Friday September 26 | Wall Street Update

September 25, 2008 at 2:27 pm | Posted in Coming Up | 3 Comments

It’s an update on the upheaval happening on Wall Street on this edition of Charlotte Talks. A panel of economic experts will join us to talk about what’s happened with Merrill Lynch, AIG, Lehman Brothers and more, and what may still be to come. What are the implications of this news here in Charlotte and across the country? We’ll take your calls and hear from our panel of experts.
Dr. Vikram Kumar – Economist, Davidson College
Tony Plath – Assoc. Professor of Finance, UNC Charlotte
John Connaughton – Economist, UNC Charlotte

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  1. Just before the break at 9:40am, someone mentioned we put people in homes that should not have been in homes. I assume that they should not be in homes due to their individual incomes, what have you. BUT,folks that may not be able to afford a house, should not be penalized for renting. They are still contributing to the mortgage industry and should be allowed a tax benefit similar, if not the same, as home owners. Why has the government pushed owning a house as one of the best tax write-offs?

  2. What I’m tired…

    Enough already with justice comes later. Everytime I hear this preposterous assertion, I am challenged to understand why our financial interests outweigh the need to deliver swift justice. A criminal concerned about restoring his victim’s house does not alleviate the need for society to prescribe a quick and powerful verdict which serves to discourage others in society who may be watching for queues.

    I refuse to join this herd which is compelling us to “move quickly” in the interests of the nation and quietly implying that anyone concerned about justice as top priority is somehow unpatriotic.

    This turning a blind eye to white collar crimes MUST stop. It is absolutely killing our constitution. I am not afraid of a depression. I have not faced one but I believe that the country must stop this continuous effort to innoculate ourselves from the truths that result from poor decision-making. As citizens this country seems to be taking on the tendancy of a parent who refuses to let their child bear the consequences of poor decision-making. The cost of continuing this type of behavior hurts all who are really concerned about the long term health of the child!

    Do the right thing America…subvert your immediate need to avoid pain and sacrifice.

  3. One of your callers made the point that Americans are addicted to debt. I agree! Your panelist replied that people couldn’t afford to buy a home without taking on a mortgage. True, but he totally overlooked how home sizes and features have gotten out of hand since the onset of easy credit. Far too many many people have bought more house than they could either AFFORD or NEED.

    Growing up, our family of 4 lived comfortably in an 1800 sq. ft house. Now the new home norm in Charlotte seems to be 3000+ sq ft homes, while family sizes have shrunk dramatically.

    There is plenty of blame to go around – lax regulation, unscrupulous mortgage brokers, etc. But don’t forget the homeowners’ personal responsibility. No one forced these folks to buy that McMansion instead of a more modest sized home with more affordable payments. The “but they told me I could refinance” argument is absurd!


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