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September 11th, 2009
05:02 PM ET

Confidence in nation's financial system?

FROM CNN's Jack Cafferty:

One year ago the financial system of the United States came very close to collapsing. It began with the failure of Lehman Brothers and triggered the biggest government financial intervention in our history. That may have been what saved us.

Treasury Secretary Tim Geithner says the bailouts and the other actions taken by the government were absolutely necessary to keep the economy from going over a cliff. And while the worst is over, Geithner warns the recovery ahead will be slow and painful. He expects continued high levels of unemployment and weak growth.

On Monday, President Obama will give what the White House is calling a "major" speech here in New York on the financial crisis. He will address what's been done so far, and what he thinks needs to be done going forward.

In the year since Lehman Brothers collapsed, the U.S. economy has taken quite a beating. The weeks and months that followed saw failures in the financial system and a government response that at one time seemed unimaginable:

– The bailout and subsequent takeover of the world's largest insurer, AIG
– A much larger than usual number of bank failures
– The government taking a stake in huge institutions like Citibank and Bank of America
– The government investing massive sums of money in two of the big three automakers
– And the huge $780 billion economic stimulus package that was rammed through Congress in the early days of the Obama administration

The stock market tanked - but for those with a strong enough stomach to stay in, a recent six month rally has recouped a lot of the losses. And many economists are now saying the greatest economic downturn since the Great Depression is ending.

Here’s my question to you: How confident are you in the nation's financial system?

Interested to know which ones made it on air?

Rick from Florence, Alabama writes:
Yes, the economy is in much better shape than a year ago, but we still have a long way to go. As a small business owner, I have seen an upturn in sales and this will mean more jobs since companies like mine will start hiring again.

Kevin from Canton, Ohio writes:
The fundamentals of the economy have only gotten worse since the collapse a year ago. We've got more debt, the Federal Reserve has created more inflation, we've encouraged more people to go into debt with programs like Cash for Clunkers, and we've wasted more resources by propping up failed businesses. We haven't helped the situation at all; we've simply set ourselves up for a bigger bust down the road.

Mark from Boston writes:
I'm confident we will have massive inflation, if not hyperinflation, in the near future. I see $3,000 an ounce gold and $140 a barrel oil before the end of Obama's first term. I believe the Bush and Obama administrations along with Greenspan and Bernanke should have let us go through the painful withdrawal of our debt addiction rather than giving us more debt to temporarily satisfy our addiction.

Delia from Katy, Texas writes:
I have no confidence in the financial system at all! There have been no regulations to stop this from happening again. When capitalism is allowed to work properly (no tax benefits for business and no bailouts when they fail), then I'll feel confident.

Jonathan from Dothan, Alabama writes:
I'm not confident at all when we are in debt to China for billions. If they decide that it is time to pay up, we are doomed.

Donald from Tampa, Florida writes:
Jack, I am confident as long as the government has their foot on the CEOs’ throats. The market has always been all about greed, but our finance people have taken it to a new level.


Filed under: United States
soundoff (142 Responses)
  1. Laurie in Lawrence, KS

    Jack – it isn't the system I have a problem with. The real question should be how confident are we in the people who run the system?! For that question the answer would be "no confidence".

    September 11, 2009 at 2:04 pm |
  2. Larry from Georgetown, Texas

    We have two mattresses and two coffee cans that we put our savings in. Although it isn't a lot, we know where it is and can get it anytime that we need it. Does that give you an idea of how we believe our financial system is doing?

    September 11, 2009 at 2:09 pm |
  3. Russ in PA

    You're joking once again, aren't you? Confident in a system controlled by the Treasury and the FED? I almost split a gut laughing... The value of our currency increased from the 1700's until 1913, then lost 95% of it's value since the establishment of the FED. Ho, ho, ho, I'm laughing again...

    September 11, 2009 at 2:13 pm |
  4. Mike, Syracuse, NY

    I'm confident now, and I was confident when all the panic was happening. We've been through worse and come out stronger. Unfortunately this time we've upset the darwinian action of the free market. By not allowing the weak and stupid to fail, we've left their DNA in the gene pool, making us that much more vulnerable next time. Just like kindergarden where everyone gets a ribbon, and there are no winners or losers, we are trying to do that in the financial system. Unfortunately the real world doesn't work that way.

    September 11, 2009 at 2:14 pm |
  5. Roy

    Jack, I'm very confident in the nation's financial system's ability to influence our government to avoid regulation, remain "too big to fail," and enrich themselves at our expense. Our national casino has taken privatizing the profit while socializing the risk to a new art form.

    Roy
    Port Aransas, TX

    September 11, 2009 at 2:16 pm |
  6. Tom from Philly

    in a relative way as compared to last year, yes.. in an absolute way? absolutely not. I still have more banks than convenient stores pharmacies and gas stations in a 10 mile radius.

    When the 25% credit cards are paid off i see more bank closings in the future.

    September 11, 2009 at 2:17 pm |
  7. John from Alabama

    Jack: I am more confident today than I was 12 months ago. I believe the stimulus bill is working. I do not like bailingout banks and insurance companies, but the credit market is flowing, and the stock market is recovering from a low of 6500 points. I still believe government needs more oversight in banking and credit policies, so we will not have a repeat of the problems again.

    September 11, 2009 at 2:18 pm |
  8. Kevin in Dallas, TX

    I am confident in our financial system. I am not confident in peoples ability to manage their finances.

    September 11, 2009 at 2:19 pm |
  9. Paul Round Rock, Texas

    Confident about 30% and hopeful that all will continue to improve 70%. None of us should be 100% confident yet.

    September 11, 2009 at 2:20 pm |
  10. george

    THe financial system is in great shape, unless they decide to just take all of the money, and run. It is the middle class that is stressed to the limit. I think if this ever happened again that money should just be doled out to American citizens, and let us try it from the bottom up, instead of trickle down.

    September 11, 2009 at 2:23 pm |
  11. Richard B.C. Canada

    An American executive earns a million dollars a year to outsource
    American manufacturing jobs to developing countries whose million
    dollar executives pay their workers less than the American minimum
    wage to manufacture products to be sold in the U.S. to unemployed
    workers who have no money. Unemployed American workers then become service industry workers competing with illegal aliens who are willing to work for less so that someday their children can become million dollar executives. And the beat goes on....

    September 11, 2009 at 2:30 pm |
  12. Ryan - Galesburg, IL

    Jack, I'm confident that the financial system has taken advantage of Americans who actually do work for a living, and plundered our wealth. I'm even more confident that Congress has done nothing to punish the offenders, nor to stop this from happening again.

