Posted on 02/12/2009 10:30:03 AM PST by iThinkBig
The latest round of congressional hearings was just another instance of Congress pretending to do something of value, whilst also demonstrating their astounding ignorance about the current financial crisis:
(From Reuters): "WASHINGTON (Reuters) – Wall Street bank executives squirmed under a public scolding in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without noticeably improving the battered economy…
...They demanded to know what the banks have done with the bailout money, given an ongoing credit crisis that has added to the country's deteriorating economy.
New York Democratic Rep. Gary Ackerman said that in "the real world,' people cannot get loans to buy cars or homes or send children to college.
"It seems to me and some of us that this money hasn't reached the street, that you haven't loaned it out," he said.
Democratic Rep. Paul Kanjorski of Pennsylvania was equally baffled, telling the executives that if their banks did not use the money, "Please find a way to return that money before you leave town."...
Congress doesn’t know s*** about the economy...
Boys. Quit sweating and squirming before Barney Frank and the Democrats. Bring their money BACK to them, all in quarters and tell them to keep it. The level of groveling Frank has made you all do is NOT worth it at any price. Very unseemly.
When I listen to the Violins during the Quorum Calls it reminds me of the Violins playing during the sinking of the Titanic!
Wow. Your right.
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