Posted on 09/23/2008 9:14:44 PM PDT by Fox_Mulder77
WASHINGTON — Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson will address the House Republican Conference Wednesday morning as the White House continues in full battle mode to spur dubious House conservatives into supporting a $700 billion Wall Street bailout.
The White House is also deploying economic "jump" teams to the House side of the Capitol to answer questions from skeptical Republicans to try to gin up support for the measure.
Among those already dispatched to the Capitol Tuesday were Eddie Lazear, head of the Council of Economic Advisers, and Keith Hennessey of the National Economic Council.
(Excerpt) Read more at foxnews.com ...
apparently VP Cheney didn’t fare too well in his trip to Capitol Hill.
Come on, it is only a Trillion Dollars. Our grandchildren will be happy to pay it off for us.
Give the 700 billion dollars to me instead, and I think I will be adequately shielded from the coming economic fallout.
No, seriously, if everybody else is getting free money, I want some too.
Do you think Congress would buy me a Ferrari? :D
In Canada during the 30s in response to the Depression a political movement surfaced called Social Credit. They never won a federal election but did rule in some provinces in the west. Their last hurrah was in Quebec under Real Caouette when they peformed strongly in the 60s and 70s. Critics said they were the party of “funny money.”
The joke is what the Americans are trying to do today after the horse has left the barn is what Social Credit wanted to do in advance. They said government can print money so why not send out money to anyone who needs it. That way they will be able to pay their bills and mortgages, and spend the money, to keep the economy sound.
I’m sure there was more to Social Credit than meets the eye, or how I have described it, but their “funny money” would seem to be a lot less absurd than what we are seeing now.
Again, "economists" who should have seen this coming, or economists that "know nothing" or economists who are just too stupid to know anything.
God help us.
Illegal Immigration And The Mortgage Mess (How Illegal Immigration Fueled The Mortgage Crisis Alert)
http://www.freerepublic.com/focus/f-news/2089062/posts
What did Jackson do?
Opposition to the National Bank
Main article: Second Bank of the United States
Democratic cartoon shows Jackson fighting the monster Bank. “The Bank,” Jackson told Martin Van Buren, “is trying to kill me, but I will kill it!”The Second Bank of the United States was authorized for a twenty year period during James Madison’s tenure in 1816. As President, Jackson worked to rescind the bank’s federal charter. In Jackson’s veto message (written by George Bancroft), the bank needed to be abolished because:
It concentrated the nation’s financial strength in a single institution.
It exposed the government to control by foreign interests.
It served mainly to make the rich richer.
It exercised too much control over members of Congress.
It favored northeastern states over southern and western states.
Following Jefferson, Jackson supported an “agricultural republic” and felt the Bank improved the fortunes of an “elite circle” of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the Bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833.
1833 Democratic cartoon shows Jackson destroying the devil’s BankThe bank’s money-lending functions were taken over by the legions of local and state banks that sprang up. This fed an expansion of credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[24] However, due to the practice of banks issuing paper banknotes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting state debts.[25] Then, in 1836, Jackson issued the Specie Circular, which required buyers of government lands to pay in “specie” (gold or silver coins). The result was a great demand for specie, which many banks did not have enough of to exchange for their notes. These banks collapsed.[24] This was a direct cause of the Panic of 1837, which threw the national economy into a deep depression. It took years for the economy to recover from the damage.
The U.S. Senate censured Jackson on March 28, 1834, for his action in removing U.S. funds from the Bank of the United States. When the Jacksonians had a majority in the Senate, the censure was expunged.
After the three years were over we entered a stable period of growth backed by stable currency.
History repeats.
“The White House is also deploying economic “jump” teams to the House side of the Capitol to answer questions from skeptical Republicans to try to gin up support for the measure. “
Right. “Answer questions.” Something tells me they’re going to put the screws on and make us swallow socialism for our own good.
I nominate this to be Post Of The Year.
Amen to that!
Most of it will go to Paulson’s buddies at Goldman Sachs and to protect the $600 million in stock he has there.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.