Ed Butowsky, Managing Partner of Chapwood Investments Management, joins Mark Levin, a radio talk show host, and Kimberly Guilfoyle, a Fox News legal analyst, as members of the Willis Watchdogs on The Willis Report on Fox Business to discuss the following topics:
Banks Instituting 2nd Look Program
The Wall Street Journal has reported that many of the big banks in the US, criticized for not lending as much since the liquidity crisis, began to toughen their loan standards, have begun a new program called the “second look” program to review loans that have been rejected in the past. This review will include not only consumer loans, but more importantly, small-business loans. Ed Butowsky explains that this program is counter productive, and furthermore that loans were denied based on just causes and for specific reasons. This program is designed to essentially lower the standards for loaning money out, which is how the economy landed in this position in the first place. Mark Levin is adamant that the banks should be looking a 2nd and maybe a 3rd time over loan applications and start loaning out money- the sooner the better. However, Kimberly Guilfoyle is a strong opponent of this program. If the applicant does not have any money or credit, why would banks loan to them? Could this be a PR campaign for the banking system?
Buffett Says Recession Continues
When interviewed about the economy, Warren Buffett stated that we are still in recession based on the fact that people and businesses are still not doing as well as they were before the crisis. In contrast, economists have stated that the recession actually ended in mid 2009. Ed Butowsky explains there are various industries that are still in a recession/depression based on economic conditions, but not all. From a technical point of view we are not in a recession, but that is not the reality. Mark and Kimberly both agree that technically we are not in a recession, but it is certainly evident that times are tough economically, and Americans are suffering.
Spitzer VS. Cuomo
Spitzer is backing Cuomo for his old job, but reading between the lines has indicated that there is no love lost between the two. While the two are both strong politicians, Kimberly and Mark both agree they are “frienemies.” Ed Butowsky explains that their track record in politics precedes them and is a true indicator of how bad they are.
President Obama & Palin On The Cover of Archie Comics
Archie Comics upcoming cover has President Obama and Sara Palin sharing a milkshake. In the issue, Obama helps Archie run for student counsel while his opponent gets help from Palin. The interesting point that Mark makes here is that Archie comics had to identify the face of the Republican party and they chose Palin – a strong statement. Both Ed and Kimberly make fun of the fact that this would never happen, and its purely a play on current times.
Australian Sells Rental Car
In a rare and moronic move, an individual rented a car from a Melbourne Airport rental agency. He turned around and sold the car for upwards of $20k and then turned himself into custody. Ed Butowsky, Mark and Kimberly all agree that while this is funny to read about, its wrong and this person should go to jail. Kimberly is quick to point out that cases like this fall under the category of “felony stupid”.