Apologize to any one who reads this blog, which I have been neglecting. I have been spending more time trying to become a more informed voter and trying, without success, to get a handle on this growing financial crisis, which will affect us all in one way or another.
I wanted to post something funny, or inspiring. All I got is a political rant.
Treasury Secretary Henry Paulson appeared before the Senate Banking Committee to push the Presidents program (bailout) to deal with the current economic problems.
A transcript of this hearing can be found at:
1) “Another expression of disgust came from Senator Jim Bunning, Republican of Kentucky, who said the plan would “take Wall Street’s pain and spread it to the taxpayers.”
“It’s financial socialism, and it’s un-American,” Mr. Bunning said.”
2) Mr. Shelby (Republican Senator from Alabama) complained that the emerging program seemed to be “a series of ad hoc measures,” rather than the kind of comprehensive approach that is needed.
3) “There’s a tendency for people to think these are stocks and bonds and you know what the price is,” said Bruce Barlett, a former White House economist under President Reagan. “The problem is people are operating in a world in which nobody knows what the hell is going on. There’s some naïve assumptions about how this would function.”
4) “Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the panel, called the Treasury proposal “stunning and unprecedented in its scope and lack of detail.”
Asserting that the plan would allow Mr. Paulson to act with “absolute impunity,” Senator Dodd said, “After reading this proposal, I can only conclude that it is not only our economy that is at risk, Mr. Secretary, but our Constitution, as well.”
5) The Bush administration seems to want to give one man, Treasury Secretary Henry Paulson, complete control over hundreds of billions of dollars of debt being bought with taxpayers money.
Wall Street has panicked and so it does appear has our President.