| Please note formatting changes. AoS. |
It was a room full of people who rarely hold their tongues. But as the chairman of the Federal Reserve, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first. When Mr. Schumer described the meeting as "somber," Mr. Dodd cut in. "Somber doesn't begin to just[if]y the words," he said. "We have never heard language like this."
"You have the credit lines in America, which are the lifeblood of the economy, frozen." Mr. Schumer said.
A gross exaggeration. My credit card was accepted last night, how about yours?
But it was clear they continued to examine ways to make clear that the government was stepping up not just to help the major financial firms but also to protect the interests of American taxpayers and families by safeguarding their pensions and college savings, and by preventing any further drying up of consumer credit.
Another distortion. Putting American taxpayers at risk of an additional $1 Trillion in debt will "protect" them? I have no pension or college savings, just some $ in the bank -- and am certain the value of my savings will shrink for every $ the gov't throws down this rathole. Consumer credit is not drying up, but corporate credit (especially between financial institutions) is drying up & for good reason, many are insolvent & want to keep this a secret.
"Democrats said they intended to consider measures to help stem home foreclosures and stabilize real estate values."
Right, make the country safe for seasonal laborers to keep their $750,000 mortgages and keep house prices grossly elevated so that the rest of us can't afford them.
The amount discussed in this meeting was not specified until Sen. Richard Shelby was interviewed on TV this morning. |