Ned Lamont On Wall Street Crisis: "This Is Our Katrina"

Wall Street Journal:

"It's the human toll that is frightening," said State Rep. Livvy Floren, a friend of Mr. Fuld. "Dick Fuld has spent 39 years of his life doing this. It's more than just money. They're not going to be in the streets starving....I think the man worked 24/7. His family and Lehman are his life."

A deeper analysis was offered by local Democrat Ned Lamont, who in one fell swoop compared Greenwich's money woes to the Japan malaise, Asian tsunami and the New Orleans flood.

"It really is a financial tsunami, and it could go either way," said the multimillionaire telecommunications mogul who ran for the U.S. Senate in 2006. "It took Japan 20 years to recover from their buying binge. How long does it take us to work through excessive leverage? That could take years not months. This is our Katrina."

Read the whole story: Wall Street Journal

Comments

[Bitsko]

Gotta love that picture of Ned trying to climb through the Mexican border fence in search of a higher paying job!

[sparkey]

This is NOT my Katrina. This is the fault of a corrupt government who has done nothing to stop the greed of campaign paying corporations and banks. It's why I'm taking my money out of my bank before the run starts. I just hope the dollar is still worth something on Tuesday.

[Bitsko]

Or look at it this way: This is the fault of greedy campaign paying corporations and banks who created a corrupt government. Government isn't at the root of this debacle, business is.

[SouthPrairie]

If you are as fed up as I am, please write or email your senators and representi­tives--PLE­ASE. If you are too angry to compose, please use my message. I'd be happy to serve the American tax payer in this way:

I am appalled by the corruption that the Bush Administration has enabled and as an American citizen I would like to express my deep concern with the Democratic and Republican Party's weak kneed responses to their anti-Constitutional behavior. The last 7+ years have been torturous for those of us who are educated, family oriented, and patriotic in our thinking.

WHEN IS THE HOUSE GOING TO STAND UP AND FIGHT FOR WHAT AMERICA STANDS FOR?

This bail out had better not be a blank check to Wall Street. The house allowed bankruptcy laws pass that would have protected the consumer to some extent, and now you expect that same consumer to save the banks who practiced unsound, predatory lending practices? You have been elected to serve the tax payers of our state and here is where the tire meets the pavement.

I will not vote for you again if you allow this to go through without protections for the American tax payer that was duped by these corrupt practices.

[MBryant]

Where was the $650 Billion for New Orleans. Does Ned Lamont want the gov't to treat Wall St. with similar indifference to what they did for Katrina survivors? This is a very bad analogy for him...

[seedyrum]

The world is watching

Ned Lamont is right>

Its crazy when folks tell THE TRUTH OF WHAT OTHERS DONT WANT TO HEAR BUT NEED TO HEAR THOSE TRUTHSAYERS ARE LABEL A DISGRACE>

Look at the facts

OUR GOVERNMENT IS BROKE>WE ARE BORROWING MONEY TO PAY THE INTEREST ON OUR DEBT>OUR DOLLAR IS LOSING VALUE (DILUTED FOR OVERPRINTING) OTHER COUNTRIES TRADE INOUR DOLLAR BUT FOR HOW LONG?? WHAT HAPPENS WHEN THEY STOP NO MATTER THE BAILOUT???

FOLKS WE ARE IN FOR A HURRICANE OF BUSH AND WALL STREET MAKING>>

FREE MARKET WORKS TO THE BITTER END>>>FREE MARKET FOR THE PROFITS AND FREE MARKET FOR THE LOSSES>>>NO SOCILIZED DEBT NO BORROWING TO EASE THE LOSSES OF THE WALL STREET

DEREGULATION WAS PUSHED AND TRUMPETED>>>IF THE RULES AND LAWS HAD BEEN ENFORCED WE WOULDNT BE HERE>>

REMEMBER THEY ARENT SURE IF THIS BAILOUT WILL WORK> THEY HAVE SPENT OVER A TRILLION DOLLARS IN THE LAST MONTH AND STILL THERE IS A STEADY THUNDERSTORM OF LOSSES>

PREPARE FOR THE INEVITABLE>>BETTER TO HAVE AND NOT WANT THAN TO WANT AND NOT HAVE>>

STOP LOOKING THROUGH ROSE COLORED GLASSES AND FACE FACTS

THE WORLD IS WATCHING

[Soothsayer08]

You are correct. The reason nothing is working is because we have nothing to back up our money. All they do is print more. WE have borrowed up to our eyeballs form China, they literally own this country. Get ready for "Soylent Green" All of thisis a "house of cards"

[funkalicious]

the Limousine Liberal mentality of Dodd, Frank, Kennedy,Biden. and the rest of the senate fossils...We need some real change or there is going to be hell to pay.