    September 11, 2009 at 2:33 pm |
  13. Bennett Sweeney

    Jack I'm scared to death about our financial system as long as greed executives, corrupt politicians, and idiotic consumers continue to place personal material consumption above the collective good of the countries financial system. Case in point..The Obama administration gave us spoiled americans $4 billion in cash for clunkers to stimulate the dying auto industry..what did we do...we took the $4500 and bought toyota's and honda's..7 of the top 10 trade-in's....So when unemployment reaches 11-12% and we begin looking like a third world country...Don't blame the gov't....They give us billions and billions....we just don't do the right thing with it...we are like spoiled little children who blow our allowance on candy and soda pop..I can say this because I am occasionally guilty of it too...But I would've bought a Dodge or Oldsmobile if this economy had'nt killed my credit

    September 11, 2009 at 2:36 pm |
  14. Pete - Augusta Ga

    Jack –

    Of course I have confidence in the nations financial system (Not). Just this morning I got into my Japanese car & drove to WalMart where I bought $250 worth of Chinese-made stuff, then filled my car up with gas from a foreign oil company.

    Lately I've been buying up all the Confederate money I can find – when the next financial collapse occurs I'll be prepared. If we can just get rid of the likes of Gov Sanford & Rep Charlie Wilson 'the South will rise again.' Who knows – maybe cotton will be king, again.

    September 11, 2009 at 2:38 pm |
  15. Kim in Dodge City, KS

    Zip, zero, zilch , nada and nyet. The tax laws are deplorable, banks are corrupt and government can't get over itself long enough to address any of our nation's financial disasters. Oh how the once mighty dollar has fallen.

    September 11, 2009 at 2:40 pm |
  16. Heath in Missoula, Montana

    Confident enough for now. As soon as China & India establish a solid domestic consumer base, and no longer have to rely on American consumerism, THEN our financial system may be in sserious danger. Unless we get our deficiet down we may have more permanent national economic problems.

    September 11, 2009 at 2:46 pm |
  17. Christian Jones

    I am quite confident in the nation's financial system since Obama took office. Maybe his confidence trickled down to me?

    September 11, 2009 at 2:46 pm |
  18. Melissa

    I don't trust the banks at all. And I trust the greedy corporate pig's called CEO's even less.

    September 11, 2009 at 2:46 pm |
  19. Steve, Clifton, VA

    Hopefully we have again recognized that man's basic instinct is bent towards selfishness and evil and subsequently man requires oversight and monitoring. Note that I did not make a difference between White, Black, Brown, Yellow, or Democrat Republican or Independent, male or female, rich or poor. Therefore, since regulation of this industry has once again appeared on the horizon, my confidence in the financial system is slowly being restored.

    Steve
    Clifton, VA

    September 11, 2009 at 2:53 pm |
  20. Jake Johannssen

    Not so much Jack ! We are in peril at this time as UN is now talking about dropping the dollar as world currency. That's bad news. Look at the price of Gold and explain to the people what that says about the US Dollar? Sad !
    We have a corrupt Washington and us people need to call them to a day of accounting.
    Jake J
    CO

    September 11, 2009 at 2:53 pm |
  21. JWC in Atlanta

    In the face of 13 trillion in debt....40 trillion in unfunded social obligation.....diminished energy resources..... diminished factory output ...... lower world status 10 percent unemployment and rising, I'd say I do good to be only slightly unconfident.

    September 11, 2009 at 2:56 pm |
  22. Rich

    Not very. With the exodus of U.S. industries to 3rd world countries, new jobs will be few and far between which means; very littls new capitol to grow the financial system.
    Our government has ripped out most of our backbone and transplanted it elsewhere. The body, (jobs/$), will grow there... not here.
    Want to emmigrate? It's an excellent time to do so. As for me; I'll go down with the ship.

    September 11, 2009 at 2:58 pm |
  23. Julie from L.A.

    I have confidence in the President, but no confidence in Bernanke who–with Paulson–orchestrated the biggest Ponzi scheme in U.S. history (and its no coincidence that, while competitors like Lehman and Bears Stearns were allowed to fail, Goldman Sachs got billions from the government–AND were funneled another $13 billion they won't ever repay via AIG.)

    I won't trust the financial system until the Federal Reserve has an audit (to find out where the $14 Trillion Bernanke gave away went–including $500 billion to undisclosed overseas banks "and others")–and until the foxes are no longer guarding the hen house.

    September 11, 2009 at 2:58 pm |
  24. g

    as long as corp.america is 95%foreign owned and profits leave the country through off shore banking americas finacial system will never be solid

    September 11, 2009 at 2:59 pm |
  25. Nancy, Grand Ledge,MI

    I'm not at all confident. Nothing has changed. There are no new regulations, no one has been fired, no pay cuts. Just business as usual, only on our dime. The exact opposite of how GM and Chrysler were handled. Why were the white collars treated with kid gloves, but the blue collars all took a big hit? The banks that were too big to fail should have been split up, with strict regulations put in place to avoid a replay of last year. Senator Durbin was right! The banks do own Congress!

    September 11, 2009 at 3:00 pm |
  26. Kevin , Los Angeles CA

    I am confident that I will continually get the shaft like so many millions of other Americans while a few make out like bandits.

    September 11, 2009 at 3:06 pm |
  27. Denny from Tacoma, WA

    As far as banks are concerned, I have absolutely no confidence at all. They are more predatory to the American people than helpful.

    September 11, 2009 at 3:07 pm |
  28. Jenna

    How confident are you in the nation’s financial system?

    Now that President Obama is in charge I have far more confidence than with GW Bush in charge. It is his lack of management that got us into this mess!

    Jenna
    Roseville CA

    September 11, 2009 at 3:08 pm |
  29. John

    I have no confidence in the financial system. It's been wrecked for more than 30 years. Insurance and investment companies are the ones I distrust more than the banks.
    John
    Pampa,TX

    September 11, 2009 at 3:09 pm |
  30. Don (NH)

    I think the nation's financial system is sound, but what scares me is that we know little about what has been done to fix those glitches that got us into this mess in the first place. It's a case of putting the reigns back on a horse that was allow to go wild and as a result wrecked a few things in the process.

    September 11, 2009 at 3:12 pm |
  31. Jackie in Dallas

    Zero, Jack. I have zero confidence in our financial system, which now appears to be run by a bunch of con artists and "take the money and run" opportunists. After President Bush's first bailout to AIG, et.al. what did we see? Buyouts, golden parachutes, and "conventions" at top resorts. Not exactly what that money was SUPPOSED to be used for.

    Where were the refinancing deals for homeowners? Where were the small business loans? The same place they are today...no where.

    September 11, 2009 at 3:15 pm |
  32. Agnes from Scottsdale, AZ

    Jack: The financial system is still shaky, even through things have improved. When we begin to see jobs created it will signal more progress. Too many banks continue to fail. The FDIC is being stretched to its own limits. Prospective home and car buyers are still having trouble getting financing. It will take another year or two to get out of this.

    September 11, 2009 at 3:21 pm |
  33. Tom, Avon, Me, The Heart of Democracy

    It has proven itself disastrous. We need to reconstitute the safeguards and protections put into place by FDR after the last recession. The president will get to that I'm sure.

