It's probably way to early to tell, but this whole bailout thing might just be the one issue that drags everyone into policy making. Oh, I know, the same rhetoric is going on, but make no mistake about it; people are furious when these do-nothings continue to always use citizen pocketbooks as the bailout. (They call it a buy-in.) Why should they in the wake of Bear-Stearns, Lehman, Fannie Mae , Freddie Mac, and AIG? Has that helped the economy with our infusion of bucks? No! Yet, we do have to find a solution to separate Wall Street and Main Street so this doesn't continue to happen. With the bill being devoted yesterday, the question is what's next? What do you see as the next step, and do you think they can do it for the REAL benefit of the country?
Tuesday, September 30, 2008
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What the government needs is to convene THE experts from the financial industry. I would NOT trust elected officials of whom many are career politicians - NOT economists. Would you trust someone who gets a thumbnail sketch of an issue to be making major decisions through a vote? Why not hold congressional hearings to pull in the leading economic minds to make a more sound and informed decision?!?
Is that too much to ask?
And thanks to Jim for expressing concern over the morning fog! Elliot Abrams delivered another slam-dunk forecast! THIS is why Sutton-Lite is continuing right on the watered down track! The current financial crisis, looming election, etc. would make for a great 3-hr "Gary Sutton Show"! Our loss. "Main Street's" loss.
Wow, great input from WSBA entertainment guru Mark MacKenzie (also heard on -sound change-"wsba-dot-com")!
COME ON, Gary. Get your brain out of this rut in the morning road!
Gary,
Why doesn't a core group of politicians come forward and flat out call the Dems on the carpet for expounding politically-correct programs that led to this mortgage and now economic crisis? A la "holding their feet to the fire"? We need some politicians with a little spine to be flat out honest.
Off the above subject, Sutton-Lite just got derailed for another traffic update by Kolvack, Jim is still focused on the morning fog, and Elliot Abrams just reiterated a vague 4-day forecast.....I always make sure to drink decaf coffee when listing to this shell of the former "Gary Sutton Show" for the appropriate compliment. And tell Jim to keep his comments to a minimum, I can't take him seriously unless he's telling another bad knock-knock joke....
The ratio of weather/traffic talk to Gary is about 3:1 in favor of Tammy Kolvack, Elliot Abrams, and Jim's fog watch. Santorum isn't going to save you because you could use him for about 30-45 minutes rather than the 5-8 that he'll get. Solid, fellas!
Gary, why not get some college profs and local financial minds to sit in and discuss/explain the current financial state and workings in D.C.? Now that would be some responsible and informative radio. Something that your listeners could greatly benefit from. Oh, but wait, that would take something you don't have anymore - time. Maybe a caller from the Susquehanna Valley will get through to Glen Beck later in the morning and at the very least ask a question in relation to the economy?
On a more serious note, has WSBA re-thought the idea to turn the mike off on the "Gary Sutton Show"? Can we re-install the program at least through the near future to provide a forum for the economy and election?
Alright, enough Santorum! I need to know when this stinkin' fog is going to burn off....Jim?
Maple Donuts just gave a nice election update; therefore, I stand corrected. Nice job, WSBA for including this segment on "Sutton-Lite". Maybe Jim isn't so far off target with this experiment?
.......and Gary, while you're expounding upon Main Street v. Wall Street maybe you should ask Jim & the WSBA suits to consider "Main Street" v. "Sutton-Lite" Street.
.......Jim, the "disconnect" is this new morning "news" show and the demotion of Gary in comparison to what used to be the forum
.......Gary, you're asking GREAT questions at 0854hrs - too bad we're about ready to call it a day and head off to Fox News and Glen Beck...........
The current lack of coming together on the economic package instead of costing us money over a period of time has in one day wiped out almost $1 Trillion dollars in American equity that is the core of people's retirement plans, savings, etc.
I understand that this was at the time not a very popular solution with the voting public, but the opponents of the current solution (both Rep and Dem) really do not have a grasp on the understanding that this is not really a "bailout" package (which gets everyones blood boiling), but a package to keep the economic system afloat with money and preventing a credit freeze which will wind up crippling everything.
The notion that there was opposition to this is understandable, but the notion that they had no other plan than inaction is inexcusable.
The result of the inaction has alread sent ripples through the US as well as foreign economic markets.
Bad actions are one thing ... inactions are another. Not having even a competing solution on the table and ready to have been presented is inexcusable.
