| Jamie Dupree |
President Bush Speech On Wall Street Bailout
The decision was announced by the White House around 1pm and related to reporters in an afternoon White House Pool Report.
"Reason for timing is Congress is closer to a solution, and he (Bush) feels he should speak directly to the American people and Congress," said the report from a conversation with Press Secretary Dana Perino.
"Everyone will tune in tonight because we are facing a once in a century crisis in our financial markets," Perino said.
The announcement of the speech came as reports circulated that the White House has given in on the issue of limits on CEO pay and benefits for those companies that take the bailout.
That had been initially opposed by the White House.
One interesting note - as the White House prepped tonight's speech, one report on the bailout had this to say:
"Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke are gaining ground in their bid for a $700 billion plan to rescue the nation's financial system," said an afternoon report by CQ Politics.
In other words, yeah there's a lot of what the late Sen. Jesse Helms might have labeled "muleing, kicking and crying," going on.
But the White House should have the votes in coming days after making some changes in the bailout bill.
What others are saying
- Repeal The FedThere is only one way out of this mess, and the answer is Congress. I know nobody likes or trusts congress. Congress and their Fed supplied "blank checkbook" helped get us into this mess.
But we are in this mess. We are in the midst of the collapse of a $1 QUADRILLION (that is $ 1000 trillion) derivatives bubble (roughly half OTC derivatives, the other half other derivatives per the BIS, see here pg 24, here, here). The Fed, especially under Greenspan allowed and even encouraged the creation of the derivatives bubble.
We are not going to bail this one out. Not with $700 billion dollars. Not with $5 trillion dollars. This "rescue package" is a pipe dream.
Congress, and only congress has the constitutional authority to solve this problem. They are charged to create US currency and maintain a system of national credit. The constitution is the only thing we have right now. We don't have money to buy our way out.
Congress with the stroke of a pen can nationalize or outright aboilish the Federal Reserve System, the very system that allowed and even encouragred the creation of the $1 QUADRILLION derivatives bubble. Congress can create a new currency. Congress can choose to keep both systems going simultaneously as we transition into the new currency.
BUT CONGRESS MUST ACT NOW, and stop screwing around with rearranging the deck chairs on the Titanic. Congress needs to build a new ship to come along side the Titanic and allow the passengers (that's us folks) to transfer before it's too late.
TELL YOUR CONGRESSMEN TO:
www.TakeBackTheFed.com
www.AbolishTheFed.info
www.RepealTheFed.net
www.RevokeTheFed.com
www.NationalizeTheFed.com
www.xFed.mobi (for mobile users)
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