    September 11, 2009 at 3:21 pm |
  34. Pablo in Arlington Texas

    Dear Jack
    we are clawing our way back inch by inch. My broker, a staunch Republican by the way, credits the timely actions of the Obama Administration for this, much though he hates to admit it. He also tells me that trillions of dolllars are still sitting it out because they expect a market correction of 8 to 10 percent before summer 2010 and they do not want to buy back in too early. I am all in now because my view is that the correction, if any, will not be so large. So i guess that makes me very confident in the future of our financial institutions.
    Like they say, Ya gotta be in it to win it!
    Pablo
    Arlington Texas

    September 11, 2009 at 3:24 pm |
  35. Maria

    I have little confidence in our economical system. I believe that within ten years the Euro will br the global currency, China will be the global economic leader, Germany will be the eco-firendly leader in the world, and we are going to wonder what happened.

    Brunswick,MD

    September 11, 2009 at 3:28 pm |
  36. Rich McKinney, Texas

    Jack Americas financial system is only as sound as the amount of money that Washington is willing to pour into it. The sad thing is that America is out of money and any money Washington pours into it including healthcare reform has to be borrowed from another country. Washington has mortgaged America up to our eyeballs and is spending faster then it can ever be repaid. One more war or act of governmental fiscal irresponsibility and we are finished. All these poor miscalculated decisions by congress for the last 20 years are killing us. This has got to stop.

    September 11, 2009 at 3:30 pm |
  37. David in Raleigh, NC

    Our financial system along with Social Security are government sponsored Ponzi schemes.

    September 11, 2009 at 3:30 pm |
  38. Terry from North Carolina

    Jack
    Is this question a joke ? no confidence at all is the answer, and anyone who answers differently has a serious amount of money.

    September 11, 2009 at 3:31 pm |
  39. Dennis North Carolina

    none and i do not believe we are being told the truth by government or the media.

    September 11, 2009 at 3:34 pm |
  40. David Bebeau,Springfield Missouri

    Yea right Jack!!!.......Lets see here.Congress gave all the people's money to the crooks on Wall Street........OK,bought a car company to save an outta control management team who wants more and more and more and bonus plus more for no result.
    Then left the owners of the money,that is the hard working people of America OUT TO DRY !!! to lose their houses while Chris Dodd makes loop holes so the fat cats can get thier HUGE checks. Confidence ?? You are kidding Jack ???
    David

    September 11, 2009 at 3:39 pm |
  41. Greg, Ontario

    When your system is regulated as much as ours (the number one system in the world) I will have confidence in it again. Until then your still a bunch of backroom boys slapping each other on the back and laughing at the rest.

    September 11, 2009 at 3:43 pm |
  42. Bob White, Kansas

    I'm not at all confident in our country's financial system. I have no confidence in "Capitalism" or" free enterprise." Both (same thing) must be regulated because of the nature of all human beings: ego, greed, selfishness, amoral, dishonest, cheaters, insatiable, etc. Confidence in our financial system is derived from regulation that is transparent and effective for the common people. That is why all our games have referees and umpires: even golf, a game that "can't be beat." The symbol of our financial system is Wall Street and it is completely out of control of even our US government. That's a "war" I would support: US vs Wall Street.

    September 11, 2009 at 3:48 pm |
  43. AndyZ Lynn, MA

    I have found that the older I become the more cynical I become. I also doubt all things I hear from my government and from many of the news services. It amazes me that neither Wolf nor Lou would be crusading to inform the American public about the trillions pf dollars in bonds (30 – 50 trillion dollars) that the Bush administration sold to China, Japan, Germany, Russia, etc. This comes due in the next three years. Nope, I have no confidence at all in the nation's financiall system.

    September 11, 2009 at 3:48 pm |
  44. Bizz, Quarryville, Pennsylvania

    I think now that there are more regulations and transparency in our Financial System gives me hope that we can recover. But because of weak financial institutions and inadequate bank regulations and supervision of the past we still have a long way to go.

    September 11, 2009 at 3:49 pm |
  45. S, Michigan

    As confident as Gov Sanford's wife is in his hiking story!

    September 11, 2009 at 3:55 pm |
  46. Ron Temecula

    Hi Jack:

    If anyone can tell me what the big banks did with all that TARP money. I guess I would have reason to trust them. Is paying huge bonuses right up there with the purchase of new jets right up there for the urgency to give trillions of tax dollars to them? No, There are people in this country that are suffering and can't get help. If anyone had an urgent need for that money it is the child that has no food. Or that homeless family living in a car. Or that individual that needs an operaation but can't get it. Tell me that we needed to give so much of our tax dollars to The Rich living on that mansion on a hiil top someplace. No I don't have any confidence at all in them. It is shameful that a coutry as rich as our reward the rich at the burden of the heavy ladened. It is shameful.

    Ron K. Temecula, CA

    September 11, 2009 at 4:06 pm |
  47. Dave

    Jack, I truly believe they are the reason we're in this mess but they are doing better than any other business go figure.

    September 11, 2009 at 4:08 pm |
  48. Mike Armstrong TX.

    Im only confident if we dont have a remake of the great depresion where things go from the frying pan to the oven .its not over till its over.

    September 11, 2009 at 4:13 pm |
  49. bill rupert

    We've had 4-5 serious financial panics since the 1837 Panic.
    They all seem to have a couple of things in common: Loose credit and big companies wanting to get bigger and willing to do whatever it takes to do so. You can call it greed if want
    It also is interesting that in, most Instances, their was a real estate bubble (that burst) as a big part of the problem – (loose credit)
    Somehow we always seem to come back though. I think we will this time too.

    September 11, 2009 at 4:14 pm |
  50. Lance, Ridgecrest, Ca

    Jack, I'm not confident at all. I do believe the system can fix itself, but only if the Obama administration and Congress quit trying to drive us into bankruptcy with their continuous spending spree. I believe we are rapidly approaching a point where we will not be able to repair the damage done by overspending, and when that happens our economy will spiral downward out of control, and the country will belong to our creditors.

    September 11, 2009 at 4:16 pm |
  51. Rus in St. Paul, MN

    Jack, I'd have a lot more confidence if the companies that got bailed out were out of business. How much confidence can I have in any of those institutions who may not have learned how to manage their business?

    September 11, 2009 at 4:20 pm |
  52. Jim

    Jack,

    The financial system will be fine when proper controls are put in place. It's the people who run the banks and other financial businesses that scare me. When a relative few sleazy CEOs end up having the power to bring the entire country to its knees financially, some changes are needed.

    Jim
    Reno, Nevada

    September 11, 2009 at 4:21 pm |
  53. Michael, Alexandria, VA

    The Bush and Obama measures to intervene were good, however the mortgage crisis still is not over as many adjustable rate mortgages will continue to reset for a few years to levels that people can't pay. When I see a concerted effort to help these folks into an affordable fixed rate mortgage, I'll be more sanguine about the state of the financial system.

    September 11, 2009 at 4:23 pm |
  54. Sylvia from California

    Our financial institutions are in great shape thanks to the tax payers (of whom I am one) who bailed them out.... They are hording the money and not lending it out the way they are suppose to do.....

    September 11, 2009 at 4:24 pm |
  55. Dee in Florida

    As long as China continues to pour money into our coffers in the way of loans I guess we are OK.

    When China starts calling in its loans, we are toast.

