Trying to erase history, Paulson spends hearing repeating, ‘I want oversight.’
By on Sep 23rd, 2008 at 4:44 pm
Trying to erase history, Paulson spends hearing repeating, ‘I want oversight.’
As ThinkProgress reported today, Treasury Secretary Henry Paulson suggested during today’s hearing that Congress had misunderstood his bailout plan in thinking he had opposed oversight. Disregarding the plan’s clear language indicating that the Secretary’s actions were to be “non-reviewable,” Paulson insisted over and over during today’s hearing that he “wanted” and “welcomed” oversight. Watch a compilation:
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You don’t suppose Paulson and friends are trying to do a fast shuffle, do you?
September 23rd, 2008 at 4:46 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
his lips move, he lies. Why isn’t it clear that the bankers want what the pentagon and the war contractors got?
September 23rd, 2008 at 4:49 pmThis man and:
Cheney, Chertoff, Rove etc. and the entire Bush Krime Family have set out to destroy this country.
They’re doing a good job at it — at my estimation.
Could Paulson and Cheney go on a hunting trip and do us all a favor?
September 23rd, 2008 at 4:52 pmYou would think that a $41 million bonus would be enough to satisfy a jerk like Paulson. But no, these SOBs aren’t happy with just walking away into the sunset with a boatload of cash. After retiring with their illgotten gains, many of them feel the need to spend their retirement working to screw the entire country just for kicks.
September 23rd, 2008 at 4:52 pmThe whole oversight non-oversight issue was intentionally manuifactured to avoid the real issue which of course is: Should we even do this in the fisrst place.
It’s like the kid who wants to stay up late to watch a movie so he asks his parents “Can I drink coca-cola, have ice cream and candy while I watch the movie? “.
September 23rd, 2008 at 4:56 pmThe parents say, no ice cream or coca cole or candy, just watch the movie. The kid, says mopingly (internally gleeful) “okay, I’ll just watch the movie!”
I’ve been thinking about this a lot. Here’s the thing. Bailing these companies out, after what we know about them is a pretty risky investment. Obviously, by the recklessness they’ve shown they must have a poor credit rating. Isn’t it possible, we can loan them the money on a non-fixed interest rate, and as they recover actually charge more interest? I can’t see how these companies would ever complain about terms like that! They didn’t complain when THEY were giving out loans like that.
September 23rd, 2008 at 4:56 pmI don’t know. That sounds illegal.
September 23rd, 2008 at 4:58 pmThis Admin. since day 1 (think PNAC) even before they took office they were planning to destroy this country.
There have been so many damn low points in 8 years.(I could not possible mention all of them)
2 Stolen elections
9/11 (false flag)
Patriot Act
Military Commissions Act
Wiretapping
Iraq
Afghanistan
Prisoner Abuse
US Attorney scandal
Katrina
2008 FISA Amendment Act
now this.
September 23rd, 2008 at 5:01 pmThe President and all of his men deserve the benefit of the doubt, when have they ever…, wait, no, okay, um but, uhm, so, yeah, never mind.
September 23rd, 2008 at 5:01 pmFine print says he welcomes oversight “later” as in “after you turn over the last dime in the Treasury for me to give to my cronies who want a bigger yacht. Because as we all know (all together class) this-is-a-crisis-and-not-the-time-to-point-fingers-(because-we-don’t-really-want-to-talk-about-who-those-fingers-would-be-pointed-at)-and-we-really-do-believe-in-the-free-market-except-when-it-does-what-it-always-eventually-does-to-greedy-imbeciles-like-our-cronies-who-need-a-government-bailout-really-bad-right-now-and-after-all-we-don’t-want-the-smoking-gun-to-be-a-mushroom-shaped-cloud-oh-wait-that-was-our-last-fubar-god-it’s-embarrassing-that-France-has-a-more-stable-banking-system-than-we-do-right-now-look-just-give-us-the-money-because-we-are-always-right-and-know-what-is-best-for-you-little-people-god-bless-america-amen.
September 23rd, 2008 at 5:03 pmThe Bush Mantra
1. Lie
September 23rd, 2008 at 5:03 pm2. Obfuscate
3. Rinse and Repeat 1 & 2
got this from randi’s site… it is ominous that an army brigade is coming home just in time for an “election”…
Planning For Food Riots?Every economic scenario has it’s absolute worst case. Is the US Army already thinking ahead?
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
The 3rd Infantry Division’s 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys.
Now they’re training for the same mission — with a twist — at home.
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
September 23rd, 2008 at 5:03 pm[...]
I have an idea, instead of giving these corporations $700 Billion… let’s give each American Citizen $2,500. Then we can all go to Vegas, and gamble with the money. I trust the house’s in Vegas more than these robber barons who’ve already screwed over the economy.
September 23rd, 2008 at 5:05 pmHank did not answer Senator Elizabeth Dole’s question about the role of credit derivatives and whether the plan would purchase credit default swaps as part of the bailout.
She asked her question at the 3 hour mark of the hearing, tape available on CSPAN.
September 23rd, 2008 at 5:07 pmmaybe he has confused oversight with overlook It seems like he wants everyone to overlook the crimes that have been committed.
