Charlie Rose

vongleichent  08/05/2012 01:13 PM Report

It certainly looks a lot worse from 8 years ago. Who exactly still wants to go to the land of opportunity? Unless you are from a third world country. It's really sad what has happened. The people that are most affected by this are the young once.

insidejobbeliever  07/27/2012 07:54 PM Report

WHY was Mr. Rose, normally an awesome critical thinker, swallowing Geithner's pablum hook line and sinker? Whaaaaa?

lilsy  07/27/2012 04:32 AM Report

Mr. Geithner seems to be under the impression that the foreclosures are because people bought houses and weren't able to afford them. Thus bailing out the banks was the only solution.

No one seems to mention that the "crash" pretty much wiped out small businesses which are the backbone of a healthy capitalistic society. Plus even though the banks were given money to help with refi's many of them sat on it which caused a lot of grief for many. Just like Reaganomics

convinced many that there was massive welfare fraud now we are supposed to swallow the lie that people who lost there homes did so because they couldn't afford them in the first place. That is faulty thinking and may cause the further downfall of our so called recovery. We'll see who can be trusted. Big business or small business.

dustydez  07/26/2012 04:33 PM Report

I think of “deleveraging” and the consequential “demolitions” of foreclosed homes, by the streetfull, in Cleveland for example , as sad corollaries. Is deleveraging the ultimate banker's myth ? Foreclosures writs have devolved into demolition permits. Thousands of vacant 'homes' are gone, returning real property to pioneer condition. Homes are unsaleable and are being demolished and there is no end in sight to foreclosures. Millions more are forecast. Peoples' lives are being written off as a consequence of the so called "foamed runways" which accorded to the banks. And which may continue in future.

That said: As to “limits of authority” , your important comment suggesting the power of the ‘pulpit(s)’ did not go unnoticed by this viewer.

Indeed, when the bankers were assembled at the Whitehouse, I would have expected your President to demand specific action to address the retail foreclosure issue, which continues apace. Regardless of authorities, the power of the Office to morally persuade key players be they bankers , corporations , or institutions or senior public servants, and movers in the media, are equally effective in crises. FDR proved this. Dwight Eisenhower and Winston Churchill, and Gandhi , and so many others are evidence enough. Things must get done quickly at ground level in crises often in the absence of law and limits to authority. The Office of its own accord and in the person of the President hold considerable cache and an incredible influence on outcomes . This is a simple fact and truth borne of world history which I need not cite. Its use has been remarkably successful in the past - Why not now?. What is the holdup ( pardon the pun)? Mr. Geithner's comments ( and presumably advice to the Office) would one think otherwise, which diminishes the power of the the Office and contributes to perceptions which affect public and investor "confidence". Your interview was effective in revealing this.

I believe Tony Blair recently suggested that it is now time for "the politics of answers" in Europe and on this continent. Pointing fingers across the pond ain't ging to fly .

Your program among the few are moving the conversation in that direction.

Janosh  07/25/2012 10:58 PM Report

Right man. GOP denounces him for being rich :-)

Of course, the Romney "let it burn" proposal was attractive to anti-Americans because those "burned" people were mere Detroit factory workers.

How many Kolobians work in Detroit?

Gelles  07/25/2012 05:18 PM Report

Follow Lincoln -- not Robespierre.

Gelles  07/25/2012 05:15 PM Report

The problems associated with political extremism, i.e., war and rebellion, begin with economic want but may not end there.

The economic rights defined by FDR in 1944 were intended to prevent tyranny and wars of conquest thereafter. The means to pay for needs that would end want was to continue to work hard and think straight developed from 1940 until 1944 which overcame contradictions within capitalist systems unnecessarily constrained by debt. In those years, output counted and debt was made to serve the public interest not disturb it.

All calls for a reign of terror or rule by hate are to be shunned. You do not end want by wanting the end of civilized conduct.

Sugarland  07/25/2012 12:15 PM Report

Former Citigroup Chairman & CEO Sanford I. Weill, the man who invented the financial supermarket, called for the breakup of big banks in an interview on CNBC Wednesday 25 July 2012.

