Announcement

Collapse
No announcement yet.

Inhofe: Paulson Used Scare Tactics to Force Bailout Legislation

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Inhofe: Paulson Used Scare Tactics to Force Bailout Legislation



    ....

    Sen. James Inhofe, R-Okla., revealed on “The Pat Campbell Show” on 1170 KFAQ, a talk radio station in Tulsa, Okla., where some of these ideas in Congress may have originated. He divulged details of a conference call with Treasury Secretary Henry Paulson from mid-September, which may be behind why some members of Congress were warning of catastrophe.

    “We had a conference call early on,” Inhofe said on Nov. 18. “It was on a Friday I think – a week and half before the vote on Oct. 1. So it would have been the middle … what was it – the 19th of September, we had a conference call. In this conference call – and I guess there’s no reason for me not to repeat what he said, but he said – he painted this picture you just described. He said, ‘This is serious. This is the most serious thing that we faced.’”

    According to Inhofe, Paulson said this would be far worse than the Great Depression - a time when unemployment was at 24.9 percent and U.S. gross domestic product (GDP) suffered steep declines.

    “He said, ‘This is going to be far worse than the Great Depression in the ’30s,’” Inhofe said. “And all these things – he was very descriptive of exactly what would happen if, if we didn’t buy out these toxic assets which he abandoned the day after he got the money.”


    However, nearly a month and a half later, Paulson changed course on his bailout plan. Instead of buying up troubled assets as he originally proposed, the former head of the investment bank Goldman Sachs (NYSE:GS) announced on Nov. 12 the Treasury would instead on injecting capital directly into banks, upsetting some lawmakers in Congress. Paulson had to defend this decision before the House Financial Services Committee on Nov. 18.

    http://www.businessandmedia.org/arti...119073313.aspx


    Well it worked.....

  • #2
    Re: Inhofe: Paulson Used Scare Tactics to Force Bailout Legislation

    Marshall Law in a land with 200 Million firearms...........Yep that would work!

    Mike

    Comment


    • #3
      Re: Inhofe: Paulson Used Scare Tactics to Force Bailout Legislation

      During the evening on September 18th, Bernanke to Congressional leaders:

      ``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

      Comment


      • #4
        Re: Inhofe: Paulson Used Scare Tactics to Force Bailout Legislation

        Since when has the Bush Administration ever been honest with Congress and with the people about any matter, be it the Iraq War, Sadam Hussein, weapons of mass destruction, the budget, the deficit, the need for $700 billion to buy toxic assets, anything? The fact that the Congress fell for the latest Bush Administration caper--- the $700 billion bail-out--- speaks volumes about the nerve of Bernankee and Paulson, and the rank stupidity of the U.S. Congress.

        Comment

        Working...
        X