LIVE THREAD- Bernanke, Paulson testify before Congress -23 Spetember 2008

C-Span ^ | 23 September 2008

[SE Mom]

When Sen. Chris Dodd (D-CT) gavels in the Senate Banking Cmte., he is expected to pro- pose changes to the Bush admin.'s $700 billion intervention in the financial markets. Witnesses include Sec. of Treasury Henry Paulson; Ben Bernanke, Chair of the Federal Reserve System; and others

[SE Mom]

Testimony is scheduled to begin this morning at 9:30 eastern.

[SE Mom]

Bernanke opening statement here:

http://www.federalreserve.gov/newsevents/testimony/bernanke20080923a1.htm

[SE Mom]

Ping for Congressional testimony this morning

[SE Mom]

Per CNBC reporting this morning- taxpayers are calling their Congressmen asking why we’re bailing out Wall St- testimony by Paulson will have to show this is for the entire economy- not just Wall St.

[A.Hun]

Thanks Mom...I’ve been watching CNBC. There is a lot riding on what happens this week, and especially today.

[SE Mom]

I’ve watched CNBC more in the last week than I have in years.

Sobering.

[Bahbah]

It is an Alice in Wonderland world in which Chris Dodd (D-Countrywide) sits looking down on others. He should be made to wear an orange jumpsuit.

[SE Mom]

http://corner.nationalreview.com/post/?q=NjVlNGI5Njc4ZDcxNTE2YWJkNGNiODE3OTJmY2I3ZWI=

From The Corner

Via the Treasury:

Testimony by Secretary Henry M. Paulson, Jr.

before the Senate Banking Committee

on Turmoil in U.S. Credit Markets: Recent Actions regarding Government Sponsored Entities, Investment Banks and other Financial Institutions

Washington, DC—Chairman Dodd, Senator Shelby, members of the committee, thank you for the opportunity to appear before you today. I appreciate that this is a difficult period for the American people. I also appreciate that Congressional leaders and the Administration are working closely together so that we can help the American people by quickly enacting a program to stabilize our financial system.

We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families’ financial well-being, the viability of businesses both small and large, and the very health of our economy.

The events leading us here began many years ago, starting with bad lending practices by banks and financial institutions, and by borrowers taking out mortgages they couldn’t afford. We’ve seen the results on homeowners – higher foreclosure rates affecting individuals and neighborhoods. And now we are seeing the impact on financial institutions. These bad loans have created a chain reaction and last week our credit markets froze – even some Main Street non-financial companies had trouble financing their normal business operations. If that situation were to persist, it would threaten all parts of our economy.

~snip~
(read the rest at the link)

[A.Hun]

Downright scary.

[SE Mom]

Yep- he’s tied for first place with Barney Franks ..

[SE Mom]

http://www.freerepublic.com/focus/f-news/2088389/posts I believe a former investigative reporter for Atlanta’s daily newspaper likely pitched the snowball that grew into the avalanche and buried our leading mortgage institutions. Bill Dedman in 1989 produced a series called “The Color of Money” that exposed the practice of redlining by banks that routinely declined risky home loans in low-income neighborhoods. Dedman wound up with a Pulitzer Prize and supporters for his cause within the federal bureaucracy. Sadly, most who initially benefited from his story have wound up with foreclosure notices. To understand what transpired following Dedman’s series, everyone should read two important commentaries. One was published on Feb. 5 in the New York Post and the other on Sept. 15 in Investor’s Business Daily. They reached similar conclusions: We are paying today for policies and practices born and pushed early in the Bill Clinton administration that forced lending institutions to make housing loans to otherwise unqualified buyers.

~snip~ (From the Arkansas-Democrat-Gazette)

[Earthdweller]

The commies are going to suck all the blood out of their host and die along with it. They can’t help themselves.

[SE Mom]

OOps- having an html challenged morning- this is the link for the story on FR:

http://www.freerepublic.com/focus/f-news/2088389/posts

[Carley]

The question will be how much pork the dems can stuff into the bill before they recess this Friday.

[Carley]

Beware See NBC........they have been selling gloom gloom gloom. Pushing the market down, confidence down, and generally having guests who see nothing but doom.

At least FNC Cavuto’s business roundtables has both sides of the issues.

[The Hound Passer]

They reached similar conclusions: We are paying today for policies and practices born and pushed early in the Bill Clinton administration that forced lending institutions to make housing loans to otherwise unqualified buyers.

We are paying the price for the Clinton Admin in more ways than financially. If Clinton and his doves had every chance to really go after Bin-Laden's band of Islamo-Fascists while they were still just street punks. How a leftwing Democratic party still exists after the Carter and Clinton disasters truly confounds me.

[SE Mom]

I know- it’s alarming to learn what ELSE they want to ADD in this package- credit card debt, student loans, car loans -and they want to let JUDGES write the terms of mortgages..

My head is spinning.

[Earthdweller]

How a leftwing Democratic party still exists after the Carter and Clinton disasters truly confounds me.

Slumber...the people were asleep to the overall plan. People are afraid to call the Dem party what it really has become. They are even more intimidated by the far leftists that control the party than Islamic extremists.

[SE Mom]

You’re right- a nation asleep and so few actually even understand the implications of socialism- what it is- and what it means.

Americans take liberty for granted- and cannot see what erodes the structure of freedom is dependence on the government.

[TomGuy]

FoxNews

Bush to new Paki President: “We want to spread prosperity...”

[Does that mean another few hundred $$$billion to our foreign friends? A few billion here, a few billion there. Here a trillion, there a trillion. It’s all just paper anyway. /s ]