O.K. the oligarchs are cracking. Need Mr. Geitner’s comments. How fast can this be implemented?

Ricardo_Amaral  07/25/2012 09:22 AM Report

Gelles,

Here is the solution:

July 25, 2012

SouthAmerica: Max Keiser mentioned on this video of the possibility of that Lloyd Blankfein might be considered for a government job.

There's a reason why they are considering Lloyd Blankfein for a government position - it's because John Gotti is no longer available....

Keiser Report: Financial Feeding Frenzy – July 24, 2012

http://youtu.be/UgnqBOarHHw

In this episode, Max Keiser and co-host, Stacy Herbert, discuss feeding frenzies on Wall Street, drug money laundering in the City and Javier Bardem pays a little visit to the bankers.

In the second half of the show, Max talks to comedian, actress, writer and Presidential candidate, Roseanne Barr about the mainstreaming of calls to 'hang bankers' and about ridding our democracies of politicians owned by bankers.

*****

As I have mentioned a number of times before here on ET forums "The Guillotine" would come in handy here in the Old USA to fix the problem with the banksters and help clean up Wall Street.

Let's follow the example of the "French Revolution" when the bankers had a special place in front of the line as they waited their turn at the "The Guillotine"

http://youtu.be/lo5BBHtn4tM

.

Gelles  07/25/2012 08:40 AM Report

Ricardo~

Your posted YouTube interview and the Wikipedia entries on "Libor" and "Libor Scandal" do not provide solutions yet. The problems of price collusion and price fixing are age old in competitive price systems. Planned pricing also presents problems. Logistical systems that reward production of necessities are good answers -- but these are also vulnerable to error and abuse.

Your enthusiasm for scandal may be harmless if not just useless.

Gelles  07/25/2012 07:44 AM Report

To simplify all below, just admit any President in office when unemployment exceeds 1944 levels may impose the financial principles from 1944 on the central bank and treasury to improve infrastructure, energy abundance, research and development, education, training, national defense, and global peace, prosperity, health and reduction in critical environmental risk.

Ricardo_Amaral  07/25/2012 07:32 AM Report

Excellent interview with Paul Craig Roberts:

Paul Craig Roberts - Libor Fraud Now Part of the System – July 17, 2012

http://youtu.be/Z3CEnIKui0k

Former Assistant Treasury Secretary Paul Craig Roberts says the Libor rate rigging scandal was all about keeping the financial system and the big banks from failing. Forget prosecuting the perpetrators because Roberts says, "The minute those interest rates go up, the loss to people will just dwarf the interest rate loss." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Paul Craig Roberts.

*****

Here is the solution to clean up the problem with the banksters, and Wall Street

http://www.elitetrader.com/vb/showthread.php?s=2365e9316bde3801db9d69fbe09ce6a8&threadid=195957&perpa ge=6&pagenumber=63

.

Gelles  07/25/2012 07:28 AM Report

Listened at 3 am to Rose and Russia'a ambassador to the UN and author of a new book on the products of the Sixty's who may be "buccaneer bohemians" or obsessed with cultural loss of memories of the thirty's.

Rose suggested that we have freed ourselves from being prisoners of the thirty's prejudices -- but not from age-old inequality that has only gotten worse. I like his (Rose's) thought. In the middle of the forty's, FDR was able to define economic goals in his Second Bill of Rights. This whole notion of economic freedom to end poverty and scarcity simultaneously was never a part of the sixty's. The book "Abundance" by Diamandis and the ideas of a Singularity have not penetrated the culture yet. If they ever do, a grand new synthesis of purposeful political-economy and high tech wizardy may change buccaneer badness -- that destroyed manufacturing in America -- into Lincolnesque freedom of the human race from wage slavery. Inequality in necessary consumption has put the potential for bohemian conduct to be useful in society in jeopardy.

Geithner is not Peter Diamandis or Steve Jobs. He is a man without a purpose a man without a country a man whose afraid to risk impeachment as his betters risk death in defending the Obama pact with his Republican enemies to destroy America first rather than doing with commercial debt what we did with debtors prison.