    I'd say, watch what China is doing for your confidence level report.

    September 11, 2009 at 4:24 pm |
  56. Ed from California

    I have great confidence in our financial system. I have NO confidence in those crooks(executives) that run it. We are in this mess because the financial "professionals" allowed millions of people to buy expensive houses with no income. These same financial morons allowed these same individuals to refinance their homes over and over again, sucking out every dime of equity out of their "piggy bank".
    Now these same unqualified homeowners are either walking away from their properties leaving 100's of thousands of empty houses in devastated neighborhoods around the country. Or, the new game is to try to get their homes mortgage value reduced through a bank modification.
    I thought loan fraud was a crime?

    September 11, 2009 at 4:24 pm |
  57. Chuck in Oxon Hill, Maryland

    I am confident because I believe this whole crisis is manufactured. Recessions are cyclical and every time they occur it appears that the divide between the haves and the have nots gets bigger. There is a tipping point that we are approaching but I don't think we will pass that because it would topple the power structure that is in place.

    September 11, 2009 at 4:25 pm |
  58. jeff in hawaii

    Jack,

    I am one of those who had the stomach to stay in the market, (didn't really have a choice). By and large, I have done well in the last six months by purchasing stocks of companies bailed out by the Government at fire sale prices. Am I confident in the nation's financial system? That remains to be seen. Without a return to manufacturing goods in this country, and stiff regulation of the financial markets, I only see what happened last year occurring over and over again. 2nd world here we come!

    September 11, 2009 at 4:25 pm |
  59. Linda in Arizona

    On a scale of zero to one hundred, I'd give it a 5.

    September 11, 2009 at 4:32 pm |
  60. Donna Colorado Springs,Co

    I have no confidence in the financial system anymore. There's too much greed and behind closed doors manipulation that still goes on, and Wall Street has screwed the public way too much for people to ever trust them again. Considering the Madoff catastrophy, why would anyone put their hard earned money in the hands of greedy bankers and investment firms.?

    September 11, 2009 at 4:33 pm |
  61. Anthony/Swedesboro, NJ

    Jack. without us the rest of the world would sit in their cribs and suck a pacifier. We developed this arcane business model and the rest of this globe doesn't have a clue. So cool your heels and marvel as we once again lead the world into a new renaissance.

    September 11, 2009 at 4:36 pm |
  62. Carl D.

    Jack,
    I'am still very confident that our nation's financial system is still completly loaded with corrupt worthless thieves, this I know for sure. I don't see anything changing in the near future.
    Carl in Illinois

    September 11, 2009 at 4:37 pm |
  63. John Hulse

    Not that confident. I still think that we are in a world of hurt and things could still get worse. We have the same corrupt people running Wall Street and the banks, who think it's OK to reward their failures with billions in taxpayer bonuses. Meanwhile the politicians in Washington do nothing but take campaign money (bribes) to look the other way. Once again it's the middle class and the poor who have to suffer while Wall Street parties and plays on. And the job losses continue.

    John
    Anderson, Indiana

    September 11, 2009 at 4:38 pm |
  64. Lucy

    Mildly confident.
    Lucy
    SF, CA

    September 11, 2009 at 4:38 pm |
  65. Gigi

    Not at all...I'm afraid any morning to wake up and hear on CNN that we have changed our currency to the yen. Then what do I do with all that money in my mattress. Another one of those government OOP's.

    Oregon

    September 11, 2009 at 4:39 pm |
  66. Eleanora Feucht, Mt. Laurel, N.J.

    I don't feel confident at all with Tim Geithner, with bis record, at the helm of the treasury department.

    September 11, 2009 at 4:40 pm |
  67. Irv Lilley

    Jack, As long as the bandits of Wall St. and corporate businesses
    continue to lobby and bribe congress, the financial sysem will keep
    together. But what happens when it does falter, will be a disaster.

    September 11, 2009 at 4:41 pm |
  68. Pugas-AZ

    It seems as though the rain storms are ending but the runoff will continue for some time. All flooded entities will not dry out at the same time and dammed up water could cause additional problems downstream. The government will have to keep a tight rein on things until some kind of equilibrium is reach between money suppy and demand.

    September 11, 2009 at 4:41 pm |
  69. frankie

    I would be more confident if the Republicans and Conservatives would stop acting like it's more important for them to be right than for America to be happy. We have some workable plans now, and they will work best if all Americans pitch in and work together. It's the American way after all.

    September 11, 2009 at 4:42 pm |
  70. Frank

    Hi Jack,

    I am confident in the global financial system. The US financial system has been too comprised. The culprits of the financial debacle are still laughing at the so call country of laws. BRIC is on the horizon. The US has to regain the confidence of the world.Jack if you were on the outside looking in where would you invest your money? Think BRIC and better still Canada.

    September 11, 2009 at 4:48 pm |
  71. Kerry Diehl

    No confidence whatsoever until AFTER 2010 when we can get the idiots out of office that endorse these current policies such as the stimulus (porky-pig) packages, tarp, exorbitant healthcare bills we cannot afford and on and on.

    Our nation indeed can make it just fine by reducing taxes for small business, individuals, and a philosophy of “PAY AS WE GO!”

    First we need some politicians who will listen to the now Not So Silent Majority!

    September 11, 2009 at 4:49 pm |
  72. Al from SoCal

    I would have been much more confident if the banks had been allowed to fail. than by now the irresponsible banks that were the cause of this economic collapse would no longer be here and the smaller smarter banks would now be much stronger and bigger. the bailout did help the immediate problem bur it also signaled to certain industries that there are no retributions for irresponsible practices, except for maybe a few verbal scoldings from Congress.

    September 11, 2009 at 4:50 pm |
  73. CNRodz

    Somewhat confident, but not complete, the system is still broken.

    September 11, 2009 at 4:55 pm |
  74. Mark, Sarasota, FL

    I have no confidence at all anymore in these gangsters. They got bailout money but my credit cards went through the roof.

    September 11, 2009 at 5:01 pm |
  75. Jim

    When you read that the 700 billion Henry Paulson gave his peers to "remove toxic assets from their balance sheets (much of it with no strings attached) and today almost a year later it is reported that these toxic assets are still on the banks balance sheets (after the "baillees" paid themselves bonuses, invested for profit, did not make credit available to very many and resumed activities under the "business as usual" progaram, you realize that we are again headed for banking disasters unless major regulatory reform happens immediately. This Country is run by lobbiests.....not congressmen!
    Jim Los Angeles

    September 11, 2009 at 5:02 pm |
  76. Dave, Brooklyn, NY

    If I were running a bank or insurance company I’d have supreme confidence. No matter how stupidly I may run the company, no matter how disastrous my decisions may be, no matter how badly I may fail, I know that Obama will bail me out with taxpayer money and ask nothing of me in return. And of course I will be allowed huge bonuses.

    On the other hand, if I was some poor slob in the middle class, I would also be confident that things will never get better for me; my children will not have it as good as I had it and my grandchildren may have to learn Chinese. I am confident that all of us will have to keep bailing out billionaires who fail as we are pounded deeper and deeper into the concrete. While we will have to tow the line which becomes heavier by the day, we will not get our turn at the trough and what few scraps we may scrounge and fight for from the dirt will be taxed until there is no middle class.

