Paulson: I Didn’t Suggest Oversight In The Bailout Plan Because That Would Be ‘Presumptuous’
Paulson: I Didn’t Suggest Oversight In The Bailout Plan Because That Would Be ‘Presumptuous’
This morning, Treasury Secretary Henry Paulson testified before the Senate Banking Committee on the current financial crisis. Nearly every senator on the panel criticized the $700 billion bailout plan Paulson proposed this weekend, with many calling for stronger oversight.
In his opening statement, Paulson struck a defensive tone, blaming Congress for misunderstanding him in thinking he didn’t want robust oversight. He just didn’t want to be “presumptuous,” he explained:
We gave you a simple, three-page legislative outline and I thought it would have been presumptuous for us on that outline to come up with an oversight mechanism. That’s the role of Congress, that’s something we’re going to work on together. So if any of you felt that I didn’t believe that we needed oversight: I believe we need oversight. We need oversight.
Watch it:
Paulson is rewriting history. Far from avoiding “presumption,” Paulson’s plan released last weekend explicitly denied any review at all of his actions:
Section 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
It can hardly be the fault of Congress for taking Paulson’s written plan at its word. In fact, one might say it would have been “presumptuous” to assume Paulson actually meant the opposite of what he had written.
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Paulson? A former investment banker? Refusing to accept oversight, but willing to accept a no-strings bailout?
No one could have EVER predicted…!
September 23rd, 2008 at 1:36 pmClearly all the people responsible for the problem must be replaced with out a bonus package….Fired, investigated, jailed and asset’s seized….Blessings
September 23rd, 2008 at 1:36 pmWhen you have a dry-drunk frat-boy, idiotic, self-proclaimed “king”, you’re going to have more jesters than knights of counsel.
September 23rd, 2008 at 1:36 pmPaulson: “Oversight?, I don’t NEED NO STINKIN” OVERSIGHT.NO RULES!”
September 23rd, 2008 at 1:36 pmAsking for $700 Billion is not presumptuous? Especially from the Bush Administration who brought us the Iraq occupation, the Patriot Act, and Homeland Security with knee jerk legislation? You should be allowed to fail and then we can clean up the mess without your lies and the lies of the administration and Wall Street.
September 23rd, 2008 at 1:36 pm“Rats, I thought I had you all scared enoungh not to read the fine print, Wish I would’ve had more time to figure out how I could tie this to terrorist”
September 23rd, 2008 at 1:37 pm“Oh, those words? Wow. How did they get there? Some liberal must have planted them there.”
September 23rd, 2008 at 1:38 pmF Paulson.
Sign this petition, no bailout.
http://www.sanders.senate.gov/news/record.cfm?id=303340
September 23rd, 2008 at 1:39 pmGovernance via Inspector Generals. How’s that worked out during the last 7 years?
September 23rd, 2008 at 1:40 pmWould it be presumtuous for me to say that Paulson is full of shit? Does this idiot not realize that Section 8 of the Review has been all over the media the last day or so? Republicans live in a permanent state of denial. Paulson has been a detriment to our economy and now we’re supposed to believe that he alone can solve this? Yeah, and McCain is the only one who can balance our budget AND catch Bin Laden! Wow! I mean…WOW, what would we have done these last eight years without people like Henry Paulson and John McCain watching our backs?
September 23rd, 2008 at 1:41 pmPaulson doesn’t want to be presumptuous? What is it he’s afraid of presuming? That the holders of bad debt had any control over that? That history might repeat itself without any oversight or accountability? What?
September 23rd, 2008 at 1:42 pmPaulson just had to admit that he was CEO of Goldman Sachs from 1999 – 2006, when he left to take his current post.
Chuck Schumer (ya, thanks for Mukasey, Chuck!) asked why $100 billion now, with a review at a later date wouldn’t work.
Paulson’s response was basically “because I said so.”
NO CASH WITHOUT FURTHER REVIEW!
Looks like we finally have some bipartisanship!
