Posted on 09/29/2008 3:17:03 AM PDT by SE Mom
On Friday, September 19, rank and file Republican members of Congress were notified of a conference call that would include Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke. I would never disclose confidences, but it is quite public now that we were told an economic disaster was about to take this country that could be worse than the crash of 1929.
Now, that’s a real attention-getter. It sure got mine.
My years as a judge force me to demand factual evidence to support expert opinions. The factual evidence was then and is now less than satisfactory. Yes, credit was becoming a real problem. Yes, there were major banks in trouble, but those were investment bankers, not the bedrock community bankers who for the most part have done fairly well since the 1980's about having better security for their loans. (It is also public record that I did outside counsel work back in the 80's for both the FDIC and the RTC, so I was familiar with problems then, and telltale signs of problems now.)
It was clear to Secretary Paulson that something had to be done immediately so that we could pass it on Monday or Tuesday at the latest to inject $700 billion into the banking system. That would be done by having the federal government purchase mortgage backed securities from the ailing big-boy-banks.
...
I’ve not been in Washington all that long but one adage I’ve learned is that, “No matter how cynical you get, it is never enough to catch up.”
(Excerpt) Read more at humanevents.com ...
Unbelievable ping!
The reality is that DEMOCRATS SAW IT AS A VOTE-GETTING OPPORTUNITY.
~snip~
As the great Robert Novak reported in October 2007, “…the former Goldman Sachs CEO does not act or sound much like a conservative Republican to the GOP remnant at the Treasury. “It’s not in Hank Paulson’s DNA,” one official told me. Is he loyal to Bush? “Hank is for Hank,” he replied.”
...
Secretary Paulson had said that it might take 10-20 years to hold the assets before they achieved their appropriate value. Only the federal government had the patience, America was told, to manage these assets correctly! The federal government can’t even keep the same tax incentives in place for 2 years in a row. Congress often changes its mind and so do administrations. Why should we believe this is going to work?
~snip~
Very interesitng...thanks for posting.
“After the meeting in the White House with the Presidential candidates, it was reported falsely that there was - before the meeting - a basic deal. Those reports were obviously contrived so the Democrats could say Sen. John McCain blew it up by coming back. There was no deal. The reports of the early deal were just as truthful as when Rep. Barnie Frank said a few years ago that Fannie Mae and Freddie Mac were solid and we didn’t need reforms nor did we need to worry. He was wrong then too.
What was not initially reported is that everyone spoke at the meeting. When it was McCain’s turn last, everyone anticipated him reaching across the aisle so he could claim he was a peace-maker and got a deal, no matter how bad it was for conservatives or American in general.
All the reports I heard said that the meeting broke down with loud yelling and that McCain never really said much during the whole meeting. That is true, but what he did say was that the “...House Republicans are right on this one.”
All heck broke loose! The Democrats expected him to be political; not principled. How could he disappoint them? But McCain did disappoint: the Democrats, not the Republicans.”
***
Of course, the most important words in that passage are a microcosm of how the Fifth Column is trying to throw the election: “IT WAS REPORTED FALSELY.”
If Bush is so smart how come he's falling for this?
~~snip~~
As the great Robert Novak reported in October 2007, “…the former Goldman Sachs CEO does not act or sound much like a conservative Republican to the GOP remnant at the Treasury. “It’s not in Hank Paulson’s DNA,” one official told me. Is he loyal to Bush? “Hank is for Hank,” he replied.”
Secretary Paulson had said that it might take 10-20 years to hold the assets before they achieved their appropriate value. Only the federal government had the patience, America was told, to manage these assets correctly! The federal government can’t even keep the same tax incentives in place for 2 years in a row. Congress often changes its mind and so do administrations. Why should we believe this is going to work?
~~snip~~
After the meeting in the White House with the Presidential candidates, it was reported falsely that there was - before the meeting - a basic deal. Those reports were obviously contrived so the Democrats could say Sen. John McCain blew it up by coming back. There was no deal. The reports of the early deal were just as truthful as when Rep. Barnie Frank said a few years ago that Fannie Mae and Freddie Mac were solid and we didn’t need reforms nor did we need to worry. He was wrong then too.
What was not initially reported is that everyone spoke at the meeting. When it was McCain’s turn last, everyone anticipated him reaching across the aisle so he could claim he was a peace-maker and got a deal, no matter how bad it was for conservatives or American in general.
All the reports I heard said that the meeting broke down with loud yelling and that McCain never really said much during the whole meeting. That is true, but what he did say was that the “...House Republicans are right on this one.”
All heck broke loose! The Democrats expected him to be political; not principled. How could he disappoint them? But McCain did disappoint: the Democrats, not the Republicans.
~~snip~~
OK, I haven’t really discussed the President’s role in all of this. Understand: he is very smart; one of the wittiest, most likeable people you could ever be around. He suffers from a couple of problems. One is that he speaks like a Texan and, as Jeff Foxworthy says, “When people hear you have a southern accent, they immediately deduct 50 IQ points from how smart they think you are.”
President Bush just believes his friends would not ever manipulate him (at least he doesn’t until they write a book and prove that they would and did.) He believes what Sec. Paulson and his minions have told him. But it should be noted that after the President’s address on television, there were a number of us — led by Rep. Thad McCotter who believed we should be entitled to a Republican response.
So, there you have it. Pray for our nation. May God help us all.
~~end~~
Bush was rolled by Paulson and he and the Democrats just screwed us all.
Pray that the House Republicans continue standing on principle! Hang tough guys. Our freedom depends upon it!!
And the Republicans are rolling over for them!
I’ve diligently tried to inform myself about all the things at stake in this mess- I’m still confused- but several points stand out:
-The Treasury has been working on this for months- yet at the last minute when it appeared we were in a crisis- this socialist plan was the best they could do..
-Paulson can’t be trusted as an honest broker.
-The liberals are winning the PR war.
I think you may have nailed it, Jim.
-The liberals are winning the PR war.
they are winning because of the perception McCain is for the bailout.
“The liberals are winning the PR war.”
this is clearly the most disturbing factor underpinning the current campaigns, and many posts here in the past 24 hours reflect that the constant barrage is hurting morale.
There is a lot of wagging the dog going on, and the calls here for the dog to start biting back are justified.
The OverLords have spoken.
Bookmark for later.
I am not seeking a Treasury Secretary that is loyal to the president, any president.
I am seeking someone who speaks the truth, doesn’t spin the facts, and informs the citizens of exactly what is being proposed and how it is going to be overseen.
This entire crisis is something that has been coming for years and is a direct result of the effort by the democrats to 1st set up the financial markets and institutions to extend credit where it never should have been extended in the first place to make home ownership possible for people who could never afford it. And 2nd to transfer wealth in a massive way such that their sweetheart people and institutions benefited immensely who then repaid the politicians with campaign contributions and even positions when they left office...or positions to those who were close to those same politicians.
Now that it has failed, those same people were going to be made to benefit from it and we the people (as a part of the transfer of wealth and marxistic desires pf those who crafted this whole mess) are going to be put on the line.
...and when you look hard at it, you find that Barack Hussein Obama is up to his eye brows in the entire scheme.
The vast majority of elected pols are both "for" and "against" on this one. They support it reluctantly, because (they claim - echoing the administration's warning of dire consequences) if they don't pass something agreeable to Secretary Paulson, there will be an economic meltdown within days or weeks.
McCain is in the group that is "reluctantly in agreement" with Paulson. So is Obama. On this particular vote, the two are indistinguishable.
that’s what happens when you listen to ‘experts’ instead of markets
Congress to the American public: Screw you.
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