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December 19th, 2007
05:50 PM ET

Rescuing American banks?

ALT TEXT

FROM CNN's Jack Cafferty:

Some may call it a troubling sign: foreign governments coming to the rescue of American banks.

Just today, the no. 2 U.S. investment bank, Morgan Stanley, posted its first quarterly loss ever, and announced a $5 billion cash injection from a Chinese state-run investment fund. That represents less than 10% of the company's total shares.

Morgan Stanley says the purpose was to raise capital along with improving its ties to the world's fastest growing economy. They said the China fund would be a passive investor, with no management role and no say in naming a member to the board of directors.

But, this isn't the first time we're seeing this scenario play out. China also invested heavily in Bear Stearns and the private equity group Blackstone. Rival Citigroup announced a similar move last month, selling a $7.5 billion stake to the Gulf Arab emirate of Abu Dhabi in an attempt to raise capital. Abu Dhabi also invested in the politically connected takeover firm The Carlyle Group.

U.S. banks have been wrestling with issues like the subprime mortgage crisis which have forced many of them to write off billions of dollars due to bad loans.

Here’s my question to you: What does it mean when foreign governments are having to come to the rescue of American banks?

Interested to know which ones made it on air?

Martin from Blue Ridge, Georgia writes:
Jack, It means what we all have suspected for some time now: America as we have known it is gone. We have been sold down the river by the feds in every way possible. Our sovereignty has been compromised by big money.

Bob writes:
China's investment is a great thing for U.S.-China relations. This growing co-dependence between the two countries and their economies will only lead to stronger political ties between the two nations, an essential outcome for the U.S. given China's growing role on the world stage.

Bill writes:
Perhaps foreign countries are "coming to the rescue" of our banks for the same reason that we "come to the rescue" of weak, oil-rich countries such as Iraq – ownership by hostile takeover?

Jason writes:
It means that the United States is mortgaged to the hilt. We are owned by the world. It's a sad day when the U.S. has to be bailed out. We have spent almost $1 trillion on a failed war and that money should have been spent here at home. Oh, well, Attention K-Mart shoppers today’s Blue Light special is: America to the highest bidder… Let the bidding begin.

Grant writes:
It means that America is crumbling before our eyes. This is the tip of the iceberg. Americans have been surviving the past 20 years borrowing on the equity in their homes. Now their homes will start losing value and their equity will become negative. They will not be able to sell their homes or continue borrowing to support consumer spending. We are not looking at a recession next year – we are looking at the beginning of a financial collapse in the US that will decimate the middle class.

Maria writes:
This country is in the toilet and the world is just waiting to flush us down!

Michelle writes:
I guess we should start learning Chinese and Arabic.

Maybe Jack will read yours tomorrow.


Filed under: Uncategorized
soundoff (208 Responses)
  1. Cliff Wolken

    Greed, they see a profit in helping the banks, who will pass the increased cost to the borrowers.

    There would be a backlash if the government were to bail out the GREEDY lenders.

    December 19, 2007 at 2:33 pm |
  2. Sherry

    It means our congress is busying voting themselves earmarks in billions of dollars which instead should be geared towards building our border fence and sending National Guard to our borders and towards strengthening our economy. We need to recall congress and put in a fresh batch. They are selfish and only care about themselves and their wallets, and not the American people or our country. Who else can raise their own pay and vote in pensions for themselves while we struggle on Social Security (which they also rob from).

    December 19, 2007 at 2:35 pm |
  3. Scott

    that they're ignoring the wall street fleecing of the American tax payer , and realize were about to implode and they want the influence to dictate how were divided up.
    every great impire has desolved into demise when it's people turn on each other,
    has anyone else noticed? or is it just me, were at each others throat, a dog eat dog mentality.were better than this, aren't we? our childrens future is important, isn't it? we the people, gosh darn it. hey washington, read the constitution please.
    we the people are talking and you damn well aren't listening.

    December 19, 2007 at 2:43 pm |
  4. CHARLES SANDIFER

    IT MEANS THAT BUSH AND CHENY HAVE SOLD AMERICA OUT! AND IF THEY ARE NOT BROUGHT UP ON CHARGES THEN AMERICA IS HEADED DOWN HILL LIKE A SNOWBALL HEADED FOR HELL! LOOK HOW HE IS AT IT AGAIN! COVERING UP HIS DIRTY WORKS!!!!! MAKE THE JUDGES PUT THE CIA INFORMATION OUT TO BE JUDGED!!!!

    December 19, 2007 at 2:48 pm |
  5. Ken Scheele

    When foreign banks extent loans to US banks its like a a third domestic bank making a home equity loan to a home owner already in foreclosure proceedings. So these foreign banks better get a prior rights collateral, to secure their loans.
    To extent this argument to the national debt means that if China and Japan were to call in their US obligations, this country would have to declare bankruptcy over night.! Foreign Banks and Foreign countries are not in the business of extending credit out of the goodness of their heart, you can bet it is at a steep interest rate
    and very short term! Vola!

    December 19, 2007 at 2:52 pm |
  6. CRAIG R. MCNEES

    THEY ARE ALREADY HERE AND INVESTED ANYWAY. THEY ALSO KNOW BY BUYING UP THE ONES IN TROUBLE NOW THAT OUR GOVERNMENT WILL BAIL THEM OUT SOON FOR ALL OF THE QUESTIONALBLE LOANS, RIGHT AFTER THE REPOSE AND EVICTIONS ARE DONE. THEY WIN, WE LOSE. SAME OLD, SAME OLD SONG.

    December 19, 2007 at 2:54 pm |
  7. Michael

    Jack, thats just international business. the middle-class somewhere else then pays for it just as we pay for the mistakes of the bank-managers. They however get a big bonus and a new better paid job somewhere else. Business as usual.
    Just wait till China grows impatient and presents the bill to the US and Western Europe. Then the real fun begins

    December 19, 2007 at 2:54 pm |
  8. John Hazelwood

    Thomas Jefferson once said: "Banking establishments are more dangerous than standing armies." He also said: "Every government degenerates when trusted to the rulers of the people alone. The people themselves are its only safe depositories." And, finally, Mr Jefferson said: "Do you want to know who you are? Don't ask. Act! Action will delineate and define you." What an incredibly knowledgeable man – we would do well to listen – learn – and ACT!

    December 19, 2007 at 2:55 pm |
  9. Daphne

    It means that the days of "us" and "them" are over. It's a global economy, and the USA is just one piece of the puzzle. Our days of world dominance are over and it's time we acknowlege that, stop policing the world, alienating everyone and acting like it's still the post-WWII era. The dollar is weak because world opinion has turned against us for our arogance. We need to stop thinking we're better than the rest of the world. We're all in it together, it's just one big "us" from here on out.

    December 19, 2007 at 2:55 pm |
  10. Jerry Nepon-Sixt

    It means the party is over. The housing bubble, coupled with easy credit is the only thing that drove the economy the past several years. Along with the Bush tax cuts, this represents the largest government-sponsored transfer of wealth in American history. the only reason you don't here GOP squawking about this is that their friends are the primary beneficiaries.

    i wonder how many people are leveraged to the full value of the equity in their homes as of LAST year? They are under water this year and for the foreseeable future.

    December 19, 2007 at 2:56 pm |
  11. C. Pritchard

    What does it mean? It means that Ron Paul is right. I fear for my country as I have never before. When one is in debt to another then they own you, period. What has happend to us and how have we just set by and allowed it to happen. Love the show. Keep it up.

    December 19, 2007 at 3:08 pm |
  12. Tina

    Our president in thief has us in a deep bankrucpty and it will take generations for us to ever see over the line of doom.

    December 19, 2007 at 3:13 pm |
  13. vince nizzardi

    Jack, the banks, and financial instittutions, in a rush to drink every last drop of blood , of the american people, has finally gotten their "what goes around, comes around" payback. There they were, gorging along , as they usually do, failing to come up for air, until suddenly, before they knew it, there was nothing left to feed on. The word is they are getting some loans from our dear friends in the middle east region, and paying a very high interest rate, sort of like the rates the American people are subjected to, when we need loans. This reminds me of an old bob dylan song "HOW DOES IT FEAL"

    December 19, 2007 at 3:18 pm |
  14. Rich, McKinney Texas

    It means they are getting a Federal Guarantee that if the Bank fails they still get paid. Banks have been screwing people for years in mortgage and refinance scams to get a few more dollars in interest. To most people it seemed like a good idea at the time. The banks knew those peoples credit risk when they made the loan. The Banks will now become owners of a lot of foreclosed houses that they have to pay to maintain until and if those homes ever sell. Meantime taxes come due and banks will have to pay them. This is a very slippery slope for banks. One I see no way out of. Just remember folks who pays for Federally insured loans. Yep, you guessed it. Your and my tax dollars.

    December 19, 2007 at 3:23 pm |
  15. Lynda

    It means, Jack, that this country is in much deeper caca than most people realize.

    Thanks to the politicians of all stripes and colors that have encouraged American companies to have products made overseas to the tune of-how many billions in balance of payments problems?

    Thanks to GW Bush for starting a war no one needed or really wanted and is now costing us, not just beaucoup de dollars, but young lives as well.

    Thanks to the Republicans who threw away an surplus accumulated by the previous administration by giving tax breaks to -guess who?

    When will we learn? We, the people, must not expect the federal government to do @#$% for us. We must take care of ourselves and not interfere in the business of other nations.

    If we truly want a government that is NOT: of the lobbyists, by the politicians, and for the corporations, we must vote into office decent, law-abiding citizens who consider the job one of service to the country, not a way to line their own pockets.

    December 19, 2007 at 3:24 pm |
  16. Terry O'Flaherty

    Jack
    It means that we are writing checks our rear ends cant cash. We are so deeply in debt. that we are just printing money with nothing but debt to back it up. The war in Iraq and our dependency on foreign oil will be the ruination of this country.

    December 19, 2007 at 3:33 pm |
  17. Henry Abbot

    It means that this government spent far too much in Iraq, and this was a major factor in the huge unfavorable balance of payments taht we have today. This led to a steady devaluation of the US dollar. This has made foreigh goods expensive for us and US goods, including US companies, cheap for China and other foreigh nations. It all started with Iraq decision, and matters were made worse by the decision to expand our presenece in Iraq. The state of the US dollar today is a disgrace and any US tourist traveling abroad today realizes that.

    December 19, 2007 at 3:33 pm |
  18. W B in Las Vegas

    it means they are already in up to their necks in the problem.

    as the old story goes, "if you owe the bank a MILLION dollars, YOU have a problem. but if you owe the bank a BILLION dollars the BANK has the problem" just substitute "bank" for "you", a Billion for the Million and a Trillion for the Billion and "Governments" for "Bank" and the whole story is up to date. NO one want's to see a rerun of 1929.

    December 19, 2007 at 3:34 pm |
  19. Ed Reed

    This is scary stuff. It means we're broke. When George Bush was elected, the national debt was $5.7 trillion. Today it is $9.1 trillion. Tax cuts without spending cuts and an unfunded, unnecessary war in Iraq has bankrupted us.

    December 19, 2007 at 3:37 pm |
  20. Don Bezler

    Jack, Bush put evert thing in this Country why should'nt the banks go down with
    everty thing else Bush can't use the banks.

