Nightline (ABC) - 2008-09-16
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Read a transcript preview of “Nightline (ABC) - 2008-09-16” from malgent, uploaded on 2026-02-24.
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Language: English (original, YouTube automatic captions)
[0:05] Tonight on Night Line, crisis
[0:07] management. The economy's in meltdown.
[0:09] The credit crunch is biting. What can
[0:11] you do about it? Tonight, our financial
[0:13] [music] experts bring you seven ways to
[0:15] protect your money. Your state, credit
[0:18] card debt, mortgage payments, retirement
[0:20] funds. What you need to know to survive
[0:23] the Wall Street scramble. Plus, Texas
[0:26] [music] standstill. Tempers flare as
[0:28] Galveastston residents sit in traffic
[0:30] for hours to see if their home survived
[0:32] Ike's pounding only to be told to leave.
[0:36] >> From the global resources of ABC News
[0:38] with Terry Moran, [music] Martin Basher,
[0:41] and Cynthia McFaden in New York City,
[0:43] this is Night Line, [music] September
[0:46] 16th, 2008.
[0:49] Good evening everyone. I'm Terry Moran.
[0:51] Stunning news on Wall Street tonight.
[0:54] The Federal Reserve Board has agreed to
[0:56] make an $85 billion emergency loan to
[0:59] one of the world's largest insurance
[1:01] companies, AIG. As part of the deal, the
[1:04] Fed will take a near 80% equity stake in
[1:08] the company. Yes, you heard that right.
[1:11] The federal government now essentially
[1:13] owns one of the biggest insurance
[1:16] companies in the world. That is a
[1:18] bailout like we've never seen before.
[1:20] Your tax dollars at work. The Fed moved
[1:22] as AIG with $1.1 trillion dollars in
[1:25] assets and 130 countries teetered on the
[1:28] brink of collapse. And it's a sign of
[1:30] how deep this financial crisis has
[1:32] become. Tonight's announcement followed
[1:34] a day of rumors and dealmaking with the
[1:36] Federal Reserve resisting the urge to
[1:38] cut interest rates and the markets today
[1:40] actually closing up