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

[stayinsouth1981]

In other words, the money really isn't going to exchange hands. It's an empty handed IOU without outside governing of exenditures.

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html

[DieHardObamaSupporter]

Please sign Demand The Debate 2008 petition.

http://org2.democracyinaction.org/o/5583/t/3369/thankYou.jsp?key=180

Also, post this on other blogs.

Thanks

[DieHardObamaSupporter]

How disgusting. It confirms my belief that Americans live in two parallel worlds. The haves and have nots. At this moment the haves are fearful of becoming the have nots. The fact he stated, "this is our Katrina." is an admission that Katrina 2005 was the problem of the working and lowe class. Once again, how disgusting. The "me" first, class do not put "country first."

[Ramirez]

He's a Dem and a multi-millionaire.

They talk that way. Don't mean nothing.

[deliriousgod]

funny; I thought Katrina was America's Katrina. Oh I see: Katrina was New Orleans' Katrina

[kimbari]

Katrina was the black people in New Orleans' Katrina.

[stayinsouth1981]

Again people forget the Mississippi Gulf Coast was wiped out.

Good luck getting the feds to pay up what they promise. They still haven't met their obligations from Katrina. And MS governor decided that the port should get millions of dollars instead of displaced homeowners and small businesses.

[changeishere08]

Disgusting!! Where there bodies floating in dirty water? Dead bodies on the streets of wall st.? People holding up signs on top of their homes begging for help while helicopters flew by? Was wall street held up in Yankee Stadium waiting for the gov't to send hlp?

The gov't reacted SWIFTLY in bailing out the RICH before they helped the Katrina victims, who are still waiting for gov't help with homes and FEMA trailers. Screw those wall street jackholes.

[macintoshsauce]

You mean Katrina hitting the SE US wasn't ours? Hmmm...

[Everybody Should Vote]

The Republican leadership needs to grow a set. Either they support regulation or they don't, but they cant have both.

The 700 Billion Dollar Concession
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=71&ArticleName=The+700+Billion+Dollar+Concession

Sept 25 Polling Update
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=70&ArticleName=Poll+Update

Obama 284, McCain 254
http://voteforamerica.net/electoral.aspx

[CaliforniaGirl4OBAMA]

Ned Lamont is a disgrace to the democratic party and to America. I didn't see any bodies floating down the street. How dare he compare this mess to Katrina or the tsunami?!!!

[nellie]

Do you know what the word "disgrace" means? Do you know anything about Ned Lamont?

People are out of their homes. People's lives are ruined. It's an apt comparison, trying to make a point of just how serious this is and how mismanaged and indifferent the administration is to people who are in real pain.

[JohnFromCensornati]

The crash hasn't happened yet. Will you sing the same tune when you're eating at the soup kitchen?

[Yermammy]

The Government failed on Katrina, Mr. Telco Man. How's the Retroactive Immunity treating you? Swimmingly I'd suppose. You, with your filthy excess.

[PT6]

Now that it LOOKS like we have a Bailout DEAL:

To get economy started STAY FOCUSED on CRISIS:

We SAW the last stimulus package was NOT very powerful and did not last very long and may have caused more inflation.

TURN OFF THE HOMEOWNER WALKAWAY FAUCET or we get another crisis in VERY SHORT time.

FOCUS on this HOMEOWNER WALKAWAYS that is the FOUNDATION of this mess.

Make REFINANCING possible for those people in TROUBLE and perhaps easier for EVERYONE.

[corsair1917]

Wasn't Katrina ours too? Or was that just Louisiana's and Mississippi's problem? We didn't help them, so what are you saying? Those citizens didn't wait for the government to help them. They would still be waiting. They had to jump in save and rebuild their cities and homes themselves­... so should Wall Street rebuild this themselves?
Really bad analogy Lamont! I don't care what party you are.