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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
 Posted - 09/18/2008 : 18:37:48
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From Bloomberg.com, they don't know what to do....
You must be logged in to see this link.
Excerpts:
Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.
One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.
No kidding...
House Speaker Nancy Pelosi defended the decision of Congress to adjourn. Lawmakers can always be recalled to Washington ``if there is a need to do so,'' she told reporters yesterday. In the meantime, House and Senate committees will hold hearings and the financial crisis will be studied by Congress, she said. ``Our work will continue even if we are not still on the floor,'' she said.
And what sort of work would that be?...
Senator Johnny Isakson, a Georgia Republican active on housing issues, scoffed at suggestions that lawmakers postpone adjournment to rewrite laws governing the financial markets.
``The last thing you need,'' he said, ``are 535 people, not many of whom are that well-versed in financial markets, trying to do quick fixes to a market correction that's one of the more significant that we've ever seen.''
So, people who are "not well versed in financial markets" have been setting the rules/regs?
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Ant
Penny Hoarding Member
USA
894 Posts |
 Posted - 09/18/2008 : 20:28:54
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Ben Bernanke said don't worry, he's got it all under control.   |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 09/20/2008 : 18:50:56
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quote:
Originally posted by Ant
Ben Bernanke said don't worry, he's got it all under control.
I refer you back to Sen Reid's statement"
One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.
Baaaaaah, baaaaaah, baaaaaah.....
BTW folks, the baaaaaah's are not in any way meant as mockery, they seem to be an involuntary part of my posts today....baaaaaah...
Kinda like the hiccups!
Oh, if anyone can suggest a better spelling of baaaaaah, please advise......baaaaaah.....
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/20/2008 : 19:26:39
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| Take away their passports so they can't re-enter the country! Ooooppppsss, I forgot we don't even have a fence to keep them out. |
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Think positive. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/20/2008 : 20:06:49
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You must be logged in to see this link.
Congressional Leaders Stunned by Warnings
WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
....Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.
“You have the credit lines in America, which are the lifeblood of the economy, frozen.”
Mr. Schumer said. “That hasn’t happened before. It’s a brave new world. You are in uncharted territory,
but the one thing you do know is you can’t leave them frozen or the economy will just head south at a rapid rate.”
As he spoke, Mr. Schumer swooped his hand, to make the gesture of a plummeting bird. “You know we’d be lucky ...” he said as his voice trailed off. “Well, I’ll leave it at that.”
As officials at the Treasury Department raced on Friday to draft legislative language for an ambitious plan for the government to buy billions of dollars of illiquid debt from ailing American financial institutions, legislators on Capitol Hill said they planned to work through the weekend reviewing the proposal and making efforts to bring a package of measures to the floor of the House and Senate by the end of next week.
.....Among the potential steps Congress can take include approving legislation to allow bankruptcy judges to modify the terms of primary mortgages — authority that the bankruptcy laws do not currently allow and that the banking industry has strenuously opposed.
........“We have got to deal with the foreclosure issue,” Mr. Dodd said. “You have got to stop that hemorrhaging..If you don’t, the problem doesn’t go away. Ben Bernanke has said it over and over again. Hank Paulson recognizes it. This problem began with bad lending practices. Those are his words, not mine, and so this plan must address that or I’ll be back here in front of a bank of microphones at some point explaining the next failure.”
Even before the drafting of the plan was complete, the Bush administration and the Fed began efforts to sell the idea of a huge rescue to potentially skeptical rank-and-file members of Congress. Mr. Paulson and Mr. Bernanke held a conference call with House Republicans to explain their thinking.
Senator Richard C. Shelby of Alabama, the senior Republican on the Senate banking committee, said in a television interview that cost to the government of purchasing bad debt could run to $1 trillion
— a potential warning sign since Mr. Shelby is a longtime skeptic of government intervention in the private market.
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Could it be that the proverbial solid waste from the male cow is about to hit the proverbial circular air circulating device?
Commentators on the world wide web have long warned of Brazilification and the United States of Wiemarica (someone else came up with that one.)
Methinks wheelbarrows and hand trucks are going to become very useful in moving money around (and sadly I don't mean boxes of pennies.) |
Edited by - pencilvanian on 09/20/2008 20:12:02 |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 09/20/2008 : 20:50:38
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quote:
Originally posted by pencilvanian
Commentators on the world wide web have long warned of Brazilification and the United States of Wiemarica (someone else came up with that one.)
I really do wonder if revaluing the dollar has been considered as an option, for now or in the future, a la Brazil, Mexico, etc.
So those guys were acting like they've never heard any of this stuff before? It's not like Ron Paul hasn't been jumping up and down trying to tell them this for years. They just didn't want to hear it -- much easier for them to write him off as a crackpot. I wouldn't blame R.P. if he were to say, "I told you so." |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 09/21/2008 : 18:22:12
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quote:
Originally posted by pencilvanian
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
When 70% of a nations "GDP" is debt, and a large portion of that is created by people with no hope of ever making good on it......
Yeah, that made me gulp too. Funny thing is, I gulped over a year ago. Way to stay on top of things Schumer! Maybe if you spent less time being a ponificating arse and more time doing your job, it wouldn't have come to this.
Baaaaaah.....
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Congress to adjourn? TAKE AWAY THEIR PASSPORTS!!
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