September 22, 2008 01:52 PM
Henry Paulson Hearing Open thread
It's on CSPAN 2 in Los Angeles....
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Nothing good can come of this. Allocate $700 billion. Fast. Amidst an election. For something no one understands or can predict.
This ought to go well.
My thoughts here.
The bailout is a scam. You can tell because the proposal doesn't seek to limit how much money is given out. There is no mechanism for determining who REALLY needs it and who can skate by without it. The default option is to buy all the bad debt with no thought to whether the company in question actually needs to be bailed out.
The fact that these titans of industry/economics/finance didn't come up with a plan loaded with burdensome requirements that would force companies to decide if they really wanted bailout money or not shows they're not thinking about whats good for the country or the economy.
If the election weren't less than 2 months away this whole thing we be brushed off on the backs of the taxpayer and swept under the rug.
henry paulsen when asked if they could get by with a hundred fifty billion , since he stated they don't need it all right now , and they could come back in January for more said NO
this man has 653 million in stocks
Stop being so pessimistic. They rushed through the Patriot Act too and that worked perfectly!
Soon, the emperor will have to sell his clothes.
-DT
SHOCK DOCTRINE
is now in effect
Congress Seeks to Replace Hank Paulson, with Pat Paulsen
SHOCK DOCTRINE
is now in effect
Paging Dr. Klein ... Dr. Klein ... code blue ...
...cause everyone knows the best way to help a broke, addicted gambler is to give them lots more money ....
"We've got the right man to deal with the problem now", said Sen. Christopher Dodd (D) of Connecticut, chairman of the Senate Banking Committee.
WTF???
How can we trust Paulson or anybody in the Bush Ad.? Paulson's former company will get a majority of the spoils. What a scam.
earl @ 9:
His name is earl.
Here's how the Bush bailout compares to the Hoover and FDR bailouts from the Depression era.
In 2008 (get text of leaked plan here), Congress will have no oversight and the executive branch will be beholden to nobody and subject to no review. (Sound vaguely familiar?)
There will also be no stated restrictions on how much a given corporation can be assisted, and no requirement that corporations give the government anything back in turn. (There’s not even a requirement that the government buy the bad debt for fair market value.)
Back in the 30s, however, all loans had to be secured, couldn’t be made on foreign securities or acceptances, no more than 5% of the money could go to any one company, couldn’t exceed three years’ term, couldn’t pay fees or commission to applicants for loans, and so forth. Railroads accepting such loans had to do so under terms acceptable to the regulatory Interstate Commerce Commission.
complimentarities???? is that a word - or are we making up a new dictionary to go with the new banking system?
If this passes in its current form, it will in fact be the death nail in the coffin of the USA.
This man is about to be given control over the entire financial system of this country, and as written in the bill, with no judge or any administrative body being able to review or stop his actions.
Amazing how it only took 8 years for a coup d'etat to take hold and completely overthrow every aspect of the United States.
See you guys in those brand new Halliburton prisons I guess.
Just say NO.
What are we NUTS?
Johnny2Bad @ 12:
Ya lost me ... ?
This is open Class Warfare. Believe it.
Advantage: there's more of us than there are of them.
Ronin Tetsuro @ 18:
Disadvantage: we're ignorant and luvin it.
Ronin Tetsuro @ 18:
They have the advantage because the vast majority of us want to be them. Ironically the freedoms and opportunities of America are the very achilles heel that keeps the people in line and well behaved.
I'm liking Jon Tester. We need to work to get more representatives like him elected. Amen.
Transcript of the Paulson Hearing
"Awww right, Paulson...where's the details...where they hiding?"
"They're not in dis stove!"
"oh ho...they're hidin in dat stove, ey!"
"If those details were in dis stove, do ya tink I would turn on the gas?"
"Errr...ya might, Paulson...ya might"
"Well, if the details were in dere, would I trow dis lighted match in dere"!
KABLOOOOOOOOOOOOOOOM!
