Posted on 09/24/2008 11:34:30 AM PDT by SE Mom
Paulson, Bernanke Explain Plan Today
Sec. of Treasury Henry Paulson and Federal Reserve Chairman Ben Bernanke explain Pres. Bush's financial services proposal at a House Financial Services Cmte. hearing. Learn more about the plan on Washington Journal.
(Excerpt) Read more at cspan.org ...
http://www.federalreserve.gov/newsevents/testimony/bernanke20080924a.htm
Ping- here they go
Bush will address the nation tonight:
http://news.yahoo.com/s/ap/20080924/ap_on_bi_ge/financial_meltdown
WASHINGTON - President Bush readied a prime time speech to the nation and Treasury Secretary Henry Paulson accepted a major change in legislation for a $700 billion bailout of the financial industry on Wednesday as the administration scrambled to prevent further deterioration in the economy.
We call that headbanger music
Bernanke/Paulson want to buy these bonds at nearly face value. What rip off.
http://www.redstate.com/diaries/blackhedd/2008/sep/24/chairman-bernanke-finally-spills-the-beans/
That’s not a bail out of the economy, that’s an assault on the tax payer.
If the feds wanted to pay pennies on the dollar, then it might be tolerable.
SAN FRANCISCO — TD Ameritrade Holding Corp. said Wednesday it would commit $50 million to clients’ positions held in The Primary Fund money market fund, which “broke the buck” last week. TD Ameritrade said it would commit 3 cents a share to clients who held the fund, which had a net asset value of 97 cents last week.
Lets start at the beginning ...If you had 2 apples and Fannie Mae loaned one to a bad credit risk how many apples would you have?
Paulson up...
He’s attempting to explain why bad loans have frozen credit and money..
Is this really about derivatives?
moldy applesauce?
I'm no expert, but I think it is. It's the Credit Default Swaps. Bets that payoff huge went the mortgage bonds default. people made bets they can not pay.
Credit Default Swaps are the derivatives in question.
Schumer: Are we in grave danger?
Bernanke: Is there any other kind?
Schumer: I want the truth!
Bernanke: You can't handle the truth!!
Schumer: Call me Sir when you address me in that tone of voice.
Hard breaking on FNC—McCain has suspended his campaign to return to Washington and the financial crisis. Has challenged Obama to do the same.
Bingo :)
McCain to temp suspend campaign to go back to Washington to get this relief past?? Is that what I just heard on fox?
Good plan.
Here’s an email I just received from a friend in D.C. circles - I’d asked him if he thinks we’re being lied to about derivatives and CDS..
~snip~
You’re not paranoid. They are lying. The only people who will benefit from a bailout are the rich cheaters who got us into this mess. There is more to this than anyone can fathom, and millions of Americans are about to go through some very tough times. But that still doesn’t justify the bailout. And the bailout won’t work.
~snip~
Asks for debate to be postponed.
(FNC)
McCain says this plan as is will not pass- asks Obama to come back to DC - suspend campaign and debate for now to get this resolved.
OMG- Barney Frank up- he should be in orange jumps by now.
This 1999 NYT article bears repeating:
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