Henry Paulson: Gimme money or there will be 10% unemploment!

[Eric J in MN]

Senators described a very somber, serious meeting, with Paulson describing the risk of inaction and working hard to sell the plan to skeptical Democrats during the closed-door caucus meeting. Paulson said unemployment rates could approach 10 percent if the plan was not adopted, senators said, although he did indicate possible receptiveness to the idea of implementing it in stages. Such a plan, Paulson told senators, has worked in countries like Japan, where financial rescue plans were done in stages.

“He talked about the risks in the markets, the risk of the financial system locking up, the risk of companies not being able to borrow money, the risk of major firms failing, the risk of a substantial increase in unemployment,” said (Budget Committee Chairman Kent Conrad (D-N.D.)).

http://thehill.com/leading-the-news/paulson-senate-dems-reach-tentative-bailout-deal-2008-09-24.html

[BlooInBloo]

1. They're all attempting to hold America hostage.

[mrreowwr_kittty]

2. Who the fuck even knows how much unemployment there is?

Considering how much they fudge the numbers.

[last1standing]

3. It's hard to frighten a Michigander with that scare tactic.

We've been staring 10% in the face for years now.

[The_Casual_Observer]

4. That fucking guy looks like Daddy Warbucks. Since when

did we start trusting Daddy Warbucks to run the whole god damn government?

(I know, since bush has been president a kinds of bizarro shit has happened & this is no exception)

[lonestarnot]

5. They want ALL of our shit!

[lifesbeautifulmagic]

6. if its that bad, let all the financial services guys get together

pool their billion dollar bonus's and jump start the bail out/

[Postman]

7. That's funny, I heard Thom Hartmann describe how these "plans" didn't work in Japan..

and they didn't work in the US either. He read an article from the October 8, 1931 issue of the New York Times describing a similar situation in the country during the Depression where the Treasury Secretary wanted to dump a bunch of cash into the markets, which they did, but the banks failed anyway...

http://www.economicpopulist.org/?q=content/people-are-asking-wrong-question

[aint_no_life_nowhere]

8. Why isn't he saying this to the private sector? - that's what I want to know

The healthier financial institutions won't touch the bad debt because it doesn't appear profitable to them. That's fine and I understand it.

But why isn't Paulson telling the private sector that he will let the economy crash unless THEY chip in? Why isn't he saying that THEIR cushy jobs will die, their buinessess will die, their profits will die, their golden parachutes will die, theit stock options will die, and everything around them will come tumbling down if they don't pitch in? Doesn't the private sector have as much to loose as the American citizen if this whole financial system crashes? Won't they also benefit indirectly if the American taxpayer bails out the bad debt?

Why isn't Paulson holding the same gun to the heads of major corporations like Exxon/Mobil, CitiCorp, Bank of America, etc. as the one he's holding to the heads of average Americans?

[marmar]

9. The REAL unemployment rate is already 10 %, if not higher....

n/t

[mrreowwr_kittty]

10. At least. nt

[cabluedem]

13. I agree. Lots of counties all over the country are running at 20% UE right now.

[Rosa Luxemburg]

11. Who the hell does he think he is?

[Hotler]

12. Since when did the necons care about...

American workers? Six million Americans thrown out of work in 7yrs. so the greedy CEOs could hire communist workers.