Paulson, Bernanke testify, get grilled

Lynette Flatts, NC — Tue, 18 Nov 2008 21:42:31 GMT

What is really funny is that it's Barney Frank that is doing the grilling. Barney is probably the biggest reason that we're in the mess we are today. When Paulson and Bernanke were asked by Barney if they would 'Tell the Truth, and nothing but the Truth', they should have responded to Frank 'Only if you do!'.

Paulson, Bernanke testify, get grilled

Beverly in Chicago — Tue, 18 Nov 2008 21:44:03 GMT

Treasury Secretary Henry Paulson, Federal Reserve Chair Ben Bernanke and FDIC Chair Sheila Bair:

Even Pelosi said in a statement… “A restructured, competitive American automobile industry will continue to play a crucial role in our national economy and in the global marketplace,". Besides, it’s not taxpayer’s money; it’s a loan. President Elect Obama will not negate the UAW. I don’t agree to millions of dollars pay for the big guys. 355,000 US workers are directly employed by the auto industry, and an additional 4.5 million work in related industries. Take for just one example: rubber from Liberia to firestone workers will be curtailed. That means other industries will have unemployment, or depressed wages, no mortgage payments, no care payments, no healthcare, pensions, Since republicans did the deregulations, these other 4.5 million workers in related industries all will spiraled down, consequently the signs and symbols of a depression WILL LOOM. Outsourcing to sweat shops is the greedy pigs’ of this conglomerate of opposers only way to put more money in their snots.

Paulson, Bernanke testify, get grilled

Freddy Yang, IL — Tue, 18 Nov 2008 21:48:29 GMT

FR -- Not mincing words, Ackerman added, "This seems to be the second-largest bait and switch ... second only to the arguments used to invade Iraq."

Democrats should have there own game show. Oh wait, they do, "Are you smarter then a 5th grader?". Apparently the Democrats are not.

The sun coming up every morning confuses Democrats.

Paulson, Bernanke testify, get grilled

TEC-spring-TX — Tue, 18 Nov 2008 21:49:28 GMT

Politics will ruin our lives. I am not sure why Paulson and Bush are reluctant to help the auto industry. It was the auto industry in WWII that stopped producing cars and ramped up armaments productions. If we do not keep a strong industrial base then our national security is at risk. What will we do out source the production of military hardware to Japan and China? Will that Hummer come from Indonesia? Will the bulletproof vest be made in Columbia, The M1 in Brazil and the bullets in India?

Paulson, Bernanke testify, get grilled

Full Moon — Tue, 18 Nov 2008 21:52:55 GMT

Paulson, Bernanke testify, get grilled

Miss Piggy — Tue, 18 Nov 2008 21:53:07 GMT

It's going to be so much fun watching the Democrats in charge. They won't be able to shovel money out the door fast enough at the Capital. They'll have to install a conveyor belt to fill up the trough for all the pigs eating their free lunch. They should just to the shoveling at Obama's inaugeration. The people that will be feeding at the trough will be the same ones there to watch Obama get sworn in.

Paulson, Bernanke testify, get grilled

jawillie, Philadelphia, PA. — Tue, 18 Nov 2008 21:53:35 GMT

HEY EVERYONE, THE DOW IS UP 115 POINTS TODAY! GEE, I GUESS THE 'OBAMA RECESSION' IS OVER.

On the posting, to quote Keith O. "Today we're calling it a bailout, tomorrow we'll be calling it the reason daddy went to jail"

63 Days Until Inauguration Day!
http://jawillie.blog.com

Paulson, Bernanke testify, get grilled

Pat, Boston, MA — Tue, 18 Nov 2008 21:54:29 GMT

Paulson is just going to help his friends - JP Morgan, CitiGroup, Bank of America, Goldman Saks, Wells Fargo.

It is our fellow Americans in Detroit who need assistance. Get rid of the current executives - bring in new blood - and then bring some auto makers over from Japan to assist in kick starting a new generation of automobiles. The workers will do the rest. They always have.

Paulson, WHAT ABOUT the foreclosures in this country? Do you care? Nope. You're too rich to care. Same goes for your pals.

The rich take care of the rich. You have no business being the Treasury Secretary.

Paulson, Bernanke testify, get grilled

Barnum Was Right — Tue, 18 Nov 2008 21:55:55 GMT

Pelosi -- Besides, it’s not taxpayer’s money; it’s a loan.

HAHAHAHAHAHAHAHAHAHA!!!! Oh wait, she serious? So tell me Ms. Pelosi, when do I see my dividend check show up in the mail for this "loan" I'm giving to the automakers?

Paulson, Bernanke testify, get grilled

Eric, Salinas, CA — Tue, 18 Nov 2008 21:58:02 GMT

I am so tired of Congress grilling these buffoons from the White House. When will they get some cajones and actually do something punitive to these liars? Looks like the White House is just acting like they got a blank check and will do anything they want to rather than what they were supposed to to help out the distressed homeowners. We wasted $700 billion to allow the banking industry to consolidate with mergers. So much for increased competition.

