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 ...
That was an astounding eye opening article. It’s nice to get a behind the scenes look at what’s going on. As I suspected, the Dems were playing politics on this all the time.
Amazing, isn’t it?
My brain is exhausted from trying to understand what’s happening to our country..
What difference between the actions of the two candidates? A universe apart, and we need to realize it, the American people need to be informed and reinformed of it. Barack Obama said 'call me to come do my job if there's no way I can avoid it.' John McCain said, 'I have a job for which I was entrusted by the people of Arizona, so I'm going back to Washington and roll up my sleeves to enter the discussions. I'll get back to you later, after I've done my job.'
The democrats are trying to elect a lazy, poseur who has deep ties to the Marxist 'community organizers' of ACORN and who is quite possibly a pernicious sociopath who has no moral compass.
The differences between the two party candidates could not be more stark, but we have operatives working FreeRepublic daily trying to blur the distinctions. They are not honest and they do not have the nation's interests at the heart of their motives. One or two have registration dates quite a few years back! But then, the father of lies always has his minions in waiting, even at FreeRepublic.com.
bttt
Next!
sw
Last I saw the market was down 280..where is it now?
The problem is that they didn't even try to win it. There are talk radio and the internet and they didn't even try to utilize those avenues so there's little room to complain about not beiing able to break into print or TV. The only time the GOP tried talk radio was when they were trying to ram amnesty down our throats.
Real estate values CANNOT return to what they were, and must reset, because those values bore no relation to the earning power of the market.
There is no way on heaven, earth or hell that median home values should be or can be at $400,000, as they were in California.
The incomes are simply not there.
hit -688 as the vote ended but now back up to -400
Ok- tell me WHO in charge of suspending the mark to market rule? SEC? OR FDIC? Or does it require another damn law to be passed or repealed?
Great read, thak you for posting it.
So the plan all along was just to INFLATE for 10-20 years. Your distressed house valued at $150K today, $100K under water is just held and inflated up to the "break-even" value. BS!
Fixed it.
AMEN I’ll not be satisfied til someone goes to prison.
The benefits will ultimately go to the goverment, not the tax payers.
Bookmark
BUMP
ping
FDIC needs to use judgment in deciding which banks to shut down. It should not be so overly lax that banks continue to bleed money year after year, but it should not be so tight that a transitory glitch in the market can force a shutdown.
As long as government-insured banks, S&L's, and credit unions exist, the banking industry should withstand the storm.
“As long as government-insured banks, S&L’s, and credit unions exist, the banking industry should withstand the storm.”
well sure...as long as they exist.
Isn’t that what this is all about?
Their existence is being threatened isn’t it?
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