talked some seven weeks ago. that yielded no results. there s hope this one will. welcome, everybody. i m neil cavuto. we had a crazy day at the corner of wall and broad. we did add have two prominent irish men break bread. let s go to capitol hill. the president and speaker did not meet since they discovered the debt ceiling. no formal talk today. this luncheon has a history of helping political opponents solve problems like the good friday accords. i agree with the speaker. there s no reason why we can t find common ground. there s no reason why we can t hope to change this direction of the extremes both our parties are pushing. mccarthy whispered to the president good job after his remarks. two irish american political leaders launched this four decades ago, president reagan and tip o neal. the luncheon helped them break political differences. for america, we know the stakes are high. a clash is brewing between the president and i. what would be the ramificatio
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do you think we re on the verge of a lehman moment or can we avoid that? yeah, well, i think this is more of a bears stearns moment. a lot of people said when they bailed out bear stearns, they increased moral hazard. they created an expectation. no doubt that lehman brothers would have solved their problems, sold itself, raised more capitol if they hadn t got in the back of their minds that they wouldn t dare no bail us out. we re bigger than bear stearns. that s the problem. that s the expectation that you create. then you don t do a bailout and you really have the system seizing up as we say when lehman brothers went in to bankruptcy. neil: charlie gasparino covered that during the time. i did as well. charlie, you re always afraid of history repeating itself. the age old line, might not repeat itself but oftentimes does rhyme. is any of this rhyming to you
right now? well, i like the bear stearns moments. it s a line that i ve been using. if you covered 2008 and i was there i was a reporter covering it. i was literally on day by day, minute by minute trying to figure out who is next and how they were going to bail out the system. you saw after they bailed out bear around that was a bailout, a an assists sale to j.p. morgan, although they wouldn t say that was makeup assisted. they got stuck with bear s liabilities. we should go back further. go back before bear was the bond insurers. they worked out some plan to shore them up. they held some of the same assets on their balance sheet. when that department work, bear started to fold. when that didn t work, they made a bailout of bear and that department work. you had fannie and freddie where they took over.
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