Posted on 09/23/2008 5:19:04 AM PDT by 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
(Excerpt) Read more at c-span.org ...
bookmarking the link..Thanks. My head is spinning and my blood pressure is probably thru the roof!!
Paulson: “We need something to work...for the American people.”
[We screwed up and let this crisis happen, so trust us with $700 Billion to fix it. Oh, and there is no guarantee that this $700 Billion will work.]
Paulson - we don’t want warrants. That is about failure. We need a broad range of participation. RTC was about failure. This is about success. I am as frustrated as you are, but we need to help folks who don’t need help.
Bernanke, Paulson, both should be locked up in chains. They have been lying and cheating for decades and have enjoyed turning the stock market into a cheap riverboat casino.
I am answering them at the same time that I am trying to listen to hearings. No, I am not a PR agent for Treasury. I am a 65 year old retiree with a substantial amount of money invested in the market 60-40 in stocks and bonds. I also own several houses. I have a dog in this fight.
Republicans could have made more effort to bring that story to light when it would have done some good. They had control of the house until 2006.
Bush could have pounded the point home relentlessly in speeches and the weekly radio address.
My rsponse was in related to the question asked. Check it out.
UN chief calls for 'global leadership'
Sep 23 10:20 AM US/Eastern
"Nations can no longer protect their interests, or advance the well-being of their people, without the partnership of the rest."
UN chief Ban Ki-moon
Link AFP
Apparently, only the USG thinks this action is needed. No other government seems to feel it's necessary to buy up the junk held by its own banks.
But why can't consumers banks take over the tasks of investment banks?
Thanks!
You think the Chinese had strings attached to Bill Clinton?
That was nothing compared to the whips and chains they're using on ol' Hank.
To use some sayings, “I don’t want to cut my nose off to spite my face.” Nor do I want to destroy the village to save it.” No one eascapes a Great Depression and it will take generations to recover. And the Great Depression actually led to increased socialism in the form of the New Deal and we are still living with the effects today. SS goes belly up in 2017, i.e., it starts paying out more than it is taking in.
“Republicans could have made more effort to bring that story to light when it would have done some good. They had control of the house until 2006.
Bush could have pounded the point home relentlessly in speeches and the weekly radio address.”
Ain’t that the truth! Even now...they are letting the dems get ahead of them in the ‘spin machine’. I saw congress/senate dems all over TV last night...Not one republican leader.
Headed to listen to Rush...My head is about to explode! Will catch up on the thread later.
Thanks for the reference.
Yep- and here we sit...watching our country being flushed into the hell of socialism.
Bush could have said any time in 2005 and 2006, “Buy and hold mortgage securities at your own risk. You will eat your losses, if any” and we would have have averted this problem.
I hear you and am following your posts. Many of us have ‘dogs in this fight’..both small and large ‘breeds’!
It doesn’t sound like there are any good solutions, however..I wish Newt’s solutions could get more traction.
Outta here for now. Looks like UPCHUCK is up again!!
GOD SAVE OUR COUNTRY FROM THE DEMS!!
KILL THE BAILOUT - ITS A GIANT LIE
No one will talk facts, just prediction, dire dire predictions.
That facts are that this is just another bubble bursting and not the biggest one at all.
In ... 2000-2002 we had a 36 percent drop in the DOW
now 2007-2008 we have..21 percent drop in the DOW
But since its an election year, and since the democrats control congress, they want to create a crisis. Its bull as in BULLSHEET.
Doesn’t help that 55 senators had stock in AIG.
The Banks are trying to steal our Country AND make US pay for it.
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