"Aww right, Paulson....ya convinced me...I'll look for details in caucus session"
Oh, another dog and pony show... I ain't got time to catch it now, maybe in re-run, but let me take a wild stab at the storyline.. Goes, somethin like this... Gimme gimme cart blanche over 700 million right now this minute... or else the sky falls... capice? Oh, yea, and make sure you leave the national treasury wallet on the table cause I'll be back for more and I don't want to have to look like I'm askin for it anymore! I'm your fucking daddy now bitches!!!.. Is that pretty much the short story on this??? Yea, someone said it on another thread... Startin to look a wee bit like extortion to me too... JD
Why the BIG EFFING HURRY???
earl @ 8:
What's she going to do. She already told us what we need to know.
Ronin Tetsuro @ 18:
Billionaire$ can buy a lot of Blackwater love ...
Liberal AND Proud @ 22:
Ooooh you wascawy wabbit!
Orangutan. @ 25:
"Us" are not the ones who have to hear it ....
earl @ 17:
Just PM him a link to your PayPal account.
Billy Bob @ 24:
the wool only stays over people's eyes for so long ya know
Jack Damage @ 23:
That's exactly what it is, Jack.
"We could have a mushroom cloud over Wall Street"
"The Chinese are holding Equities of Mass Destruction!"
"The Free Market hates us for our freedoms!"
No Way No How No Blank Check for Paulson
They have been planning this for months. This is the biggest scam since the Iraq War. If McCain gets in, were screwed. Americans are so ignorant, it's quite depressing.
Well, the hearing didn't last long. What did we miss.
Billy Bob @ 24:
Shock Doctrine 101:
They have to hurry before the shock wears off.
Protestor was shouting that they're letting the fox guard the hen house.
Filthy Harry @ 2:
Perhaps there's some fear if there is a detailed investigation regarding this financial meltdown our investor partners in this global market will see exactly how we initially pitched this at the very least questionable bad debt to them.....
Just another reason we are making friends across the world....
We are so screwed....
Run for your lives...
P.D. @ 33:
Hmmm...I guess my cynicism is catching.
Allll of a sudden this blows up...huh. Interesting. This problem has been festering for a year.
Or is this the last desperate gasp of the capitalist masters to control EVERYTHING, so that they can continue to rape and pillage.
They don't need a bailout. They need to be arrested.
Is the Coast Clear?--- @ 37:
Hold onto your children and personal possessions. These bastards would steal the cane from a blind man.
Liberal AND Proud @ 38:
Perhaps if we do not call these people accountable for their actions other countries who have been burned by this whole deal just may....
It's not only our country that is going to be affected by this crisis....
Oil men,Drugmen,Moneylenders rule Washington.
How many of you know that only about 3% of home mortgages have faulted--What's the problem? No big deal!
Is the Coast Clear?--- @ 40:
LOLOLOL! We must not uphold the law. It could hurt the global economy! LOLOLOL! No...no...I GOTTA write that one down! LOLOLOL!
Where is this $700 billion supposed to come from?
Real wages down + increased unemployed over the last two years = less income from income taxes when costs and expenditures have been rising ( Pentagon budget up PLUS Iraq expenses up).
Lower wages + higher prices mean less discretionary spending = lower sales tax income for Govt.
Lower house values= lower property-tax income= less money for govt.
Business write-offs and Chapter 11's mean lower business income tax = less money for govt.
Less driving due to gas prices means lower gas-tax income.
State incomes lower = less state contributions to Fed.
$200 billion already committed to other bailouts.
Waiting for the bill on Texas/Ike--($20-$50 billion?).
National debt still rising currently at about $10 Trillion or about 78% of GDP.
So where is the money going to come from?
The media and the politicians are talking like the US Govt. has $700 billion cash in hand. The transnational oil companies combined might have about $400 billion but they aren't going to help-out and a lot of that money is in foreign bank accounts.
The money will surely have to be borrowed from abroad and with the current exchange rates such a deal would be conducted in Sterling/Euros and foreign investors are going to want a decent interest rate. So maybe just double that $700B to $1400B which WILL be extracted from US taxpayers for the next 25 years.
My notes on this:
- Why is the administration suddenly concerned about trodding on state laws re. regulation?
- Paulson/Bernake: "these institutions are not failing" in responding to why not get an equity stake in these companies.
- Paulson: "the best way for homeowners to stay in the these homes is to make sure the lenders have money to lend" BARF!
- Bernake mentioned looking at the "too big to fail" phenonenom, saying it was a greater issue than thought.
