Financial Crisis Opinions: Experts Weigh In

Here are brief excerpts from financial experts around the world weighing in on today's stomach-turning economic action. Click the expert's name to read the full opinion.

Stanley Bing:

Guy #1's job is to eat as many pies as he can before he dies. Guy #2 is hired to make sure that everybody gets his or her fair share and plays by the apple-pie rules. If Guy #1 and his pals get all the pies, he's just doing his job. It's Guy #2 who isn't.

Henry Blodget

The first move, guaranteeing bank deposits, will calm frantic runs on banks. The second, guaranteeing interbank lending, will enable banks to risklessly lend to each other again (this has all but stopped).

Gordon Brown, Prime Minister of the UK:

The banking system is fundamental to everything we do. Every family and every business in Britain depends upon it. That is why, when threatened by the global financial turmoil that started in America and has now spread across the world, we in Britain took action to secure our banks and financial system.

Paul Volcker, Fed Chairman 1979-1987:

Today, the financial crisis has reached a critical point. The sharp decline in the stock market and its volatility dramatically make the point. More important if less visible, the flow of credit through the banking system and the financial markets is seriously impaired -- even in part frozen.

Comments

[schatsie]

The only thing that they are saying is that this is a really big mess that was created by Wall Street itself and that the government has to intervene..

QUESTION IS: DO we continue to let these maniacs screw things up? We had the S&L bailout, other bailouts,and Enron, and Katrina and now this latest mess...

We need financial security which has been niggled away from us...Our Middle Class has been cut to one third because of the elimation of meaningful raises and taking away our pensions and healthcare benefits for retirees... We now have a working class and that is it... and no family jobs with a decent salary and job security....We need the WHISTLEBLOWERS to work on this, they were the only ones who cared about OUR security and THEY ARE AVAILABLE, BECAUSE NO ONE WILL HIRE them because the fraud and corruption is so WIDESPREAD.... We need them to ferret out where the money is and where it went and to work on the offshore banking and tax reform... THEY KNOW ALL THE GAMES these CROOKS and GAMBLERS PLAY!!!

[Ohg]

This writer is no expert in finance - but we are an expert in frugal living - We submit that the Modern American Comfort Zone will make any financial crisis feel much worse. ........................
http://thefiresidepost.com/2008/10/12/a-nickle-for-bread-but-no-one-has-a-nickle/

[dadw5boys]

NO MATTER WHAT THEY DO !!!!!!!

WE CAN NOT LET THEM GO AFTER THE GOLD AND SLIVER IN FORT KNOX !!!!!!!!

IF BUSH GOES AFTER THE GOLD AND SILVER IN FORT KNOX HE BANKRUPTS THE COUNTRY !!!!!!

[Novista]

Gordon Brown, when chancellor of the exchequer, sold 3/4 of Britain's gold reserves, starting in 1999.

451tonnes at rock-bottom prices, which cost Brtain in excess of 4 billion pounds. And his opinion now is worth?!

[NewArtz]

Conservatives have finally gotten their wish. We've returned to the glory of the past. I think the year is 1929, and what transpired has somehow been recalled as Great. Of course those who believe in progress, change and giving a great future to our children, don't have much nostalgia for repeated mistakes.

[fisharefreinds]

again, so what did they tell you these experts that you did not already know?

[fisharefreinds]

so what did they tell us, these experts, that we did not already know?

[rich misty]

And conservatives think McBoosh/Mooselini will be a dramatic improvement...