    September 11, 2009 at 5:09 pm |
  77. Ken in NC

    I'm glad that the liabilities of AIG have been paid down and investments are safer and starting to grow. No big bonuses being paid. I'm recovering pretty well. AIG = All I Got

    September 11, 2009 at 6:16 pm |
  78. Rick Ruhl

    Yes, the economy is in much better shape than a year ago, but we still have a long way to go.

    As a small business owner, I have seen an upturn in sales and this will mean more jobs since companies like mine will start hiring again.

    Rick – Florence, AL

    September 11, 2009 at 6:16 pm |
  79. Annie, Atlanta

    I am confident that the Wall Street “Banksters” will figure out how to bleed us dry again, when they feel the need to be wealthier. And they already have their guys in place on the inside to do just that.

    September 11, 2009 at 6:16 pm |
  80. Katie

    Hey Jack,

    The FDIC did its job so that individual investors would not lose their deposits. The Stock Market will continue to have its ups and downs, but putting our money into a savings account should be fine.

    Although, we do need an overhaul of our financial regulatory system so the derivative system doesn't threaten to derail our economy again AND we need to properly fund the SEC.

    September 11, 2009 at 6:17 pm |
  81. Robert

    The credit default SSS aka side bets... Are stii trading without regulation!!!
    Einstein said "repeating the same action expecting a different outcome is the true
    definition of insaniy"

    September 11, 2009 at 6:17 pm |
  82. Kevin McKenzie

    Why would you have more confidence in the nation's financial system? The fundamentals of the economy have only gotten worse since the collapse a year ago. We've got more debt, the Federal Reserve has created more inflation, we've encouraged more people to go into debt with programs like Cash for Clunkers, and we've wasted more resources by propping up failed businesses. We haven't helped the situation at all, we've simply set ourselves up for a bigger bust down the road.

    Canton, Ohio

    September 11, 2009 at 6:18 pm |
  83. John C

    I fear that soon, the way this administration is handling the economy and enlarging government, that we will all be calling each other Comrade.

    September 11, 2009 at 6:18 pm |
  84. Bill Land

    As long as the media keeps reporting on the recession, I'll continue to remind myself the panic has been exacerbated by over-reporting – full days dedicated to an x-amount drop in the stocks. The market only crashes harder as the panic worsens.

    September 11, 2009 at 6:18 pm |
  85. Rufus in Twentynine Palms, CA

    I have absolutely no confidence in the current system. Bankers, in my opinion, are not to be trusted. The current Ponzi scheme we call a financial system, where we rob Peter to pay Paul, is unfair, unsustainable, and grossly unAmerican...so much so, it calls for a complete and drastic overhaul of the entire system–where we instead rob Wolf and Jack to pay Rufus!!!! Works for me!!! Stick 'em up dudes!!!!

    September 11, 2009 at 6:18 pm |
  86. Amos

    We will be fine if we do not bring those graduates taught by Professor Rush Limbaugh to run our national economy.

    September 11, 2009 at 6:19 pm |
  87. David P Vernon

    Tucson, AZ – I am concerned that the blind CDOs that caused this crisis are still out there on the banks' books, still unpriced, still choking the flow of commercial credit. We have swerved away from the cliff, but are still skirting disaster. The stimulus has helped avert a really big crash, so far, but until this junk paper is taken off the books at some realistic value, we remain at risk of another Great Depression. When does the TARP foreclose on this junk whether the banks want to sell it or not?

    September 11, 2009 at 6:19 pm |
  88. Ballard Powell

    I believe a financial recovery is forthcoming, but this will be a long and painful process, and the economy needs to start creating jobs to be succesfully.

    September 11, 2009 at 6:19 pm |
  89. Bob Rohrer

    System? What system?

    September 11, 2009 at 6:19 pm |
  90. Jacob

    I wasn't confident in the first place! The only thing that will restore my confidence in our financial system is if we do away with the federal reserve system. It's been almost 100 years since the federal reserve act was smuggled through congress and reluctantly signed by Woodrow Wilson, and it's about time we go back and undo the mistake our government made so long ago. It's about time that the power to regulate the value of our money and our financial system is returned to the rightful hands of the people, not the greedy hands of privately owned banks.

    September 11, 2009 at 6:19 pm |
  91. Joe Alex

    Dear Jack,
    How can anyone be confident in our financial system? We're 11 trillion in debt, with Congress poised to raise the debt ceiling even more. We've lost over 2.5 million jobs to China, and our grandchildren's grandchildren wil be paying higher taxes for our excesses. But then, that's what we get for electing affluent lawyers as our leaders, who have no concept of any fiscal responsibility.
    Respectfully,
    Joe Alex

    September 11, 2009 at 6:19 pm |
  92. gaysforpalin

    zero confidence in the financial, legal and politcial systems as the 21st century robber barons continue to rape our country. everyday is another "grab your ankles" story! airlline tix out of this country already bought! buh-bye!

    September 11, 2009 at 6:20 pm |
  93. Steven Streets

    Our Constitution mandates two, two, two types (2)of Legal Tender and neither one is monopoly money. See US Constitution Article One section 8 and 10. Now you know why.

    September 11, 2009 at 6:20 pm |
  94. Jared Maples

    I don't think it is a question of how confident we are in the financial system, but rather a question of how confident we are in who is running it. We are seeing too many people become hungry for power. We find that power comes through money and then those who are weak at mind allow greed to take over. It's a never ending process of dog eat dog. Many CEO's would rather tear their neighbors apart as long as they know they're safe. As a young man who has served in the military and is almost finished with college, I hope for a better future. We can only change it with people who mean their best not just for themselves, but for the people they serve and employ. This isn't solely a bank issue.

    September 11, 2009 at 6:20 pm |
  95. Emilie

    I don't know very much about our financial system but I'm sure going to learn now! The days of not reconciling my check book and online accounts are over!

    September 11, 2009 at 6:20 pm |
  96. joe

    Very confident and we must say that all the measures taken to stabilize the situation was well worth it even though in early days of the Obama administration the Republicans were on the defensive bench avoiding to take part at any recovery plan due to their political games, but now who is to blame and who is to congratulate I don't know really but I am sure , it is not the republicans for the whole time were playing the " NO" amnesia. But overall we all are happy aren’t we?

    September 11, 2009 at 6:21 pm |
  97. Karl from SF, CA

    I have great confidence, because it is coming back. God knows where we would be if the Republicans had been in charge with more tax cuts for the wealthy. Riddle me this Batman: what is a usual number of bank failures as opposed to an unusually high number compared to what? Job loss is slowing and is the last thing to come back, so that is the empty half of the glass. The full half is looking darn good.

    September 11, 2009 at 6:21 pm |
  98. James In Idaho

    Jack, As long as the bailaouts are limited to the one that has already occured, and the stimulus checks that go out are limited to the possibility of only one more going forward in the next 8 to 10 years, I'm very confident in our financial system.

