Tuesday, September 23, 2008

Financial Elite Terrorism—Bushco at work

This is mind boggling in it's implications. Let's dissect this a bit...

White House Dispatches Team to Push Economic Bill

September 23, 2008, 10:42 a.m.
By Keith Koffler
Roll Call Staff

The White House today is drumming up extraordinary pressure on Congress to approve its plan to enact a $700 billion mortgage bailout fund, suggesting the markets cannot wait much longer and dispatching Vice President Cheney and other top officials up Pennsylvania Avenue to jawbone lawmakers.

Cheney, White House Chief of Staff Josh Bolten and presidential adviser Ed Gillespie are meeting this morning with House Republican conservatives, where a rebellion is brewing against the size and questionable free market credentials of the administration proposal.

Yes, that's right— the opposition is coming from House Republican Conservatives. For a quick education, look up Ed Gillespie in Wikipedia: "When Karl Rove also departed in August, the Washington Post described Gillespie as stepping up to do part of Karl Rove's job in the White House" "He also played an aggressive role as spokesman for the Bush campaign during the vote recount in Florida."

Cheney will later gather with GOP Senators at the regular Tuesday lunch. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, who collaborated in drawing up the proposal, are testifying this morning on Capitol Hill in an effort to defend their handiwork.

But Bush himself continues to do little to explain his plan, and he has refused to be questioned about it.

How much you want to bet he doesn't have a clue what they're doing.

Asked during a telephone briefing for reporters today whether Bush was speaking with lawmakers, White House Deputy Press Secretary Tony Fratto said the president is aware of their concerns but that Paulson is the salesman.

At least, that's what they told Bush.

Paulson said Congress and the administration must move rapidly.

Before anyone actually has a chance to read the thing. Hey, it worked with the Patriot Act...

“We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy,” Paulson said in remarks as prepared for delivery. “The market turmoil we are experiencing today poses great risk to U.S. taxpayers.”

Fratto said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.

“It shouldn’t take much analysis to remember what happened last week, which was a very serious freeze-up in our credit markets,” Fratto said. “Our financial markets right now do not need uncertainty, they need increased certainty as to how this rescue plan is going to go forward — and that they can be sure that there is a plan to go forward — and that will begin the correction in our financial markets.”

Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

And here's the clue. They've been working this thing up for months, waiting for things to get so desparate, so critical, that they could spring it on Congress and then force it through before anyone could take a breath.

If it was so serious, why didn't they discuss it with, oh, maybe the Congressional Republican Leaders? I know, it would be asking too much to expect them to discuss it with the folks who supposedly actually run Congress, the Democrats...

This time they're even trying to scam their own Republicans.

Amid growing criticism of the initiative from multiple quarters, Fratto sought to defend its key principles and argue against changes.

He argued that the proposal is being unfairly characterized as a boon to Wall Street at the expense of Main Street, since credit market difficulties also squeeze average consumers. He minimized the need to help homeowners as part of the package — a key demand of Democrats — saying aiding the credit markets will help on its own and noting that Congress just approved a housing bill that includes assistance.

And Fratto sought to beat back efforts to limit the pay of CEOs whose companies would draw assistance under the legislation, saying it would make it difficult for the plan to work “If you provide disincentives for companies and firms out there that are holding mortgage-backed securities and other securities from participating in the program.”

What part of "rule of law" do they not understand? Apparently, any of it. "Making stupid, economy-threatening scams illegal might make crooks oppose it." Do tell.

Fratto noted that some firms holding troubled securities are otherwise successful. “They were not necessarily irresponsible players, and so you have to be careful how you deal with them,” he said.
Yes, and the Mafia built schools and orphanages...Hitler was kind to children... it is a complex world.

Some protesters and newsreporters exercise their constitutional rights and are beaten and jailed without mercy. No one is too concerned about being careful how they're dealt with...

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