Saturday, September 20, 2008

Stunned and Clueless....,

Look at all the clowns on the bandwagon wanting to "do something" even though "No One Knows What to Do".

Clowns On The Bandwagon
  • President Bush via White House spokeswoman Dana Perino
  • Senate Banking Committee Chairman Christopher Dodd
  • Senator Charles Schumer
  • Representative Paul Kanjorski
  • Senator Richard Shelby
  • House Speaker Nancy Pelosi
  • House Majority Leader Steny Hoyer
  • House Financial Services Committee Chairman Barney Frank
UPDATE - BUT THEY HAVE EXTENDED A $700 BILLION LINE OF CREDIT!!!!!!

Congressional Leaders Stunned by Warnings

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.

Credit Crisis Out of Control- US Government Admission "No One Knows What to Do"

In the wake of Global Financial Seizures that has affected housing, the stock market, and bonds Reid Says `No One Knows What to Do' to Solve Crisis .

The U.S. Congress is unlikely to pass new legislation to overhaul financial regulations this year because "no one knows what to do,'' Senate Majority Leader Harry Reid said today.

"We are in new territory, this is a different game," Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson "know what to do but they are trying to come up with ideas," Reid said.

White House spokeswoman Dana Perino said today that the administration is willing to consider a suggestion in Congress to have the U.S. buy distressed mortgages, akin to the role the Resolution Trust Corp. played in disposing of bad debts of from savings and loan associations in the late 1980s and early 1990s.

Senate Banking Committee Chairman Christopher Dodd said the Federal Reserve has the authority to act as an "effective Resolution Trust Fund" to buy up and dispose of bad debt stemming from the subprime mortgage crisis.

"The Fed has the authority to move in this area," Dodd told reporters in Washington.