Tuesday, September 30, 2008

HR 3997 and Henny Penny - The sky is falling; the sky is falling!

Yes, Henny Penny - disguised as Nancy Pelosi - clucked and flitted and fluttered, "The sky is falling. The sky is falling." And the profit takers sold high and the market dropped. But, the market is up 400 points today. AND the sky hasn't fallen. Look, friends, you haven't lost money unless you sold low. Just hold on... For fun and information, please go to Glenn Beck and click on Politics. You'll find many interviews and commentaries such as the following: Interview: Bush on the Economic "crisis" If you scroll to the end of the interview, you will find an interview with Newt Gingrich on why Henry Paulson should be fired. I agree - Paulson should be "outta there." But then perhaps so should Ben Bernanke. Greenspan is already gone, thank God. Now, Paulson should go and then perhaps to Jail with no Bail. Americans want to see the people who profitted from Fanny Mae in jail. I know that would cost Obama his head financial advisor but again, "affirmative action" appointments are not a "get out of jail free" card. Paulson and the Fed let Lehman Brothers fail as they bailed out AIG. Why? Because Goldman and Sachs (Paulson was a former CEO) had a 20 million or 20 billion exposure if AIG failed and the current CEO of Goldman and Sachs was the only "private citizen" in the Fed's meeting. Can anyone say "conflict of interest?" So Paulson kicked Lehman Brothers (and American citizens to the curb) and bailed out his good buddy from Goldman and Sachs. Hmmm... When one looks at the three pages sent to Congress by the President and Paulson, thing Hillary's Health Care on steroids. It all stinks and Nancy Pelosi knows it. That's why she wanted 100 Republican votes in the "yes" column so she could share the blame. I spoke directly with my Congressman today - face to face, and she did not vote for HR 3997. She said it was terrible. Also, Wall Street doesn't want legislation. What they want can be done by President Bush and SEC Chairman Chris Cox. They want: 1) a letter from Cox ending the use of the "mark to market" procedure and 2) lending regulations so that businesses are not punished if they only lend to people who can demonstrate that they might be able to pay their loans back. What a concept...


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