Rose's recognition that economics and inequality have persisted without significant reform is key. The President has all the authority technology has given him on a silver platter. If Lincoln could suspend habeas corpus, all Presidents can prevent contraction in employment that threatens suicide by the middle class by means of pure ignorance.

Gelles  07/25/2012 06:45 AM Report

The issues are all "management". Geithner makes much of the President's "authority" as head of state, chief executive and commander in chief.

On "management", Geithner and Rose allow we need to reduce the gap between necessary spending now, (for defense, economic/industrial recovery, and re-establishing America's role and purpose in life,) and current plans and appropriations by our governments and systems in place.

Under Keynesian - Lincolnian theory and precedent, Obama and Bernanke have the positions and authority to save the nation and its soldiers from bleeding to death for no real logistical reasons: WWII wrote the book on spending money backed by production and political-military purpose and force.

Now we are engaged in a great war of purpose and reason. Whether to drift into a state of corporate and Chinese abuse of the American achievement in economic democracy, and thereby sacrifice our middle and working classes to the ignorance and cowardice of leaders afraid to lead and TV hosts afraid to think, is the question.

The answer by REMant is his usual wish for debt to come to life and decide all matters people are afraid to put their minds to.

Others commenting after REMant and before me have correctly chastised Geithner and Rose -- and they should also call for Keynes' and Lincoln's insights and doctrines that guided us to victory in WWII.

rxkeenan  07/24/2012 09:49 PM Report

Timothy Geithner?

Thank You but, no, thank you very much (not!).

We all watched as he yak-yaked his way non-stop on his BlackBerry during Congressional confirmation hearings trying to save his skin from his well documented ("turbo Tax made me do it!) history of overt tax evasion (not avoidance) schemes, then went on to prevail and protect his Wall of shame Street cronies from any further regulation or reign on their shameful and shameless sacking of our once great American Dream.

I pay my taxes, plus some, why do I pay for the Sec'y of Treas'y as well?

Google to read the "Geithner Chronicles" readily available on-line of his court transcripts during the 2007~2009 financial meltdown and have no doubt: how can this charlatan and shill now preach to us and the rest of the world from the bully pulpit of America's once respected,now decimated, position of socio-economic-political-military leadership?

No Way, No How.

I for one, Charlie, am disappointed that you continue to offer this kind of "guest" a place at your esteemed round table!

No More Please!

RK

Citizen of the World

chawlydoodahdolly  07/24/2012 08:55 PM Report

The "tremendous economic "growth" of 2004-2007 was ALL for the bankers. I hope Geitner knows that.

chawlydoodahdolly  07/24/2012 08:50 PM Report

...and would have been.

chawlydoodahdolly  07/24/2012 08:49 PM Report

it could have been a normal recession.

chawlydoodahdolly  07/24/2012 08:20 PM Report

Excellent Interview

Excellent questions by Charlie Rose

chawlydoodahdolly  07/24/2012 08:16 PM Report

The Perverse Incentives of Moral Hazard fueling the economy of money 'managers' of the financial "system"-"industry".?.? (what is it?) is the Biggest weight on and impediment to current and future economic growth (much more so than 'the debt' and 'tax policy')(as politicians would prefer to lead us to believe).

The politicians and corporate spin doctors do a good job of deflecting attention to smoke and mirrors, and meanwhile the worker-middle-class is being escorted over the cliff. And with them will go the bath water.

Unless of course, more bad news fuels more good news (the logic of the filthy rich). That'll slow the bleeding and prolong the suffering of the poor suckers and will keep the top 2% comfortably afloat.

richard-lipscombe  07/24/2012 07:43 PM Report

Mr Geithner comes across to me as both arrogant and ignorant... arrogant because he claims to have been "right" (both technically and morally) at every step of his administration and thus he has become so judgmental of anyone holding a contrary view of his world... ignorant because he advocates "more of the same" while he accuses people with alternative views to his of economics and government finance (including all Republicans) of being morally bankrupt...