    December 19, 2007 at 3:45 pm |
  21. Pam Houle

    It means that we were sold out by the President and the Vice President over the last eight years. I cannot believe all of the underhanded, handholding tactics that have gone on. I think that it would be great if the two that are in office now would run one more time. They should run right into Mexico where they belong. Pam, Arizona

    December 19, 2007 at 3:54 pm |
  22. CurtJ

    What does it mean when a foreign government owns an American Bank? Isn't it like when a bank loans you money for your house or land and you default and they foreclose and take over?
    How many people know foreign governments own a lot of property in strategic locations in America.
    It's like these Neo Con owned Conglomerates buying up mortgages and monies owed and forcing the owees to pay on the Neo Con Conglomerates own terms.
    So you should ask the question... Why do we let the Neo con owned Conglomerates to continue to rob and steal our monies and freedoms.. And who is making laws to protect these same Neo Con owned Conglomerates?
    It's past time for a Revolution to rid our government of these Neo Con Parasites and the Religious Idiots who are trying to stuff their bastardized Religion down our throats.

    December 19, 2007 at 3:57 pm |
  23. David Cissner,San Bernardino,CA.

    The U.S. government,banks,financial institutions and economy are broke. The scum that control them have sold out the American people for their own short-term profit. No one invested for the future and now we are paying for it dearly.

    December 19, 2007 at 3:58 pm |
  24. Jackson

    It means the bureaucracy has failed America and we need someone (like Ron Paul) to come in and fix our financial system.

    December 19, 2007 at 3:58 pm |
  25. Patricia

    Well let's see.... Between our trade deficit & the Iraq & Afghanistan Wars, we owe Communist China $2TTTTTRILLION DOLLARS. It's a wonder that they haven't come over here & forclosed on the debt & put the Chinese flag on alllllll sorts of property here in the U.S. including the White House. Remember how the "Right Wing" hated Communism? Yet the "Right Wing" borrowed alllllll that money from Communist China.
    The same goes for other countries we've borrowed money from to finance our so called "housing boom". But, instead of adopting the Democratic idea of "pay as you go", this moron in the White House said, "Spend yourselves silly, go ahead, have a good time, & for good measure I'll cut your taxes, just so you can spend yourselves into a nice fat hole".
    I live on a fixed income, I don't have credit cards. I PAY AS I GO. If I want something, I wait & set aside the money it will cost to buy it, & even if it takes me a year I don't buy it until I can pay cash for it,(or if I am lucky & it's on sale).
    You don't want to pay the taxes required to pay for the war, you don't want to pay the taxes required for health care for anybody, including your own kids & your parents, but, you'll all sit there whinin' about how hard it is to hang onto your house, when if you were honest with yourselves, you should admit you really didn't the extra big house you bought.
    Some of ya's reallllllllly make me sick!!!! Ya's deserve everything that's going to happen to ya's!!!!

    December 19, 2007 at 4:01 pm |
  26. Greg

    It means greed, greed and more greed! From everyone including the American capitalist that sold out the US worker to manufacturing jobs in China to the US bankers driven by stock price and bonus checks! Who suffers the middle and lower class Americans who lost their jobs to China. Also just as bad the US government, Senate and Congress, pork barrel politics, entitlement programs and guess who owns most of the US debt, China.

    The days are numbered Jack, for everyone.

    December 19, 2007 at 4:05 pm |
  27. Mickie T. West

    Bush, Cheney, the Senate and the Congress have been selling out the American people for the past 7 years. We are broke, in debt up to our necks and have absolutely no credibility with the rest of the world. The only place to go is DOWN and I hate to be a naysayer, but I think recession is here.

    December 19, 2007 at 4:06 pm |
  28. James S. Lenon

    It means that another CEO got his year end bonus.

    December 19, 2007 at 4:06 pm |
  29. Cub Smith

    I can tell you what it means Jack. It means that just like children who still depend on Mom and Dad, we depdend on others. I.E China. If China ever decides to call the note on the US we are heading into a time that I do not want to see.

    December 19, 2007 at 4:10 pm |
  30. Ted Minnard

    They are not coming to the rescue...they are buying out America. They are cashing in on the greed of the Wall Street money changers and manipulators. And these countries can well afford it. Major world currencies have risen to approximately 50% above the dollar in the past 4 years alone. Couple that with our unfettered debt and you have total fiscal policy failure. Who is responsible for our fiscal policies for the last 7 years?
    Just another ingredient in the monopolization process of big business that Republicans far more often than Democrats bring to the table when elected.
    Ultra rich people of either party simply encourage it; they make money by the truckload with the buyout.

    December 19, 2007 at 4:11 pm |
  31. Richard-MN

    I doubt it means much by now. If you understand that most major corps, even many smaller ones, have been moving their businesses to China, mid-east, Mexico, et al for twenty years now on a major scale. To do so, they long ago developed business relationships with bureaus, funds and governmental agencies long ago. For them, it's business as usual by now.
    They own property, production, buildings in these countries already. Their executives have homes there. What do they care who they get the funding from.
    It simply scares Americans because they only now have begun to notice. I hate to tell you this, but we lost the battle years ago. Our government owes the Chinese government and funds TRILLIONS, and has for quite some time. Why should it bother the American public that former American banks owe also? WAKE UP AMERICA! STOP BUYING ALL THIS CHINESE CRAP YOU DON'T NEED. PUT YOUR MONEY IN THE BANK, AND SOON THOSE BANKERS WILL BE COMING BACK TO YOU TO BORROW. PROBLEM FIXED!!!

    December 19, 2007 at 4:12 pm |
  32. Mark Peterson

    Jack, it simply means President Bush was wrong when he said our economy was doing well. Hey, I'd go so far as to say he outright lied about it!

    December 19, 2007 at 4:13 pm |
  33. Scott

    They have been doing this for decades and we still have our football and baseball. The sky is not falling.

    December 19, 2007 at 4:15 pm |
  34. Kendy

    It means that the US needs to pull it's head out of it's hiney and realize that Yes, Virginia there is a recession.

    December 19, 2007 at 4:20 pm |
  35. burnham scott

    It depends on whether it is Saudi Arabia or China. If the former it means that we have agreed to stop searching for Bin Laden, if the latter it means that it has bought Citibank and that the national language is going to be Mandarin.

    December 19, 2007 at 4:22 pm |
  36. Albert

    It means we are in deep doo-doo.

    December 19, 2007 at 4:23 pm |
  37. Mack McCallon

    I think this is very bad mistake. They will be taking over our country soon enough we don't need to help them along so fast.

    Mack

    December 19, 2007 at 4:24 pm |
  38. Larry

    This is ridiculous. I work in the manufacturing sector and so much of the work that the factory was doing is being farmed out to China. We are building plants over there faster than congress passes the Iraq war funding. Now that China has all of the manufacturing sector of America, next is the financial industry. Pretty soon I will have to get my mortgage approved through an American bank that is owned by China, you go figure!

    December 19, 2007 at 4:24 pm |
  39. Brad Lancaster, Ky

    Its pathetic Jack. You and Wolf both know that. If we were not spending billions in a place called Iraq(somewhere we should have never been) We wouldn't need bailing out. Not to mention are economy would be better off. When will we start worrying about our problems and not everybody elses?

    December 19, 2007 at 4:25 pm |
  40. Oregon Jake

    Jack...This is not a rescue. It is a commonly accepted American fleecing tool. It is a sub prime loan; and one of these days, these benevolent countries will be sending out foreclosure notices and take back the country. They'll divide it up into The Chinese section, The British sector, The Japanese Sector and the UAE Sector. Or maybe all the Arabic countries will have a section all to themselves.

    December 19, 2007 at 4:26 pm |
  41. Dane Warner

    It means that due to our leadership this country is losing control of its on economics and that is disastrous. It is in my opinion giving other nations control over OUR government. I don't understand how our executive office is getting away with such treacherous acts against its own people. Have we lost our courage to stand up to our government ?

    December 19, 2007 at 4:26 pm |
  42. Terri

    It means we need a president with a heart & a brain! We have been sold out by the current administration. We had better wake up while we still have a country!

    December 19, 2007 at 4:27 pm |
  43. DAN FL

    It seems like the government was responsible for the banking and mortgage crisis. They acted as enablers for the Institutions who loaned money to people who could not afford to borrow it. They should clean up their messes together, but it is more likely that the taxpayers will end up shouldering the burden.

    December 19, 2007 at 4:40 pm |
  44. W B in Las Vegas

    it means your mortgage paybook is now Mao's "little red book"

    December 19, 2007 at 4:45 pm |
  45. john

    It means our banks are invoking the golden rule about money, use other people’s money. Next, are the foreign government investments a rescue or suckers bet?

    December 19, 2007 at 4:48 pm |
  46. Ken

    I think Chinese owners of US business will be much harsher in punishing corporate management when they run the enterprise into the ground and then line up for their unearned bonuses–a pound of flesh may replace a multimillion payout to losers.

    December 19, 2007 at 4:48 pm |
  47. Patrick J Cronin

    It means that bank ownership is shifting because of American managements greed (shaky loans). You always pay for you sins. The American economy will not survive because of corporate greed which has lead to out sourcing. If Americans do not have earning power they can not spend money. If a corporation can not sell products wheher if bank loans or stuff the corporation will fail. We are only seeing the start of things to come.

    December 19, 2007 at 4:53 pm |
  48. Mike M. Santa Barbara

    Well, in my opinion, the question is stated weakly. I don't believe that foreign business investors that are driven by stakeholder interest are interested in helping America. But, rather it is economic globalism! There is so much investment in our ecomony by the whole world as we invest the same amount in theirs. Anytime there is a blow up of any ecomonic bubble it will affect all the parties of interest. Although, globalism has its bad sides it is part of the game we are willing to play for the sake of the long term gains. But as other nations-continents grow, such as Latin Americas' new international fund, I believe it will have a negative affect on the "New Roman Empire"!

    December 19, 2007 at 4:54 pm |
  49. Elena

    It means that we're having another banking crisis, just like the S&L meltdown the LAST George Bush presided over. Some things NEVER change.

    December 19, 2007 at 4:55 pm |
  50. Will E. S.

    It mean exactly what mean run for the border. I'll start a caravan from Arizona to British Columbia. And they thought the Rio Grande was being invaded...

    December 19, 2007 at 4:57 pm |
  51. Ron Az

    It means that Bush and his vice buddy sold us out. trying to support every nation in the middle east is breaking the U.S.. We even give money to countries that buy more guns to fight us with. It will take decades to get us out of the hole after bush leaves office.

    December 19, 2007 at 5:03 pm |
  52. tony

    It means they can set dollar value. Pretty sad day.

    December 19, 2007 at 5:03 pm |
  53. Katie

    Funny, I always thought when the Apocalypse came it would be when Gabriel blowed his horn. Now it's when American bankers, brokers and etc. have to accept foreign coin to shore themselves up.

    Taking pledges from foreign governments to help Katrina victims (and that ended up being misused) is one thing. This is flippin' ridiculous.

    December 19, 2007 at 5:04 pm |
  54. Jay

    In the future when we try to flex our military strength, they can just devalue our currency and wreck our economy despite how "strong our nations [economic] fundamentals are" according to the current President. Massive debt incurred through expansive budgets and bloated bureaucracies serviced by foreign states. Not exactly an encouraging economic fundamental.