Bloghog,
I am working very hard to get local professors and experts on the show. I am still waiting for call backs. We will use them and make them applicable. I'm sorry you don't like my new position, but it is what it is, and I am working very hard along with others trying to shape it into something resembling my previous show. I think over time, you will see it becoime more and more streamlined. I hope you will give me a chance to do this. I loved my 9-12 slot. I know there are a lot of people who don't like me in this one. I have read the blogs. I only know how to work hard to try and make the best product that will have credibility. I believe it will get there; I only ask for you to stay with me. Thanks for reading, and I appreciate everyone who has listened. You have honored me by doing so, but more importantly have honored yourselves by caring enough to be involved on some level. I am looking at some other ways to be involved with you on tv as well as right here. Please stay tuned. Thank you. GS
The problem as I see it, is that those who are trying to draft a "solution" are in large part, the cause of the problem. Unless we recognize that it was Government policies that got us here in the first place, and not the "Free Market", we won't arrive at a solution.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
When the dollar devalues, as a result of being artificially inflated over a few years, the deflation is likened to a balloon or bubble bursting.
With good reason: it happens quickly.
Why the housing bubble has burst is complex but has a few notable explanations as I see it. One is the number of realtors who make a living by selling real estate. These folks constantly drove up the asking prices because it was in their interest to make a higher amount on the transaction. For them, selling the same house at 500,000 meant twice the commission the house brought them at 250,000. So as the economist Thorsten Veblen would attest, the middlemen pushed the prices faster than normal market conditions would have dictated. In sympathy with this trend, the money lenders continued to lend even when the buyers were not secure in collateral.
But the biggest culprit to the whole scenario was the devaluation of the dollar by the huge increase in military spending and enormous balance of trade deficits. If you're spending a lot of your resources on things that don't renew the coffers, the treasury empties.
The artificiality of inflating worth is also something that has happened to the stock market. This is where the government is potentially powerless to intervene-----if the stock market actually begins to resettle to a more realistic value, the losses will be huge. Everyone in the world will be affected... this is what they are trying NOT to look at, trying NOT to tell the American public because they know that if it happens, it is going to happen severely.
But market adjustments like this were supposed NOT to happen---that is one of the reasons that controls were put on market transactions after 1929. Those controls only work in combination with overseeing regulations------take away the regulations (as they did starting back in 1980 up to the present) and what happens to the stocks and bonds is artificial valuation: the same thing that existed in the late 20's, an overpriced and ballooned stock market.
This is the fear that underlies everything that Congress is seeing right now. The trillions required to restabilize that artificial value is not in the treasury. They cannot do any more than put on a small band aid and keep the patient comfortable while hoping that the other wounds miraculously heal over.
"Maybe if we just don't look at them . . ."
Thomas Paine wrote "He that is the author of a war lets loose the whole contagion of hell and opens a vein that bleeds a nation to death."
And Benjamin Franklin said.
"Wars are not paid for in wartime, the bill comes later."
Gary
Great to hear some response to what I know has been some sarcastic criticism. While you have your followers both pro&con that is what made your involvement on the local and national scene all the more valuable. We all understand the "business" side of the change in venue. What is unfortunate is the reduction in your ultimate product. I lived in/around Philadelphia for almost 10 years and even there it was rare to find a "local" radio call-in show that wasn't sports themed. There were a few here&there but nothing overly beyond what you provided in an area much smaller in terms of a market. So while the barrage may be heavy - its no personal attack. I see your mission as a victim of circumstance in the world of media. Unfortunately, as with many other things the local guy gets squeezed for the bigger/badder guy (ie.national syndicate). And in that we all lose a little bit of what is close and important to our lives.
So carry on and continue to strive to ask the tough questions and bring front the common sense that is needed more and more in today's America.
And I commend the individual(s) who lent their insight to the current state of economic affairs and even included some historical comments of reference. Great stuff!
bloghog, did you ever catch The Kent Voss Show on the old WWDB in Philly?
Just curious whether anyone else has fond memories of that show.
It will be interesting to hear the naysayers in a couple of months if the "Bailout" (wrong words from the start) does not go through.
The big concern is the freezing of credit and not really anything else. The stock market is just a reaction to what it is anticipating will happen and nothing more.
If credit markets truly do collapse there will be a world or hurt on everyone.
From the perspective of WSBA and its affilliates, there will be less revenue income because businesses can no longer afford it. Once that happens cuts have to happen and heads will roll where they can consolidate and save money. It will be the same in all other industries and will precipitate a deep recession or depression.
Similarly the reaction of wall street will be what we saw on Monday with another mass sell off and drop in the markets which in the long run has a detrimental effect on all who have 401Ks and savings (look at Treasuries rates today approaching 0% return).
Yes, forget the bailout as much of the voting public seems to think . The economy will correct, but there will be a lot of carnage left in its wake.
Gary - Nice job on Wednesday's am show. It almost (almost) reminded me of the good 'ol days from 9 'til Noon.
P.S. Tell Jim that the AM fog lifted later in the day but thanks for the every 8 min reminders / fog scout
Bloghog,
I'm trying to get it beyond the "almost" stage. Thanks for giving it a chance.
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