Reuters - Video

EDITION: U.S. | U.K. | IN

Freeland Fast Forward

U.S. should’ve let AIG fail: Stockman - Fast Forward

Monday, Apr 01, 2013 - 02:57

David Stockman, President Reagan’s budget director, says the government should’ve let insurer AIG go into in bankruptcy instead of bailing it out during the financial crisis. None of the policyholders would’ve been hurt, adds Stockman, who debated former Obama budget director Peter Orszag.(April 01, 2013)

▲ Hide Transcript

View Transcript

Since we only had a one point. For some trillion deficit into on nine that wasn't enough and so we kind of made the Fed. Goal off the deep end in print money and I this is literally -- fact at 600 million an hour. And what is it done is simply re inflated every bubble and I know the Russell 2000. You know we've got guys right here on the back to John Deere lawnmowers LBO guys in the Scottsdale Arizona. Buying up all the properties in yet the latest speculative bubble. None of this is healthy none of that sustainable is due to the fact that interest rates are zero and we're creating a huge subsidy for speculation. That's all relative to an absolutely. -- at the end. It's lost he's -- you know would you not would you like that uses -- UK. -- -- Yeah I think you're asking me terribly. Yeah yes because actually what that shows you is that we're up to 3%. From where we were in 207. The week -- recovery history well. -- it's not real. -- you know it's not relative because the fact is if you look at something longer get over your recent -- biased. Get over yesterday's statistics that are put out by the statistical -- Look at the thirteen year -- since last time the stock market was where it is today. That was actually 400750. Days ago it was where it is today march 2000. We've had essentially no job growth since then 171000 a month nothing compared to our population of 150. We've had no investment -- 1% a year since then the median family income is down 8%. The network for the bottom 90% since that last. March 2000 is down 30%. So if you think all of these bubbles have been great things if you think just more money pretty. And all of this Wall Street Copley and bailing out of golden Morgan all the rest of them who. We're facing the fate they deserve. This would've actually burned out in the canyons of Wall Street never would've gone to that company street bank AIG. AIG was you should have been gone to bank bankruptcy court. Because all of the bad CDS they wrote was in the holding company. It was all of -- -- -- of the largest base in the world including Barclays Societe Generale. In a whole bunch of other people and -- socialist governments to bail them out if they really wanted to. You know that the point is none of the policy holders of AIG in the subsidiaries would have been hurt. Because -- capital standards. Dividends stoppers and state regulatory agencies that would stop the people on the top floor of AIG. Of -- apple in the --

U.S. should’ve let AIG fail: Stockman - Fast Forward

Monday, Apr 01, 2013 - 02:57

Top News »

Money »

S&P falls back from record high S&P falls back from record high

Fri, Aug 22, 2014 - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

Markets cheer Russia's Ukraine exit Markets cheer Russia's Ukraine exit

Fri, Aug 08, 2014 - (1:50)

Russia, Iraq push Dow to three-month low Russia, Iraq push Dow to three-month low

Thu, Aug 07, 2014 - (2:27)

Wall Street gains but telecom disconnected Wall Street gains but telecom disconnected

Wed, Aug 06, 2014 - (2:28)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)

The week that changed Boston The week that changed Boston

Mon, Apr 14, 2014 - (3:28)