The limo liberals and their patronizing and the continuation of policys that lead to a bifurcated have and have not society that places them with power to give largess, are just as caustic and destructive as the fundamentalist Right wing neo-con wing nuts.

The bifurcated plutocracy leads politicians to believe they are "better than" the poor the condescension in their programs is more than palpable it is destructive to the human spirit.

It also leads to graft and abuses of power as the Plutocrats resent paying everyone's bills..but they see it as a necessary evil to buy mansions and Lamborghini's and all of the rest of the trappings that accrue to the insider access they are able to buy from the senate and congress.

We are not a nation of non productive people who need government to wipe our asses.

When the thieves of Greenwich steal our savings ruin our homes charge usury credit card amounts advocate for a lopsided bankruptcy law, fail to fund education, and place Corporate welfare above the productive thoughts of a nation.

It will lead to Anarchy....we need a level playing field where the majority participate in the a tax system and no one side can buy their way out. Or spend more to keep their boots on the majority's throat...

[boogiewoman]

It's funny how the repugs out here are trying to blame poor folks and people of color. They preyed on the poor. It was a way to make big money for the greedy Wall Street hoes.

[whatsthatsound]

No, Katrina was our Katrina, you fool!

[PT6]

A high level German Financial Expert has said "the US government was opposing stricter regulations even after the subprime crisis had broken out last summer."

"The US notion that markets should remain as free as possible from regulatory shackles “was as simplistic as it was dangerous”, he said.

Repbs think they have all the ANSWERS EVEN NOW. They wave a paper on TV with what they say has 200 names of professors from all over and say we have the RIGHT ANSWER. Bernake is a Professor.

!!CALL ME PARANOID while I am Looking at JPM Becoming a MASSIVE MONOPOLY!!

This appears to be a HIGH LEVEL PLOY to continue MONOPOLISTIC EFFORTS to BLOW AWAY THE WEAK COMPANIES and CONSOLIDATE CORPORATE AND FINANCIAL POWER INTO A COUPLE EXCESSIVELY POWERFUL ONES.

They want Middle Americans to pay as they TEAR THEMSELVES APART to BUILD THIS MEGA COMPLEX of MONOPOLISTIC CORPORATIONS.

This SCANDAL MAKES ENRON SEEM LIKE A DOT!

[DanniD]

Is that so, Mr. Lamont? Well, we The American People should do to you and your cronies, what Bush did to the REAL Katrina victims and leave you to drown!!

[jdmba]

Hear, hear!

[MMJones]

There's been a lot of info about this upcoming October situation....

"October 1st, Military starts US Martial Law Mission
U.S. Troops In Homeland "Crowd Control" Patrols From October 1st 3rd Infantry Division"s 1st Brigade Combat Team returning from Iraq for homeland patrols to help with "civil unrest" and "crowd control," training in use of non-lethal weapons
Paul Joseph Watson, September 24, 2008
U.S. troops returning from duty in Iraq will be carrying out homeland patrols in America from October 1st in complete violation of Posse Comitatus for the purposes of helping with "civil unrest and crowd control" - which could include dealing with unruly Americans after a complete economic collapse.
This shocking admission was calmly reported on September 8th by the Army Times website, which reports that from the beginning of next month the 3rd Infantry Division"s 1st Brigade Combat Team "Will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks."

[LiberalBuzz]

Ned, I contributed to your campaign and can only wish you had won.

I've got a question if you read these posts.

Have you had any polling to find out how much the voters of CT regret putting Tailgunner Joe back in office?

You should have an easy run next time.

AND I'll contribute again.

[Hare]

First- There is no money anywhere, all they are talking about is paper money , pretend money, IOU's
Second- They think they are GODS so the financial crisis could be like Katrina or an earthquake in other words they created it.
Third-What was the October surprise?
Fourth- What is the hurry and the give us the money and don't ask attitude? Its like being robbed at gun point but worst because this time we have nothing else to give, for little by little they took everything away from us.
Last-Bail out or not, we the people will still be scre w.

[SCG]

Katrina was a act of God.

This is an tragedy of self- assessed Demigods.

If they physically toiled for that money, they would have never been so reckless with it, respect work , respect money.

[sonoffestus]

Looks more like Karma to me........­..........