Schumer asked Paulson why they need the whole $700 bln now. Why indeed?

[OregonBlue]

They are saying they are not going to use the money all at once. They are also saying they are unsure that the plan will work. So why not authorize UP TO the $700 bln to be meted out $150 bln at a time. If it is determined the plan is working, then additional funds are advanced.

The only reason I can see is that they want to take the money and bail out as many of their buddies as fast as they can before they are out of office. What other possible reason would there be for them to need it all now, upfront now, when they are admitting they are not going to spend it all now?

Am I wrong? I admit (like McCain) that I know very little about finance but it sure seems simple.

[cyberpj]

1. what was their answer?

[gopbuster]

4. "too calm the markets" i.e. protect stock prices n/t

[OregonBlue]

12. pretty murky actually. Paulson tried to say that he didn't want to have to come back when the

legislature was in recess. Schumer pointed out that Paulson already got agreement from them that if the program was not going well, the president could call them back in for an emergency session so why couldn't he do the same if it was going well and they needed more funds.

Paulson did a lot of dancing around. Never gave an answer.

SNAKE OIL SALESMAN!!

[notadmblnd]

2. the other thing that bothers me too is tht they actually want financial institutions

to take advantage of the program. I keep hearing that they have to make it attractive for banks to participate, that is why we can't be setting limits on their golden parachutes or cap interest rates and fees?

It's all just crazyness to me. If we don't need the program why are we all here spinning our wheels on this?

[Autumn]

3. I think you are right on the money

they want it now because they know if they don't get every penney now, when Obama is President and is involved in what is going on they won't get it. Invite the fox to fix the hen house and then leave. Do they really think we are that stupid. Bunch of fucking crooks.

[TexasObserver]

5. He sounds exactly like the William Macy character in FARGO ...

He sounds exactly like the William Macy character in FARGO, trying to sell his father in law on giving him a million dollars to pay off the "kidnappers."

[Juan_de_la_Dem]

7. This is my deal Wade

[dysfunctional press]

8. "oh those numbers are right, alright..."

http://www.youtube.com/watch?v=su8LDtmRmw8

william macy as hank paulson...:rofl: :rofl:

[TexasObserver]

9. "This looks pretty sweet!!"

"What kind of finder's fee are you lookin' for?"

Just watched it again three days ago on HBO.

This clip is exactly like Poulson appearing before the senate committee.

[dysfunctional press]

11. the scene with the ice-scraper is great, if you imagine paulson after the hearing...

:rofl:

[TexasObserver]

10. We're not a bank, Jerry!

[Mr_Jefferson_24]

6. I don't think you're wrong.

[Quantess]

13. So they can take the money and run.

It really is that simple.

[bdamomma]

14. should we keep the pressure on Schumer.

and keep on calling his office. No Bailout.

[BraneMatter]

15. Hell yes!!!

I just called Dodd's office. Switchboard said line was overloaded and they couldn't get through!

[JPZenger]

16. SEC Chief who tried to regulate hedge funds was fired for it in 2005

http://www.dailykos.com/storyonly/2008/9/23/83616/2246/908/607276

[kiranon]

17. All those golden parachutes to pay for. n/t