- Paulson: "This is not about the companies, this is about the American people". - Take over the damn companies then.
- What is this "willingly to participate" crap? These companies are going to jump on this no matter what the restrictions.
- Jack Reed is the bomb - Questioning Paulson about companies deciding to fail rather than participate in a bill that entails restrictions, oversight, participation.
- Reed: "You would not fight language that limit this to regulated financial institutions?"
Paulson: "I've never been a proponent of intervention."
- Sen. Enzi making statements, asking questions almost verbatim from a document that must have come from a small bank, using terms like "we" when speaking of small bank concerns.
- Paulson earlier talked of reaching out to foreign governments for their participation, but did not illuminate on their responses.
- Paulson: "The American taxpayer is already on the hook." WTF? then he starts to ratchet up the rhertoric, doomsday, etc..
- Paulson stammers more than jackhammer.
- Paulson: "The taxpayers should look at this as an investment."
- Paulson: "We can't design this (oversight and conflict of interests controls) here...but I can't emphasize enough the need for timeliness on this...We need to get up and running."
- Bernake comparing the auction to a Sotheby's auction. "you don't know the value until after the auction."
- Paulson, responding to Bob Casey: (paraphrasing, a la Bill Clinton) "We hear your pain."
- Casey has no clue as to how large executive compensation is, saying it was minimal in relation to the 700 billion.
- Bunning on reading that credit card debt and student loans will be included. Paulson: "The focus will be on mortgage...We want flexibility to include other classes of assets, because if money flows more freely...We've asked for broad authority..."
- Bunning asks Paulson:" How long were you CEO of Goldman Sachs."
Bunning then asks about his not knowing about regulatory burdens placed on his firms.
Paulson: "I was very aware about my firm, but not about the whole economy."
This is an important statement, as how can the market correct itself if each company would have to be aware of the whole economic landscape (regulation, negative impact of decisions).
continued notes:
Bunning asks Paulson:” How long were you CEO of Goldman Sachs.”
Bunning then asks about his not knowing about regulatory burdens placed on his firms.
Paulson: “I was very aware about my firm, but not about the whole economy.”
This is an important statement, as how can the market correct itself if each company would have to be aware of the whole economic landscape (regulation, negative impact of decisions).
- Bunning doesn't understand the 700 billion is a snapshot limit and not a total cap.
- Bayh: "Why can't it be contingent that foreign governments participate if we are going to include foreign owned companies?"
- Sen. Akaka, asking about laws that have to be ignored to hire contractors.
Paulson: We have procedures to mitigate against conflicts, but we have to act quickly and we can't go through the normal process..."
- Chris Dodd attacks on the lack of court or agency review: "This language can not last."
Paulson: "This is not a position I wanted to be in...It's very easy to second guess it (the proposal), but we have to move quickly to implement this."
The scene...a back alley on K-Street...
In the shadows of the streetlights...a man walks up to another man...backing him up menacingly against the wall. He leans forward...glaring into the eyes of the obviously frightened second man, he hisses..."Let me hold your wallet for a bit."
Liberal AND Proud @ 41:
The global economy is in the crapper already....& we are responsible....my worries include the repercussions that other countries we have done business with (& burned) and how they will respond to this crisis....
It sounds as though the federal government should divide up these companies into smaller entities. Any organization that is "too big to fail" is too big. We used to enforce monopoly laws and perhaps it's time to start enforcing them again. The advantage of several small entities rather than one big one includes spreading the wealth among a wider base rather than concentrating it.
I just watched this on Bill Moyers it should be watched by every American.
http://www.pbs.org/moyers/journal/09192008/watch2.html
Is the Coast Clear?--- @ 46:
They already gave us their answer. DROP DEAD.
They're currencies are more valuable than ours, so are their companies, industries. Have you watched the outflow of capital to foreign markets...brought to you courtesy of the same crooks whining to Congress for a bailout.
My friend. We have been sold out. PERIOD. Face it. Deal with it. You'll sleep better. The country has been sold out by George W. Bush and his cronies in the GOP. They have destroyed the country. Reaganomics has hollowed out the country, and allowed the single biggest heist of the US treasury in history, and now they are back for more.