September 23rd, 2008 at 5:12 pmI must confess I am a little confused. Wouldn’t a better solution be to give the socialized dough to those who are having difficulty paying the loan payments on these morgages. Everybody wins… Well the top wins a little less but still it isn’t like they ever loss.
September 23rd, 2008 at 5:13 pmdbadass,
Yes, your solution makes a lot of sense. It’s the percolate theory of economics, or demand theory. Supply the people with the economic needs (or demands)the means to meet those demands and the economy grows. give everybody some money,and they spend it on what they need, and the producers of those needs profit, and they spend that money, and so on, and it percolates up to the top.
We should have done the same thing in Iraq. Think how much better things would be there right now if we’d given each citizen $50,000 dollars instead of blowing everything up.
September 23rd, 2008 at 5:19 pmIs anyone asking him why he needs the money?
The cost for this should be a clear, unequivocal admission that de-regulation did not work (and therefore cannot be a panacea). I want Bush to scream it out, “WE NEED A GOOD, EFFECTIVE GOVERNMENT! I WAS WRONG!!” (one can dream, especially now that everything has turned to a nightmare under bush). This program should push us close to $1 BILLION PER DAY(!)– payments on the national debt — per diem…
September 23rd, 2008 at 5:23 pmi was thinking the same thing, dbadass…
700 b… wouldn’t it be cheaper to just buy all the houses and put the families back into them?
September 23rd, 2008 at 5:24 pmGreat video. Everybody needs to watch Rep. Kapture.
September 23rd, 2008 at 5:25 pmWhat? You’re accusing me? You’re accusing Mr. Fox of *eating* your chickens?? Me, Mr. Fox – eat — *EAT*?? chickens?!? I would never eat chickens, oh, no!!
Never! I swear on my brushy tail that I’ve been a vegetarian for…er, the last 2 hours, at least! You can leave your chickens safely in my paws, believe me! I won’t eat them, I promise!
But – you aren’t allowed to *see* your chickens, oh no! That would upset them! No, just put those delicio–er, nice – chickens in my paws and go on your way.
They’ll tast–er, they’ll BE just fine, really! Honest!
Just trust me!!
September 23rd, 2008 at 5:25 pmThe McCain campaign writing Hank “the Hammer’s” lines? It’s the same old tell any lie, flip any flop just get the milk-machine on the cash cow until she’s dry!
September 23rd, 2008 at 5:27 pmrandi was talking about the people, i call them vultures, who are waiting and anticipating for the opportunities that will develop from this bailout…
and the same bastids that caused this mess are lining up for the jobs of managing the bailout…
can you imagine?
September 23rd, 2008 at 5:28 pmThis whole CRISIS smells Fishy.
The Dems better be carefull of going out on a limb. Any Solution MUST have Overwhelming BIpartisan Support, or the Republicans will Blame the Democrats for the “BAILOUT”.
We’re in an asset devaluation, not a liquidity crisis.
the problem with the economy isn’t that banks need $1 trillion to feel confident about making more loans. The problem is that banks LEVERAGED more than the ENTIRE WORLD’S GDP in mortgage-backed securities and CREDIT DEFAULT SWAPS alone–and that paper is barely worth a FRACTION of its former outrageously inflated value. There isn’t enough money to throw at this problem and still make a dent. And even if you print the money, the rest of the world is likely to call in their chips.
Credit Default Swaps allow someone to profit immensely – STAGGERINGLY – if large numbers of subprime mortgages are not paid off and go into DEFAULT.
Caveat Emptor
http://dailykos.com/storyonly/2008/9/23/8591/39629/870/607298
September 23rd, 2008 at 5:29 pmWe as Americans cnnot allow Bush and his buddies to rape the tax payers for another trillion dollars. His administration has left this country 10 trillion dollars in debt, and know he has the nerve to stand up and tell the public that they as taxpayers have to pay off wall streets greed. He has got to be on crack. If this gets passed then there willl be no end to the what wall street will do to the public knowing that the government will force us as taxpayers to cover their losses when the public can no longer afford their greed. It has to stop somewhere, this is a good spot to bring the greed and corruption this administartion stands for. DO not pass any bail out for the greedy asses on wall street. Let them go bankrupt and let the cards fall where they may.
September 23rd, 2008 at 5:29 pmWatch Michelle Bachman act like it’s all the Democrats fault and their idea for the bailout. It makes me think this is all a ploy to either sink the Democrats or if Obama does win to hamstring him with no budget left to work with.
September 23rd, 2008 at 5:31 pmhttp://www.youtube.com/watch?v=qcmQu9f_1Wo
via randi:
“There’s No Other Choice”
Money genuises grumble at the inevitibility of The rescue. There’s no other choice? How about asking people to make an offer on their home?
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a74Q5
y1HgYDs
http://therandirhodesshow.com/index.php?/archives/89-Tuesday,-September-23,-2008.html#extended
September 23rd, 2008 at 5:31 pmif we use the money to actually buy the houses and keep the families in them we will save countless dollars on the costs of the social ills which will follow giving it away at the top and doing nothing at the other end.