    December 19, 2007 at 5:04 pm |
  55. bob from dover delaware home of the Military Morgue

    Jack its as simple as this
    they are both saving their own backsides and buying huge portions of our country.

    In a Wonderful life the owner of the bank cares about his community. How much charity do you think will be offered when American people default on Loans held by China, Saudi Arabia and the rest of the world.

    They won't care they just want to get paid

    Arab investors buying Citi Bank
    Canadians buying Commerce Bank
    the NYSE up for sale along with investment banks and Insurance companies...

    That means they control not only the means of production in their factories they now own our banks, our retirement savings and whether or not we will have a home to live in.

    we are so skrewed its unreal.

    December 19, 2007 at 5:06 pm |
  56. Dwight

    What this means is that the "Federal Reserve BANK" and it's greedy owners have decided to let other greedy bankers from abroad to get in on the American gravey train. This can be stopped if Congress would do their jobs and shut down the Federal Reserve, and allow OUR governmet to print it's own monies without paying intrest to the Federal Reserve Bank. Which is NOT a part of the United States Government! As long as a group of bankers hold power over our government the taxpayer will continue to be in debt one way or another.

    December 19, 2007 at 5:09 pm |
  57. Elizabeth

    I think that if we have to depend on other countries for help with money problems, then... WE NEED TO STOP SPENDING SO MUCH AMERICAN MONEY AND LEARN TO SAVE IT FOR THE FUTURE OF THIS COUNTRY!!!

    December 19, 2007 at 5:13 pm |
  58. Connor Heep

    It means we need genuine fiscal conservatism on all levels...cough...cough...Dr. No

    December 19, 2007 at 5:18 pm |
  59. Edward Gaddis

    Jack I think this is good for America. Investments like this will allow the Republicans to provide even more tax cuts to their rich sponsors. After all aren't they the only ones that count ?
    Ed

    December 19, 2007 at 5:18 pm |
  60. Ken

    It is not just China Jack . It 's a host of Arab gulf countries as well that are bailing out the banking industry. Follow the money jack. The U.S. Treasury is bankrupted by this terribly botch war.

    December 19, 2007 at 5:18 pm |
  61. Jackie Dickerson

    That is a tough question. My best advise is for Bill and Hillary to sit on their hands and keep their mouths shut. They have nothing to say that they haven’t already said. I am a police officer so since Hillary was the wife of a president that qualifies her to be president my wife is going to run for police chief next year. Sounds good to me.

    December 19, 2007 at 5:19 pm |
  62. GARY

    $9 trillion in debt has weakened the USA

    December 19, 2007 at 5:20 pm |
  63. Tom Bulger

    It means on top of historians identify George Bush as worst president ever, they'll also identify him as worst citizen of the global village.

    December 19, 2007 at 5:21 pm |
  64. John Perry

    This is another example of the prostitutionization of American business.
    Seems our nation's economy is up for grabs to the highest bidder, and it doesn't matter if our banks or other sectors of our economy are sold to people whose interests might be adverse to those of the American people.
    We are quickly moving away from an American economy into a hybrid economy reflecting the interests of foreign investors (and governments, since in many countries business and government are intertwined. Ours is moving in that direction-fast!).
    If we can't control our economy we can't really control our country.

    December 19, 2007 at 5:22 pm |
  65. James

    Jack,
    Simple, it means Bush has been president for far to long. C'mon Jack, that question was far too easy, at least make me think next time.

    December 19, 2007 at 5:24 pm |
  66. Jayne

    Americans should watch their Congress in action more often. This afternoon Republicans were mad as hatters because Democrats wanted to compensate for the loss of revenue from adjusting the AMT in the tax code by reining in some of the tax dollars lost by fat cats offshoring their money to avoid taxes. Republicans would have none of it, claiming the Democrats were raising taxes needlessly. Can anyone explain to me why we're charging a war on the Chinese credit card if we've got more tax revenues than we need? According to magical Republican accounting, cutting taxes brings in more tax revenue. If that's the case, cut up the credit cards so the next generation might have a chance at prosperity.

    December 19, 2007 at 5:25 pm |
  67. Ralph Z

    Our banks took risks, they got burned. Too bad they got what they had coming. No more bubbles created by foreign banks taking control of our individual and financial liberty. No to Foreign banks.

    December 19, 2007 at 5:30 pm |
  68. JASON

    It means American is destroying itself within. America is broke! The fed & banks have not learned from history and are making thing worse, again. Soon China and oil rich countries will be the Superpowers of the world and every day Americans will watch as the country turns into a debt nation. Sad, but that crazy Ron Paul was right.

    December 19, 2007 at 5:36 pm |
  69. Patrick

    Theres a lot more to come. Brace yourself Jack. The war bill has crippled the U.S. economy and bailouts will put many "people" in good or better stead with the u.s. Who would pass on that opportunity.

    Patrick
    Jamaica

    December 19, 2007 at 5:38 pm |
  70. Mike

    Self-sufficiency is the only true security anyone or any country can have. Globalism is anti-self-sufficiency and will only hurt this country in the long run. That doesn't mean we should support separatism it just means the more we can accomplish on our own and in our own country the more secure we'll all be.

    December 19, 2007 at 5:43 pm |
  71. Tom

    Jack...It is an amazing opportunity....finally the USA gets to take advantage of foreign governments to finance a less than desirable ecomony. Lord knows you guys have been doing it for decades. Just don't repay the loan. Then all you have to do is have to do is sit back and wait for the trade subsities to roll in. It's a "win win" scenerio in your favour...fianally

    December 19, 2007 at 5:44 pm |
  72. Mike From St. George

    The simple answer: George Bush is president.

    December 19, 2007 at 5:58 pm |
  73. Jim McCormack

    It's close to the end of the Christmas shopping season and foreign governments & investors (which are run by intelligent types) are just picking up a few last-minute bargains. Nothing like a little diversification. Besides, the White House is already in the back pocket of the House of Saud. Why not pick up a few banking baubles as well?

    December 19, 2007 at 5:59 pm |
  74. Joseph Ibrahim

    This means the nation is so much in debt, that it can't even support itself. It means we are willing to borrow from th Chinese, an anti-American government. We are more and more becoming susceptible to conquering. The North American Union is on our doorstep because so little emphasis has been put on monetary responsibility. It means the Federal Reserve can no longer counterfeit enough funds. It means the USA is soon to be the late great United States of America.

    December 19, 2007 at 6:01 pm |
  75. Valorie Jay

    Jack – The incompetent President Bush has taken us from a surplus to a debtor nation. The unnecessary war in Iraq and tax breaks for all his Republican buddies, have crippled this country. Never again should the citizens of the United States place into office, by honest ballot or Supreme Court appointment, another president like George Bush who, by intellect and temperment, is totally unsuited to the job. In '08 we must elect a Democratic president or we will have more of the same Republican speak = millions of dollars for war but little for healthcare coverage for children. The best news we could hear would be an announcement that Air Force I has become airborne and is taking Bush back to his ranch in Texas. He will not return. AMEN

    Valorie

    December 19, 2007 at 6:03 pm |
  76. Jeff

    Isn't there an earmark for that?

    December 19, 2007 at 6:05 pm |
  77. Grant Devereaux

    It means that America is crumbling before our eyes. This is the tip of the iceberg. Americans have been surviving the past 20 years boorowing on the equity in their homes. Now their homes will start losing value and their equity will become negative. They will not be able to sell their homes or continue borrowing to support consumer spending. We are not looking at a recession next year – we are looking at the beginning of a financial collapse in the US that will decimate the middle class.

    Sadly, this is no accident. The Republican congress has been setting us all up since they took control of Congress in 1994. Easy credit, paper high net worth for the middle class has kept people from noticing the dramatic transfer of wealth up to the top 1%. Now the chickens will come home to roost and cash poor middle income people will lose everything. It's the Great Depression all over again.

    December 19, 2007 at 6:07 pm |
  78. Michael Byrd

    The American Banks failed several weeks ago! We have borrowed against the future and now the supposed fix has failed. The leadership doesn't care, because they have cashed in through the Oil and Defense Industries.

    Our economy, has lost its course, the Global Labor of China, India and Eastern Europe has replaced our technology and creativity, with cheaper alternatives. You can now obtain your english business plan through and Indian subsidy for only $5.00/hr written to english standards of Harvard University.

    Our banks have been designed to fail for several years now, the NAFTA agreement first signed by Bill Clinton has subverted the ability of our banks for many years. We will be offered a universal change in the Monetary System very soon, that co-joins the South American and Canadian economys with the U.S. and will end the dollar as we know it. Can you say "Amero", the equivilant to the Euro! Soon it will be the saviour, and all hell will break loose. Because only the true American will have the opportunity to utilize this new form of commerce.

    Our Economy is ruined beyond repair, and our government will no longer exist as we know it.

    December 19, 2007 at 6:09 pm |
  79. Matt (O`ahu, Hawai`i)

    As Mort Zuckerman, one of the 200 wealthiest Americans, said, "But I have to tell you, I think we're facing the worst financial crisis in the last 40 or 50 years, maybe since the Great Depression. You have a situation where we have two and a half trillion dollars of paper, of which the estimate is that 25 percent of it is going to be wiped out in value. That's $600 billion. And that's just the estimates today. Those estimates get worse and worse as this paper gets to be worth less and less. And nobody knows what the consequences of that is. We've never been in that kind of situation.

    'Amongst other things, nobody knows who owns the paper. I mean, nobody - Merrill Lynch announced that they were losing roughly $5 billion. It then went to $8 billion within a matter of three weeks, which they are the biggest seller of this kind of paper. They're off by 60 percent. I mean, if they're off by 60 percent, who knows what the real value is?"

    (Source: PBS' The McLaughlin Group, 02 November 2007)

    December 19, 2007 at 6:09 pm |
  80. Ross - San Jose CA

    This is nothing less than an invasion of our country, on the financial level. We need to wake up – now!

    December 19, 2007 at 6:10 pm |
  81. Andrew

    It means that the US can no longer get by without becoming an international participant.

    December 19, 2007 at 6:11 pm |
  82. Cameron, Bloomingdale, Illinois

    It means that our world is becoming more integrated, more global and we must get rid of the neo-conservatives' arragant "we can do it alone" policies. We need the world and they need us.

    December 19, 2007 at 6:12 pm |
  83. Skippy Stone

    Wow! Now the Chinese are bailing us out. Morgan Stanley is the latest in the bailout news. Of course, we had Dubai bailing out CitiBank. And, I guess NASDAQ needed help, too.

    Well, thanks guys. I'm so glad we sent you all our money and dropped our bond rates, so you could use our money to buy our companies. What great guys.

    The stock market will love it, of course, because we are living in Orwellian* times, when "double speak" has truly become the norm. Everyone went nuts when Citibank sold out. Brilliant!

    So I guess we should thank ourselves for churning the system and sending our dough to those lovely folks overseas. Hopefully they will build factories for us in the U.S.. Then we will keep employment rates high. Of course, they will have the real money, but we will get back some of our lower paying jobs. Sounds fair.

    *George Orwell, "1984" Where the totalitarianism government, "Big Brother", has everyone controlled and dictates speech: "black is white" and "white is black".

