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If I wasn't reading it in the Times, I'd think it was a movie.
“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.
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In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.
“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.”
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He got whupped is what happened. Seriously though, he couldn't grab a piece of oxygen.
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MCain's people said that the deal fell apart because the Democrats "let Obama run their side of the meeting." He failed to mention in his "memo" though that he sat silently for 40 minutes while Boehner argued that conservative house Republicans would not get behind the plan.
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Who blew it up? Democrats tried to attach their condition that a percentage of the 700 Billon bailout money should go to ACORN? wtf? Why did Democrats consistently shoot down tighter Fannie Mae rules? Follow the money...ACORN, Fannie Mae, greedy banks. Since the middle 1990s, Democrats have been using Fannie Mae and friendly outside groups to build a political base. ACORN, the Association of Community Organizations for Reform Now, is the "sounds-good-at-first" group, operating all over the country, whose subsidiaries are scandal-prone and repeatedly get hauled into court for bogus voter registrations...
This thing is being politicized on both sides.
...Obama, received Fannie Mae money and likely benefited from ACORN voter registrations. Obama represented ACORN to sue Fannie Mae to reduce the requirements for getting mortgages. Lowering those mortgage requirements set the stage for waves of big bank scams that lined the pockets of the banks, bank officials, Fannie Mae executives, and politicians. Weak supervision allowed them to milk Fannie Mae for money and political advantage. Reckless deregulation didn’t cause this problem; Congressional meddling did.
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ACORN helps people get their finances straight. I've known many who have benefited from their work. Can't take that from 'em.
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Once again Guitarist sees Democrats as the saboteurs, why should we not be surprised? :mswerd:
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The "implosion" was political theater, there was never a deal near closing to begin with. Expect to see more grandstanding and posturing on both sides.
:bs:
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Neither side wants to make a deal because now many of them have to go home and campaign for the Nov elections. They don't want to face angry constituents blaming them for the mess and the bailout. There is genuine fear that the voters will take their anger out at the ballot box.
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The real fear is the so called "conservatives" holding office have pissed off the real conservatives once too often. Combine that with the visceral distain anyone left of Ronald Reagan already harbors for the incumbents and you have the making of a landslide election of historic proportions.
They are scared to death. Outside the deep South and some insular middle parts of the country, there may not be a Republican incumbent left standing after November 4th.
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"This Dodd guy has shown quite a lot of insight and intelligence lately."
He's more famous for his insight and intelligence about how to scam Freddie/Fannie for the big bucks and get sweetheart deals from Countryside. He is the number one recipient of donations from F/F with BHO being number 2.
Between Dodd and Barney Frankly I'm a Crook, they don't want any investigation into the failure of F/F because their finger prints are all over the problem and they know it. Exposure of the Dem's involved in the failure(s) would not be good for the party or their Presidential candidate.
I want a complete independent investigation of the whole mess. I want to know how this happened and who's responsible. Let the chips fall where they may. Culpability will fall on both parties I'm sure, but the tax payers need to know so that regulations can be put in place to assure that this will never happen again. The crooks need to be exposed and gotten rid of. Prosecute those responsible. Clean house.
