Posted on 09/29/2008 3:17:03 AM PDT by SE Mom
Isn’t THAT the truth?
How true!
'But McCain did disappoint: the Democrats, not the Republicans.'
I like this part.
I think the President expects people to be as 'non-partisan' as he tries to be. He has said that he is the President of all of the people. I wonder what he will say this morning.
Bump (for a later read).
WaMu CEO Alan Fishman Gets $18 Million Golden ParachuteAlan H. Fishman, the CEO of Washington Mutual, will likely be unemployed after only a few weeks on the job. But don't cry for Fishman. He's set to walk away with about $18 million in bonuses after his three week stint at the failed savings and loan giant. His "golden parachute" is raising eyebrows, particularly because of his short tenure at WaMu. Washington Mutual was the nation's largest savings and loan. It was taken over Thursday night by federal bank regulators and then sold to JP Morgan Chase for $1.9 billion. This, as lawmakers continued to work on a $700 billion bailout for bad debt in the financial industry. According to the Securities and Exchange Commission, Washington Mutual gave Fishman a $7.5 million bonus when it hired him on Sept. 8, and guaranteed him $11.6 million in severance if he was terminated, the so-called "golden parachute" that has created controversy when failed executives walk with huge rewards. Fishman also was eligible for annual bonuses of up to 365 percent of his annual base pay of $1 million
http://www.associatedcontent.com/article/1066149/wamu_ceo_alan_fishman_gets_18_million.html
We’ve also been told that the Republican leaders are trying to convince members who are retiring to vote since the fall-out won’t matter to them personally.
What about voting your conscience.
:) "House Republicans are right on this one"
Principled indeed!
“-The Treasury has been working on this for months- yet at the last minute when it appeared we were in a crisis- this socialist plan was the best they could do..
-Paulson cant be trusted as an honest broker.
-The liberals are winning the PR war.”
And what about Bernanke?
The man is no slouch.
I believe Bernanke is telling the truth.
Not that I think the dems are capable of coming up with something without ruining it...but clearly something has to be done.
It is Bernanke’s opinion that in the Great Depression the Fed make a terrible mistake by allowing banks to fail (although Feds hands were somewhat tied back then).
So the premise is - how to prevent the banking system from collapsing?
All heck broke loose! The Democrats expected him to be political; not principled. How could he disappoint them? But McCain did disappoint: the Democrats, not the Republicans.
If this is true, and I have no reason to dispute it, I have new found respect for McCain. Although, it does say "all the reports I've heard" and not first hand knowledge.
I know- though I did read another account that jives with this one. I can’t cite the source though- I’ve read too much this week!
ping-a-ling
One thing that has started to evolve in my understanding is that this crisis is more about declining home values than mortgage defaults. Mortgage defaults are somewhere in the 5% and $250B range. There are many times more the losses in values of mortgage backed securities that are not yet in default. So, we know what has unraveled so far. What goes next as the bubble deflates?
With those questions in mind, Paulson made a few billion during the creation of this bubble as CEO of Goldman Sachs. Where is that money now? What conflicts of interest might he be serving? Any coincidence that Buffet ponied up $5B in Goldman Sachs? What might he know about what Paulson plans to do with the $700B? With only four months left to serve, will Paulson blow the whole wad in that time?
This stinks like last weeks fish to me.
I wish Pres. Bush had impanelled a Blue Ribbon commission comprised of unbiased economists and others financial gurus (Forbes) to suggest legislation. No members of Congress included! And had done it IN PUBLIC rather than allow those responsible for the mess in the first place and who had already benefited from Fannie and Freddie via special deals and campaign contributions try to fix it in secret BEHIND CLOSED DOORS and with a 6:2 advantage. Where’s the equal representation?
Americans must DEMAND an investigation of all of this.
Here’s a concept—
What about voting in the best interest of your constituents?!
I hope my comments didn’t suggest any support at all for Paulson. SEC chairman Cox ought to resign and take Paulson with him.
Then we must begin cleaning house and senate. Sadly, the dem voters love their corrupt politicians.
It is only a national crisis because Washington has gotten involved. Water is pouring through the hull, via holes they created by law, and they figure they can ease the flow of those leaks by poking other holes.
Far as I’m concerned they are all criminally incompetent.
I'm not usually given to conspiracy theories, but I can't help thinking that this entire "crisis" wasn't somehow timed to happen just now--kind of an early October surprise.
Not at all. The word loyalty caught my eye. Paulson is one of the principles that cooked up this whole leveraged hedge fund stuff and made a few billion on the ride up. I am questioning his loyalties. Are they to the US or Goldman Sachs based on what he knows will happen next?
That would have been a good idea. Having Dodd and fwank involved is ridiculous!
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