Paterson On Morning Business Shows
Gov. Paterson was on live this morning on CNBC’s “Squawk Box” and talked about how critical it is to keep AIG solvent, saying that unlike the downfall of Lehman Brothers “this would be an effect on the whole market if AIG goes down.”
He said that New York stands to lose at least $1 billion in the Wall Street collapse and maybe 30,000 jobs.
“I don’t know if anyone is really understanding the ramifications of this crisis,” he said. “We may not know it for weeks or months or even years.”
Below is his commentary on FOXBusiness’ “Money for Breakfast,” where he reiterated the same concerns and urged the federal government to help AIG stay afloat, equating it to the government’s bailout of Penn Central in the 1970s and Chrysler in the 1980s.
An AIG collapse would “have so many ancillary effects on other aspects of the markets,” Paterson said.
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