    December 19, 2007 at 6:13 pm |
  84. Daniel Schmid

    It means that we're in trouble and we should start supporting Ron Paul and elect him so the problem gets solved. The solution is that simple!

    December 19, 2007 at 6:14 pm |
  85. Gwen

    It means that the US is close to becoming a Dead Economy Walking.

    December 19, 2007 at 6:14 pm |
  86. Jake

    It means we are in deeper S*#T than we ever thought we were.

    December 19, 2007 at 6:14 pm |
  87. JAMES V SHOWALTER

    It means that American banks are as incompetent as the American government, which is as incompetent as American businesses, who are only interested in rich payouts to the CEOs.

    December 19, 2007 at 6:15 pm |
  88. John Hobart

    You have it wrong, Jack. It is CNN's job to tell US the importance of this.

    December 19, 2007 at 6:15 pm |
  89. Lynn Gammel

    The way our economy is going, it won't be long before China owns this country and we'll all be speaking Chinese.
    Thanks for giving it all your best Jack.

    December 19, 2007 at 6:15 pm |
  90. Andrew Gaiziunas

    Foreign governments are spending their dollars instead of stuffing them under mattresses, which has contributed to the dollar's decline and made these investments bargains to overseas interests. This cycle allows them to convert US debt into tangible ownership of US companies, so that when the economy does go back on the up & up, we will find substantial portions of our GDP subsidizing other nations immune to political sanctions and foreign policy.

    December 19, 2007 at 6:15 pm |
  91. Bill

    Perhaps foreign countries are "coming to the rescue" of our banks for the same reason that we "come to the rescue" of weak, oil-rich countries such as Iraq – ownership by hostile takeover?

    December 19, 2007 at 6:16 pm |
  92. James

    Jack,

    It's obvious that the bankers are now done, buying a selling off any and all properties and business assets left of any value in the U.S. to the highest foreigner bidders. They are now engaged in the whole-sale financial coup of the century – by selling each and every American's credit history by putting is huge debt to them.

    Give'em heck Jack. We still have freedom of speech. Or do we? I'll expect a bill in the mail for this, any time now !

    James

    December 19, 2007 at 6:16 pm |
  93. rolland carpenter

    Bush and our craven congress are destroying our country's future. Debasing the currency through unfunded wars, tax cuts for the wealthy and assaults on our constitution are unbelievable!

    December 19, 2007 at 6:17 pm |
  94. Dave Hedges

    To put it in the simplest of terms, the total amount of bank capital in the entire country is a little over $1.1 trillion while more than $11 trillion in real estate loans exist meaning that a 10% to 15% loss on those loans would translate into the complete bankruptcy of the US banking system. What this all means is that we have a crisis of solvency, not liquidity.

    December 19, 2007 at 6:17 pm |
  95. Brandon

    Jack If there handing out so much money. How about handing me some to make my house payment. But I guess that would be wrong!

    December 19, 2007 at 6:17 pm |
  96. Roger

    What does it mean when China is coming to the rescue of American banks? It means we need to quit worrying about learning to speak Spanish and start learning to speak Chinese.

    December 19, 2007 at 6:17 pm |
  97. Roman Hernandez

    Jack, it means they have too much money and they don't know what to do with it!
    I'm retired and in dire need of some financial help. Maybe you could put in a word for me so they can consider giving some of that cash to me. Believe me, I'll put it to good use!
    Roman
    El Paso, TX.

    December 19, 2007 at 6:17 pm |
  98. Jason L

    Jack

    It means that the United States is mortgaged to the hilt. We are owned by the world. It's a sad day when the U.S. has to bailed out. We have spent almost $1 trillion on a failed war and that money should have been spent here at home. Oh, well, Attention K-Mart shoppers todays Blue Light special is: America to the highest bidder.. Lets let the bidding begin.. I have $1.99 from China, Do I hear $2.99... Anyone..??? ..Look at America folks.. Lead Free *wink, wink*, nice patina, a little rough around the edges...

    December 19, 2007 at 6:17 pm |
  99. Steve Donohue

    My opinion is that their interest is self preservation. Along with our institutions, they also have a great deal of exposure over the sub-prime fiasco. They aren't doing it to help anyone except themselves.

    December 19, 2007 at 6:18 pm |
  100. John

    It means we are spending more than we are producing. This isn't a difficult concept. Our trade deficit means more goods are arriving on our shores than are leaving. Which also means that a net flow of dollars is leaving the country. Those dollars aren't just pieces of paper, they are promises for our production. Eventually, these countries are going to want to exchange their dollars and rather than buy our goods they are going to capitalize on our misfortune and own a piece of our corporate America. Its logical for them to do so and we would/have done the same. We've traded our extravagant foreign policy, welfare programs, and standard of living for a portion of our future earnings. It will take a significant shift in our expectations of the government and our standard of living to arrest this trend and prevent our next generation from having to send their earnings abroad.

    December 19, 2007 at 6:18 pm |
  101. Jesse Lewis

    Simple jack. I means busheconomics has failed like all his other programs

    December 19, 2007 at 6:18 pm |
  102. Ross Craig

    well it could mean that all the central banks are scared and covering for each other, as they are all trying to sell confidence in their particular type of paper, when we all know it's just bring the bait to the hook. some eastern holders of American notes must really think they are getting their moneys worth. I seem to remember the Japanese boom creating the same scenario. Big money changing hands here, but we will only see the higher consumer prices for necessities.

    Ross in Nova Scotia

    December 19, 2007 at 6:18 pm |
  103. Rick

    They own our elected officials. They hold the note on our national debt. They now have a chumk of our banks and financial instutions. My question is, what do we do when they forclose?

    December 19, 2007 at 6:18 pm |
  104. Marge

    It means that WWIII is being fought with money, not bullets. The war is in progress and we are losing – badly.

    December 19, 2007 at 6:18 pm |
  105. bobby mckinney

    jack:

    can you say "indentured servant"?

    December 19, 2007 at 6:18 pm |
  106. Bill Donoghue

    As the Fed cuts interest rates, it also weakens the value of the dollar against foreign currencies. Can you blame foreign governments from buying into America's sub prime mortgage-weakened banks at bargain prices due to their stronger currencies?
    I never thought the banks were on our side, knowing they are increasingly owned by foreign governments unfriendly to us doesn't help me sleep at night.
    In the meanwhile, Congress is spending us into further dollar declines at a time when we should be raising interest rates to fight inflation. This will not end well or soon.
    Bill Donoghue

    December 19, 2007 at 6:18 pm |
  107. Rich, McKinney Texas

    Jack look at it more like mutual Aid. If your house is on fire do you give a dam which fire department shows up to put it out. The answer is NO, you don't care who sprays the water and to a Bank this is the same option. You can either watch it burn with no insurance to rebuild or try and stop it from spreading. If you have a lot of fires you will appreciate all the help you can get no mater where it comes from. Think about it Jack, I doubt your home is in trouble right now but a lot of them are. Try standing in their shoes for a change.

    December 19, 2007 at 6:19 pm |
  108. Ralph Addison

    It's a sad time for the USA, the Bush Administration has just been digging a huge hole for us. Also the average american is racking up a huge debt too, with their income staying level. We have to come to our senses at some point, or is it when china comes over and takes us over. A large percentage of the American citizens just cannot wait until he gone back to Texas for good.

    December 19, 2007 at 6:19 pm |
  109. Carolyn

    It means American companies have gotten too big for their britches, too impressed with themselves and became legends in their own minds. In other words, they bit off more than they can chew. Isn't that against the FIRST rule of business common sense? It is certainly against the first rule of running household finances.

    December 19, 2007 at 6:19 pm |
  110. Roselyn Taylor

    Is this another indication that our granddaughters will be wearing burkas?

    December 19, 2007 at 6:19 pm |
  111. Doug

    We are doomed either way; we become The Centrilized States of America or The Seperated States of America.

    December 19, 2007 at 6:19 pm |
  112. VJ Delgorio Sr

    Jack,

    This is a continuation of American IOU's being given to Foreign Nation cash cows because of BAD American Trade Policies and Foreign Diplomatic Relations. Lets face it we are a debtor nation who can't get out from under her debt. As long as we are in debt to Foreign Nations the less influence we will have in the World. We have become a Military Industrial Complex Economy.

    December 19, 2007 at 6:20 pm |
  113. Taylor

    It means that it is time for Ron Paul to be elected president so we can get back to the Constitution, have a truely free market economy, and a sound currency backed by gold and silver.

    December 19, 2007 at 6:20 pm |
  114. Maighdlin

    The answer to this question is obvious: it means that our economy is in trouble. If the richest country in the world has to receive help from far poorer countries, it means that the government is not doing its job in managing this economic crisis. What's really troubling is that China is investing largely in our banks. After all, China already owns so many of our war bonds. If they also own percentages of our banks, then they will have huge economic advantages over us in the future, especially if we continue to spend so much money on the wars in Iraq and Afghanistan.

    December 19, 2007 at 6:20 pm |
  115. Dan Fleury

    It means that it's time to include some "World Stocks" in your 401k.

    December 19, 2007 at 6:20 pm |
  116. Mike

    Like many other "American" corporations, these banks stopped being American a long time ago. Corporate patriotism to any single country is only a marketing ploy to get your money.
    It's a global village out there.

    Mike

    December 19, 2007 at 6:20 pm |
  117. Allan, Dallas TX

    Jack, it means the crows are finally coming home to roost. The fact that China has become America's banker, to say nothing of the massive trade imbalance we have with that country, means that not only are we exporting our jobs, we are exporting our wealth. China and other foreign nations are increasingly moving into position to call the shots in the U.S., despite all the Republican blathering about preserving our sovereignty. George Bush inherited a budget surplus, and turned it into a record deficit and debt load, so he could give his rich friends big tax cuts, essentially on credit. His war in Iraq only exacerbated the problem. Likewise, the private sector also went on a credit binge, brought on by the fact that real incomes are stagnant while expenses are continuing to rise. The U.S. has become a debtor nation and at some point, the bill will come due. I imagine the Chinese are smiling glumly at the prospect of being able to twist the screws into the United States in the near future.

    December 19, 2007 at 6:20 pm |
  118. BL

    Ask every little country in the world what it meant to their autonomy when US investment came to their door. Was it a temporary boon? Did feelings get hurt? Did the investors become entitled to some degree of influence over that nation?

    December 19, 2007 at 6:21 pm |
  119. Chris -NC

    What it means Jack is that the Chinese and other countries are finally able to begin 'taking over' our industries and financial institutions. What it means is that the trillions of dollars that we currently have in debt to these countries are beginning to take a toll on our richest industries. Pretty soon, with the continued outragous spending and borrowing that we do, we will eventually have all of our loans called in. When that day comes, we might just be known as The United States of Arab Chinese America.

    December 19, 2007 at 6:22 pm |
  120. Jill Klann

    It means our government sends too much money to other countries that don't care about us instead of keeping it at home and putting it to a good use.

    December 19, 2007 at 6:24 pm |
  121. Henk

    Jack,

    The chinese have 1 trillion dollars in cash and the worldwide value of those dollars is declining. Part of the crunch we are feeling is the massive amount of borrowing by this Administration to fund its wars. The more the Government borrows the less there is for the citizen (economics 101).

    China is now giving sub-prime loans to the United States. In the event they will foreclose and evict us.

