I will try to summarize my main point.

America is waiting until it is too late to respond on the scale needed to stop this financial collapse. This is because people will not realize how devastating this is until the collapse causes a severe monetary contraction. By then, it will be too late.

Libertarians are heading us into a disaster because they don't properly distinguish between normal market adjustments and severe shocks to the financial system.

We used to have financial panics and depressions every 20 years under the gold standard. It was FDIC insurance and an active central bank that prevented this for 70 years. Sweden effectively responded to a similar crisis in the 1990s but America waited too long.

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The US government needs to declare an administrative emergency because we are in a rapidly progressing global financial collapse that is going to throw us into a catastrophic depression.

Our government should be temporarily shutting down the stock market and implementing a massive national plan.

The bail out is only 5% of our GDP and isn't nearly enough to stop this collapse.

The US will need to take a massive multifaceted strategy with these goals to stop this financial collapse.

1. Prevent massive financial institutions from failing.

2. Reduce real estate foreclosures because housing prices will continue to fall for 2 years.

3. Restore confidence in the credit markets.

The New York Times article *Stopping the Financial Crisis the Swedish Way* shows how Sweden was able to achieve the first goal.

Sweden penalized the shareholders who were responsible for the firms' failures while protecting taxpayers.

I always keeping eye on that channel...

Great channel

How does one pursue a career as a Bloomberg news presenter. I just graduated from university with a BA Economics and have various experience working alongside the BBC on film and TV projects. It would be very much appreciated if anybody with information could message/write on my wall.

Many thanks.

i for one am releaved that the bailout finaly passed, i (as a republican) was upset that the house republicans a few days ago, but i guess it made for a better compromise

The Night Talk clips of the interview with Hooman Majd on 9/24/08 only contain parts 1 & 3; part 2 seems to be missing.

GOOD INFORMATION!