Today's Top Videos: Bernanke, Bailout Plan & More...
Federal Reserve chairman Ben Bernanke comments on the government's plan to solve the financial crisis, while this year's economics Nobel prize winner gives his insight on the economy. Following are today's top videos:
Dr. Doom: US Needs to Delevarage
“You can’t trust the central banks anymore—they’re going to have to print money like there’s no tomorrow and the budget deficits in the U.S., in my opinion, as Morgan Stanley says, they could go up in the next year to $2 trillion dollars. My estimate would be between $1.5 to $2 trillion.”
—Marc Faber, Editor & Publisher, Gloom, Boom and Doom Report
Nobel Prize Winner On the Economy
“This looks much better. All of the major economies have now settled on a common framework. It’s similar to what Britain has done, it’s similar to what the continental European countries say they are going to do, so in the last six days, this plan has really come together with a plan that really does address the critical problems of inadequate capital at the banks, the need for guarantees to calm the markets down….”
—Paul Krugman, 2008 Economics Nobel Laureate, Princeton University Professor
Ben Bernanke On the Financial Plan
“As Americans well know, the challenges evident in the financial markets and in the economy are large and complex. But I believe that the steps taken today will help us to overcome them. Our strategy will continue to evolve, and be refined as we adapt to new developments and the inevitable setbacks.”
—Ben Bernanke, Chairman, Federal Reserve
Beyond the Bailout
“What’s happened is that we’ve moved from getting questions answered in this document here which has the way the government is going to inject capital into the system…Investors are wondering now: At the end of the day, how diluted is all of this, when the government comes in and takes those stakes that are out there?”
—Steve Liesman, CNBC’s Senior Economics Reporter