Today's Top Videos: Bailout Bill, Buffett & More...
Congressional leaders "sweeten" the $700 billion financial rescue package to attract enough House members, particularly Republicans, to pass the plan that failed in the House just two days ago. In the meantime, billionaire investor Warren Buffett takes advantage of the rocky markets to invest $3 Billion in GE, the parent company of CNBC. Following are today's top videos:
Nobel Laureate Solution
“The problem is that whether this bill gets passed today or not, it’s not a good bill. I strongly believe they should pass it, but it’s not the kind of rescue package that I, or most economists, would have designed.We have to be aware that down the road, after the election, we’re going to really have to address the economy’s real needs.”
—Joseph Stiglitz, Nobel Prize Winner, Columbia University Professor
Buffett On GE & the Bailout
“I’ve followed [GE] for a very long time, I’ve known the management. We do a lot of business with them and frankly, these markets are offering some opportunities to us that weren’t available 6 months to a year ago. So we’re putting our money to work. This deal is patterned very much like after the Goldman Sachs deal.”
—Warren Buffett, CEO, Berkshire Hathaway
Bailout to Prolong Economic Woes
“History shows that these plans don’t work. It didn’t work in the U.S. in the 70s and it didn’t work in Japan in the 90s. History also shows that what works is to let the markets clean it out. Russia had a horrible collapse in 1998, but in the last 7 to 8 years, they’ve been one of the fastest growing economies in the world. South Korea had a horrible collapse at the end of the 90s, nobody bailed them out and they’ve been one of the most rapidly growing economies….”
—Jim Rogers, CEO, Rogers Holdings
Alternate Bailout Bill
“As far as I know, it’s the same flawed plan. It says two presidents from now, they’ll determine how the taxpayers might get reimbursed by proposing something to congress. It gives secretary Paulson unbelievable discretion in choosing winners and losers—who will live, who will die. It’s unbelievable! Remember, he’s been darn wrong the last year or so, and even maybe two weeks ago when he said fundamentals are sound….”
—Rep. Peter DeFazio, D-OR