Posted on 09/19/2008 12:01:04 PM PDT by Sub-Driver
Congressional Leaders Were Stunned by Warnings By DAVID M. HERSZENHORN
WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it, “There was a long pause in the room.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justy the words,” he said. “We have never heard language like this.”
(Excerpt) Read more at nytimes.com ...
Nobody should give a crap at this point what the banking industry opposes. It's like a preschooler who keeps playing with matches despite lectures and time-outs, and then moves on to actually starting fires around the house, howling "I do NOT need a spanking and I do NOT need a nanny!"
The liberal leftist socialist mindset never ceases to amaze me.
They maneuver us into this mess with pie in the sky loans for people who couldn’t service them, then stand there with their jaws on the floor when what any sane person knew would happen as a result does.
How does a Democrat get up every morning, look at him/her self in the mirror, and live with it?
Nothing. His mouth was full.
Normally the Democrat response would be to hold a series of investigations but they know how many Democrats are on the boards of these companies and how many have ties to their campaigns.
They don’t say that. It is worse then neglect, they created this mess. The libs stopped legislation that could of avoided this.
...mmmmmfffle...mmmmbbbll...mmmmbbbffff
Seems he has someone, oops, something in his mouth.
“We have never heard language like this.â€
wow, spoken like true dumbed down drunks who never knew outside Plato’s cave of Marxism.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
It's to bad you didn't swallow your tongue, Chuck.
I get the picture in my mind from “It’s a Wonderful Life” when the run on the banks starts and Jimmy Stewart has to postpone his honeymoon and Mr. Potter buys the bank......................
I wonder what Barney Frank had to say?
Did you mean “ I wonder what Barney Frank had to spray”?
Fools, fools and damned fools.
The Socialists all know very well what they are doing and where it will lead the country.
The biggest problem is stupid people who proclaim they are conservatives acting like the other side is so stupid they don’t understand what they are doing or the effects it will or is having on the country.
Hitler took over Germany when the economy was in the tank, same with Stalin and many other Left-wing fruit cakes.
Wake up, they KNOW what they are doing!
Admit that one point and everything else will start to become clear.
Notice the pronoun he uses? It's not "us" or "we" it's "you". He's doesn't feel any responsibility toward this at all.
Barney gulped and swallowed.
Obama is up to his ears in this mess, as are Dodd, Franks, Schumer and all the rest of the Dems. They KNOW THEY ARE SCREWED!..........
I wonder if Schumer or Dodd have apologized to Senator Bunning yet.
These imbeciles better start falling on their swords before any criminal proceedings are started. I think in the coming weeks, Americans will have lost all their patience with these bozos and their stupid , Wow didn’t see that coming attitude. Get out of Dodge and don’t come back.
What it means is that they REALLY screwed up. Not just raised taxes a bit too high screwed up, but created the perfect storm that could spiral out of control into the Greater than the last Great Depression and they are not sure what they can do to fix it or even if they can fix it.
Through shear stupidity and the desire to buy as many votes as possible, they practically forced lenders to make loans to people who had absolutely no way to pay them back. Loans were often made to people who had no verifiable income and no assets. There is even a story floating around about a illegal alien woman WITHOUT A JOB who was given a $1 MILLION loan for a home in California!
The result was a housing bubble that was bound to burst rather quickly, causing plummeting housing prices as hundreds of thousands of homes went on the market with no buyers. Even if they could find a buyer, they would have to take a 50% loss in many cases. Now the feds are talking of buying all that bad debt, probably for full face value. Now you and I get to pay for houses which we can never live in which will probably be given to “favored minorities” for pennies on the dollar.
Pelosi went on Vacation yesterday, in keeping with her nature of doing nothing. Keep her jet filled up.
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