Charlie Rose - John Snow

John Snow is in a unique position to assess the recent economic downturn. As former Treasury Secretary and now
a top executive at Cerberus Capital Management, one of the world's largest private investment firms, he spoke to me about the extent and the causes of the recent market turmoil.

Visit charlierose.com to see the full interview.

Category:

Entertainment

Tags:

• economy
• finance
• credit
• money
• stock
• market
• sub
• prime

[JohnnyCat77]

Charlie Rose: King of the 'Leading Question'

Leading Question = a question put in such a way as to suggest the answer sought

....and that always leads in the direction of His agenda

[rebharath]

charlie pwned that joker.

[rebharath]

charlie pwned that joker.

[SergioMomarsh]

Fine, call it UNDER-EMPLOYMENT if you like, but I call it unemployment. Work is under valued here. The undervaluement of labor, even at fast food joints is a direct cause for this credit crisis, as is underregulation of banking.

[SergioMomarsh]

Like I said, oh I could have a job, it just wouldn't pay enough so that I could pay my bills. You are a dumbfuck. Why don't you understand? Are you on drugs?

[etsneroj]

I'm sorry you think I'm a "dumfuck." I'm sorry you're out of work. But your personal experience has nothing to do with the underlying cause of the credit crisis. The 1000s of people in default right now are generally employed. They just couldn't afford the house they bought. Unemployment in the US is only 5.1% right now, and it was even lower when the crisis began.

[SergioMomarsh]

You are a dumbfuck. People are so tired of waiting for a job to come available that they have given up on going to look. I haven't worked in 3 years. I am one of over 125 qualified educated and experienced elevator mechanics who has been waiting on a list for three solid years for a call. Still nothing. & I was #17 on the list according to ability based on test results. Oh don't get me wrong, I could go work at McDonalds, but it doesn't feed my three kids and or pay any of my bills.

[etsneroj]

Job losses did not play a central role in the recent wave of loan defaults. Unemployment was at historic lows when this began (its still low). Most people just overextended themselves financially, either because they speculated prices would continue to rise, or because they didn't understand how how their interest rates would adjust (sometimes due to broker fraud, but sometimes because of stupidity). I only feel bad for the victims of fraud.

[SergioMomarsh]

How are you to know that your line of work is in jeapordy? How are you to know if you will be fired and unable to find new work? This is a risk that all borrowers take. My logic is not a 'chain', but rather it is a wall. You are so ready to blame the victim in this game. These people have lost at least twice already. First with their job, or perhaps their health, and now with their home loan. You can say the economy is bad because of them or you can accept that it is bad and not blame 'em

[etsneroj]

Your chain of logic is embarrassingly weak. The lenders are very much to blame. But any adult who borrows what he/she can't pay back is equally at fault. We all have to internalize the costs of our own stupidity. McCain is right when he say that goes for big banks as well as little homeowners.