Congressional Leaders Stunned by Warnings

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WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
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Sending Pink Slips - That's a GREAT IDEA

Awesome..... everyone can get behind THAT idea!! LOL

"Many of us agree that you and I have no right to use coercion against people who don't owe us anything. The same prohibition applies to groups of people who constitute the government. The reason is simple: unjust acts do not become just when legalized. "

"Many of us agree that you and I have no right to use coercion against people who don't owe us anything. The same prohibition applies to groups of people who constitute the government. The reason is simple: unjust acts do not become just when legalized. "

the chicken little democrats spend years calling out the

admin on their lying, then turn around a month before the election and recklessly stake their chances on believing Bush, when he is so blatantly pushing/scaring for what he wants as opposed to what really is, or will necessarily be! Maybe I'm missing something here, and I do recognize there are nuances. But the overall impression to me is that they have fallen for a trap.

The sky is falling!!!

That's not how the two party system works.

Blaming each other doesn't work when the "national interest" is at stake. For "national interest" read "their interests".

"As for me and my home. We will read Peter Schiff."

Stunned? That's laughable.

Stunned? That's laughable. These idiots have been running the country on paper and plastic for over 4 decades and they're stunned? I thought the Federal Reserve was the "lender of last resort". Why don't the government tell the banks to do what they do, just have the Fed send up a bunch of them little pieces of paper they call money and the problem is solved...oh wait, that's exactly what they're doing......jeeez we are so screwed, and the people in this country, the ones that are going to be crushed, are so absolutely ignorant sometimes I feel like RP when I try to tell them what's happening. All I can do is bite my lip and think of Dr. Pauls quote..."make fun buddy".

Miamisburg, Montgomery County, Ohio

Reid says

He'll keep them there till its a done deal. They aint feelin us yet. Contact Reid. No to any bail out attempt !!!!!!

"Obamney care," Nuff said.

Dodd's conflict of interest

He accepts a huge campaign contributions ($70k) as a Presidential candidate from a bank while he is on the Senate Banking and Finance committee.

He's been paid for. This bill of his was most likely written by banks for banks. I haven't read it, but have heard that it will change/limit the banks exposure to loss to a mere 10% loss. No wonder they aren't reaching out to people who are upside down on their mortgages and modifying the amounts.

I know someone who will be defaulting on his loan on purpose for $300,000 and have his fiance buy the same house across the street for $200,000 in her name, saving $100,000.

R3VOLution

thanks link works great now!! :))

and WOW great read....(sadly)

Create the crisis

Then bring forth the solution. How many times has this happened by the same players over and over. If you don't go along with it of course you are unpatriotic. It works, and I am sure this time will be no different. I wonder what Ron Paul is saying to this. Anyone?

buy up or CALL in $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

The ONLY ,ONLY, ONLY way for a meltdown, is if it is planned &/or the POWERS are calling in their money, in order to impliment something else .....GOT any idea...
says

Mafioso

If we don't bail out these criminals, the whole system may collapse. Innocent Americans may loose their 401k, IRA's etc.

This may very well be all true. But...

If you own a business the Mafia is interested in and you refuse to pay up, your business may burn. Your knee caps may get shattered.

What Bernake and Paulson are doing is no different than Vinnie and Veto stopping by your restaurant and threatening to burn it down unless you give up some VIG.

The sooner we stand up the better.

May our efforts in support of Ron Paul's Campaign For Liberty be blessed with supernatural productivity and success!

He probably told them

that their cushy retirement incomes and perks might be jeopardized if they didn't bail out the bankers.

That would strike fear into any gov't worker..

Yeah and Saddam had WMD

Bush and his cronies engineer another "emergency".

Henry Paulson will go down as the greatest financial thief that ever lived.

This is nothing but a power grab by the neo-cons, they stay in charge of Foreign policy and financial policy, it doesn't matter who is in the White House.

I'm more afraid of Paulson's FWMD

Financial Weapons of Mass Destruction!! I'll take my chances on the other ones....actually we are self imploding, so the terrorists are just watching with glee from the sidelines.

R3VOLution

someone else mentioned- i think china that

this bailout/loan-whatever they are calling it at present is a WMD. i agree. let us round up the terrorists and send them to the same places the other terrorists are kept- you know, the ones that tried to whistleblow but were caught up in b.s. and forced to resign or simply had "accidents" i realize that the dollar will fall no matter what we do, so let us not give the crooks the last laugh.

~peace

~peace

reply

Voter turnout is going to be unbelievable, many of these crooks are finished on Capital Hill.

Schumer is a shmuck...

helping his buddies in New York. He is the biggest communist and all around non-constitutionalist there is.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

I agree... then kennedy I

I agree... then kennedy

I am more concerned about the return of my money than the return on my money. --Mark Twain

“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)

Hey McCain-----┌П┐(◣_◢)┌П┐

If these representatives were stunned

then they have no business representing us. If they weren't smart enough to see what was happening years ago, why are we wasting our money paying them an annual salary? In addition to all the money in benefits they cost us, like pensions and health insurance etc.. If they aren't that smart, then how would they ever know what Bernanke, Paulson and others, who are looking out for their Wall Street cronies, are telling them is true or just overstating the alleged dire situation...in my opinion, they wouldn't.

I say give 99% of them "pink slips." Let them try and earn a living in the real world like the rest of us...no more free rides for them. I have no doubt that would be a real culture shock for them. And that goes for Obama and McCain as well. Dump them all. Except Ron Paul, of course...he's the only one who saw this coming.

One other thing, if a large portion of the people in this country are unable to afford health insurance why are we paying the insurance for our alleged representatives? I say alleged, because there's a big question as to whether or not they are representing "We the People."We need to start cutting costs, lets see what can be cut out of their benefits.,.health insurance and pensions would be a good start. Might start paying them by the hour...that would be a big savings right there, considering their very limited work week.

Maybe if we mailed all of them "pink slips" they might get the message. LOL

hahahahah pathetic. so when

hahahahah pathetic.

so when citizens reach a point where they begin to romanticize the idea of relishing in their country's own ruin, are they by definition insane?

if so i think that there are a lot of us here in this community, myself included, that are insane. senators, on the other hand, have much much more to lose.

This outfit of goobers

This outfit of goobers couldn't have been STUNNED unless they've been hiding in caves for the past 10 years. Gimmie a break.

Is it possibly that bad? YUP

But I still wouldn't trust Schumer and Dodd as far as I could throw them
at telling us the truth, even with this ordeal. It seems this is a lot of political
posturing and fear mongering in order to the get the deal through and the banksters saved. DEMOCRATS have so thankfully saved us all!

More bullshit, even though we have a SERIOUS crisis going on.

Puppets come and puppets go but the world's stage is getting cluttered.

It wouldn't take

much to "stun" most of those clowns......Some "leaders" they turned out to be.

your link is not working..

do you have a good one?

Leaders Stunned

Why haven't these "Leaders" been listening to what Dr. Paul has been telling us for years?? Bunch of arrogant bastards! How are they going to face their constituents??

Get the life boats ready

the ship's going down!!!!!

Got no life boats

Just a couple of "swimmy arms" and the waters are shark infested.

" In Thee O Lord do I put my trust " ~ Psalm 31:1~

" In Thee O Lord do I put my trust " ~ Psalm 31:1~