CNBC reporter says the rest of us will be OK if Mich and Ohio die

[brentspeak]

Run time: 06:24 https://www.youtube.com/watch?v=yS2U1yxisU4   Posted on YouTube: November 11, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: November 21, 2008 By DU Member: brentspeak Views on DU: 647

 
Check out the exchange at the 1:15 mark. The CNBC host asks the CNBC reporter if the nation's economy faces systematic risk should the Big 3 fail. The reporter replies that "only" regional systematic risk would result; the rest of us won't be affected.

Sort of like when Pentagon analysts reassure the President that in the event of a nuclear war, we'll lose maybe "thirty or forty million people - tops!"

:banghead:

[peace13]

1. Hate to break it to folks but as a resident of Ohio.

You can call it any time now. We have suffered for eight years now.

[DogPoundPup]

2. They've got average labor worker joe schmoe convinced that union labor worker fred freeloader makes

way too much money and is the only reason for the automakers financial problems.

What I wonder at this time, do CEO's ever bitch about that ungodly sum of money that other CEO's make like we lowly laborers do?

[Jack Rabbit]

3. Peter Schiff sounds like an unreconstructed Reaganite

Pretty soon he's going to find it very lonely on the wrong side of history.

[kstewart33]

4. What a bunch of Republican hacks.

Fat, lazy, overpaid, living in the high-life world of Wall Street and positively oblivious to the reality that most Americans experience.

[Divine Discontent]

5. Schiff is overpaid... bastard. how dare he say this autoworkers are overpaid

someone on that panel needs to stick up for the worker who has a decent job. I turned it off once he said they were overpaid....

Many different Yes We Did items in the Obama/Biden section www.cafepress.com/warisprofitable

[JDPriestly]

6. These guys are not thinking about the human toll, the human

cost of their bean counting mentalities. In my work, I see the impact of the downturn on families. It's been going on for years. Middle class people have worked and worked and borrowed and borrowed to maintain the facade of respectability and prosperity. It is as though, for many, to accept a lower standard of living is unAmerican. The thought of clothing their children in second-hand clothes, of buying old, not just slightly used cars, of using public transportation, of putting a little less in the church collection plate, of sending their children to less expensive schools, of planting a garden or watching videos or canceling cable -- the very thought of cutting back would be shameful.

Have we forgotten how little we Americans had 50 years ago? No cellphones, no cable TV, no computers, one car for many families, smaller houses, fewer bathrooms, cheaper weddings, less wine, more macaroni and cheese and far fewer but better clothes. But we enjoyed life just as much as we do now.

To just lay people off is cruel. The people who need to cut their expenses the most are those that have the most -- like the loudmouths on that TV show. They are a bunch of fools. Their jobs should be the first to go. Who needs them?

I just laughed out loud at the guy who said the auto industry should simply be allowed to fail and that agriculture should have been allowed to fail long ago. OK you get rid of industry like the auto industry (virtually all other manufacturing has already been allowed to fail -- and that is what lead to the current crisis) and then get rid of agriculture and we all end up living in caves. These guys are idiots. They should go back to school and study liberal arts -- literature and social sciences. They need to think in human terms, not just in terms of numbers. Life is not just about numbers. It's about the earth and nature. And most important for us, it's about people and our subjective, emotional and spiritual existences.

Families cannot survive without income and that means that families -- children -- the elderly -- all of us cannot survive with jobs. This is not about the stock market. It's about jobs. These horrible people on TV need to get out of their ivory towers and live a few weeks in a small town in the midwest or in a poor area in a big city. Maybe they would learn some compassion.