Before the Bell 8/22/2008

[0:24]..." history in the United States goes back release of the funding the Federal Reserve System. To preserve the stability and integrity of the banking and financial sector in general. And as a result of that the Federal Reserve has a balance -- Not numbers around 800 billion in size. That they moralists have the ability to deployed. At their own "...

[2:01]..." not like money that's that's in an account somewhere this is the Federal Reserve. Printing money. Well in in a sense and unreliable they have billion dollar defense role you know is a very large trading "...

[2:34]..." reserve fund that is at the discretion. Of the leaders of the Federal Reserve System for just such an emergency if they deem it to be an emergency. And be at the failure of our largest bank. "...

[3:44]..." plain stupid or in this case. They would leverage in other words. Wall Street kind of look and everybody else they he would they're doing it look at their investments. Ideas of how to make money. And what happens is they look around there's there's urged for profitability and to make more money because money is about money -- Wall Street. And when we got to that point we actually said he spoke more things still look good we should get into that yet we should get into that and they all kind of followed her. And I'd like to say -- for the first time it's happened but it -- I mean this is eerily reminiscent of 1990 we're having these same sort of issues coming out so. Wall Street always does -- look for the profit. Then what happened this time is that you all for lever stated just by -- "...

[2:37]..." and L crisis back in the late eighties we had that the stock market crash of 87 we have. You know -- recession in the seventies we -- in the early seventies another recession in the in "...

[5:00]..." the great depression because Lehman's 158 years old. Yet they could survive President Bush. I know what a lot of you gonna say gee how can you blame this on President Bush. Here's how I blame them he was turn a blind -- when people buy -- house with no money down -- interest only. Take in the equity out of those houses and go on I'll buy -- thirty. 1040050000. Dollar as -- on vacations by. Forty and sixty and eighty inch TV it's right -- that he finishes up I think so yes I -- is a little bit longer had read it all so yes I blame President Bush but I also blamed the stupid American people. For want the same old thing. How much the politicians. In your opinion I "...

[0:44]..." haven't heard. The bailout proposal the much ballyhoo bandied about below proposal Hank Paulson Nancy Pelosi George Bush. Went down in flames to a 52220. Other thing that was interesting about it was that they were. A majority of Democrats "...

[3:51]..." our anger out is a lot of blame. But the problems on Wall Street. Have affected main street for now a few months they're continuing to effect mean streak. We can't get access to the credit "...

[8:53]..." today which it which means it totally breaks -- I think actually Hank Paulson has tried a number of times to solve this problem with Ben Bernanke. Two. And a small piece first it was let's "...