    Let's try to keep this in perspective. The Patriot Act, If we limit evaluating it to one and a half to two years, was successful in the beginning. We saw in spades that it looked more and more like a monster as it became magnified and expanded under the microscope. I forsee the same thing happening here if we let those things go beyond necessity and into the realm of frivolity, and even the notion that that hasn't happened, is debateable.

    September 11, 2009 at 6:21 pm |
  99. Mark - Boston, MA

    I'm confident we will have massive inflation, if not hyperinflation in the near future. I see $3000 an ounce gold and $140 a barrel oil before the end of Obama's first term. I believe The Bush & Obama Administrations along with Greenspan and Bernanke should have let us go through the painful withdrawal of our debt addition rather than giving us more debt to temporarily satisfy our addiction.

    September 11, 2009 at 6:22 pm |
  100. jonathan Dothan,Al

    I'm not confident @ all when we are in debt to China for billions. If they decide that it is time to pay up we are doomed.

    September 11, 2009 at 6:22 pm |
  101. djsmith ukiah ca

    The Federal Reserve Bank is in a very ugly place right now and T. Geithner wants to give the Fed more power to do as it sees fit. This is not good. They have given away trillions to banks, many billions of it in secret, much more than the public ever sees or hears about. How much confidence do I have in a system that throws money down rat holes? Not a lot, in fact, none. Medicare corruption, anyone?

    September 11, 2009 at 6:22 pm |
  102. Bob, Phoenix AZ

    I have confidence in the system, it is the crooks that run it that I have no confidence in.

    September 11, 2009 at 6:22 pm |
  103. TJ from North Andover, MA

    I think that in general the financial system had been stable untill we started de-regulating businesses and giant corporations. After that started happening we had major issues with keeping corruption out. Basically, I will only trust the financial system if they start implementing the regulations seen after The Great Depression. Only then will I have confidence in the financial system that has worked for quite a long time.

    September 11, 2009 at 6:23 pm |
  104. mike tn

    i am confident cautiosly though.stay coarse.it will be long process.
    you can loose it faster than u can earn it

    mike,tn

    September 11, 2009 at 6:23 pm |
  105. Larry

    Jack, I'm as confident in the current financial system about as much as I am that Big Oil won't shaft us on gas prices in the future or that the Republicans will back any Healthcare reform that doesn't guarantee a ridiculously greedy profit for the Insurance industry. Since we keep saying as a country that we can't look back, only forward, we allow the possibility for the same Corporate Greeders to push the country "back to the edge of the cliff". Isn't it funny how a person who steals a candy bar is fired from their job in a drugstore but, corporations who steal from the American people are allowed to do business as normal.

    September 11, 2009 at 6:24 pm |
  106. Fred Dean Weaver Oklahoma City

    Jack With Obama as President Im very confident of nation fiancial system. Obama has make right moves without suport of Republicans. I surprice Obama has improve our encomy but very happy he is President ant not McCain. With Republicans in power we whould never got out of the mess Bush put us in. by the way im white male 62 years old and thank God everday for Obama.

    September 11, 2009 at 6:24 pm |
  107. Anna in Chicago

    How can i have confidence in our financial systems when my 401K is still down 15% from year ago but our bankers got hundreds of millions in bonuses.

    September 11, 2009 at 6:24 pm |
  108. Donald of Tampa Area

    Jack, I am confident of them as long as the government has their foot on the CEO's throat. The market has always been all about greed, but our finance people have taken it to a new level (Aren't they all Republicans?). And Republicans would rather collapse the government that cooperate with the Democrats!

    September 11, 2009 at 6:25 pm |
  109. smoore

    Correction! As I seem to recall it was the BUSH ADMINISTRATION, not the OBAMA ADMINISTRATION, that rammed the $780 billion package for the big banks through Congress back in October 2008.
    You can't blame this whole mess on the current administration.
    Bush had eight years to mess up the country, Obama has only been in office about 8 months!
    Get your facts straight and don't think that the American people are as naive and forgetful on what's going on.

    September 11, 2009 at 6:25 pm |
  110. Gardner

    Jack,

    Here's hoping this crisis is nearing an end. But as long as we continue to move toward an economic system where the richest among us can generate income without the creation of goods and services we'll soon be in trouble again. And Jack, I expect that will continue...

    I'm not confident.

    September 11, 2009 at 6:26 pm |
  111. Delia

    I have no confidence in the financial system at all! There have been no regulations to stop this from happening again. When capitalism is allowed to work properly (no tax benefits for business and no bailouts when they fail), then I'll feel confident. As it is the financial markets are now looking into "real" death panels (life insurance securitization). When can we start making money the old-fashioned way - by actually making a tangible product and not by gambling with securities?

    Delia
    Katy, TX

    September 11, 2009 at 6:26 pm |
  112. Janice K Ward

    I have no confidence in the nation's financial system. The structural problems that created our current problems have not yet been addressed. Wealth extraction continues unabated while productive enterprises such as manufacturing continue to decline. In fact, it has been assisted through even greater consumer credit known as the budget deficit. The middle class, the backbone of our economy, continues to bear the brunt of reduced wages and bankruptcies, yet bear a disproportionate burden of federal debt for the bailouts of businesses deemed too big to fail. Our current tax structure is as close to a flat tax as we have had since the 1920s. until we return to the progressive tax structures of the 1930s to the 1970s, the middle class and the economy overall will continue to suffer.

    Janice
    Bellingham, WA

    September 11, 2009 at 6:26 pm |
  113. Wanda Robinson

    Jack,

    I am very confident in this country, because of the people, which includes the Government. We have been so blessed to have the greatest thinkers in this administration. Despite all the turmoil about bailouts, takeovers and the stimulus package all those were necessary. The government stepped in at the right time even though this was not a popular thing to do, it prevented this country from going into a depression. Even though Rush Limbaugh said he wanted President Obama to fail, I am sure he was not privi to the knowledge that President Obama had. That is why all of this bru ha ha about what the President is doing is very comical to those who know better including the Republicans. Those who offer their opinions about the policies of this administration are certainly allowed, however the most uninformed people are those that listen to those opinions and think that it is news, it is just their biased opinion and any one can have an opinion. So for me, President Obama is the person I trust to bring this economy back to a thriving and robust country. AMEN

    September 11, 2009 at 6:27 pm |
  114. Brian Smith PhD

    Let us not confuse who is in the driver's seat. As long as big business can turn a buck in America, the American economy will continue. At the same time we need to realize big business has their eye on the Chinese population. Those people are starting to buy cars and other durables. China has roughly 4 or 5 times as many people as the US. That means eventually there will be more opportunity to make a buck in China as opposed to the US. At some point big business will simply shift more towards China, leaving the American economy to fall to third world status.

    September 11, 2009 at 6:27 pm |
  115. rick

    the financial system of the U.S. will undoubtedly fail again or further. once wall street begins to recovery the crooks on wall street and corporate America, swoop down and collect their bundles at the expense of the small investors. This is America...the rich get richer... at the expense of the lesser, and the poor get poorer because we can't afford to do anything about it.