PEACE
September 23rd, 2008 at 1:42 pmcaller to ed opines that this bailout is another political ruse…
that the repugs will twist and turn it around and actually BLAME the dems for bailing out wall street…
you know the drill… ed said he hadn’t thought of that, but can imagine that it just might be… i agree…
damned if they do, damned if they don’t…
September 23rd, 2008 at 1:43 pm.
Oversight is so, so presumptuous…
.
September 23rd, 2008 at 1:43 pmand to repeat, read this idea here the other day:
The term Section 8 refers to a former discharge from the United States military for reason of being mentally unfit for service.
how appropriate…
September 23rd, 2008 at 1:45 pmWhy would the Repugs need any oversight? They did fine with all those pallets of cash in Iraq, right? ……. Right?
September 23rd, 2008 at 1:45 pmWhat part of “non-reviewable” does Paulson not understand?
September 23rd, 2008 at 1:47 pmWell there’s a new twist.
September 23rd, 2008 at 1:48 pmWe already know members of the administration think WE’RE stupid.
now it appears they think CONGRESS is too.
Although they could be safe thinking that.
I think the media coverage is how Congress found out.
i think it was PAUL KRUGMAN on olberman last night, who said he was grateful for sec.8 because it made the reps take notice and read everything else closer…
September 23rd, 2008 at 1:50 pmGoddamn fun watching the Neocon enablers writhing in agony over having to appear before Congress and practice using their “balance” of powers.
September 23rd, 2008 at 1:50 pmProgressive Veteran Says: Sign this petition, no bailout.
Thanks PV, Done!
September 23rd, 2008 at 1:51 pmOversight to a Republican
September 23rd, 2008 at 1:52 pmis like
kryptonite to Superman
Talk about presumptuous. They are all just assuming that there WILL be a bailout program. And of course any politician from Delaware is going to do his utmost to protect the credit “industry.”
September 23rd, 2008 at 1:55 pmSenator Bob Corker (R-TN) asked about second liens, second mortgages on homes. They’re in the mix along with:
Credit derivatives, second liens, student loans, credit card debt, and car loans
September 23rd, 2008 at 1:55 pmI only saw a few minutes of the hearing. I saw a combative, frustrated Paulson who said (paraphrasing) that the “crisis has been caused by past, present and FUTURE” policies.
September 23rd, 2008 at 1:56 pmThat’s what we need, someone with unfettered access without accountability who thinks “future” policies contributed to this mess.
The more I hear the more I say let it melt down.
Nothing like the bright focus and attention being thrust upon the Right wing right now to help highlight the fact that:
If you’re a banking or investment financier and find that your actions contributed to your own disaster, WE GOT WELFARE FOR YOU.
But:
If you’ve lost your job due to a failing economy and end up needing government assistance, you’re a loser.
The writings on the wall for all the read.
September 23rd, 2008 at 1:57 pmIt is always interesting that the administration and congress tend to focus on solution before understanding the problem(s) of an issue.
It always seems to be; Ready, Fire, AIM. . . .
September 23rd, 2008 at 1:59 pmPaulson to the Committee:
September 23rd, 2008 at 2:00 pm“I simply came here today to collect a check; is the check of 700 billion US dollars ready for me to pick up or not?.
Did you all read Section 8 ?.
Bush said no interference by anybody in my business, even courts !,got that , now where is the check?”.
Paulsen needs to look down…his pants are on the floor and he has been caught,red-faced and red-handed. Once you have swept the big pile of dirt under the rug, claiming there is no hump in the floor is a little, well, presumptuous. Jerk.
September 23rd, 2008 at 2:00 pmDid someone check his pants for flames?
September 23rd, 2008 at 2:00 pmDid someone check his pants for flames?
As is , “Liar, Liar”? That’s why his pants are on the floor.
September 23rd, 2008 at 2:02 pmOversight???
Why do you hate America?
