**********OFFICIAL BAILOUT HEARING THREAD #6*********

[Roland99]

Since shadowknows69 had to run out....


http://www.c-span.org/watch/cspan3_rm.asp?Cat=TV&Code=CS3


Thread #5:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4067459


Kick and Rec!

[Solly Mack]

1. Oh noes!! The shadow bailed out !

K&R

[shadowknows69]

3. I'll be back gotta run a quick errand.

thanks for taking over Roland

[Solly Mack]

5. I was gonna offer you money :)

See ya later!!! Thanks for everything!!!

[tridim]

2. It's airing on CSPAN 2 now

[Gin]

4. Tester seems to ask pointed questions...

[Roland99]

6. "Will this affect our credit rating to Treasuries?"

Any action has an effect but we believe this is the right thing to do (to help our rich buddies)

[nc4bo]

8. Did Paulson answer the question? Such stammering and stuttering. They are lying. nt

[Solly Mack]

7. I hafta bail out for now too. Be back later

Please send my bailout money to SollyMack@I'llscrewyouoverforless.com

[flor-de-jasmim]

9. Is it just me? Paulson & Bernacke don't sound very convincing...

... or even that knowledgeable. Paulson had to admit he said he wasn't all that savvy about regulations, Bernacke just said he didn't know how the Treasury credit rating was judged... shouldn't he know?

[AngryOldDem]

12. These hearings are indeed frightening.

They are both talking themselves -- and the rest of us -- into a monumental hole.

[tridim]

10. Too big to fail is apparently going to become even BIGGER.

Tester is great!

IMO we need to prevent corporations from becoming too big to fail. Making them even bigger is just making the problem worse. No deal.

[tridim]

11. Is Paulson related to Chertoff?

They look and sound like brothers.

[bdamomma]

24. hey I noticed that too.

both are criminals, they have that in common.

[shadowknows69]

29. Same cloning vats

[barbtries]

13. tester also now

telling him we can't be rushed. that is correct.

[dixiegrrrrl]

14. Dodd brought up Sec. 8 rule!!

The one that says no one can review what they do with out money.

[eowyn_of_rohan]

30. Am I the only one who thinks Sec. 8 may be a straw man clause?

you know, the authors of the plan intentionally put something in the proposal that is so absurd and unacceptable, that their opponents will say "This must be taken out!", then the authors "give in" to the opponent on that issue, who then feels like they have actually "won something...

[wiggs]

34. Good catch! Someone's been paying attention the last 8 years! nt

[pinto]

15. Dodd brings up the "sweeping" Section 8 clause.

:kick:

[barbtries]

16. dodd finally

addressing the sections giving paulson absolute power. paulson saying i don't want this. then why the fuck are you asking for it?

[barbtries]

17. bernanke looks like he just took

a blow to the gut.

[TexasObserver]

18. We need someone to say "Why shouldn't the Fed and the Treasury top staff be forced to resign?"

Why shouldn't top management of these failing companies be sued for their malfeasance?

Why shouldn't we first require all the guilty people in business and government to walk the plank BEFORE we bail anyone out?

[Mist]

20. Bushworld loves failures. nt

[bdamomma]

26. incompetence and negligence too.

[barbtries]

21. i would LOVE to hear those questions asked

i think they headed them off by announcing the end of the world.

[Mist]

19. Thanks for keeping the thread going Roland. Much appreciated. nt

[Mist]

22. Love it--someone yelling about fox and henhouse. Well, that's all for now, I guess. nt

[barbtries]

23. well it's over

whimper not a bang, and protesters yelling. i will repair to the pundits so i know what i just watched. :wtf:
thank yo for putting up the thread

[Mist]

28. What we watched was: Give us (the folks who got us into this mess) $7 gazillion

to "fix" it, tho' the fix might not work. We will be transparent about the process, long AFTER you give us the money.
And we're concerned about the taxpayers. Really we are. And stop asking questions, 'cuz it's all so complex, ya know?

Just give us the money or everything will get MUCH WORSE!


Okay, it's more detailed than that, but that's the micro-version.

[barbtries]

36. yep

pretty much it in a nutshell. absolute contempt for the american people.

[AngryOldDem]

25. It sounds like there's not going to be any resolution of this by the end of the week...

Dodd's observation that this is a unique situation is spot on, which I think is what Bernanke, Paulson, etc. were counting on. That they could come to Capitol Hill and simply expect to get whatever they wanted, with no questions asked, because they are the "experts" and Congress, of course, will defer to the "experts."

I'm proud of these senators for the fine work they did today. Restores my confidence. A little.

[bdamomma]

27. I was trying to call Dodd's office number has been busy.

hopefully that is a good sign.

[DemReadingDU]

35. Dodd's office has been busy for 2 days

Hope lots of people are calling him

[Reader Rabbit]

31. Has Paulson explained why...

...the executives must be allowed to keep their gazillion dollar bonuses? By garnishing all that, not to mention what these bastards have squirreled away in offshore accounts, there wouldn't be any need of a bailout.

[MadrasT]

32. This was the closest he came:

"If you impose punitive conditions this won't work and we'll all lose."

R-i-g-h-t... that cleared it right up for me. :shrug:

[quiet.american]

33. You know what, even after this hearing I'll bet Bernanke gets the $700B with little oversight.

Chris Dodd is a favorite of mine, as are most of the other Dems on the committee.

But Bernanke today was able to get away with his usual deer-in-the-headlights, saying a whole-lotta-nothing game plan.

My prediction is that he will receive the $700B by Friday, with token language that indicates some kind of vague oversight, based on some kind of vague conditions filled with loopholes.

Next year, the Treasury Secretary (whoever that will be) will come back to Congress with a request for billions more, and will not be able to give an answer as to what happened to the first $700B.

(Yes, I'm feeling cynical today).