    Now, do I get a copy of your 'Ugly' book?

    Henk
    DC

    December 19, 2007 at 6:24 pm |
  122. Alain Taku

    This demonstrates the unmatched resilience and integrity the US economy differentiates its self from other great economies. Many investors have consistently seen the US economy ricochet its self successfully after severe natural and man made disasters; from hurricanes to 9/11. There are many more reasons for these investors to believe that it remains a credible place for investments. It is simply business not a favor!

    Alain A. Taku
    Tucson, Arizona

    December 19, 2007 at 6:24 pm |
  123. quig tingley

    There are huge amounts of US dollars held overseas, many ending up in foreign government coffers. The fact that those governments are prepared to reinvest those funds back into US corporations should be seen as a very positive event for both America and for the rest of the world.

    Closer ties between nations, be they social or economic, can only tend to bring nations closer together. Tougn to promote flying airliners into big buildings or invading foriegn countries when you own a piece of them.

    December 19, 2007 at 6:25 pm |
  124. jeannine

    It means that we really do have to watch our backs. You don't need to be a financial wizard to know who the Chinese will protect. It is just wrong. Wake up Americans – the world is laughing at us. As the Canadians said when I visited Toronto, "Payback is Hell"

    December 19, 2007 at 6:25 pm |
  125. Donald

    To finance our growing international debt, we must continue to attract foreign investment, despite the failing dollar and lower interest rates to those investors. What this means to me is that the hard-hitting credit crunch has forced more attractive U.S. pickings - rescue, I don't think so.

    December 19, 2007 at 6:26 pm |
  126. leo

    it means little else other than the world is learning fast.

    i respect my father more and more in the 20 plus years since his death.
    he taught me that all people want to stratify themselves above their lot in life.
    centuries ago the world rigidly stratified based on what tribe you came from or what your last name was or what religion you chose among other more rigid mores. the great american gift to the world is the degree to which we have practiced a blend of freedom and capitalism. america has exported this successful experiment. it is the experiment that is uniquely american, not the soil we claim as our own.

    so belly up to the bar and play the best system the world has figured out to compete and stratify

    December 19, 2007 at 6:26 pm |
  127. Michelle

    I guess we should start learning Chinese and Arabic. If anymore of our country is bought by these two countries, we will no longer be the the mighty US, we can jusy call ourselves Unites States of Chinarabica! How does one presidential government take us so far into debt in less than eight years, that we need to start selling off peices or our independence?

    December 19, 2007 at 6:27 pm |
  128. ruben roman

    jack, it can only mean one thing; that U.S banks found foreign suckers to suppliment the U.S suckers they already have here.

    December 19, 2007 at 6:27 pm |
  129. Ed Salazar

    Hey Jack

    I quess you know what going to happen now that there was a fire in the Vice President office? All tape, record, information where distroy in this fire. and this will be end of the investion that are going on.

    December 19, 2007 at 6:29 pm |
  130. George

    Jack,

    It means that wall street hot shots need to do some studying about finance. The banks and there high paid CEO put us in this situation. I think they need to take some extra economics class. It common sense if you borrow money @ 3% and lend it @ 1% you will lose in the end. And thats what these bank did jack. I worked in the mortgage industry and saw this coming its sad that it fell on us.

    December 19, 2007 at 6:31 pm |
  131. Debbie

    It means we better learn to speak Chinese!

    December 19, 2007 at 6:32 pm |
  132. Ross Craig

    DWIGHT 5:09 pm above has said it all, and it totally the truth. This one won't be repeated on television, but I urge all those writers above here, to go and reread Dwight's post. We are all angry here at the obvious misfeasance but Dwight puts his finger right on it.

    December 19, 2007 at 6:33 pm |
  133. Rich, McKinney Texas

    That is no surprise to me. Every day as I car pool to work I see people driving in large cars all by themselves. We are the only country that does not employ mass transit on a broad scale. We each go our own ways one at a time in what ever we can afford to pump gasoline into. We are a people that live just at or just beyond our means and when our means run out others that can make a profit from our failure move in. That is the American way Jack. Look around you and tell me I am wrong? You do not have to be American to live the American dream just sit and wait for Americans to squander away what they have and walk in and take it.

    December 19, 2007 at 6:37 pm |
  134. Jerud

    It means they have started to sale off the American infrastructure to foreign interest!
    We all better vote Ron Paul before these foreign companies buy out the whole economy for pennies on the dollar.

    Restore the value of our currency,
    Vote Ron Paul

    December 19, 2007 at 6:37 pm |
  135. Hugh Hansen

    Kinda like the kid who wins all the marbles in the neighborhood–has to give them back in order to have someone to play with!

    December 19, 2007 at 6:39 pm |
  136. Anita

    It just means that most of the Muslim world wants to be America's friend and be in their good side and good books.If this president had a different policy,probably they would have all stood by America and against terrorism .But this wild goose chase war serves right in the hands of the terrorists who want Muslims to believe that America is against Islam .

    December 19, 2007 at 6:42 pm |
  137. Bruce Huggett

    This country was built on free enterprise, but greed has taken over. their comes a time when the government needs to step up and stop the greed, and stop neadless spending,and help protect our country from within it's borders, not in some other country that doesn't give a dam about us. The Monster is at our back yard, (ie china,Iran,) and the government is to frightend to come out of the closet and do anything about it. Before long we will not have a back yard.

    December 19, 2007 at 6:42 pm |
  138. MaryAnne Kowalczyk

    Nothing new about foreign governments bailing out American banks. These governments have been bailing us out as long as the "Bush Bunch" has been racking up the debt - now in the trillions. Surprise folks! These governments
    already own us! Start taking your classes in Chinese; it isn't too soon to begin.

    December 19, 2007 at 6:43 pm |
  139. Jared

    Jack, it means that the economic advantages snatched from the rest of the world by the European colonial powers with guns, germs, steal, and religious self righteousness, and then passed to us as they eat themselves alive in the first half of this century, have finally started to come to an end due to a combination of our own individual greed (buying on the cheap) and the increasingly fast spread of information around the globe, or knowledge "spill-overs" to use the formal economic term. For anyone to think that American's advantages over the rest of the world would continue indefinitely is to totally ignore the major historical events that have gotten us to this point. Even worse, it's a self righteous ethnocentric view of the world that will result in the stupider of us either blowing everything up or us getting blown up by a pissed off and united "rest of the world".

    December 19, 2007 at 6:44 pm |
  140. annie

    Jack,

    It means a new breed of extremely greedy Republicans are in charge. Bet those "friends" closest to this administration are way richer than they were 7 years ago.

    December 19, 2007 at 6:45 pm |
  141. Rodney

    It means the American people have been asleep at the wheel and have driven themselves into a big, fat, stinking pile of quicksand by not using their right to vote these career thugs (oops I meant politicians) out of the office for which they have failed to manage appropriately. I am hopeful when I see people like Jim Webb elected into office. I am hopeful when I hear and see those concerned about the sovereignty of our country like Tom Tancredo, Duncan Hunter, and Ron Paul. But until the zombies wake up at the polls and vote the issues instead of voting whomever the media places on a marble pedestal, we will continue to choke on our own vomit and sink into the dark abyss. Period!

    December 19, 2007 at 6:45 pm |
  142. Bill R in New Hampshire

    You've got it wrong, Jack. China isn't coming to the rescue of anyone or anything.
    After all, they recently refused safe harbor to our own US Navy, didn't they.
    This is just another highly-profitable private investment opportunity that isn't offered to the rest of us. If Chinese investors could actually invest enough to control one of our investment banking icons, this whole mess just might get cleaned up in a hurry. Poisoning China's state-controlled economy with unethical conduct (or lead paint) might result in a few executions. I suspect that some of my investment banker friends might give some thought to changing their priorities, but not their behaviour. I only wish they'd forget to vote this time around.

    Bill R,
    New Hampshire

    December 19, 2007 at 6:46 pm |
  143. Konrad Kuczak

    It means that it's only a matter of time until the boards of the biggest U. S. banks and the companies these boards control will be outsourced to their Chineese masters. These folks who supported the Bush no tax deficits will understand the maxim, "Robspierre died at the guillotine."

    December 19, 2007 at 6:48 pm |
  144. James

    Hi Jack,

    It means we need to listen to Ron Paul. The only one not blowing smoke up our... well, you know.

    December 19, 2007 at 6:51 pm |
  145. Clete

    That's the kind of hard ball question that I would like to hear asked of all the presidential candidates. I don't care about superfluous nonsense like abortion or homosexuality that are national non issues, but were talking about a possible total meltdown of our monetary system. That's going to a big problem for the nation as a whole regardless of any personal agendas.
    We can't continue to print worthless paper to cover our habitual overspending and expect the rest of the world to bail us out for much longer. The time is rapidly approaching when we are going to go through a painful understanding of what words "paying the piper " really means.
    The smartest thing to do now is to get out of debt, live within your means and invest in anything of intrinsic value.

    December 19, 2007 at 6:52 pm |
  146. Richard Hale

    Jack;

    When China,Or a Arab country allows us to own ten percent of a vital strategic piece of their country. Then we should allow them .

    That would never happen, they are, to their credit ,smarter than greedy Americans
    who make bad decisions to cover their own monitary pedofilia.

    Politicians should never let things like this happen without the feds approval.

    I personally will never knowingly do business with that company.

    Jimmy Carter, Ronald Regan,GeorgeHW Bush,Bill Clinton,George W. Bush, The

    current Congress are all to blame as well as the greedy complicate Americans

    who buy trade deficit countries goods. The average Ameican only knows the latest

    sports score. Richard M. Nixon opened the China door and we Americans are the

    proverbial Frog in the pot of boiling water. ....Ike for President.

    December 19, 2007 at 6:52 pm |
  147. Karin Copley

    Dear Jack,

    Most Americans have been kept in the dark that for years the dollar has not had ANY gold backing it. The Federal Reserve which is not a government agency (it is a private banking cartel) has been printing money with no backing whatsoever. Printing more money without any backing devalues the dollar and creates inflation.
    I can not believe that the Euro and Yen have more value than the dollar. America has been sold out. Only Congress had the right to coin money. Yet this right was given to a private banking cartel that charges the American people interest on their money (amazing). Our founding fathers warned us of this, and the mainstream media never reports any of this. I guess Glenn Beck and folks like you care more about your personal paychecks then America being for Americans. The only candidate that talks about this is RON PAUL who wants us to go back to the Gold Standard and remove the Federal Reserve from charging us interest on money that should be coined from Congress.

    RON PAUL RON PAUL RON PAUL RON PAUL

    Voltaire 1700 " Paper money eventually returns to its intrinsic value – zero.

    Andrew Jackson – " If the people only understood the rank of injustice of our money and banking system there would be a revolution before morning"

    December 19, 2007 at 6:54 pm |
  148. Bonnie

    It means we should all learn Mandarin as soon as possible.

    December 19, 2007 at 6:54 pm |
  149. sandy paul

    I can also say one thing... Ron Paul

    December 19, 2007 at 6:55 pm |
  150. oly graham

    I am appalled that foreign investment is buying out bank failures – let them fail. People buy loans they cannot afford to begin with – we bail them out. Investors lose money on the gamble of the stock market – and we bail them out. What the hell is going on? There are rewards and consequences in life – you make a judgement on a decision based on 'doing your homework' – oh....wait.....now i get it....most people who signed loans they could not afford were 'pushed' through school instead of being made to learn – so now we bail them out again.

