Senator Kent Conrad on Banks

It's the biggest economic crisis this country has seen in decades. That's how Senator Ken...  More »

It's the biggest economic crisis this country has seen in decades. That's how Senator Kent Conrad describes the current state of the economy. Today, he met with bankers in Bismarck to talk about the seven hundred billion dollar bailout plan. Conrad says additional steps need to be taken to prevent a worldwide economic collapse. He says the half percent rate cut by the Federal Reserve is a start. (Sen. Kent Conrad/ D-ND) What is so important is that the credit markets get loosened up so credit institutions start to lend to businesses again at more normal rates because if they dont then businesses cant borrow. They cant expand. They cant honor the contracts they already have. They lay off people and unemployment grows and the downward spiral continues. Conrad says much of the problem with the economy can be blamed on Wall Street. He says risks taken by investors were inappropriate. Conrad says the news of the retreat by AIG executives shortly after the bailout package passed is disturbing. (Sen. Kent Conrad/ D-ND) Shame on them to spend 400 thousand dollars. Every dime of it should be refunded and those who made the decision they ought to lose their jobs.  « Less