We are now hearing the United States has a dire emergency and if Congress doesn't act immediately we will face some sort of Economic Armageddon the world has never seen before, which of course they cannot describe.
Rep. John Boehner:
The Most serious crisis the World Has Ever Dealt With
(Wasn't that the Black Plague or maybe WWII?)
Here is Senator Chris Dodd saying Hank Paulson should be given the authority, absolute:
The Media Machine of Agenda is using major news casts to proclaim this disaster, such as Face the Nation.
Here are the leaders from the House. Note the minor hope and also surprising, the Conservative sings Populist notes:
The message is clear they plan on giving Hank Paulson absolute authority. Yes, a private sector CEO now sitting in a government top dog position will get absolute authority.
Naomi Klein on Bill Maher, giving opinion on what is going on right now:
(Of course Andrew Sullivan blames the victim - Andrew, will you go to the cross for your economic religion?)
William Greider has another article, Wall Street is Lickin' It's Chops:
If Wall Street gets away with this, it will represent an historic swindle of the American public -- all sugar for the villains, lasting pain and damage for the victims.
Christopher Whalen, a conservative said:
The joyous reception from Congressional Democrats to Paulson's latest massive bailout proposal smells an awful lot like yet another corporatist lovefest between Washington's one-party government and the Sell Side investment banks.
One of the biggest lies going on here is how there isn't time to put together an alternative plan. There is one.
I hate to point this out but there was another candidate in the Presidential primary who spent many months with advisers putting together a host of policies and plans. I think it's pretty good. It appears Roubini does too.
Why Not Use it?
Hey other economists out there, she has it, it's ready to go, how about starting our own Crisis Panic to promote passage of a bill that might actually work?
Hillary Speech:
From Time Magazine, 1946
Most government excursions into the field of private enterprise have cost taxpayers money. So when the Home Owners Loan Corp. was created, Congressional sibyls prophesied that the Government would lose at least $1 billion. Last week HOLC's spry old board chairman, John Henry Fahey, produced figures to show how wrong they had been. When HOLC is finally liquidated in 1948, he said it will show a net profit of some $11,000,000
Comments
This'll make a great Daily Show episode
Juxtapose Bush Administration officials promising fireballs falling from the sky if we don't invade Iraq, with the current officials and politicians promising plagues of locust if we don't bail out the Wall Street banks.
in terms of the threat
Truly! Where is the comedy when one needs it!
It sure does read like this and I couldn't help but think of alpha male behavior...crisis! I must have absolute control reaction too.
But I don't think that's what they are doing, they knew full well, esp. Paulson if he just came from Goldman Sachs about this entire impeding implosion so the fact they did nothing earlier really makes it not pass the smell test.
In terms of the threat, I do believe the global financial gambling system is probably on the brink of collapse.
the issue is the fix. When one has private enterprise where stock is based on their profits which is really debt inverted, I don't see how one cannot just say game over.
My issue is with their solutions.
The bailout just got MUCH larger
This is no longer about just mortgages.
Interesting how
the Administration is able to change the scope of the bailout at whim (different securities, foreign banks OK), but the Congress is forbidden to change even one tiny little comma lest it cause the End of the World.
This stinks to high heaven.
truly unreal
Hey, I wrote something about Hillary's plan and most are acting like it doesn't even exist. I read it and while it seemed so doomsday during the campaign now it looks like a very good solution.
I'm not sure where the legislation is or bill number.
I just looked in the Congressional record and found S.2310 but this is from 11/07 and I was under the impression she reintroduced something recently.
S.2310 is A bill to establish a National Catastrophic Risks Consortium and a National Homeowners' Insurance Stabilization Program
so, where is HOLC specifically I'm not sure. I don't think a bill has been introduced, maybe someone else has.
She also has S.2114 which amends the mortgage Truth in Lending Act.
maybe she just gave a floor speech and simply
Theory on the terrible event
The only thing I could think of that could be so terrible as to shut up congressmen for 15 mins is that china wants their money back.
And on the Sullivan/Klein clip - Sullivan isn't even in the same league as Klein, and doesn't deserve to share the same stage - she towers over him intellectually, and he proves once again how morally bankrupt "free" market ideology has become