According to today's hearings, the Fed has no position on the $700 billion dollar bailout. It claims it had no position on bankruptcy reform in 2005.
Treasury Secretary Paulson says he did not see it coming as CEO of Goldman Sachs from 1999-2005 because he was dealing with all of the regulators.
Mr. Paulson.
The root cause is not the housing correction. Its the deregulation of financial derivatives! Where is the MEDIA!!
These circumstances are unprecedented because DEREGULATION caused the risk bubble to build. CONCENTRATION increased the speculative scale.
This is not a done deal yet. Stipulations could come on board. Maybe a levy on the industry? Why not just let people renegotiate at lower rates? Ah. Because the point is for both a bailout and a seizure of assets back by the militant bankruptcy reform laws.
Congress needs to stop this executive over-arching.
Treasury Secretary Paulson says he did not see it coming as CEO of Goldman Sachs from 1999-2005 because he was dealing with all of the regulators.
Mr. Paulson.
The root cause is not the housing correction. Its the deregulation of financial derivatives! Where is the MEDIA!!
These circumstances are unprecedented because DEREGULATION caused the risk bubble to build. CONCENTRATION increased the speculative scale.
This is not a done deal yet. Stipulations could come on board. Maybe a levy on the industry? Why not just let people renegotiate at lower rates? Ah. Because the point is for both a bailout and a seizure of assets back by the militant bankruptcy reform laws.
Congress needs to stop this executive over-arching.
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