Eugene Ludwig... is the name familiar? If it's not, you may want to become familiar with it.
Ludwig was the U.S. comptroller of the currency from 1993 to 1998 during the Clinton Administration. As comptroller, Ludwig oversaw the federal agency responsible for supervising federally-chartered commercial banks and federal branches and agencies of foreign banks. Prior to his position on the Hill, he was partner at a law firm and had received a J.D. from Yale University, a Masters at Oxford University and graduated magna cum laude from Haverford College. Wow!!!
Several weeks ago, he authored an op-ed piece in the Wall Street Journal with Paul Volcker (former chairman of the Federal Reserve from 1979-1987) and Nicholas Brady (former U.S. Treasury Secretary from 1988-1993). The title is "Resurrect the Resolution Trust Corp." Here is a link to the article. It is well worth reading.
This morning I pressed Ludwig on a couple of issues. One, National City Corporation, where he serves as an advisor. We discussed why the markets should stop speculating about National City and why the bank is not in the same position as Washington Mutual and Wachovia Bank.
Secondly, we discussed the merits (or lack thereof) of the current iteration of the rescue package. Ludwig uses a terrific illustration to describe what is going on in the credit markets and in small town America. Check out the video below.
Finally, Ludwig has been rumored to be at the top of the list to succeed Treasury Secretary Paulson if Sen. Obama is elected.
“Well I’d be honored if I were asked, of course, any American asked to step up and do what’s right for the country, but there are a lot of fine people that I’m sure will do the job fine, and I’d rather doubt that I’ll be in the seat.”
When I prodded one more time, he says, “As I said, no American when they are asked by the president to do something important for the country takes it lightly.”
You blog is titled "take it from someone who knows"
I'm shaking my head at your continued insistence that we don't understand the implications of this fiasco currently confronting the American People. We do understand, Alexis. Do you understand that? There is only so much "We the People" will take, and we ain't taking anymore.
American is tapped out! Tapped out to the point many can't make it anymore even on two paychecks. So rather than be strapped down with more bail outs for the rich and the affluent we would rather face a Depression than take on more weight from the terrible decisions that continue to be made at the top levels of government and finance.
Bring on a Depression! Heck, if anything it'll be the cleansing this Country needs to get back to Consitutional principals and a simpler way of life.
October 1, 2008 at 2:24 pm
Steve
If you are implying that we should be behind this bail out because our President asked us to be, I am offended. We have acquiesced to every single request made in reference to this economies problems for the last year and now we have pretty much said "ENOUGH!"
So the Washington insiders throw a great big tantrum and apparently, the public decision NOT to support this bail out is tantamount to "treason". "Those poor uneducated American people don't know what they are doing, so we just need to do what we 'think' is right and they can go to hell."
Then you blog an implication that we should bow down (or bend over) and do what is asked of us. Clearly, you are one of those Washington insiders who is completely out of touch with mainstreet, Alexis.
Why isn't the President and our other elected Representatives behind us when we tell them what we want? Isn't this a representative government? Who are they representing when a vast majority tell them we don't want this, but they pass it anyway? THAT sounds more like treason to me.
October 1, 2008 at 2:15 pm
Sam
We did not take our presidents request lightly when he asked for the Fannie and Freddie "rescue". We were disturbed, but we said ok whatever you need to do. We were very disturbed when we were asked for 86 billion for AIG, bit still said ok, whatever you need to do. It is my understanding that a 25 billion dollar amount was just given to the auto idustry.
I see what you may be implying...."Ask not what your country can do for you, but what you can do for your country right"? Does this just apply to the people or should this also apply to "Big Business" as well. Maybe I missed the point you were trying to make here, and that is not the point your last line of your blog implies. At any rate as you have seen there comes a time when we the people will NOT just say ok, whatever. We the people start to question our leadership. I have not heard anyone say "This 700 billion will work". I have heard "700 billion may work" but the words "in the short-term" are behind it. Maybe if you would have had people on your show, that said "This 700 billion will work, we are sure of it" Americans may not have stood up against this with the current rage we have.
October 1, 2008 at 1:05 pm
aboutthis blog
Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.
Subscribe to Comments
92 views
Steve
You blog is titled "take it from someone who knows" I'm shaking my head at your continued insistence that we don't understand the implications of this fiasco currently confronting the American People. We do understand, Alexis. Do you understand that? There is only so much "We the People" will take, and we ain't taking anymore. American is tapped out! Tapped out to the point many can't make it anymore even on two paychecks. So rather than be strapped down with more bail outs for the rich and the affluent we would rather face a Depression than take on more weight from the terrible decisions that continue to be made at the top levels of government and finance. Bring on a Depression! Heck, if anything it'll be the cleansing this Country needs to get back to Consitutional principals and a simpler way of life.
Steve
If you are implying that we should be behind this bail out because our President asked us to be, I am offended. We have acquiesced to every single request made in reference to this economies problems for the last year and now we have pretty much said "ENOUGH!" So the Washington insiders throw a great big tantrum and apparently, the public decision NOT to support this bail out is tantamount to "treason". "Those poor uneducated American people don't know what they are doing, so we just need to do what we 'think' is right and they can go to hell." Then you blog an implication that we should bow down (or bend over) and do what is asked of us. Clearly, you are one of those Washington insiders who is completely out of touch with mainstreet, Alexis. Why isn't the President and our other elected Representatives behind us when we tell them what we want? Isn't this a representative government? Who are they representing when a vast majority tell them we don't want this, but they pass it anyway? THAT sounds more like treason to me.
Sam
We did not take our presidents request lightly when he asked for the Fannie and Freddie "rescue". We were disturbed, but we said ok whatever you need to do. We were very disturbed when we were asked for 86 billion for AIG, bit still said ok, whatever you need to do. It is my understanding that a 25 billion dollar amount was just given to the auto idustry. I see what you may be implying...."Ask not what your country can do for you, but what you can do for your country right"? Does this just apply to the people or should this also apply to "Big Business" as well. Maybe I missed the point you were trying to make here, and that is not the point your last line of your blog implies. At any rate as you have seen there comes a time when we the people will NOT just say ok, whatever. We the people start to question our leadership. I have not heard anyone say "This 700 billion will work". I have heard "700 billion may work" but the words "in the short-term" are behind it. Maybe if you would have had people on your show, that said "This 700 billion will work, we are sure of it" Americans may not have stood up against this with the current rage we have.