Posted on 11/20/2008 2:17:27 AM PST by flattorney
- - Oklahoma senator reveals details of conference call and is set to push legislation to make bailout spending transparent.
At the time of the votes on the $700-billion bailout bill, which finally passed Oct. 4, there were dire warnings of calamity if the bill failed. Rep. Brad Sherman, D-Calif., said martial law would have to be enacted to keep public order if it didn’t pass. Rep. Jo Bonner, R-Ala. said the aftermath would be comparable to the scenes in New Orleans after Hurricane Katrina.
Sen. James Inhofe, R-Okla., revealed on “The Pat Campbell Show” on 1170 KFAQ, a talk radio station in Tulsa, Okla., where some of these ideas in Congress may have originated. He divulged details of a conference call with Treasury Secretary Henry Paulson from mid-September, which may be behind why some members of Congress were warning of catastrophe. “We had a conference call early on,” Inhofe said on Nov. 18. “It was on a Friday I think – a week and half before the vote on Oct. 1. So it would have been the middle … what was it – the 19th of September, we had a conference call. In this conference call – and I guess there’s no reason for me not to repeat what he said, but he said – he painted this picture you just described. He said, ‘This is serious. This is the most serious thing that we faced.” According to Inhofe, Paulson said this would be far worse than the Great Depression - a time when unemployment was at 24.9 percent and U.S. gross domestic product (GDP) suffered steep declines. “He said, ‘This is going to be far worse than the Great Depression in the ’30s,’” Inhofe said. “And all these things – he was very descriptive of exactly what would happen if, if we didn’t buy out these toxic assets which he abandoned the day after he got the money.”
However, nearly a month and a half later, Paulson changed course on his bailout plan. Instead of buying up troubled assets as he originally proposed, the former head of the investment bank Goldman Sachs (NYSE:GS) announced on Nov. 12 the Treasury would instead on injecting capital directly into banks, upsetting some lawmakers in Congress. Paulson had to defend this decision before the House Financial Services Committee on Nov. 18. Inhofe also appeared on CNN’s Nov. 18 “Lou Dobbs Tonight” and said even as senior member of the U.S. Senate he just found out only $60 billion of the initial $350 billion amount remains. He also said he feared the amount of power Paulson has to do with the $410 billion remaining. “I have introduced a bill and it’s called Senate Bill 3683,” Inhofe said. “And, it would freeze any further spending. And if you look at what’s just left now and the $350 billion that would come up, I’m very much disturbed because there is a process to enter into that, to access that $350 billion. That means if we’re not here in session, then it’ll be done unilaterally by the Treasury Department.” “When in the history of America has one unelected person had the control of a massive amount of money like this – total control to do with whatever he wishes?” Inhofe asked.
Inhofe later appeared on Fox News Channel’s Nov. 18 “Hannity & Colmes” and said Paulson made the same warning, but he also put this size of the bailout in perspective. “Now, you know what really bothers me – and a lot of people that talk about these big numbers and don’t realize how big this is,” Inhofe said. “I took the time to count and there are 139 million taxpaying families that file returns. If you do the math, that’s $5,000 a family. Now that’s why this is such a big thing here – and to give all that power to one person.”
Paulson’s tactic of using the Great Depression is similar in nature to what the media have done in their coverage of the U.S. economy. According to a recent Business & Media Institute report, “The Great Media Depression,” the mainstream media has compared current economic conditions to the Great Depression more than 70 times in the first six months of 2008. Coverage of the Bear Stearns collapse was four times more negative than coverage of the stock market crash that led into the depression.
11.17.08: Inhofe Introduces Bill to Halt Bailout Funds Handout (Blasts Congress & Paulson) (Multi-articles and six TV interview videos)
FlAttorney’s FR “Straight Talk” U.S. Senator James Mountain “Jim” Inhofe (R-OK)
MAR
Inhofe seems to me to be taking note NOW of several of the arguments those who opposed this mess made then-as if a light bulb just went on in his head. They’re all dunces.
