Mark Cuban on the Financial Crisis
Greta Van Susteren
Sep 25, 2008
http://www.foxnews.com/story/0,2933,427644,00.html
Self-made billionaire and entrepreneur Mark Cuban went "On the Record" about the economic crisis facing the nation.
VAN SUSTEREN: All right, Mark, I want to start at the end and work backwards. What happens after the bail out?
MARK CUBAN, DALLAS MAVERICKS OWNER: Boy, that's a good question.
Let's just say we put $700 billion into the economy, we increase liquidity, and it all goes according to plan--except there's one problem. The people who will do the lending after the money is injected were the ones that were doing the lending before. These were guys who don't know how to bank the right way.
Related
So my guess is that they are going to be afraid to lend money. You're not going to see the effect of anybody being able to walk in, even with good credit, to borrow money for a house, to borrow money for a car.
VAN SUSTEREN: Does this financial crisis, for lack of a better word, that we're in--I know how it affects people who are lower income and middle income, but how about the rich guys? Does this have really any impact on you?
CUBAN: Oh, of course it has an impact, but we can rebound a lot more quickly. I had money in Lehman, and it's just gone.
VAN SUSTEREN: One of the things that sort of bothers people is it seems like the people that have a lot of responsibility in this are getting the bailout. Is there any other alternative that see instead of a bailout?
CUBAN: No. You're going to have to bailout, you're going to have to inject liquidity, you're going to have to take the bad loans and all the bad instruments off people's balance sheets.
All the social networking we talk about--we need to make sure that every transaction that takes place, wherever there is money injected, wherever there is a purchase made, all that is made available for all the citizens of the country to see.
Because it's not going to be an oversight board that catches problems. It's going to be the citizens of this country that go online and on a second by second basis that catch problems.
Because, I have to tell you, Wall Street is too smart. They can stay ahead of any board that any political entity appoints, but you are not going to be able to stay ahead of pure transparency, because the people of this country will get involved, pay attention, will realize $700 billion is at stake. And they'll also want to see if they're making money, because I think the second part of the fear is, yes, we may make money, but just like we don't know exactly where our tax money goes today, this money will go right in to the Treasury and somebody will earmark it, and it will be gone.
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Sunday, September 28, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment