It seems that earlier pronouncements of a deal on to bailout banks with bad mortgage loans were premature:
Top congressional leaders from both parties, including Democratic presidential candidate Barack Obama and Republican nominee John McCain, met with President Bush and key Cabinet officers at the White House today to try to close a deal on a massive rescue package for the U.S. financial system, but the meeting broke up without any sign of agreement.
The late-afternoon gathering came hours after House and Senate negotiators emerged from a closed-door meeting and said they had reached an accord on basic principles governing a plan that they hoped to pass soon but that was running into stiff resistance from some congressional Republicans.
In opening the White House meeting, Bush expressed hope that an agreement on the overall plan could be reached “very shortly.”
“We are in a serious economic crisis in the country if we don’t pass” the financial rescue legislation, Bush said.
“We know we’ve got to get something done as quickly as possible, and this meeting is an attempt to move the process forward,” Bush said. “My hope is that we can reach an agreement very shortly.” He thanked legislators “for working long hours . . . to come up with a solution that’s bipartisan and that’ll solve the problem.”
But after the meeting broke up about an hour later, the top Republican on the Senate Banking Committee, Sen. Richard C. Shelby (Ala.), who strongly opposes the bailout, told reporters, “I don’t believe we have an agreement.” He said he voiced his concerns in the meeting, calling attention to a letter from leading economists that lays out objections to the plan. The bailout plan “will create more problems; we’re rushing to judgment,” he said in summarizing the economists’ argument.
“I brought it up in the hearing,” Shelby said. “I’m probably not welcome again.”
Because the last thing anyone in Washington wants to hear is the truth.
September 26th, 2008 at 12:55 am
[...] Wall Street bailout. Once more, Shelby is standing up to his own president (Washington Post via Below The Beltway): . . . the top Republican on the Senate Banking Committee, Sen. Richard C. Shelby (Ala.), who [...]
October 1st, 2008 at 6:15 am
No deal today either. Say did you know many of the fat cats who circulate from board to board and from job to job throughout the financial industry are also members of the Bilderberg Group and or the Trilateral Commission, founded respectively in 1954, and in 1973, in New York City? When someone takes your money and steals your car, it makes an impression. When they belong to such a shadowy political clique, it leaves an indelible impression. Many elected officials even belong to these cabals, hence the secrecy. When Bill Clinton eased banking restrictions, he dished out $8-billion dollars for “community reinvestment loans.”
When the financing schemes fell through, as is their wont whenever 30-million Mexican nationals buy inflated properties and default, it left banks in the lurch. Hillary Clinton counted on the Politically Correct loan giveaways to buy votes. Interestingly enough, had Hillary secured the nomination; she, instead of Barack Obama would preside over the bailout. So, where’s that $8-bilion plus dollars? Where’s Hillary? Why the caveat in Section 8 of the bailout: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency?”
The Global Initiative people (code speak for car thieves) took my money; they did in fact steal my car. If you or I did half the things these people have done, we’d be serving consecutive life sentences. Wise up, get angry, and let the bubble burst. Besides, a bailout guarantees nothing. We’re going to be just fine. You have my word on it. “You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.” –Andrew Jackson, to fraudulent financiers, 1832. Gentlemen, I want my money back: http://theseedsof9-11.com