Post by unlawflcombatnt on Jan 28, 2010 4:02:58 GMT -6
I missed super-weasel Geithner's testimony on the AIG bailout. (If someone heard it, could you post some of it here?)
But I did hear Paulson.
$85 billion of AIG's bailout came from the Federal Reserve, and completely bypassed any Constitutionally-required appropriation by Congress. Paulson flat-out said as much.
Under further questioning, Paulson said all that money ultimately comes from taxpayers--including the money printed by the Federal Reserve. (Hat tip to MA Congressman Tierney from MA for waterboarding this information out of Paulson.)
Tierney further questioned Paulson on how the failure of AIG would have affected mainstreet, and Paulson floundered around and barfed up something to the effect of "mainstreet businesses wouldn't have been able to finance their operations."
What complete B.S. Are all small businesses borrowing from Wall Street investment banks to finance their day-to-day operations??
Congressman Souder from Indiana asked Paulson why AIG's counterparties got 100 cents on the dollar, while the auto industry and other truly productive endeavors got only 10 cents to 25 cents on the dollar. Paulson barfed up something again, but it made so little sense that I couldn't even write it down.
Super-sleazeball Congressman Paul Kanjorski from the state of Wall Street tried to defend Paulson. No one in the room bought it. (Except maybe Paulson.)
Congressman Stearns from Florida went after Paulson so viciously (and deservedly so) that it looked like he was going to jump over the rail and bite Paulson. (Stearns' "handlers," however, held him back.)
With the exception of Kanjorsky, Paulson got a well-deserved bipartisan colonoscopy from the committee members.
This was clearest explanation I've heard of how AIG got $85 billion of taxpayers' money without a Congressional appropriation. Those involved with this un-Constitutional action should be looking at felony charges--which means Bernanke and Geithner at minimum.
The Federal Reserve needs to be abolished, and very soon. It's nothing but a criminal conspiracy by the banking and financial industries.
It was never designed to "protect" the financial system.
It was designed to "protect" the financial industry gangsters who abuse it.
But I did hear Paulson.
$85 billion of AIG's bailout came from the Federal Reserve, and completely bypassed any Constitutionally-required appropriation by Congress. Paulson flat-out said as much.
Under further questioning, Paulson said all that money ultimately comes from taxpayers--including the money printed by the Federal Reserve. (Hat tip to MA Congressman Tierney from MA for waterboarding this information out of Paulson.)
Tierney further questioned Paulson on how the failure of AIG would have affected mainstreet, and Paulson floundered around and barfed up something to the effect of "mainstreet businesses wouldn't have been able to finance their operations."
What complete B.S. Are all small businesses borrowing from Wall Street investment banks to finance their day-to-day operations??
Congressman Souder from Indiana asked Paulson why AIG's counterparties got 100 cents on the dollar, while the auto industry and other truly productive endeavors got only 10 cents to 25 cents on the dollar. Paulson barfed up something again, but it made so little sense that I couldn't even write it down.
Super-sleazeball Congressman Paul Kanjorski from the state of Wall Street tried to defend Paulson. No one in the room bought it. (Except maybe Paulson.)
Congressman Stearns from Florida went after Paulson so viciously (and deservedly so) that it looked like he was going to jump over the rail and bite Paulson. (Stearns' "handlers," however, held him back.)
With the exception of Kanjorsky, Paulson got a well-deserved bipartisan colonoscopy from the committee members.
This was clearest explanation I've heard of how AIG got $85 billion of taxpayers' money without a Congressional appropriation. Those involved with this un-Constitutional action should be looking at felony charges--which means Bernanke and Geithner at minimum.
The Federal Reserve needs to be abolished, and very soon. It's nothing but a criminal conspiracy by the banking and financial industries.
It was never designed to "protect" the financial system.
It was designed to "protect" the financial industry gangsters who abuse it.