September 23rd, 2008 at 5:33 pmThere was no money to help people who were losing their houses because of predatory lenders but there is money for bailing out the fatcats.
September 23rd, 2008 at 5:33 pmMcCain so much as said he’s not going to vote for the bailout but says others shouldn’t hold it up because of his vote. He just wants Obama to vote for it so that he can attack him on it.
September 23rd, 2008 at 5:35 pmOn a scale of 1 to 10, how close are we to exercising the guiding principle behind the Second Amendment?
The Bushist virus (aka domestic enemies) embodied in Palin-McBush must not be permitted to infect body Republic. At minimum, the Neo Cons should be arrested for conspiracy to commit war crimes and subversion/occupation of the United States.
Did I mention what the maximum is?
Well? Who is going to do it? Anyone? How close are we to meltdown? Is Congress paying any attention at all to what the people now demand?
Stop dealing with the junta. They don’t run the show. We do. Kill the junta’s proposal! We demand our country back.
http://www.light-to-dark.com/finger_puppets.html
Remove fascism from our country once and for all. Germany did, but far too late. Must we spill blood to make the point, or are we civilized?
September 23rd, 2008 at 5:38 pmPresident Bush stands there and says there is no money for social security, no money for education, no money for health care, he continues to cut as much money from all the social programs that he can.
September 23rd, 2008 at 5:41 pmThen the next day he stands up and tells us that we have 700 billion dollars to give to the greed of wall street.
This country has been brought to the brink of collapse by president Bush and his butt buddies.
This time tell him NO! NO WAY IN HELL!
The greed of corporate America has brought this on to the people. The people can’t even afford what everything costs now.
If we allow this to happen, we are simply telling the greedy 1% of this country that they can do what ever they wish to the people and the people will be forced to give them even more in the way of another trillion dollars to support their habits.
I for one will not stand still and be quiet while Bush continues to rape me as a taxpayer.
It wouldn’t even take the purchase of foreclosed homes. All that would be needed is a guarantee of late/delinquent payments and restructuring the debt according to new financial realities.
Many of the home foreclosures are not due to a fundamental inability to pay. They are the result of a multifaceted collapse of the economy. Those who bought the official optimistic outlook got caught. If all the Feds did was to guarantee deferred payment then debtors could get back on a payment schedule. Everybody wins.
Plus, I heard a discussion of creating “virtual equity” where a debtor is given credit for gross payments when they choose to go to a cheaper property as part of a restructuring.
And almost anything would be preferable to allowing a gang of Bushies to allocate such a vast amount of cash.
September 23rd, 2008 at 5:52 pmHe thought they were asking if they should “overlook” everything he had done so far to destroy the financial markets of the United States and the world.
September 23rd, 2008 at 5:52 pmhi katy @ 18! if one composites your link with this one one might get the idea that there’s a run up for another war. just as george tenet described pre-9/11 intel as “blinking red,” i think it’s a good idea that people remain very aware and keep some food and water at home.
how and why these people aren’t in jail is not only a mystery, but it’s appalling! is this why “impeachment is off the table? where is congress???
also, kay @ 14 correctly identifies 9/11 as a false flag terror act — and it’s clear that bush & co are still gunning for syria and iran. clearly, their smash-n-grab operation in the middle east is not over… all it would take is a suitcase-sized nuke in Anytown USA to provide a pretext for bombing iran (see, our intel was right!) …
ps: kay, you forgot to mention the anthrax-laced letters; suspension of habeas corpus; “legalized” torture (not abuse!); the homeland security act; plamegate; cheney’s secret energy policy; tax cuts for the wealthiest and on capital gains; the 9/11 commission; and all the stuff on kucinech’s list as well.
September 23rd, 2008 at 5:53 pmEveryone is being much too polite. This is the sort of rambling denial you offer when you have been caught having sex with your sister. This revolting character is a megalomanical (SP?) financial pervert.
September 23rd, 2008 at 6:04 pm“In 2007, Wall Street’s five biggest firms– Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley – paid a record $39 billion in bonuses to themselves.” ABC’s Political Punch
These are the firms now wanting the bailout. Make the CEOs pay back the bonuses from the last 8 years and they should pay for a lot of the 700 Billion there. These people deserve to become homeless, like they have done to a large portion of our population.
Bailout? Hell no, Jail them and let them pay their own bail to get out of jail. Be sure to accept only cash, their credit is no good.
On 2nd thought…. they paid $39 billion in bonuses to themselves…. just get some ropes.
September 23rd, 2008 at 6:06 pmRead our lips: “No Bailout”
September 23rd, 2008 at 6:07 pmWay too little, way too late. No part of Paulson’s plan is acceptable. Throw the whole thing out and start from scratch. See Rep. Marcy Kaptur’s proposal for a place to start: http://www.youtube.com/watch?v=S27yitK32ds
September 23rd, 2008 at 6:16 pmwhy do I so frequently find myself in agreement with pete?
September 23rd, 2008 at 6:22 pmyeah, he wants oversight….when HE wants it…..don’t worry this makes perfect sense to Republicans.
September 23rd, 2008 at 7:20 pm