    So proud to be an American...

    December 19, 2007 at 6:58 pm |
  151. Ruby Coria

    Jack, how are we ever going to get out of this one? The World is going to belong to the man of the year. Right now everyone else is just getting their 2 cent in. The richest Nation in the World done the drain.

    December 19, 2007 at 6:59 pm |
  152. Ken KS

    Well, one good thing (sic) about this. The overpaid, greedy CEOs who are getting Mega Bucks for selling out the American people will most likely retire in luxury and splender while their replacements, the Chinese installed Chinese CEOs will really teach us history, the way things were before labor laws and unions, it'll be the sweathouses of the 1890s through the 1920s. Gotta love Corporate America or is that Corporate China.

    December 19, 2007 at 7:01 pm |
  153. Bill Donoghue

    Does it surprise you that China will be the largest English-speaking country in the world within the decade? Now Congress, The Fed or The President will have to listen to them; after greed drove the banks to weaken America's mortgage investments, Wall Street is taking home billions in year-end bonuses. Greenspan and Bernanke failed to regulate the banks properly as they should have done.
    A weak dollar makes Wall Street firms a bargain.Meanwhile the Treasury is sitting on trillions in deferred income taxes in 401(k)s and IRAs. Give folks a bit of a discount and it won't cost them a penny to give the Treasury the money to bail out a lot of our problems.
    Bill

    December 19, 2007 at 7:01 pm |
  154. Carl, TN

    Jack,
    When China is loaning money or buying out of American companies, it means that the credit based economy of the US is drying up and that the Bush tax cuts are not what's holding up our economy.
    China is more than happy to own as much of our country as we will give them.

    Ask where is China getting their money?

    December 19, 2007 at 7:04 pm |
  155. Dave

    It means our enormous trade deficit is finally taking a permenant toll on the American public and our economy. Our currency is being devalued at an alarming rate because other country, particularly China, hold far more dollars than they want. This is only the beginning. Our obsession with Wal-Mart and every cheap article out of China, which pays $.30-$.50 per hour wages is sinking this country. We have lost our industry and good jobs. America is no longer the worlds economic leader, but well down the list. We just have the highest percentage of super-rich in the world.

    December 19, 2007 at 7:24 pm |
  156. Kevin Smith

    What does it mean when international foreign bankers control America's Monetary System through their operation of the Federal Reserve (A Private Bank)? What does it mean when when they are purposely lowering interest rates to cheapen credit, getting people overextended and in debt; while at the same time devaluing the Dollar by creating money out of thin air and causing hyperinflation and then inevitably deflation? What does it mean when the crashing dollar and U.S. economy causes American Industry and jobs to go overseas and the main export of America becomes "Paper Dollars?" What does it mean when a secret faction within your own government is fully aware of the illegality of the Federal Reserve and other unsrupulous organizations like the Council on Foriegn Relations(CFR), and are actively participating in the demise of America? What does it mean if this is all being done by design?

    "And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government.”–Alan Greenspan 1967 “Gold and Economic Freedom"

    December 19, 2007 at 7:25 pm |
  157. David B.

    Jack:

    Hate to sound like a broken record, but lets look at some facts.......

    Mexico runs the American labour force

    10 Trillion dollar debt owned to countries just a few ago American thought were not friendly. hm

    1 Trillion dollar debt for a War based on lies

    1 Trillion dollars required to replace all your worn out miltary machinery and supplies from Irag and Afghanistan

    1Trillon dollars requried for long term health for 50-60 wounded vets from Irag and Afghanistan

    The once proud American Armed Forces are protecting Drug Lords who sell their poppy crops to Americans

    No money set aside for fast approaching OAS numbers never seen before on the fact of the earth

    40-60 million Americans have no health care

    America's infrustructure requires Trillions in repairs with over 50% rated unsafe

    Sub-prime loan disaster has not yet peaked, and even some stop gap measures were only shuffled south.

    American has tasked itself as police officers via it's military while other countries eithier creat trouble or sit back and let America pay the price with their children lives or money doed out by Fort Knox

    And here is the kicker Jack, the American Middle Class has given up every right they have fought and died for all in the cause of National Security, For What?

    Oh yes the rich and powerful are making mountians of money with NO accountabilty to the taxpayer!

    And to think I am just old man who knows nothing but can see that the once proud United States of America ..........is no more as you are slaves to world's rich and your children have been sent to the slaughter for fat goverment contracts and the protection of foriegn dictators>

    opps forgot your education system has been watered down providing nothing to build on in future years.

    Yup things are getting ugly out their!

    December 19, 2007 at 7:26 pm |
  158. Dave

    Our companies did not sell out to China. Our government, through both Dem and Rep administrations sold us out with unfair trade practices. This may be free trade but it is not fair trade. American businesses have no choice but to buy from China. They can't compete with $15.00/ hour labor against $.50/hour labor. It either move or go out of business. Wal-mart, Home Depot, Target and all the rest will buy from the lowest supplier, which is almost always foreign. Yet these countries tariff US goods to the hilt; often 50-100%, while we virtually let everything into this country tariff free.

    December 19, 2007 at 7:29 pm |
  159. David

    Jack

    All corporations ,now involved with foriegn countries, manufacturing,etal,
    export and money will never accept less profits, They are to pleased with their
    greed.

    Our government has the history of bailing-out corporations. In years past
    Chrysler corp. comes to mind.

    Now you have financial institutions crying foul, because their "BAD DEALS"
    have dropped their profit margins. They will accept any coutries involvement in
    re-establishing their profit margins. Big monies $6.5-7.5 billion. Do they search
    out where these monies originate? Where do these powerful lenders get their
    money?

    Yes, it will help stabalize housing, construction, economy over time.

    How do financial institutions, correct me if I'm wrong, manage to invest
    and stash billions of dollars (as reported a few years ago) Bank of America
    had investments in Off-shore accounts of $ 17.5 billion , in un-taxable money!

    How many of these financial institutions now crying foul and accepting money
    from anybody who'll lend it, have GIANT off-shore accounts, untaxable dollars?

    Business as usual!

    David

    Oregon

    December 19, 2007 at 7:30 pm |
  160. Fran

    Jack – love your straight talk and your temper, especially when you point out that Bush and his congressional stooges are hell bent on blocking or vetoing every single thing the Dems want to do. Their only purpose is to make the Dems look like they aren't doing anything. The truth is, the Dems don't have enough votes to override. The Repubs (aka The Rejects) don't care one thing about this country, only the next election. The Am people are too smart for their transparent games, and they will find their butts out of there the next election.

    December 19, 2007 at 7:35 pm |
  161. Sue Smith

    Banks, let's just hope we can get enough gumption to "Buy USA and support the American way" (my personal slogan). American needs the jobbs, along with our own self-sufficiency. Pray that foreign banks don't take over/come over and call in our debts.

    Yes, Bush has sold out; however, progressively desperate situations usually get Americans moving–(WWII) so let us hope the greed hasn't taken over so badly and we do speak up for our Country's sake–even for little things. For example, in stores, ask for American-made goods and services. I do this, and complain, even in grocery stores and loudly state I am boycotting China.

    One tidbit, in shopping today, one place (large craft and fabric store, JoAnns) has so many China produced fabrics that I mentioned many of my friends who prefer quality mills, would not buy fabric or cheap goods like these. In addition, I noticed the fabric, especially fleece & children's patterns (all from China) was flammable! Some time a go I thought we had an issue with flammable children's pajamas, etc.??? Not only is our country going up in smoke, others apparently want our youngsters to be vulnerable also!!

    Thanks for listening,

    Sue

    December 19, 2007 at 8:01 pm |
  162. William Courtland

    The stock market is flawed when taken in consideration with public capital investment.

    A stock is a thing, like a matel toy it can not be another certificate of currency as this right is reserved by the house of congress.

    Many of the nations are now finding themselves in a downward equality situation. The west is to unwilling to support and provide for third world nations, while second world nations are attempting to gain what has been over time provided for our own use by our four fathers. The Second world nations will gain equality with the west but will do so by forcing the west to accept the reality: that it does not have such a net worth when compaired to the world.
    The west buys merchandise and raw materials for consumer consumption but this is not done with a fair trade. The sad fact is the major export of the United States of America is grain. What is the net worth of that grain.

    The United States needs to start a revolution in industrial and commerical requirements for the rest of the first world nations, and in this they need to sell it to the second world nations at a discount while affording it freely to the third world.

    The people need to find themselve dwelling in places where life is not abound. The farm industry must be made to support the entire world at a first world intake level. Living in deserts and on the peaks of mountains and commuting into the valleys to work is the way to preserve agricultural lands while rebuilding and increasing human habitat which are structured to fit into a new lifestyle method. Our industry would then be located closer to our habitats and would be made clean as they threaten our safe living conditions before it threatens the natural ecology.

    Build, and provide the workers, make a demand for every raw material.

    For China to sell a ceramic figurine in a dollar store, ask yourself what would that figurine be worth if I was to make it and sell it. If you don't want to pay the thirteen ninty five then maybe it should not be made or purchased at the price of a dollar.

    The Stock market must understand a general price index based on work done and the raw materials involved.

    Investment capital should be handled and arranged by the national governments senate or a board directorate and so provide on an international scale with involvment with an evolved World Bank.

    December 19, 2007 at 8:02 pm |
  163. Wilton Cain

    As a 69 year old American, I believe in America the beautiful, where the majority is supposed to rule. But we have stepped back in history, and this is (america) the ugly where we have a seems to be a mind-full president plus a hand full of mind-less politicians ruling America contrary to the will of the American people. Are we in slavery and Bush the master? How horrible do we really look to the world trying to set it free when America need to be set free.

    December 19, 2007 at 8:09 pm |
  164. Jan Villarreal

    It's called bankruptcy! Time to get new management and new leadership!!!! Time to stop outscourcing America!

    December 19, 2007 at 8:26 pm |
  165. Andrew

    Jack

    Isn't it funny how hard it is for an immigrant to get across the border but easy for him to get his money here to buy a bank. Should we not halt money at the border too.

    It means in a few years there will be a new civil war in this country. In the US North there is Saudi Arab money fighting the Asians in the West and other foreign money countries fighting from the south.

    Foreign Bank ownership in this money could be cool as well. The US will be slowly brought by foreigners. I think it would be nice to speak Chinese for a change. Jack why don't you and CNN start speaking in French. I'll call you Jacque. You can wear a baret and get a thin goatee. Wolf Blitz could be Wolfey, he can have wine at work. Shut down CNN for afternoon naps. Jacque, this could be GOOD. I might like being owned by a foreign country. We wouldn't go to war any more. My pay will be more, I will be paid in Euros. Hey I hear the Euro is very strong, now my money is worth more. I will then buy CNN and turn it into a giant WalMart and sell foreign goods.

    December 19, 2007 at 8:46 pm |
  166. Al

    Have you read the Merchant of Venice?.....Jack!

    December 19, 2007 at 8:48 pm |
  167. William Courtland

    international Conflict must be executed only with an international warrant provide by the hague.

    With war and its legality established the loser, just like in a applicant-respondent case, must pay the fine for the entire affair. The capital loss found as damages while conflict is in session would be scratched.