Impact on the foreign countries. I'll tell you the impact. THEY OWN US. All the Chinese have to do is decide...ok...we're tired of you...we are selling back ALL the debt we are holding. You have 72 hours to pay up. If you don't...oh well.....
THEN you'd better start thinking about your children..because after the 72nd hour or before...depending on how stupid we are....the nukes will be flying.
See...we are TOTALLY FUCKED, my friend. Welcome to the free market.
It appears that the question to be asked is: who owns the credit defaults which are the biggest potential collapse lurking out there, what are the consequences of deflating the obvious bubble in the credit default swap market (allegedly valued at more than the world GDP which is obviously nonsense untethered to reality), and is there a way to do that which does not involve the massive transfusion of about a trillion bucks from the US taxpayers to Wall Street?
anything that creates a bailout for "toxic assets" - sounds a bit dangerous and stupid...Paulson is very strange- seems panicked....but not very truthful about WHAT is at risk....I find it odd that the Bailout is to Happen NOW- but the CEOS' are already Balking at losing their Bonus and Severance Packages...WHY wasn't that in the original proposal..and WHY are they even at these hearings talking like we are NOT already IN a Recession??? why the ostrich routine ? Tester rocked and asked ALL the right questions....( did not get the answers we needed).
Bottem line Paulson is worth 300 million ( ahhh- he is NOT hurting like us) and he just left Goldman Sachs 22 monthes ago...he is acting like a CEO giving Orders, but not answers....
Obama at 2:30PPm gave a really good presser....and made some good points...
The answer is not to give these crooks more of our good money. The answer is to INVESTIGATE..and PUNISH...those that betrayed the public trust, betrayed their customers, the American public...the COUNTRY.
We are a country of LAWS. It is well past time we started enforcing them.
All this diversion about COLLAPSE...DISASTER! Fuck that! This country can survive, so long as we have honest working people. What we cannot survive is enabling criminals...to be coerced and threatened by capitalist criminals who should be swinging from the end of a road for the hardship and destruction they have caused.
here's a one page read that reveals a basic overview of
phil gramm's huge part in this. trying to place blame
on this current legislative branch is ridiculous. several
officials brought up concern 3-5yrs ago they were ignored.
http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
slacker george provided above some tasty morsels from the Dynamic Trio circus performance
Here's an excellent borrowed quote from NYT board - I also heard Paulson objecting:
"September 23, 2008 10:39 am
Hold on a second. The big, fat lie of the urgent necessity of this bailout has just been exposed.
Paulson objects to the provision placing limits on executive compensation and golden parachutes, saying that such limits would DISCOURAGE companies from participating.
Clearly, they don't REALLY need our help. End of story. They want our charity, access to unlimited taxpayer money, to pay for their incompetent and reckless mistakes, and they want it on their terms. No oversight, no transparency of their shenanigans, no regulations governing the leveraged gambling with impossible to value, arcane credit derivatives to prevent this kind of crisis from occurring again. But the deal breaker is they want the right to give themselves sweet deals, or they will just walk away from the plan.
Wow. This is positively criminal.
— joe, New York
Recommend Recommended by 491 Readers "
Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kapture(D-Oh)
http://www.youtube.com/watch?v=S27yitK32ds
From: CSPANJUNKIEdotORG
That's what we need - today's hearings just confirm it, a MAJOR SNOWJOB. I wouldn't buy even a new car from lizard-man Paulson, chuckee-cheeks-Bernanke, terminally constipated Cox - crooks, and LIERS.
This is a MUST see of 5 minutes! She is 500% right !
They finished after almost 5 hours. Some protesters were shouting against Paulson and Bernanke but difficult to hear what abt.
Since Bernanke and Paulson ran through the crowded halls of the Capitol screamed "Fire, Fire", no one has bothered to confirm the fire. Rather, everyone grabbed a hose and began a pissing match as to which hose was the best to use.
No one from Congress, Treasury, Federal Reserves has detailed the exact problems and offered solid evidence to support their analysis.