the sooner Mr Geithner is replaced the sooner the US will be able to face up to the pressing fiscal challenges ahead of it in this Asian Century...this guy has done whatever good he is going to do for Americans by now.... in this interview, he presents no viable plan to lessen the decline of America's public finances...if what he says here is what he is all he is prepared to advocate the President then he should get out of the way and let someone else do what needs to be done...cheers, richard.

tabs  07/24/2012 07:31 PM Report

Now comes part three:

A short missive to CNBC at the date and time indicated.

to: xxxxxx@cnbc.com"

Sent: Monday, July 23, 2012 4:37 AM

Subject: Nobody Has Ever Seen Anything Like This

The USA alone is sucking 1.4T USD a year out of the Global economy with its deficit spending,(this amounts to 25% of Chinas GDP which is the second largest economy in the world.) that does not include the corresponding European deficits. The bottom of this economic malaise is nowhere in sight as long as these Sovereign Debt levels continue to grow. Not only does the risk of a major catastrophe in a financial meltdown continue to grow, the depth of malaise continues to deepen, and the LENGTH of time needed for a righting of the system and real growth to reoccur also increases. One can say with almost certainty that if one is a 30 something one is not going to like what things are going to be like economically in 20 to 30 years.

As stated nobody has seen anything like this unless your over 90 years old and then you were just a child. Even the esteem able Buffet is out of his depth as his career BEGAN when the tide was RISING in the 1950's, as such that is all he has experienced is that rising tide. One has to remember that this is the first time in US history where the currency and credit worthiness of the USA is coming into question.

Also any analysis of the future of economic trends is incomplete UNLESS it includes a consideration of the worst case scenario/model. It always sounds half done or half baked if one does not consider the worst case. Thus one is very sanguine about so many of the contributers to CNBC. Remember ones old axiom, that if you havn't seen the elephant you can only speculate about risk in the abstract as one has no real experience in seeing what the elephant really looks like.

BTW. "Seeing the Elephant" is a 19th century term for experiencing something unique or new to you.

tabs  07/24/2012 06:20 PM Report

Now Comes Part Two:

While ones comprehension of economics is rather limited one could readily tell that Mr Geithner is Obama's Poodle. For Mr Geithner when asked about the relief that could have been brought to American mortgage holders, states that the Obama administration was working at the "frontiers of their authority" and as such couldn't find a method of relief for said mortgage holders.Yet the Obama administration did find a way to manhandle the GM Bond holders during the GM BK.

Then Mr Geithner talks about knowing about the manipulation of Libor in the spring of 08, states that the proper authorities in the UK were notified and that corrective actions were taken...in 2012. What happened in the intervening 4 years Mr Geithner, a slow Internet connection?

Lastly Mr Geithners rendition of history makes the Obama adminsitration out to be the good guys wearing the white hats while the Republicans get hissed and booed as being the bad guys wearing the black hats.There are two sides to every story Mr Geithner. Now we have heard yours and the answer Mr Geithner is NO!

tabs  07/24/2012 05:32 PM Report

The price of Gold is the Barometer of Investor sentiment concerning the state of the US and Global economies with regards to systemic collapse. As of late the price of Gold seems to be range bound after coming off of all time highs. This is happening, all the while the USD has gained strength as an ON THE BEACH STRATEGY. Correspondingly US Treasury interest rates are pushing new lows in this flight to the refuge of a safe haven as Europe continues to convulse in an ongoing Sovereign Debt Crisis. Thus even thought the price of Gold tends to decline as the USD gains strength the current price of Gold is telegraphing that Investor sentiment is not particularly concerned about a Global economic collapse, but US Treasury action shows that Investors are concerned about a worsening of the Sovereign Debt crisis in Europe and corresponding Global economic slowdown. In other words Investors do not see European, US nor Global economic slowdowns as being catastrophic events but a condition of continuing to muddle on through the current malaise of a sic "new normal."

Further if we should see a sustained rise in the price of Gold, a continuation of USD strenght this couod be construed as being a double negative where one should be taking a close look at the stability of the US, European and Global economies.

