or a wells fargo customer. in addition, one of the things we did that the republicans apparently want to repeal is to pass a law saying you can t lend money to people for mortgages who aren t going to be able to pay it back which is bad for them and bad for the economy. because we have the system where the lenders now don t have to get paid back by the borrowers. they sell the right to that loan. they would abolish that. aig went to the bush administration for a bailout, which they got. you know, there were five bailouts during this crisis, all started by george bush. although we democrats get blamed for them in the popular mythology. but aig went to the bush administration in september of 2008 and said you know what? we sold these credit default swaps against mortgage securities that aren t paying off, and we re $170 billion short of meeting our obligations. what we have in this law, a prohibition against them doing that. a requirement that if they re going to sell those things, they
or a wells fargo customer. in addition, one of the things we did that the republicans apparently want to repeal is to pass a law saying you can t lend money to people for mortgages who aren t going to be able to pay it back which is bad for them and bad for the economy. because we have the system where the lenders now don t have to get paid back by the borrowers. they sell the right to that loan. they would abolish that. aig went to the bush administration for a bailout, which they got. you know, there were five bailouts during this crisis, all started by george bush. although we democrats get blamed for them in the popular mythology. but aig went to the bush administration in september of 2008 and said you know what? we sold these credit default swaps against mortgage securities that aren t paying off, and we re $170 billion short of meeting our obligations. what we have in this law, a prohibition against them doing that. a requirement that if they re going to sell those things, they
in the worst recession since the great depression. right. if you will. since then, there have been 73 months in a row consecutively of jobs growth, and i know he gets frustrated a lot of supporters frustrated he s not getting credit for it. no question. one of the most energetic riffs president obama has right now on the campaign trail especially in younger audiences, he says, you know, when i was elected many of you all were 10. talks how he feels old and goes back to say, you don t understand it now but at that time the economy was in free fall and giving a lot of the numbers, and, about how bad it really was. i mean, remember, back then, john mccain s campaign effectively ended the bottom completely dropped out the day lehman brothers collapsed. in september of 2008. stow was because of the bad economy, and, yes. compared to that, during the entire time, president obama has been president, things are much
easing. this was during the crisis itself in september of 2008. paulson and i and president bush were asking congress to pass the tarp build which would provide capital to help restore financial stability. the republican the democrats i m not picking on republicans. we had a meeting with the republican caucus in the house. they were saying, first of all, we don t want to do this. second of all, we re not seeing any problems in our home district. i said to them, you will. because i understood you can t have a collapse of the financial system and the rest of the economy emerge unscathed. the work i had done suggested that the financial crises can lead to very serious recessions. looking forward, do you think that the there s a great deal of concern in the united states, an unease about the economy.
crisis could lurk behind the corner, around the corner, and people are pointing to the asian financial crisis, you know, in the mid 90s. we re not there yet. i m not saying that, but they are drawing comparisons, and it s all of this fear and this talk of the bubble bursting in china that s really driving a lot of anxious selling this morning. let s remember, right, cristina, where we re coming from. we re coming from an extraordinary bull market. we re coming off six years of a bull market. we re taking some of that off the table. we re down 4%. that s not the 6% we were down in september of 2008 when we had about the same point loss. the percentages are very important here. i want to throw this on the screen because it s going to give you some historical context, if we could pull this up on the screen. okay. here is what you re looking at just back in relatively recent history. down down 7 dow down 700 poins