    As legal conflict as never been formulated there is not yet a condition for example.

    -

    I say again we are not animals, and as we separate ourself from our mother nature we should accept to dwell in places separate from that which animals would occupy.

    The world needs water pulled from the sea, desalinated, and distributed to prevent the Saharra's growth as is the same for the inland deserts of New Mexico. Israel should be a green land. The construction of sub-ground ceramic water pipelines is the work for those oil rich nations, while the United States of America should be producing a international method of world trade and communication and distributing such a method. Service is still equal in value to a thing when the action is engaged.

    Fix the government... No more parties in office.

    Fix the Financial method and the stock market to a fair international product price index. Work done is equal for every person, raw material is priced based on its required processing for the valued grade. Finish product is found taxed for the index accounting of all the work done, all the processing steps and the method and amount of shipping required. Local goods are naturally cheaper when the index grade is the same.

    Start new industry and meet demands which seem impossible as daming the Colorado River to produce hydro-electricity or building a pyramid to protect the next years seed grain from starving raiders and the nile flood.

    This world is full of economic opportunities without the need for a revolutionary type of industrial invention.

    Glass made from sand can easily pump water and the tallest free standing structure in any city should be the water towers. The towers multitasking as telecommunications arrays.

    Africa must be an international wild life refuge and the people their should either leave or occupy the few established and welcomed cities found in the deserts, on the mountain peaks, or constructed under the ground. Africa should have a network of giant water towers which feed little but the inland nomads who slect harvest from the African life without major interuption. The towers network provide telecommunications but are found in the heart of denser jungle. Life in the interior of Africa is done on foot until a trade station is reached, located near the towers.

    December 19, 2007 at 8:50 pm |
  168. Mohammed Touzani

    Hi Jack, i'm a little bit familiar with American politics to tell you that it has always been the same : Let the republicans in, and the big corporations take the big shank, and when the country is broke or in deep trouble, then let the democrats clean the mess. History repeats itself with different names.

    December 19, 2007 at 8:53 pm |
  169. Angie

    It means the Republican Administration has destroyed the U.S.A. economy.
    Is anyone connecting the dots. This started in 2002
    With GW we have outsourcing of both regular and high tech jobs along with the governments giving financial incentives for corporations to take aways jobs from USA Citizens and take those jobs over-seas. Reminding you that those jobs used to be JOB SECURITY which is now gone.
    A number of high tech people are stuck having to get temporary contract jobs. Those jobs are anywhere from 3 to 6 months to a year. Afterwards we hustle for another job with a few months of lapse of time in between. Unfortunately the time lapse in between jobs could be 2 months to 8 months.
    Now without job security and a steady paycheck how can we have the money for bills, mortgages, groceries, clothing, gas, or even have a savings account. With out job security there is no MEDICAL INSURANCE. Without job security and a a steady paycheck how can we even have a strong economy paying for all those goods and services. Without Job security and a steady pay check and believing that the situation had to be only temporary many of us even refinanced only to end up struggling to pay mortgages or loosing our homes.
    I have been saying it over and over again, to fix the economy we have to bring the jobs back home with job security. To repair the economy we have to scrap and STOP the BUSH administration of giving FINANCIAL INCENTIVES to major corporations to outsource AMERICAN JOBS. We have to start calling the whole outsourcing what it is, UNPATRIOTIC. We have to shout and scream for our right as U. S. A. citizens to have jobs with job security.
    The Republicans by the late 1987 had destroyed our economy and had place us into a recession at that time. It was The Democrats who got us out of the recession. Now the Republicans have done it again.
    But this time the Republicans are selling us out to foreign governments who do not care for the U.S.A. CITIZEN.

    December 19, 2007 at 8:56 pm |
  170. William Courtland

    When I type "build"

    We of this generation must understand that the free method of transportation is going to be restricted in the future, and for our children's sakes we must provide them with modern dwellings which can grant the regular utilities and ammenities while allowing transportation on a long-distance electrical energy platform. Communities will need to group together and the age of the suburban lifestyle must pass.

    This is nothing to fear, and in many cases it will be more comfortable living.

    December 19, 2007 at 9:01 pm |
  171. john

    gee, it appears the right wing whackos don't mind socialism at all....as long as it is foreign governments who bail out our incompetent capitalists!

    December 19, 2007 at 9:11 pm |
  172. Stu

    Well, we have out-sourced everything else...why not our debt?

    December 19, 2007 at 9:32 pm |
  173. John

    It means a US default on it's massive debts would collapse finacial systems throughout the world.

    For all the blame of the US government, US corporations, and US citizens that these foreign debt are totally our fault because of our greed it must be said none of this would have been possible were these foreign entities not so greedy in the very same way. After all you give money to charity, you loan money to make money.

    The foreign loaning of massive amounts of money to the US has a lot in common with the financial sub-prime loan sharks whose past sins have forced me, by use of common sense, to forgo buying a house because even I can see that people who make alot less money than me and have mortgages for $300,000 crackerboxes should not have 1) a $300,000 mortgage & 2) sure as hell should not have spent it on a $300,000 crackerbox!.

    December 19, 2007 at 9:39 pm |
  174. Paul P. Fenton

    Jack,
    The reason we have this banking problem is do to Banker' greed. Since when do you lend money to people with historical bad credit? Ignorant borrowers, dead beats, spectators and corrupt appraisers can take the remainder of the blame. On bye the way, We could also give a little blame to the former Clinton Administration for their pushing increased US home ownership.

    December 19, 2007 at 9:39 pm |
  175. John Wood

    Jack, saying our banks are being bailed out by investors is like saying Walmart is being bailed out by shoppers. It's bidness as usual, bud.

    December 19, 2007 at 10:25 pm |
  176. Pat

    If these money guys on Wall Street can't get it right, I don't feel so bad not being able to balance my check book two out of three times and yeah, I'm a college dropout.

    December 19, 2007 at 11:50 pm |
  177. Elizabeth Sosa

    It's all about MONEY !! It will always be about money. It is just a matter of time before we are under a ONE Government world, one currency, one leader for all. We sold our souls to those Bush call the Evil of Axis.

    December 20, 2007 at 12:06 am |
  178. Mike

    It means that the USA is in decline. Two things happened in the last 10 years which have created a financial tsunami. The election of the most incompetent, most arrogant President in US history. Namely, G.W Bush. It just isn't possible to list just how much damage this man has done to the USA. If Bush was the only problem, we might have been okay but he wasn't. We then had yet another arrogant player step on stage. Namely, Fed Chairman Alan Greenspan. Between them, they have destroyed America's credibilty as a democratic nation and the credibility of our currency forever.

    Financially, we became gamblers who passed out I.O.U's to countries like China. We allowed the Wall Street Financial Gangsters to gamble with our futures and our children's and our grand children's futures and they lost but paid themselves billions of dollars in bonus payouts while bankrupting the USA.

    Stretching way into the distance, we have a national debt that is nothing short of terrifying. Meanwhile, we have a government in partnership with the Fed, when they are supposed to be separate, who manipulate and lie about the numbers. Inflation at 2%? Give me a break. As for the sub-prime? This property mess will last until 2011 or 2012. The run up in prices since 2000 has been based on fraud and not one single home can be valued correctly after the year 2000. Which is why that is where the prices will eventually land – or possibly lower. Hopefully, Uncle China will give us another handout if we need it.

    December 20, 2007 at 1:34 am |
  179. Jamie

    Well, when will the American people wake up and realize that we have been selling our country to the highest bidder for many years. But never more so than the past seven years under this insane, fiscally irresponsible executive branch. I am outraged! Look at the current lending institution crisis, the federal government saw this coming and did nothing about it, just let it happen. Look at our national debt, more than $9 trillion dollars, doubled under the current administration, every American citizen is now indebted to the tune of $30K! And, if that's not enough, look at current estimates of spending an additional $2 trillion on a failed war. Thanks Shrub, doing a helluva job.

    History will look back on this period of time and question just what the hell went wrong in America?

    December 20, 2007 at 2:14 am |
  180. Robert

    It reminds me of the 80s when Japan was buying everything in sight. Everything was made in Japan ....now it is China

    December 20, 2007 at 4:11 am |
  181. Ray

    What difference does it make? The Federal Reserve Bank, where the U.S. borrows so much money, is not even a department of our federal government. Rather, it is a consortium of large banks with international ties. It's time we bit the bullet and got off this credit merry-go-round.

    December 20, 2007 at 4:50 am |
  182. Ed

    It means the missing billions in Iraq have found their way home.

    December 20, 2007 at 7:25 am |
  183. Brian Green

    It means that the government, that is supposed to be our government, and this government and big, greedy, corperate relationship has gone too far in destroying our Nation and the lives of all of us, as well as everything we belive in. This is literally a take over of our Nation by foriegn nations. This government, that is suppose to be our government, has done, has been doing and is still doing to weaken our economy and everything else it can to destroy the ability of all of us to be able to do for ourselves in our own Country, especially for those of us in business for ourselves, and making it imposible for us to even survive in America, and has allowed our Nation to be taken over.
    CurtJ is right, "It's past time for a Revolution to rid our government of these Neo Con Parisites and Religious Idiots who are trying to stuff their bastardized Religon down our throats."
    I don't know what they expect to gain by drive us into ground and putting us self-employed Americans out of business to futher destroy our economy, so that other nations can just come in and take over. The government figures that the more they can cripple us financially the less we can do about the destuction they are doing to the Nation and other countries, especially China, are taking full advantage of it.

    December 20, 2007 at 7:33 am |
  184. Jacqueline Wolfe

    ....... I feel the story of the year is the DISAPPOINTMENT in and with the Democratic Party in Congress. The Democrats ran on and won many victories with their anti-Bush's war rhetoric and pledges to end the war and bring our valiant troops home. The Democrats caved in and reneged on their words/pledges ... they have given Bush full funding every time for Bush's failed war and war-policies - funding that gives obscene profits to Bush's cronies and some fewer dollars for funding needed equipment, etc. for our brave troops.

    The disappointment with the Democrats in Congress – their lack of courage to stand up to Bush and his failed policies – is something Americans will suffer from for a very long time. SHAME ON BUSH and even MORE SHAME ON THE DEMOCRATS !!!!!

    Jacqueline Wolfe, Florida

    December 20, 2007 at 8:47 am |
  185. Bill Gray

    Jack,
    Jesus said, "Render unto Caesar what is Caesars, and unto God what is Gods."

    Politics is clearly the realm of Caesar. Politics is not the realm of God.

    So why don't some of our politicians stop claiming they represent God?
    I think it's sacrilegious.

    December 20, 2007 at 9:27 am |
  186. Ed LeFeber

    /Relax folks, it means you are merely a debtor nation, thanks in part to George's spend
    dthrift spending. But it means money is being recycled. It does not mean they get to
    come take your car as collateral, you house, your business. It does mean however, that Bush's
    BS party is over, and bascially, Ron Paul is right. On the economics anyway.

    It also means the rest of the world does not really wnat to help pay for it. (Ungrateful wretches)
    and they sure as hell dont want to get down in that xhit hole where it's primarilly
    going, Iraq. (And the rest of you dont know how much our northerly neighbors
    feel about this, but we found out on a recent ttrip)

    And those cynical DEMOS who got elected to get rid of this or Bush or both? they have
    what is called the Pelosi battle plan which calls for ejecting as many Republicans as
    possible. For that to work, they need an animus. Bush gots to stick around.