Dasein  07/24/2012 04:26 PM Report

In a few months a tsumami of red ink will wash this lame duck and his lame pals into a sea of historical irrelevance. The only thing more unpleasant than the blurring and slurring of this guest's diction was the host's failure to listen and shape his questions based on the responses he, and we, were hearing. This seems to be a new wrinkle in Rose's technique,i.e.,what the guest says is less important than what the host asks and what the host asks is actually the agenda. Not exactly a dialogue!

REMant  07/24/2012 02:41 PM Report

Sec'y Geithner still engages in Keynes-think and Keynes-speak. There's no point in trying to argue with people talking at cross purposes. The taxpayers in fact recovered cents on the dollar, and percentage diminishes daily.

Here's Roubini's recent take on this in Slate: "Policy responses will have very limited effect in stemming the U.S. economy's deceleration toward stall speed: Even with only a mild fiscal drag on growth, the U.S. dollar is likely to strengthen as the eurozone crisis weakens the euro and as global risk aversion returns. The U.S Federal Reserve will carry out more quantitative easing this year, but it will be ineffective: long-term interest rates are already very low, and lowering them further would not boost spending. Indeed, the credit channel is frozen and velocity has collapsed, with banks hoarding increases in base money in the form of excess reserves. Moreover, the dollar is unlikely to weaken as other countries also carry out quantitative easing.

Similarly, the gravity of weaker growth will most likely overcome the levitational effect on equity prices from more quantitative easing, particularly given that equity valuations today are not as depressed as they were in 2009 or 2010. Indeed, growth in earnings and profits is now running out of steam, as the effect of weak demand on top-line revenues takes a toll on bottom-line margins and profitability.

A significant equity-price correction could, in fact, be the force that in 2013 tips the US economy into outright contraction. And if the U.S. (still the world's largest economy) starts to sneeze again, the rest of the world-its immunity already weakened by Europe's malaise and emerging countries' slowdown-will catch pneumonia."

Did I hear Geithner say Europe has ITS head stuck in the sand?

Despite bank bailouts, "investors" have not given anyone quarter. Spanish borrowing costs rose for the third day Monday; Spanish 10-year bonds trading at euro-era highs.

But while such "investors" cry for bailouts to stem unemployment, if the central bank prints more money to bail with, rather than providing even easier money to repay loans and preserve jobs, it merely preserves their inflated positions, and potentially inflates assets even more. Workers get the shaft. It's past time to let "investors" take their lumps.

The mortgage securities could have been bought by the Fed at market value or a discount, and taxes increased rather than money printed to force "investors" to part with them, as the states did in order to deal with the similar injustice of Revolutionary finance. It would have forced refinancing. And many more millions would still be in their homes. No ex post facto laws involved. Might even have had the Sup Ct's sanction. But Keynesianism is all about manufacturing money, so you'll never find Keynesians doing anything like that. What difference does it make how much "money" banks and corporations have, if it is in practice worthless, because no one is working?

The admin's strategy is like the nationalists' in 1787, frankly, and for the same selfish reasons. The remedy proposed is the same: stronger govt, and monetized debt. Do these things they say, and pass regulations (or amendments) later. Does anyone suppose, anymore than the anti-Feds did then, that this is politic?

And how about beginning with what Sec'y Geithner knew about LIBOR manipulation and when he knew it?

anne4444  07/24/2012 02:33 PM Report

God does exist. God created suffering and hope that we as the owner of Earth utilize our creative, passion, courage, wisdom, bravery and hard work to solve the problem of suffering in all lives on earth if we open our hearts with compassion towards all beings.

The Goal is to assist each soul in different timeline to unite with God as whole at end.

==============================================================

There is only one soul in the universe. One single soul currently exists on earth at current time line. All other souls are from different time line (past or future). Because of the creation of time, it enables us to have 7 billion souls (manifested by itself in different timeline) living together on earth. It looked like we were all attracted or tricked (depends on your experience) by the mother earth. Maybe… the purpose of all lives is to help past souls move into the future.

Hopefully, our scientists will help us to find out the existence of the soul and its purpose in life.