September 23rd, 2008 at 2:03 pmJust go to Bush and Cheney’s secret vault that has all the money they have stolen, there is sure to be plenty there…probably Euros or Gold by now though.
September 23rd, 2008 at 2:03 pmPaulson: I Didn’t Suggest Oversight In The Bailout Plan Because That Would Be ‘Presumptuous’
Looks as if you had no problem claiming something ridiculously untrue and monumentally stupid , either…….
September 23rd, 2008 at 2:07 pmNice try, Mr. Goldman Sucks, in your quest to become manager of the world’s largest hedge fund. Make sure to drop by the U.S. Mint and sign “Mr. Bailout” to some treasury notes before you leave.
September 23rd, 2008 at 2:14 pmDid anybody else hear Michell Bachman on MSNBC say something like this was all the Democrats fault for over regulating business?
September 23rd, 2008 at 2:15 pmHe wouldn’t like to be presumptuous regarding “Bailouts”, no that would be partonizing. Just give him the checkbook and go away. He’s got his own pen, so don’t worry about a thing.
September 23rd, 2008 at 2:15 pmLord, just when you think it can get any more insane, they go and ratchet it up another notch. One good thing, apparently they’ve Finally reached the point where ever Congress is sitting up and Doing Something! Now if only they’d
Impeach Pelosi, Cheney and Bush and Save the Constitution.
Impeach Palin and Restore the Rule of Law!
Senator Shelby called foisting the rescue on the back of taxpayers shameful and embarassing.
September 23rd, 2008 at 2:18 pmShayne Says:
Did anybody else hear Michell Bachman on MSNBC say something like this was all the Democrats fault for over regulating business?
I read something yesterday by one of McBush’s advisors, going on at great length about how this is all the fault of Democrats for some vote in 2005. If they’d only listened to Johnny Boy . . .
Fortunately, the only people who will read that and agree with it are already hardcore Republicans. The McCain campaign is never going to be able to sell that to the American public, even, I would guess, a lot of Republicans. They’ll still vote for McCain, but not because they buy this ridiculous argument. Just because, well, Obama is a big scary dark commie muslim. And maybe the antichrist.
September 23rd, 2008 at 2:19 pmThe Senate Banking Committee is asking responsible questions. They’re nothing like Michele Bachman’s inane commentary.
September 23rd, 2008 at 2:20 pmConservative ideology speaks of the “good of the whole”, but the only intent of this, like Republican tax plans, is the good of the top.
Little attention and too much trust has been placed on Paulson for too long. He may be done making money with his worth, but he has exposed himself as just another crony using the Treasury Department to make money for his friends. I bet he doesn’t know a tenth of what a career employee knows about the department.
September 23rd, 2008 at 2:22 pmGee and I thought blatantly lying to congress about that little clause that put you completely beyond the law was presumptuous. But apparently Congress no longer minds being lied to. I guess given that they don’t even hold folks in contempt for being openly contemptuous anymore, I’m surprised they didn’t all give Paulson a hug for being so gentle with them.
September 23rd, 2008 at 2:23 pm.
Section 8…
… Presumptious indeed!
http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html
Paulson = L I A R
.
September 23rd, 2008 at 2:27 pmIf they don’t focus the bill on common American, they will set up our economy for additional failures by encouraging even more risky practices at the top. Think about it — what would the gold platers at Wall Street have to lose if the bill passes to the likes of Bush & Co.
Bipartisanship is only 30% truth and 70% slop. The good news is, Americans are quickly getting the gist about this bill.
September 23rd, 2008 at 2:27 pmOh, geez. His proposal specifically stated NO LEGAL OVERSIGHT.
Lying asshole. RESIGN PAULSON!
September 23rd, 2008 at 2:28 pmAnother lying-his-ass-off Republican.
September 23rd, 2008 at 2:40 pmI’m surprised, NOT.
‘Most people think that the proposed bailout will cost $700 billion. In fact, it is not limited to $700 big ones, and will probably go much higher.
Specifically, Paulson’s draft bailout plans says:
“The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.”