    September 11, 2009 at 6:27 pm |
  116. Larry P. in Pasadena, Ca.

    As long as this massive private banking consortium, otherwise known as the Federal Reserve Bank, is allowed to wield the power it has had for decades, our economy will never be safe, or even be "our" economy! Back in the first part of the 20th century, there were great efforts being made to not turn our treasury system over to a group of powerful international bankers. It worked for a while, and then we gave in, and have had to live with the consequences ever since.

    September 11, 2009 at 6:27 pm |
  117. Ed New Mexico

    Who says it over? 40 cents of every dollar that congress spends is borrowed money. It won't be over till we have paid back all the loans and are in the black again. FAT CHANCE. Just think Pelosi, Reed and Rangle are holding your wallet. Scary Thought. How much do you have in there, Jack. We are going to need it soon.

    September 11, 2009 at 6:27 pm |
  118. Tom, Soquel CA

    Jack, How can we have any confidence in our financial system when it is run by thieves and con artists who seem to be beyond reproach. I, as an individual, am forced to have fiscal responsibility. I will not get a bail-out or a stimulus package to help me survive a 'miscalculation' in funds. I say lets hold these corporations responsible for themselves and their follies, and stop bailing them out. I have very little compassion for those who have achieved wealth by standing on the backs of the rest of us

    September 11, 2009 at 6:29 pm |
  119. Susan from Twin Falls Idaho

    less confident than I was yesterday. The biggest employer in our town has announce they are pulling out completely in January.

    September 11, 2009 at 6:29 pm |
  120. J. Paul Adkins

    Jack,

    I'm a 22 year veteran schoolteacher, a volunteer firefighter, and a part-time police officer. For years, I have been contributing money to a retirement account in order to live comfortably in later years. I still do so, but I really don't have faith in our financial system because our government allows those at the top to manipulate the system. However, I have to try something, but basically I realize I'm just a player at the blackjack table.

    J. Paul Adkins
    Berlin, Maryland

    September 11, 2009 at 6:29 pm |
  121. JOHN KEY

    Jack:
    I think the question should include: "How confident are the American People that the 'Financial Community' is telling the truth about this economic Crisis".?

    "Is it Real".?

    Seems to me that the rich are doing awful darn good. How else can you afford to block off a Major Section of Downtown Chicago's Michigan Avenue for over two days while Middle and Lower Class Citizens eat "Biscuts" for supper...?????

    John Key
    Chicago, IL

    September 11, 2009 at 6:30 pm |
  122. jeff, Ft. Lauderdale

    Hey Jack, you mentioned ten or twelve things the government did to save us from going over the brink... our profound thanks to the government people that saved us.

    Too bad, the sad reality is, the government people are the reason we got to the brink of disaster in the first place. They did what they shouldn't have, like cancel laws that protected us... and they didn't do things they should have... like protect us from the crooks and cheats on Wall Street.

    The problem is, our Congress does not represent the best interests of the people or the nation. They represnt those who offer the largest donations.

    September 11, 2009 at 6:30 pm |
  123. Paul, Canada

    No overly confident, because excessive greed is still the driving force and foundation behind the loss of manufacturing jobs, excessive risk taking and borrowing that bubble and overinflate the economy. As long as that is predominant, I cannot see prudence and common sense taking over. The same risks will always be there and regulations, however well intended, will get circumvented.

    September 11, 2009 at 6:30 pm |
  124. ken

    The nations financial system is terminal. Roosevelt paid for world war II by imposing a 90% tax rate on millionaires, and a 60% tax rate for incomes of 250k to a million. The government needs to do the same thing now, because we are paying for two wars. Giving bailouts to greedy corporations is like giving more oxycotin to limbaugh. To discourage market speculation and greed the government needs to impose a tax on every stock transaction.
    NJ

    September 11, 2009 at 6:31 pm |
  125. MyInfo4U.net

    For those that believe that we are out of the woods from all this mess,wake up and feel the fire burning beneath your feet because when China wakes up and realizes we cannot afford to repay them,we will be toast!

    September 11, 2009 at 6:32 pm |
  126. Charles Reed

    I have confidence that Casino AIG was rigged and the bookie Goldman won big as big Hank roll the loaded dice. The only sucker who does not understand this was a Three Card Monte game is the government. Do I have confidence? The answers would be yes! That what Harry Markopolos said that the Federal investigators could not find ice cream at a Dairy Queen. Did not all the players who ran off with the few trillion alleged lost by in at 6500, sound like10,000 just is just the time to take profit! This play is called the Buffett.

    September 11, 2009 at 6:32 pm |
  127. Joan

    I have no confidence in it until adequate regulation and oversight of the financial industry is in place and working. Banks, stock brokers, and insurance companies cannot be trusted to stay honest and/or do the right thing, as has been painfully evident since the notorious bailout. Laws must be passed without loopholes to stop mismanagement, fraud and corruption. Not only did the collapse of the financial industry wipe out the savings of thousands of Americans, it destabilized markets around the world. Please point the finger where it should be – at those who did not (Bush administration) and do not (Republicans) want regulation or oversight. What happened was an accident waiting to happen and it will happen again unless painful consequences are brought to bear on those at banks, insurance companies, stock brokers and related firms who mishandle the financial industry.

    September 11, 2009 at 6:33 pm |
  128. Ray in Nashville

    The wealthy criminal class still rule the country and are fighting everything President Obama is trying to do about it. I still see financial institutions that are too big to fail and I see no meaningful effort to re-regulate the industry. Therefore, I am not confident in our financial system.

    September 11, 2009 at 6:33 pm |
  129. George in California

    I do not have faith in our financial institutions. The fault lies first and foremost with the idiots who decided to deregulate the system on the grounds that it is good for Capitalism.

    It is not. Thinking that deregulation is good for capitalism makes as much sense as disbanding the NY City police force on the grounds that policemen limit my freedom to steal from others.

    Without regulation, banks and insurance companies produced the equivalent of counterfeit money, and did it legally. They call it Credit Default Swaps and other derivatives.

    September 11, 2009 at 6:34 pm |
  130. Bryan from Kansas City

    The government taking stakes in several banks and 2 automobile companies doesn't bother me, maybe they can make a buck or two. As for the stock market plunge, it provided may opportunities; if you had invested in AIG at its low you would have made quite a bundle by now.

    I don't have confidence in the stimulus package because most of it is going towards government jobs, and I thought that is what we were trying to avoid. How about take the stimulus money and actually give it to the citizens, rather than government jobs.??

    Lastly don't forget about this looming 900 Billion they are trying to sink into health care that will sink us so far in debt that we will never recover from it.

    September 11, 2009 at 6:34 pm |
  131. dave nashville

    The half that are not hurting, and never did hurt for years, will go right back to buying what they don't need while and get help from the government via additional bailouts...while the other half struggle. Sad and simple, the other halves lives.

    September 11, 2009 at 6:35 pm |
  132. Dimitrios Politopoulos

    I personally believe it is foolish to use tax payers money to prevent these large corporations from cliff diving. If these corporations and business didn't see the cliff, from an economy that was in hurricane, and downsize themselves, Why should the goverment provide them a new pair of eye glasses.