    In fact, they are hanging onto him like bulldogs. Has something like this happened before?

    Sure. As that French guy said: The more things change, the more they remaine the same.

    Those of you who are fans of McCains should tell him to take it easy on his point that
    al Queda aint' going away. It tends to recall his war, where there were 58000 body
    bags. Does he really think this country will tolerate that, or does he have a method to
    his madnees.

    Seems to be getting back on the tracks a 2nd time? Try and stay there.

    December 20, 2007 at 9:36 am |
  187. Dean

    Did foreign investment help several years back during the S&L crisis? This is a real question as I don't know. Or was it the taxpayers?

    December 20, 2007 at 11:20 am |
  188. David

    I think it is good that so much attention is being paid to foreign investment and ownership in America. On the one hand, it might improve our relations with other governments while it shows our greedy business and government leadership for what they really are self consumed egotistical jerks that have finally gotten us into such a finical mess that it will take decades, if ever, for us to recover. I am 59 and have absolutely no faithin, trust in or respect for either the Democrats or Republicans and their business allies that have been ripping off this country since...well its founding. P.S. MERRY CHRISTMAS, HAPPY HANUKKAH, HAPPY KWANZA, AND MERRY RAMADAN TO ALL.

    December 20, 2007 at 12:09 pm |
  189. what the heck

    How are we ever going to reduce the $9Trillion debt (50% of which we rang up under bush I and bush II (if you throw in Reagan's contribution, under 3 Republicans, 70% of our Natl debt was generated since year one of our country)?

    Every candidate is forced to promise no raise in taxes? How do you paydown a debt w/o throwing money at it?
    Why does the Republican Party even mention fiscal policy? We ought to laugh in their faces every time they say Democrats are fiscally irresponsible.

    WHO???

    And this president has the nerve to chastise Congress on its appropriation bills, saying too much is being spent on pork, completely ignoring the $70Billion downpayment again that HE received to fight HIS war with the treat of the veto pen on anything less!! I'm not completely for pork projects or earmarks, but at least the money stays in our country to help our people with new roads, bridges, overpasses, levees in our country. We seem to be more interested in helping every other country in the world build up their infrastructures while ignoring ours and our people.

    Thank god with every breathe you take that bush'll soon be gone!!!

    December 20, 2007 at 12:41 pm |
  190. what the heck

    Yee Gades, a fire in the vice President's ceremonial office.

    Wonder how many tapes, notes, e-mails, etc. were lost? Only Cheney will know!

    Antbody see Scooter lurking about ?

    December 20, 2007 at 12:55 pm |
  191. Franko

    Are you ready to vote for Ron Paul yet?
    http://www.ronpaul2008.com

    December 20, 2007 at 6:07 pm |
  192. Franko

    Are you ready to vote for Ron Paul yet?

    December 20, 2007 at 6:10 pm |
  193. J. Ward

    The U.S. Congress already bails out the Big Banks by allowing the so-called Federal Reserve to control, coin, and manipulate Our U.S. $money supply. This private corporation already rips off $Billions from us taxpayers; so they can at least share some of the plunder with the under-banks whose interest rates and loan schemes are based on pre-set insider controls of the FED international banking monopoly families.

    December 20, 2007 at 6:47 pm |
  194. Kevin Smith

    Ron Paul is the only Candidate one who can Beat Hillary, who the establishment is proping up to become our next dictator..I mean for god's sakes people, Rupert Murdock is holding fundraisers for Hitlery! Bush has started to appoint former Cinton advisors..paving the way for Hillary. Its a one party system people. Right now they're running the ultimate dead horse, Huckabee against hillary. They know no one in this country is going to vote for pro-war candidate like huckabee, but then again most american dont seem to understand that hillary is pro-war!!! she's stated numerous times that she's not pulling troops out of iraq till 2013!!!! Hillary voted for the iraq war! She voted for the Patriot Act! Ron Paul is the ONLY Anti-war candidate, pro constitution, pro freedom, and voted against the the war and the patriot act!!! RON PAUL RON PAUL RON PAUL RON PAUL RON PAUL REVOLUTION!!!!!!!!!!!!!! BELIEVE IN LIBERTY, BELIEVE IN WHAT AMERICA ONCE STOOD FOR.

    December 20, 2007 at 7:53 pm |
  195. Hans

    CitiBank is owned by Kingdom Holdings,So the Prince of Dubi wants to get in on the action by loaning some money to his Saudi "cousins",whats the big Deal?Affraid that some arab owns your house Note? Oh too late he already does,They wont foreclose because as long as we are a nation of laws Will be the "Safest Bet" around, besides that Let them try and forclose, 1000% of Nothing, is still nothing!

    December 21, 2007 at 1:18 am |
  196. David A. Linkenheimer

    For all of you home owners out there who are facing forclosure, you need to learn how to discharge "credit debt" by tendering your own privately created credit back to the lender in the same substance and form ie. a "note" for the legal lawful money of the United States.
    For verification all you need to do is read the official court record in the United States District Court in Pittsburgh Pa. a case known as U.S.A. vs Jessy M. Snyder, 2007-cv-0331.
    Mrs. Snyder discharged 1.3 million in debt by tendering a note to Mr. John Snow the Secretary of the Treasury.
    As you may know Mr. Snow resigned his position; perhaps he chose not to be responsible for having to make the official determination as to the substance of the lawful money.

    December 21, 2007 at 8:10 am |
  197. John

    So many people in this country need to stop being negative if they are going to put up with the crap we get in our government. We have no one to blame but ourselves. We let big business and lobby money influence us. Look at how polls change everyday. As soon as a candidate throws money around his numbers go up, that is just wrong, and not the way our political system was designed. However, people should research and force candidates to make tough choices on issues. I am not saying people should make up their minds right away and stick to it no matter how wrong they are, that certainly has failed us in Iraq. I guess its good we did not elect a "FLip-flopper" otherwise he might have seen it was wrong and pulled us out of IRAQ. Then where would the Chinese invest? We need to keep Big business out of our government, or the middle class is doomed.

    December 21, 2007 at 1:52 pm |
  198. Scott

    I'm not too worried about all this. The Rep Tyranny is almost over and Hillary will help our economy, just as Bill did. I think that in Bill's term, She effected the Nation far more than people know, cause I'm pretty sure she is the brains in that family.

    As for China and the Arabs taking your home, come on, We'll scream and yell and the House will pass a Law so no one can actually lose anything and the Chinese/Arabs will be left holding our worthless debt.
    I guess they could send their Military to try and collect, but then China can't even build a good copy of our very outdated F-16, so I'm not too worried about that. They know who the big dog is.

    December 22, 2007 at 8:46 am |
  199. Michael from Texas

    "What does it mean when foreign governments are having to come to the rescue of American banks?"

    I dissagree with the premise of the question. as in: "governments are having to"

    These U.S. banks (companies) suffer from poor executive lending decisions. If borrowed capital will allow them to bridge or grow out of their financial losses of couse they should do so borrow from who will loan at the best terms. In this global economy, the lending bank' s country of origion is not important while operational control remains critical!

    Banks should not benifit from a tax payer bail out but depositers should remain protected by the FDIC limits.

    December 26, 2007 at 2:21 pm |
  200. CHARLES

    JACK, WHEN OUR ELECTED REPRESENTIVES CAN'T SOLVE OUR PROBLEMS AT HOME, HOW DO THEY EXPECT TO SOLVE THE PROBLEMS OF OTHER COUNTRIES
    It seems to me that problems of all interested countries of the world, should be solved by the united nations representives, not by the USA.

    December 30, 2007 at 9:39 pm |
  201. Patty

    It means that the give-away of the United States of America is not yet finished..The Chinese do not like us, are comitting electronic interference with our defense not only by spying, but by using the billions of American dollars received for manufacturing many of the components we need for our defense in the form of weaponry components. Not to mention that the Chinese communist government owns all the manufacturing, to the point where nothing is made in the US anymore. When will these so called "free trade arrangements" be recognized as the means by which we are probably paying for our demise, via the military build-up in China ? Wake up the greedy politicians soon, to take action, before it's too late!
    Maybe you should check in with Duncan Hunter to get an earfull of the facts. Since the major networks and the so-called Republican debates quietly shut him up before he can say what needs to be voiced, no one is even aware that he is running for President. Makes one wonder about the allegiance of the TV networks to those who pay for the advertising that prints poison pens on candidates, taking statements out of context, twisting their words, to take a candidate down.

    December 31, 2007 at 12:05 am |
  202. John Hargis Sr

    It means, those at the top of the corporate ladder want their bonus's, reguardless of how they get it, or who pays.......

    December 31, 2007 at 9:51 am |
  203. Laurinda

    Well, isn't that just to bad that the banks are having problems. Maybe they should stop sending out credit card invitations to every, Tom, Dick and Harry. Maybe they should stop giving home loans to everybody and the list goes on. I think that they are glorified loan sharks operating just within the laws. I don't feel sorry for them at all.

    January 1, 2008 at 6:54 pm |
  204. Don

    HEY JACK JUST WANTED YOU TO KNOW THAT I JUST FINISHED YOUR BOOK.AND IT WAS GREAT. KEEP UP THE GOOD WORK AND AS YOU HIT THE NAIL ON THE HEAD WHEN YOU SAID BUSH WILL GO DOWN AS THE WORST PRESIDENT IN HISTORY THANKS DON

    January 2, 2008 at 3:34 pm |
  205. Lisa G Willis

    Polls... what ever

    Go Ron Paul!!!!!

    January 2, 2008 at 5:37 pm |
  206. Phillipe Farneti

    Screw the american banks! Bail out the victums of this banking scam leave the banks and bankers to rot in hell!

    January 2, 2008 at 6:40 pm |
  207. Barbara

    I would enact a national law that made it mandatory that anyone applying for a job MUST demonstrate the ability to speak, read and write English.
    That law alone would go a long way toward taking care of the problem of the illegals while taking a nice step in the direction of reclaiming our own country. It's no fun to walk into a store in my own country and not be able to find a cleerk who can help me because none of them speak the language!

    January 2, 2008 at 7:18 pm |
  208. JIM

    JACK,
    What a mess!!! but only you and I think so. Look at big business. We lose they gain. Our banking is downright crazy, seems like every week more and more bank foundations are being poured just within the same town/city. Their goal: Get our money..give us chump change for interest and charge us "Loan Shark Fees" (called credit cards and loans) but they do it with a kind smile. The middle class is already set up to fail.
    Should we bail out our banking? No. Should we allow foreign banking? No. Then seeing we are not in Kansas anymore Toto what should we do? Stop spending. Start savings. Stop giving golden parachutes and stop any bonuses to executives already making our interest money, instead give some back to the individual customer and maybe to Joe or Sallie down the street, they need it.
    Can this work? YES. Will it hurt YEP! Is it Fatal: NO but it may feel like it, but maybe we don't all need HDTV's, I love me items. If we don't need it don't buy it. Roll up our sleeves, buy our own, own our own, make our own, and fire those who don't work for a living but are heeping up the bonuses and salaries.

    January 2, 2008 at 8:28 pm |