysfunction. the house today rejecting the senate s plan to extend the payroll tax cut. now, that means that your taxes are going to go up somewhere between $700 and $2,300 next year unless, oh, the big unless an all new congressional committee and it is an all new committee comes to the agreement by the year s end. president obama s approval ratings are up as congress falls on this, and he seized the moment today. but now, even though republicans and democrats in the senate were willing to compromise for the good of the country, a faction of republicans in the house are refusing to even vote on the senate bill. a bill that cuts taxes for 160 million americans. and because of their refusal to cooperate, all of those americans could face a tax hike in just 11 days. and millions of americans who are out there looking for work could find their unemployment insurance expired. and just for good measure the white house webs
mohammed ceo of pimco and alexis glick has experience working on wall street and covering it and the ceo of the gen youth foundation. diane, start with you, bottom line, are there lessons from 2008 that can be applied today to avert another global financial crisis? well, we re already seeing them applied. the fact that central bankers are not really talking to each other before the financial crisis actually emerged in august of 2007 or july of 2007 was a major detriment to them dealing with it know and it became a shock in august of 2007 and they really didn t have the communication going. they ve. been planning different scenarios. the problem is they have fewer tools but the coordinated move this week shows that they actually are trying to learn from the lessons to continue to provide liquidity in a place where it has completely dried up in europe. alexis, does it show it is the central banks trying to speak with one voice, not the politicians? it looks like they re t
2008. central banks are taking coordinated actions to avoid a ledge mat threat of a credit freeze the likes of which we haven t seen since after the days of lehman s collapse in 2008. we all remember what happened then. the credit freeze closed businesses, factories, wipes out millions of jobs around the world. diane, let me start with you. bottom line, are there lessons from 2008 that can be applied today to avert another global financial crisis? well, we re already seeing them applied. the fact that central bankers are not really talking to each other before the financial crisis actually emerged in august of 2007 or july of 2007 was a major detriment to them dealing with it know and it became a shock in august of 2007 and they really didn t have the kpl communication going. they ve got fewer tools today than they once did but i think the coordinated move this week shows that they actually are trying to learn from the lessons to continue to provide liquidity in a place whe
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