Wednesday: Hank and Ben's Roadshow Rolls On

The Senate Banking committee got its whacks in today at Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke and their $700 billion Wall Street bailout plan.

Now, the rest of the Hill gets its two cents as both houses work toward something they can pass and President Bush can sign. Congress is scheduled to adjourn on Friday but, based on what Banking committee members said today, back-home districts may have to wait a while longer to see their representatives: We're going to work this out as along as it takes, was the message at today's hearing.

To that end, Paulson and Bernanke continue their road show tomorrow:

* Sen. Chuck Schumer (D-N.Y.) gets another shot at camera time when his Joint Economic committee discusses "The Economic Outlook," featuring Bernanke. 10 a.m., Dirksen 106.

* Rep. Barney Frank's (D-Mass.) House Financial Services committee discusses "The future of financial services: exploring solutions for the market crisis." Paulson and Bernanke are scheduled to appear. Noon, Rayburn 2128.

Here is Frank's first draft of his response to the Paulson/Bernanke plan.

September 23, 2008; 6:43 PM ET  | Category:  business
Previous: Talk To Chuck (Schumer)? Can't. He's on TV. | Next: Morning Briefing: World Markets Mixed on Buffett/Goldman Deal

Comments

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We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself."

-- The 2008 Republican Party Platform, adopted earlier this month

LOL! The GOP is the party of monumental hypocrisy.

OBAMA/BIDEN '08!

Posted by: LH | September 23, 2008 7:54 PM

We hate to agree with Newt Gingrich, but every single politician that votes for any bailout of these corrupt politicans is going to pay a price at the polls, sooner rather than later.

Congress: Don't be such SHEEP! Grow a spine, stand up and refuse to be herded by Bush and his cronies!!! They won't be around to save your rear ends when the shinola hits the fan!

Posted by: People of the USA | September 23, 2008 9:57 PM


Dear Sir,

My name is Mr. Paulson Bernanke, and I am the Head of the Nigerian Branch
of the Treasurey of Homelandistan.

I have the courage to Crave indulgence for this important business
believing that you will never let me down either now or in the future.

First, we must solicit your strictest Confidence in this Transaction.
We are sure and have confidence of your Ability and Reliability to
prosecute a transaction of this great magnitude.

Secondly, as time is of the essence, this transaction MUST BE completed
within three days. Otherwise many monies will be lost due to Disadvantageous
market circumstances!!!

We are top officials of the Homelandistani Government who are interested
in obtaining funds presently held by our government’s treasurey and trapped
in the treasurey by the restrictions over Congress imposed by the ‘Commerce
Clause’ of our Constitution.

The government officials previously set up companies and awarded these
companies contracts which were grossly over-invoiced in various
departments (Pentagon, Aerospace, N.A.S.A., etc, etc.).

We are presently attempting to recover all remaining funds, for the taxpayer's
benefit, of course.

Before these monies are paid out we, as civil servant, are unable to access
these funds directly because of the ‘Commerce Clause” in the Constitution,
and we request that you petition your elected representatives to ignore the
commerce clause and deposit the initial sum of $700,000,000,000 (7 hundred-
thousand-million dollars) into the Homelandistan Reserve Banking Joint
Venture Fund.

We admit that there is a strong possibility that The Supreme Court may find
that the framers of the constitution enabled Congress ONLY to make laws and
NOT to transfer the contents of the treasury to a quasi-government institution,
but we implore you to not petition The Supreme Court to see if this proposed
transaction is constitutional. We MUST keep the courts out of this transaction,
until God-willing, we get a conservative majority, when we won't need you
to do anything.

We already have cooperation of Important members of Congress. But if you will
receive a similar Offer from Democrats, but much dirtier, that is not so Clean
as this one, Please to REJECT other offers and Accept only this TRUE business
Opportunity from US!

But since you are an Adept Person of great Wisdom, I am confident that you
will want to Embrace this perfect Business Opportunity. Please wire transfer
the $700,000,000,000.00 to my Goldman Sachs Account # 0001.

I will contact you as soon as money is received to inform you how you will
benefit from this Opportunity!

Faithfully yours,

Paulson Bernanke
Head, Nigeria Branch
Homelandistan Reserve Bank,


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[ mce - With thanks for the idea to John Charles Webb, commentor on NYT's Lede Blog
http://thelede.blogs.nytimes.com/2008/09/23/following-the-bailout-hearing/#comment-481000 ]

Posted by: mce | September 23, 2008 10:29 PM

hardy har har, vote for bob barr. commom man'll pay, through nose, while polyticians and wall street fat cats skim cream, leavin' voters with skim milk. Oh, well, nothin' changes

Posted by: rlandschoot@stny.rr.com | September 25, 2008 10:15 AM

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