Posted on 09/29/2008 3:17:03 AM PDT by SE Mom
On Friday, September 19, rank and file Republican members of Congress were notified of a conference call that would include Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke. I would never disclose confidences, but it is quite public now that we were told an economic disaster was about to take this country that could be worse than the crash of 1929.
Now, that’s a real attention-getter. It sure got mine.
My years as a judge force me to demand factual evidence to support expert opinions. The factual evidence was then and is now less than satisfactory. Yes, credit was becoming a real problem. Yes, there were major banks in trouble, but those were investment bankers, not the bedrock community bankers who for the most part have done fairly well since the 1980's about having better security for their loans. (It is also public record that I did outside counsel work back in the 80's for both the FDIC and the RTC, so I was familiar with problems then, and telltale signs of problems now.)
It was clear to Secretary Paulson that something had to be done immediately so that we could pass it on Monday or Tuesday at the latest to inject $700 billion into the banking system. That would be done by having the federal government purchase mortgage backed securities from the ailing big-boy-banks.
...
I’ve not been in Washington all that long but one adage I’ve learned is that, “No matter how cynical you get, it is never enough to catch up.”
(Excerpt) Read more at humanevents.com ...
Change America needs: Dump the Pelosi Democrat Congress!!!
LOL!
What they say 'the taxpayer' they mean 'the Treasury'. In the mind of politicians, the two are interchangeable.
In reality any profits will go straight into the General Revenue fund and be spent. Neither you nor I will ever see a single dime.
L
Ah, yes, that "little Illegal Immigrant Problem" that no one in Congress, least of all McCain or Bush, wants to mention.
Also not mentioned- the fact that the 700 billion figure was made up from whole cloth in the Treasury Dept.
Yep, we're screwed. Again.
PLEASE- someone explain why they won’t suspend mark to market NOW?
http://www.freerepublic.com/focus/f-news/2093035/posts
I am proud to say that Louie Gohmert is our congressman here in Northeast Texas. A true conservative on all issues.
We need more like him.
He had fund raiser here in 2004. I took my grandsons to see the two of them go by. There were protestors there. I was stunned to see that! (bilge like Bush lied people died, but no one died under the toon)
Without a doubt, it's a duopoly.
specifics?
“The real question is: How to prevent the banking system from collapsing without using my money. “
It’s a good question, and I would like to think there would be an answer - but I’m afraid the most likely answer is there is not a way to do that.
Bankrupt companies don’t have money.
Collapsed banks don’t have money either.
And now it looks like the FDIC is running out of money too.
Who has money?
The list is getting smaller and smaller.
I heard Barney Farank complain this morning that the Dems might not get “political credit” for all their time this past weekend..
Well, BOO HOO to YOO TOO, Barney...
Nobody asks you to stay in DC...
PULEEEEEEEEEEEZZZZZZZZZZZZZZ
GO HOME...
and stay there...
SAVE THE NATION
Thanks for the ping on this article. Makes me feel a little better about McCain, although if he only says the right thing behind closed doors..what good has he done? The dems are winning the ‘spin’, because they drip lies from their lips with the ease of a broken faucet.....and then the MSM eagerly collects the lies in a basin and distributes it to the people!
I don’t think our Republic has ever been in more danger as right now.
Praying..
Thanks, for later read. I too became suspicious when I kept hearing “we have to pass this bill RIGHT NOW”, worst than 1929 crash”, etc.
and then there was scott mcclellan...
It is why you can’t run the govt like a business. To run the country you need to have strong principles and make the case for them over the heads of the politicians, bureaucrats, special interests and the media and go straight to the people.
That’s what Reagan and Newt did and that’s why they were so successful even though reagan had to deal with Tipo and Newt had clinton to deal with.
W Bush is now not that much different from HW Bush or Ford.
Way to go, John!!
The liberals/dems will always win the pr war because they have most of the media in their hip pocket. Even Americans who are paying attention (especially those who haven’t really been up until now) are besieged by misinformation masking as certainty. And most of them don’t bother to go out and find out the truth. And so, they buy the liberal story. How can you possibly win a pr war in that environment?
susie
This is such a red herring. Lets go after the guys who actually drove companies into the ground (Stan O’Neill?). There is no possible way Fishman had an impact in that short amount of time. I keep wondering why he’s the poster boy instead of the much more deserving out there.
No, that should read “The American People to Congress - screw you”!
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