Instead, the American taxpayers are told total calamity will occur without the bailout and the bailout must happen immediately. Trickles of information are made public: Paulson asked for absolute power; Paulson expanded the bailout to non-mortgage securities, so the plan now includes car loans, credit cards, etc; Paulson expanded the
bailout to include foreign banks. Even in the hearingshis arrogance is limitless: " I didn't ask for it". Since he was on and on how terribly 'complex' it all is, and how 'complex' the regulatory environment is, he was asked how come he didn't know that, being a CEO of Goldman Sachs for almost 7 years. He did NOT have any answer.
He also wouldn't agree to limit the Wall Street compensation - based on how 'complex' it all is. OUTRAGEOUS !!
Bush and Cheney have four months left in office--more and more this looks like their last hurrah--the final grab of power and Trillions of dollars for their Wall Street THIEF buddies.
WTF is Domenici babbling about?
i highly recommend this interview. it's michael greenberger on npr. very informative about the confusing
economy. wall street was actually betting on the subprime loans. they could bet whether or not the loans
would get paid. essentially i was 'betting' not the loans them self but the ability to pay on them. if you bet they
wouldn't be paid you would be on the winning side.
http://www.npr.org/templates/story/story.php?storyId=89338743
MarinatedInSmog @ 57:
I guess he's still got Paulson's cock in his mouth.
Dear American:
I need to ask you to support an urgent secret business relationship with a
transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had
crisis that has caused the need for large transfer of funds of 800 billion
dollars US. If you would assist me in this transfer, it would be most
profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my
replacement as Ministry of the Treasury in January. As a Senator, you may
know him as the leader of the American banking deregulation movement in the
1990s. This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds
as quickly as possible. We cannot directly transfer these funds in the names
of our close friends because we are constantly under surveillance. My family
lawyer advised me that I should look for a reliable and trustworthy person
who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account
numbers and those of your children and grandchildren to
wallstreetbailout@treasury.gov so that we may transfer your commission for
this transaction. After I receive that information, I will respond with
detailed information about safeguards that will be used to protect the
funds.
Yours Faithfully Minister of Treasury Paulson
Heh...the phones are going crazy in Washington...people screaming at the hearing.
I guess the crooks are starting to realize that maybe they went just a tad too far.
Geez....is this the part where they roll out the Chimperor to warn us that we're all gonna die if we don't pay the graft.
In a speech that took place last weekend at Green Bay, Wisconsin that did not bode well for the poor and working class in this country, Obama pledged to execute a "bipartisan" bridge and a "seamless" transition from the previous administration to his. One wonders if that transition includes the present Treasury Secretary. In an interview last Saturday to the New York Times, Obama said that he "does not rule out retaining Mr. Paulson, a Republican. The two have spoken since Treasury put the mortgage giants Fannie Mae and Freddie Mac into government conservatorships two weeks ago, and Mr. Obama speaks highly of Mr. Paulson." One suspects that Mr. Obama would speak highly of Paulson since Paulson happens to be the former CEO of Goldman Sachs which also happens to be Obama's number one donor to his campaign.
While Obama spoke of a transition which would be "seamless" from the Bush administration it should also be stressed that Obama's speech made no mention of ameliorating the social conditions that are afflicting the poor and working class in this country while laying out hope [to use one of Obama's favorite words] that Henry Paulson may be retained in an Obama administration.
It should be pointed out that the military budget, which Obama refuses to cut, is roughly equal to the $700 billion that will pay for the Wall Street bailout. All this should effectively put to rest the claim that Obama is the champion of change as he is clearly indicating that he wishes to continue the policies of feeding the Wall Street beast at the expense of the poor and the working class in this country.
NYT: At U.N., Bush Reassures Leaders on Economy
By STEVEN LEE MYERS and GRAHAM BOWLEY 2:27 PM ET
The president expressed confidence that Congress would agree on a plan “in the urgent time-frame required.” ...
Anyone who can be "reassured" by George W.Bush, at this point in history, probably should be institutionalized.
TrePorcellini @ 64:
How long did the laughing ovation last?
Billy Bob @ 24:
http://emptywheel.firedoglake.com/2008/09/23/bush-mouthpiece-admits-they...
Liberal AND Proud @ 65:
Probably with tears running down their collective faces.....geesh....how monumentally ironic and tragic.....
sleeper @ 60:
Oh brilliant! BRILLIANT! And its funny because its true!