That means that Paulson could buy a couple hundred billion worth of assets one day, sell them, and then the next day buy another couple hundred billion, and so on.’
September 23rd, 2008 at 2:56 pmLying Bas*tards have been planning this for months:
http://www.dailykos.com/storyonly/2008/9/23/124453/470/612/607556
September 23rd, 2008 at 3:00 pmOh, dear! The peasants are revolting!
(The above was brought to you by Snarktastic Productions, Inc.)
September 23rd, 2008 at 3:01 pmLying sack of crap…………
September 23rd, 2008 at 3:08 pmThe question is:
How close are we to a situation whereby Commander in Chief Bush can declare martial law?
September 23rd, 2008 at 3:08 pmPaulson to the committee:
September 23rd, 2008 at 3:10 pm“Now put all this money in these empty sacks I brought with me to take back,after filling them, stamp them ‘Golden Sacks’.
Why does everyone think this money is going to Wall Street? I bet with a clause like that the money goes more like this, 500 million to Bush, 500 million to Cheney, 100 million to Paulson, and so and so on.
September 23rd, 2008 at 3:21 pmWhat a bunch of thieves.
Why doesn’t one of our CongressCritters ask about the CONSTITUTIONALITY of section 8. How can the Congress allow itself to be played for fools once again?
September 23rd, 2008 at 3:28 pmWhile people are arguing about changing the language of the bailout, how about changing the language of the whole bill to..”never mind, the banks got themselves into this mess, let them get themselves out.”
September 23rd, 2008 at 3:38 pmLook what the people at FDL are saying.
http://emptywheel.firedoglake.com/2008/09/23/bush-mouthpiece-admits-theyve-been-sitting-on-this-plan/
September 23rd, 2008 at 3:45 pm:::snickering and snorting ::: Sure, Paulson, I (don’t) believe you. Check out the Section 8 you used as a reference. If it would have been “presumptuous” for you to set out an oversight mechanism, you could have (and should have) put in a couple of sentences that “Oversight would be carried out in accordance with Congressional protocol.”
See, it wasn’t that difficult, Hanky Boy! I came up with a solution in less than one minute. Heckuva job, Hanky (or does Dubya call you Pauly Boy?)!
September 23rd, 2008 at 4:41 pmRep. Marcy Kaptur: Let’s Play “WALLSTREET BAILOUT” The Rules Are…
Please watch this….it really needs to go viral! Rep. Kaptur hits the nail on the head!
September 23rd, 2008 at 4:47 pmhttp://www.youtube.com/watch?v=S27yitK32ds
How un-presumptuous of a former Goldman-Sachs half billionaire.
September 23rd, 2008 at 5:30 pmPaulson reports to the Council of Zionists, not the American Congress. Get that straight, stupid!
September 23rd, 2008 at 8:45 pmCall congress; Paulson should be impeached and disgorged not in charge of this epic crisis.
http://www.youtube.com/watch?v=4gk5LEB55uY
http://market-ticker.denninger.net/
September 24th, 2008 at 12:30 pmJust like the cold war when everyone who didn’t agree with the U.S. was either a communist or a communist sympathizer. toki This poor crazy guy spent half a decade being tortured because a bunch
of stupid politicians araç sorgulama were sure the NVA
was in bed with the Russians (minimal help) and/or the Chinese (ancient enemy of the vietnamese). ssk sorgulama You would think he would have learned from others’
mistakes. Guess not. Republicans need an enemy. key ödemeleri This
century it apparently will be all Muslims, kredi all of whom must
be alQaeda operatives.
February 28th, 2009 at 7:50 pmbu yararli bilgi icin youtube ve youtube olarak tesekkur ederiz.
April 9th, 2009 at 4:13 pmThank you video izle ve Elisi, örgü, dantel yemek tarifleri, örnekleri ve modelleri :)
April 20th, 2009 at 1:03 pmthank you
April 21st, 2009 at 9:58 am