This mess has been in the works and it all came together like a perfect storm and a whole lot of people fell for the scam, including McCain. Has he ever named names like he promised?
Nothing like taxing the economic growth out of the market before the money is earned, Thanks Democrat Congress! Now those mortgages at Freddie/Fannie will take even longer to get paid off by a diminishing pool of wage earners
Inhofe was the #1 National defeat initiative by the George Soros Shadow Party and faced one of the toughest ’08 reelections in the Country - which he easily won. Now that he has been reelected for his third term, and Congress is back in session, Jim is able to introduce legislation on this particular issue – which to-date he is the only person to do so. ~ MAR
Paulson sure picked a good time to announce the economy was in dire straights. 3 weeks before the election. Killed McCain’s chances of even winning!
How did he vote on the bailout?
I see he voted against it. Very good.
That's better! I got so sick of hearing about the "struggling economy" while we watched the stock market climb to higher and higher records.* When we looked around, we saw a thriving populace, enjoying a relatively prosperous lifestyle. Well, since September, people have found out what a struggling economy really is.
*Overheard on NPR radio news two years ago: "The stock market today reached a new record of 15,000 points despite the stuggling economy!" There was no way Bush would ever be given credit for anything!!!! It seems no one is capable of looking at their own tax records and realizing they really are getting a tax credit already!
“I took the time to count...” By the time he got to 5,000 counting on his fingers the biggest scam in history had already been committed.
NO! YOU THINK?
Well Senator it really does not matter because it was YOUR DUTY to see through thatscare tactic, as the peoples representative and do the right thing for the PEOPLE, not the Government. You didn’t The people get screwed once again. Thanks Senator Inhofe. Great job....
But he's giving his comrades in arms a good excuse for voting for it. They were bamboozled. He's carrying the water for the rest of the gang and of course the pill is easier to swallow coming from a guy who voted against it.
I seem to remember that Paulson also wanted to exempt the bailout from any judicial, legislative, and regulatory review...what a lying bastard POS he is!
The problem isn’t the bailout money, it’s the fact that no one who is qualified wants to borrow money for expansion or new businesses.
There is NO NO NO confidence in Obama. He has clearly stated that he wants to raise taxes, punish the ‘rich’ and raise the tax on capital gains.
It seems like such a “set up.” If Paulsen stays on on Treasury Sec, I might need my tin foil hat.
What are you talking about? Sen Inhofe has been against the bailout from start to finish. He never voted for it, always against it.
Wherever you get your information from, it's wrong, Sen Inhofe is one of the good guys.
Scare or threat and blackmail media tactics?
Ah, jungian projection means that an actual natural riot might be occuring as a result of this fiasco...
Yes, it was a perfect storm manufactured to kill McCain's chances. Months before we kept hearing the democrats referring to the "recession economy" when there had not been even one quarter of downturn. This was a tip of the hand "of that iceberg" yet to come.
If this were merely politics, Paulson acted treacherously. Seeing its true effect on the US economy, one would have to call him, 0bamba (via CRA, FM/FM, dhims, Soros?) traitors to the US.
That they were able to keep Bush tied up with duct tape over his mouth throughout this bloodless coup suggests feeble hostage, total wimp, or accomplice status.
HF
YES, but ultimately, who is to blame?
"Where does the buck stop?" And who was the bigest "chicken little" champion and who was squawking the loudest?
Three guesses and the first two are initial G W!
NO ONE CAN TELL ME THAT BUSH IS THAT STUPID NOT TO HAVE REALIZED WHAT THIS "MOVE" WOULD DO TO THE MCCAIN CAMPAIGN AND I SUGGEST, HE DIDN'T CARE OR HE WOULD HAVE REIGNED IN PAULSON, WHO IN MY OPINION WAS THE WORST CABINET PICK BUSH MADE--AND HE HAS MADE PLENTY OF VERY BAD ONES!!!
Is it Jane 20th yet???
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