This is just one of a few last steps needed to turn America into a Corporate Fascist state. Will Nancy Pelosi and the rest of the democrats stand against an obvious power grab by the president? Not likely. Saying no the president is off the table.
Here's a good indication of what the next few months will be like.
TOP SECRET LEAKED No Election in 2008:
http://votersthink.org/?p=470
2008 US Election Suspended by October:
http://votersthink.org/?p=467
Army Unit to Deploy in October for Domestic Operations: http://www.democracynow.org/2008/9/22/headlines
Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.
Camcorder Video: Suspicionless Checkpoints Being Set-Up Across America:
http://votersthink.org/?p=469
We should pull the 700 billion out of the asses of the wealthy 1% and save all homes in foreclosure.
I watched most of the hearing. They have 0% certainty as to the exact cause of the current 'problem'; they have 0% certainty about how these 'distressed securities' will be purchased; they have 100% certainty that giving them unlimited funds will fix it.
BobFlash @ 69:
Both those have been happening for years - Army National Guard units have been on rotating 15-month deployments to D.C. to 'protect against terrorist attacks', using regular Army troops may be what's changed recently - and the checkpoints have usually been in the guise of 'DUI checks' or 'seatbelt/safety checks'. Of course when they check to see if you're being safe, they also check to see if you have any outstanding tickets or warrants.
Liberal AND Proud @ 38:
Comrade Rou @ 70:
Ding! Good Answer!!
BobFlash @ 69:
Exactly as i suspected all along...
Gutless, spineless congress will bend over like a cheap whore for paulson, and the next scenerio will be that he will divy up all the foreclosed houses he now controls, and sell them to his buddies for a buck a piece, throw anyone over their debt limit out on their asses, and control those also, reducing us to the servitude those bastards on wall street think we deserve.
I think we are starting down a long shitty road.. call your reps, senators, and bitch, loud over and over... its time to make ourselves Heard!!!
Britisher @ 43:
Paulson's printing press - of course!
This is bullshit plain and simple..and congress will probably bend over like a cheap whore for paulson. After the scam master is in charge, he will control all of the foreclosed houses, which he will promptly sell to his wall street croneys, for about a buck a piece, then throw the remaining people whose debt ratio is higher than he determines fit out in the street, thus reducing us to the servitude we so richly deserve.
Everyone should be on the phone to their reps, senators bitching like hell about this.. and everyone who votes for it, needs to be shown the door, with our boots up their asses.
One of my senators (Mel Martinez R-FL) is a bag man for the administration. Pitiful performance today. I can't wait for the transcript of the toady. Here's his official statement from 9-19:
"“This is a very serious financial crisis to our country. Secretary Paulson and Chairman Bernanke have done a very good job of managing the problem and presenting us with a remedy that gives us the best hope to find a solution to this very large financial crisis. The cost of doing this plan is large; the cost of inaction is much larger yet. Congress needs to act quickly on a clean package that follows the plan laid out by Secretary Paulson and Chairman Bernanke and the time to act is next week. The enormity of the issue demands that we act without distraction or delay.”
I wasted some electrons and e-mailed him yesterday, but I see it had no impact. At least eggs leave a welt.
Crap.
Don Davis @ 7:
How bout Robert Paulson?
Liberal AND Proud @ 39:
These bastards would not only steal the cane from a blind man but would also beat and goose him with it. They're disgusting scum and should be jailed, never to be released.
We shouldn't be talking about bailouts...only bail! Damn crooks.
The individual taxpayer bill for the first $700 billion comes to $233,333 for every man, woman, and child in the US (population 300 million). Children and many elderly living on SS don't pay taxes, so the burden will be even greater on those who DO pay taxes. The amount increases if Paulson gets a free hand and can dip into the treasury whenever he wants to the tune of another $700 billion.
Note that this amount needed does not include paying for the Iraq war, which right now is more than this, and it does not include money for a defense program, universal health care or running the government or any domestic programs.
America's financial and global strength will be shattered with this bailout, and financial terrorists, American and foreign, will move in when we cannot defend ourselves. How did it ever come to this?
Ha Ha! Schumer hit a nerve! Paulson says they need $50B a month but can't justify $700B a year in one chunk. Schumer is thinking of doling out the money and having them come to congress to ask for each allotment. Ha! Eat it Chimp!
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