The Senate today had a hearing during which the Banking, Housing, and Urban Affairs Committee politely questioned Ben Bernanke and Henry Paulson.
Ben Bernanke is the Chairman of the Federal Reserve. The Federal Reserve is a banking cartel that controls the printing and distribution of our currency. The creation of the Federal Reserve in 1913 was unconstitutional.
Henry Paulson is Secretary of the Treasury. The Bush administration wants him to have absolute control over the $700 billion bailout with no oversight or input from anybody.
I do not trust either of these men. Neither should you.
Some highlights from today.
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Watch how both Ben Bernanke and Henry Paulson have minor panic attacks in response to the idea of asking the "institutions" that take our money being asked to give something back if they end up successful:
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Senator Schumer: If you don't plan to spend all the money in the next three months anyway, why can't you take some of the money now, like $150 billion, and if your idea is working, Congress can give you more in a few months?
Henry Paulson: "I think that would be a grave mistake. I think what this is about is market confidence."
So, in other words, give me all the money right now because this is about making people believe that everything is okey dokey with the financial markets.
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Senator Sherrod Brown of Ohio is the first to speak for me. It was 3 hours and 29 minutes into the hearing.
And notice how quick Ben Bernanke is to assume we're a bunch of idiots.
Also, I'd like to point out that deliberate greedy actions taken to make someone's friends and families filthy rich are not "mistakes". And Ben Bernanke of the Fedreal Reserve does not think those people owe us an apology in exchange for $700 billion dollars.
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The first time I said, "Exactly!" out loud today.
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What?! Did you guys know that Henry Paulson was the CEO of Goldman Sachs until mid-2006? I didn't. Just when I thought I couldn't possibly trust him any less...
In the first video clip posted, Judge Doom Paulson said that he is very frustrated with the issue of executive compensation.
Oh really?
In the May 30, 2006 CNN Money article that announced President Bush's decision to appoint Henry Paulson as Treasury Secretary, the following was revealed:
Paulson made more $38 million in 2005, according to Goldman's proxy statement, with most of that, $30.1 million, coming from restricted stock awards, and stock options valued at $7.3 million. He got $29.2 million in stock grants in 2004 and $20.8 million in 2003, on top of his base pay of $600,000 each of the last three years.
His Goldman stock holdings at the end of 2005 were worth just under $700 million at current prices, not including the value of his stock options.
Looks like he personally had a lot to lose when Goldman Sachs got into the failure game.
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This is a Republican talking.
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Even the Republicans are with Senator Schumer on the "What's the rush?" argument against $700 billion at once.
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Senator Dodd addresses Section 8 of Paulson's proposal which doesn't allow anyone to know what he's doing with the $700 billion.
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Am I the only one that feels like Roger Rabbit?
2 comments:
Hi Jen,
"So, we swiped all the cookies in the cookie jar. Won't you please refill the jar ... so we can go on swiping some more? And don't even think you should question our entitlement to this welfare for the greedy. After all, you need our expertise to keep this rotten system going."
...just an attempt to paraphrase what seems to me to be going on here.
Peace,
..Rock
Nicely informative. Perhaps one piece of regulation that might be passed is a compulsion for the American people to watch these hearings every evening, instead of the rubbish they normally view. They might just learn what a crooked bunch are in charge of their lives.
Paulson was with Goldman Sachs from 1974 until he took over from John Snow as Treasury Secretary in 2006. He is totally and utterly "one of them".
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