    I think the goverment should look oversees for global assistance instead of using America's tax payers money to further make the economy worse. Tamsweg,Austria- 5571

    September 11, 2009 at 6:35 pm |
  133. Tim from IL

    Jack, In all honesty, the American financial market has been severely crippled and will take much longer to turn around than it has to sink. Some may say we've turned the economy around, and we're starting to raise our heads above the water but look at the national debt. Even if President Obama can do what he said, and that is to level off the national deficit, how long will it take to reduce the national debt to even a manageable level? Where will I be when – or if – our nation is once again prosperous? More than likely you, me, and anyone reading this will be dead. We have been sinking in a hole for at least eight years if not longer. We're supposed to prosper from war; we are not supposed to weaken our economy and our infrastructure. I pray that I am wrong about these notions, but I honestly do not believe that America will be what it once was in the next fifty years. That's a generous estimate considering our educational systems are deteriorating, but that topic is for another chapter in this book called America.

    September 11, 2009 at 6:36 pm |
  134. Erryn Barratt

    Hello Jack. Let Canada be the cautionary tale for our American friends to the south. During the last two decades, while American politicians were passing legislation to deregulate, we in Canada were protected by a Liberal Government who kept regulations in place. Canada, of course, has felt the sting of this recession. I, myself, lost my job. But our tight regulations meant that not one Canadian bank failed. And proportionally, our bailouts have been much less strenuous than yours. Right now, our minority government is again pushing to take us to the Polls for the 3rd time in 4 years and our Prime Minister is whining about wanting a majority government to protect him from the socialists and the separatists. Those socialists and separatists are what kept us from the massive deregulations that the Conservatives wanted in the past and want for the future. If our PM had his way, our banks would have been in just as bad of shape as yours. BEWARE – Conservatives get money from people who do not want regulations – fiscal, environmental or legal. Our unemployment rate is several points below yours because these people did not get what they wanted in the past twenty years. But rest assured, if we go to the polls and the Conservatives get their majority, we will be in just as much peril as your guys. Take the hard line. Companies can make massive profits by doing the right thing. Look at Cantor Fitzgerald. Their ethical behaviour in the last 8 years should be a beacon of light. Bernie Madhoff and AIG are what comes about when no one is watching the store. Thank you for allowing all points of view. Your loyal Canadian fan. Erryn in Vancouver, Canada

    September 11, 2009 at 6:37 pm |
  135. Gary In Lexington

    Jack, please do not be fooled by Wall Street and the market's performance since the March 9, lows. It is a sham, based upon expectations that are so low, a cockroach could not crawl under the bar companies and analysts have set. Only 1 in 12 companies improved their top line, in other words, their profitabilty was the result of deep expense cuts, not increased revenues. And very few companies revenues or net income increased or exceeded the same quarter as last year. In the meantime, we have a $65T National Debt, NOT $13T as reported, 15 million unemployed, underemployed or part-time employed, a declining middle class, increasing poverty and bank's balance sheets that are suspect at best. Any questions?
    Gary,
    Lexington,KY

    September 11, 2009 at 6:38 pm |
  136. Nick; Longmont CO

    Jack,

    I guess I should have confidence in the financial system. As our government invested nearly $2 trillion into the financial system; as a taxpayer, I can sleep at night knowing that I am a stakeholder in the second largest financial system in the world (We got passed by Switzerland this week).

    By the way, I am still waiting for my bailout.

    September 11, 2009 at 6:39 pm |
  137. Pam holt

    Pam holt Foley al I remember when it was on the news last year that bank of america was going to give credit cards to illegal immigrants. I wonder how many other banks did the same thing. Also how many of the banks and financial institutions gave home mortgages to illegal immigrants. I feel like the journalists are not doing their jobs in investigating and reporting about how our countries financial and government systems have been stripped economically, due to catering and enabling illegal iigrants. Someday the news medias will be exposed..... I wonder who will be #1 then.....

    September 11, 2009 at 6:41 pm |
  138. Karen Kaiser

    Thanks for the chance to spout off about our financial system. My finances have been suffering now ever since the stock market went down. I am not rich...I sold my home of 30 years and hoped I could live on the income....HAW!! I'm down to next to nothing and my great bank just upped my interest from a card with 3.99, 4.99 and 19% on different balances...to 29%! They charged me two whopping fees up to almost 500.00. I guess I am being punished for the bank bail-out? I tried to negotiate the balance and closed the account. They said "no deal" on the interest rate increase. On the same day I was refused insurance by Kaiser Perm. for "pre-existing" conditions. (arthritis, for which I actually live better by taking some meds!) Because I have to take meds to feel better I was denied. Also I drink about seven glasses of wine a week. I think I'll start drinking a little more...it's cheaper than health insurance and it is on my dwindling "budget" for at least another year.

    September 11, 2009 at 6:41 pm |
  139. Fluffy in Lovelock, NV

    Who needs a financial system when you can acquire funds from your local community organizers. I'm considering opening a crack-house and a crystal meth lab in my neighborhood, but I'm short of funds and I need a reliable lender. Jack, can you direct me to my nearest ACORN office?

    September 11, 2009 at 6:44 pm |
  140. Dimitrios Politopoulos in Tamseg,Austria

    I strongly believe Obama should be looking into the Euro as leading a comeback to the economy. Since Obama took office the Euro vs the dollar has gotten worse which sounds like America's economy, If Obama wants to change or "fix" the economy he needs to look into a balanced dollar to the Euro.

    Dimitrios Politopoulos
    Tamsweg,Austria 5571

    September 11, 2009 at 6:46 pm |
  141. Richard Zuehsow

    I am somewhat confident in the US financial system, with some caviots, first being, the US treasury and Federal reserve are headed by Economist, not Lawyers. This is a big plus. If they were headed by Lawyers we'd still be litigating whether we should be bailing out the banks. The financial system will not fall under current leadership.

    The bigger question is the health of the overall US ecinomy and standard of living. I see our standard of living falling and the economy stagnating for years to come because of the spending we are doing today, along with the massive deficiets, both fiscal and trade. through our trade deficiets, we are exporting our wealth,(our jobs) and importing poverty (our lack of jobs). Through our fical deficiet spending, we are spending ourselves to third world country status, no different than when we personally spend our personal selves in to debt so deep, we need to restucture, and/or file for bankrupcy.

    We have been spending like spoiled brats for 8 years now, only to accelerate faster, though I agree we needed to this, this past year.There are only so many dollars in the US economy. Logic will tell you that if the Gov't spends more, less is available for business growth. Under the Cinton Administration, as the gov't borrowed less, the business economy took off. This may require more taxes and less spending, but it worked. Lets due what works first.

    Richard

    September 11, 2009 at 6:47 pm |
  142. STAN - IL.

    You just have to use your head when investing. Whty didn't the media bring this up when the GOP was in office. I never heard these kind of questions when Bush made this big mess. Is all the media Republican?

    September 11, 2009 at 6:52 pm |