Who Drafted the Treasury Bailout Plan?
Posted on 09/27/2008 9:26:16 AM PDT by frithguild
At its very foundation, every document has a drafter. Likewise, every document has a first draft. When was the first draft of the present Treasury Bailout Plan created? Some have said it has been in existence for more than a year.
Who is the grunt that actually wrote it? Did anyone from Goldman Sachs, Henry Paulsen's former firm, or any other Wall Street firm, render any advice about it?
Now look at campaign contributions to the Democrat Party by Wall Street. A campaign contribution is deemed under the law to be speech. What are they saying - something about getting $700 billion?
Hey wait a minute - I thought the Democrat Party was the party of the little guy?
What I am getting at is this - I think that proving the Treasury Bailout Plan has been in the works for more than a year is a devastating fact, if it can be proved. Would like astute Freeper assistance.
The democrats under Pelosi’s have revealed just how utterly corrupt they are.
They design the bailout plan to pay money to Acorn and La Raza, two groups that use coercion trickery and deceit to make sure that the democrats are the ones who get the vote.
This is corruption of the electoral process at the very highest level.
It is passed time for heads to roll in Congress. Congressmen should set up hearings on those involved and jail should follow for them after that.
And begin with the Marxist pig, Obama !
ping
Who Drafted the Treasury Bailout Plan?
Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
This is feeling more and more like the Illegal Alien Amnesty bill...
I seriously doubt it was "a grunt" (i.e. one person).
Bernanke and Paulson have been meeting once a week or so for a year as the economy has been stumbling.
They put together this plan, or at least components of it (they couldn't exactly predict Bear Stearns, AIG, etc.) for a worst-case scenario, not knowing if they would need it.
I'm sure they had consultants and their staff working on it as well.
All good points Cripplecreek - but Obama owns it now. His party and he can be tied to Wall street “fat cats”. How will that play among Regan Democrats?
The "universe" of qaulified people on this issue, if I were to hazard a guess, is not small. I would hazard the same guess that these "consultants" are from the very firms who would benefit and were big Obama contributors.
This is nothing out there on this issue - MSM blackout?
Well, we know who wrote the first draft of the Declaration of Independence - quite a grunt I would say. Why do we not know here? Has pride of authorship evaporated in the 21st century? Don't you smell something rotten?
As I used to say when we had a particularly hard case (someone who was never satisfied with what I'd written) "Anyone can be an editor".
We have several documents in the "bail out" plan. One is a "brief". It was probably prepared by one of Paulson's staffers, and then passed around for review in several Treasury agencies. The guy who did the first draft BEFORE SIGNING probably handcarried the document from office to office and sat down with the reviewing official to answer any questions.
I'd bet that took half a day ~ maybe a bit more. Then the drafter took the document to Paulson (who'd already had a copy of the original some time earlier). He sat down with the new draft (with copies of the "recommendations and comments" made right on the first draft by the reviewers). Took him a few minutes to check for "differences". He undoubtedly minimized his input since he knows the cycle would need to be repeated one more time. Maybe it went one cycle; maybe 2. Then he signed it, or signed it for release, but only to certain parties, e.g. President, House & Senate leaders, senior staff members of affected committees, etc.
The other document we are concerned with is the "legislation". At any one time there's always somebody sitting around with a draft for an improvement to the affected laws ~ I'd guess several people on the two affected committees have probably had some stuff worked up.
They didn't know when the axe was falling, so they prepared a Republican version and a Democrat version.
A small team on the committees flashed on the proposal draft and then went to work on the draft legislation (based on drafts prepared earlier).
Somehow they got the Democrat version and not the Republican version.
You may or may not recall it but back when Newt took over the House a whole big bunch of career committee staff types were let go because, alas, they'd been hired by the Democrats. However, their functions were quite non-partisan in nature ~ and required guys with advanced degrees and a world of experience in producing legislation And chasing around high finance and its problems. Newt and company agreed to keep these guys on board because they were not readily replaced. Turned out not even the Dems on the committees were aware that these folks had been hired through Dem channels ~ everyone thought they were simply professionals in their field.
And, so they were. But they were also crafty professionals and that's why I know something about the Dem and Rep versions of similar laws. I've actually held such things in my hands (regarding the old Post Office Department). It's a lot of work keeping track of the committee memebers and their personal and partisan preferences so you can write a bit of law he or she might like, but the financial committees have to do that all the time, so we can guess they're good at it.
Anyway, once the Acorn and LaRaza garbage was found it was a simple matter for the committee staffers to come up with a new version without those elements.
I think this answers the question about whether or not Barney Frank added the stuff in. He didn't need to. The committee staff KNOWS BARNEY so they write it in. Simply pulling the "Chairman's version" and replacing it with the "Ranking Member's version" would solve the problem.
More dangerous now, using the Republican version of the legislation the Democrats are going to be on the prowl looking for stuff they need to change lest a Republican walk away with an extra cup of coffee at a free mess.
Has the oligarchy deemed this TOO BIG TO INVESTIGATE? EXPLAIN? QUESTION?
Actually, Paulson's plan for Fannie and Freddie screwed them.
Many top execs there have already been fired. Fannie/Freddie have already been dramatically changed under their new charter and are changing more we speak.
They will end up being broken up and sold into the private sector.
But I want to know who drafted what's on the table - the plan that Bawney Fwank had a hissy fit about being blocked.
the notes were passed to Obama via senior aides traveling with him, who had been emailed the document via a current Goldman Sachs employee and Wall Street fundraiser for the Obama campaign. "It was made clear that the memo was from ‘friends' and was reliable," says the campaign source.
The memo allowed Obama and his fellow Democrats to box in Republican attendees and essentially took what President Bush had billed as a negotiating meeting off the rails. "Paulson and his team have not acted in good faith for this President or the administration for which they serve," says a House Republican leader who was not present at the White House meeting, but who instead is part of the team hammering out the House GOP alternative. "We keep hearing about how Secretary Paulson is working with Democrats on this or that, yet he never seems to consider working with the party that essentially hired him. Perhaps he's auditioning for a Democratic administration job. Our proposal didn't just spring forth fully formed; we've been working on this for several days, and Treasury staff has known about it."
Same reason you never know who wrote any of thousands of bills/plans crafted in DC.
There's usually a small army involved.
It will go down as the Paulson/Bernanke plan. I have no reason to doubt that they are at the root of it since they have been meeting together on it for many months.
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