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Interesting C-Span Testimony About Bailout Fear Mongering

I've been pretty disturbed about the amount of fear mongering being applied to pass the bailout bill. This is some interesting Congressional testimony from Rep. Brad Sherman about the pressure that was applied in private meetings with the US Treasury and the administration.

"Many of us were told in private conversations that if we voted against this bill on Monday the sky would fall, the market would drop 2000-3000 thousand points the first day and a couple thousand the second day, and a few members were even told there would be martial law in America if we voted no."

Full C-Span testimony here Some other claims are made which have been publicly echoed by several other members on Congress in the last day.

Posted by Matt Heaton on 10/03/2008 12:31 AM

Comments (19)

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19 Comments on Interesting C-Span Testimony About Bailout Fear Mongering

OCT

2008

It's horrible. The same people who couldn't fix it over the past 7 years now tell us we have to pass something now. And now the bill is 400 pages long and has money for bicycles and wooden arrows. It's a joke.

Carl: That's not the worst of it, multiple members of Congress have now publically made the claimed much of this bailout money may be going overseas to buy bad loans from the China and the Saudis. It sounds like an absolute conspiracy theory which is why I haven't mentioned it yet on this blog but the claims are being made.

Brad Sherman also made this same claim on CNBC earlier today and Senator Jim Demint talked about the foreign asset purchases in multiple radio interviews. They both claim the Bush administration has threatened to veto the bill if provisions allowing for the purchase of assets held by foreign institutions is removed from the bill.

Matt- None of this surprises me one bit, especially the money going overseas. We import everything anyways, so why not import some of their bad debt. Our government is about helping other countries before our own anyways (ie. liberation of Iraq, fight AIDS in Africa instead of here).... And we wonder why Illegal Immigration numbers are starting to drop LOL

GREAT INFO THANKS

This is a sad commentary on the state of our nation. I keep telling folks we've endured a great deal since the revolution, but the people on the Hill seem to be doing everything in their power to bring the country to its knees.

Matt, I saw this video this morning. It doesn't surprise me. I just don't believe these guys any more. Were they telling the truth a few months ago when they said the economy was strong or were they just trying to avoid a panic? Now are they trying to create a panic?

It's getting interesting. Many of those "conspiracy theories" are starting to look more and more plausible.

(((sigh))))

Thank god, there is some guy who knows the truth in the congress. That is exactly the reality. This country should fire all those fear mongering politicians.

I keep wondering if this 'fear mongering' is a repeat of the 'weapons of mass distruction' fiasco. I couldn't believe it when I heard about the wooden arrows earmark that was added.

Cleve blogger Bill Callahan excerpted Sherman's comments on fear mongering and you can read them here. I personally agree with you Matt, and Elaine. I'm not sure this was the best thing to happen but I guess now we will find out.

Troubled -- Yes. Surprised --No. We've gotten virtually nothing better from the cancerous clowns in DC for 100 years. What would make anyone expect anything better now?

Wow, now that's pressure. Who could blame them for voting yes with that kind of weight on their shoulders. Bummer too, because it's probably all bull----.

OCT

2008

I kind of feel like Missy.... ((sigh))

Maybe one day we will figure out why this was necessary.

OCT

2008

Matt, here it is 4 days later and we are still don’t know anymore today. EXCEPT that now corporations (not just lending instituations) will also get a bailout if they need it - GE, Caterpillar and the likes THAT NEED MONEY TO MAKE THEIR PAYROLL. Hey – who do I write to to put my name in the mix. I HAVE PAYROLL COMING UP IN 8 DAYS. My business has also been hampered by all their fear mongering tactics too! I really wish this time there was something we could do – but what? Just keep watching and praying that someone with a shred of decency and honor will come forward and stop this madness. I can’t wait till November 4^th! And I can only pray that we end the republican hold (wrench) that's around our country.

Raleigh Realtor – Pamela St. Peter

I agree with Lee and Pamela (sorry I don't know which one of you is typing!). I think the bail out was a mistake but I hope I am wrong. What is aggravating me today is the Bernanke statement that the economy is weaker than they thought it would be 'because of the European market.' How dumb do they think we are? The European markets were struggling with the same issues at the same time we were (are) and it's been all over the press. This is not news and not a good statement by Bernanke. I'm thinking the small business bail out and mortgage lender for the sub prime issues might have made more sense. For sure it seems to make more sense to me to deal with individual issues and not just throw billions of dollars out there. And now it's up to 900 billion, if I'm hearing right, not 700 billion. I think our Congress was too quick to buy into this. Again, I hope I'm wrong

Hey Matt, Isn't it true that in the process of all these private entities being "rescued" or "bailed out", the net effect is the nationalization of private enterprise? Didn't some guys named Marx, Lenin, & Stalin advocate that sort of thing?

OCT

2008

This doesn't surprise me somehow. I think this whole mess will blow up in ways we can't even fathom yet. The Fear card just doesn't play anymore, as far as I am concerned.

OCT

2008

Matt, Thank you so much for you continued dedication to keeping us abreast of the changing markets. I've religiously reblogged your posts to my local area.....so that I can point my consumer to your posts. You've been so responsible and I am so grateful for the learning and knowledge you have provided. I feel the responsibility to move it forward. Thank you for your continued efforts. They do make a difference. Our future is uncertain....but the vallue of knowing that is so crucial!

OCT

2008

We ain't seen nuthin yet. It's going to be a long and cold winter for a lot of folks.

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Interesting C-Span Testimony About Bailout Fear Mongering

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