Sunday, November 30, 2008

Max Keiser on latest Fed bailout

The entertaining radio show of Max Keiser discusses the $7 trillion bank bailout announced by the Federal Reserve Bank and the nationalization of U.S. banks.

Keiser is not too enthusiastic about the Obama economic team, which is led by Clinton officials who worked to repeal the Glass-Steagall Act.

With the Glass-Steagall Act placed aside, the markets could now engage in an economy based on speculation and leveraging rather than on actual production or delivery of services. Leveraging occurred in many sectors including mortgages and derivatives.

Keiser believes that at least $20 trillion will have to be made available to banks to prevent a wholesale failure, and that the derivative market will have to be reduced to $100 trillion from the current $700 - $ 600 trillion level.

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