Paulson, Bernanke testify, get grilled

Full Moon (mad as hell) — Tue, 18 Nov 2008 21:58:19 GMT

The clowns in congress just can't get their act together. Reminds me of the Detriot Lions .... and the Detroit automakers. NO BAILOUTS. Make 'em file bankrupcy.

Paulson, Bernanke testify, get grilled

Dewey Union — Tue, 18 Nov 2008 22:00:55 GMT

>> Paulson is just going to help his friends - JP Morgan, CitiGroup, Bank of America, Goldman Saks, Wells Fargo.

Obama is just there to help his friends - The AFL-CIO, Teamsters, UAW, NEA.

Paulson, Bernanke testify, get grilled

Indie Woman in Denver — Tue, 18 Nov 2008 22:01:03 GMT

Grill, baby grill! Paulson, et al., must be held accountable for their actions. Maybe they're doing the "right" thing and it just hasn't worked yet, but in any case they need to keep Congress appraised of what they're doing before they blow through the whole amount. And clearly, we need to ensure that anyone who gets bail-out money is held to a strict standard about what NOT to use it for (CEO compensation, dividents, etc). This should also -- especially -- apply to AIG.

Paulson, Bernanke testify, get grilled

Indie Woman in Denver — Tue, 18 Nov 2008 22:04:07 GMT

In reply to Miss Piggy's comments about Democrats shoveling money out the door... WHO DO YOU THINK ASKED FOR THE SHOVELFUL OF MONEY, and IS CURRENTLY DOING THE SHOVELING??? It's the Bush Administration, NOT the Dems.

Paulson, Bernanke testify, get grilled

Lazy Jane — Tue, 18 Nov 2008 22:04:51 GMT

jawillie -HEY EVERYONE, THE DOW IS UP 115 POINTS TODAY! GEE, I GUESS THE 'OBAMA RECESSION' IS OVER.

-----------

While sure it is, except for the fact the DOW has dropped 2000 points since the election. But Obama's promised heavy and ham-fisted tax increases don't have anything to do with that. And liberals don't care about the market anyway. They live in communes where everything is taken care of for them.

Paulson, Bernanke testify, get grilled

Chris, MI — Tue, 18 Nov 2008 22:08:42 GMT

TEC-spring-TX, they already DID outsource production of much of our military hardware in the past eight years.

I work for a defense contractor. My coworkers are frightened because they believe Obama will cut the defense budget when President and they will lose their jobs. Having contracted to the defense department during the Clinton years, I can say that cuts don't always affect outlying contractors, but more to the point: administrations like President Bush's are not blanket good for the military. They reward their FRIENDS, so contracts for which you could have bid are now handed without competition to a company that may or may not have the lowest cost proposal or be best suited to the work.

Cronyism doesn't pay my paycheck. I'd be more than happy to bid in a competitive system again.

Paulson, Bernanke testify, get grilled

Tex Watson — Tue, 18 Nov 2008 22:10:40 GMT

Asside from that little hiccup,it looks like he has had a stellar performance. I say let POTUS-Elect Obama tap him in for the job.

Kevin St Pete FL (Sent Tuesday, November 18, 2008 4:10 PM)

-------------------

Except for that little hiccup one night in LA, Charles Manson is a pretty good guy.

Paulson, Bernanke testify, get grilled

Larry, Portland, OR — Tue, 18 Nov 2008 22:12:41 GMT

So, Paulson took money from me and gave it to the big banks so they could turn around and lend it back to me with interest? This guy is a criminal and should be sent to prison!

Paulson, Bernanke testify, get grilled

declan, boston ma — Tue, 18 Nov 2008 22:14:02 GMT

Tell Barnum you don't get dividends from loans

Paulson, Bernanke testify, get grilled

BARNEY FRANK HELPED CAUSE THE CREDIT COLLAPSE! — Tue, 18 Nov 2008 22:44:47 GMT

BARNEY FRANK SHOULD STAY IN THE AIRPORT MENS ROOM STALL.

Paulson, Bernanke testify, get grilled

mrspooder, IL — Tue, 18 Nov 2008 22:56:36 GMT

They don't use the money for which it was intended? Then I say they don't get any more. Shame me once, that's my fault, but you won't shame me twice. Also, whoever said the money is in the bank's equity, not going to CEO's. Well, putting money somewhere is freeing up other monies intended to go there and it can be put elsewhere, like the CEO's. You don't think they're not finding a way to take any money themselves, you're naive.

Paulson, Bernanke testify, get grilled

Robert Simpson St. Pete, FL — Tue, 18 Nov 2008 23:21:55 GMT

A lot of harping on Paulson & company. Where have you been for the last 8 years? He's just following the leader. Lie, deceive, bait & switch. Secret energy meetings, doctored intelligence, no bid contracts, say this, do that.

Wasn't it Reagan who said government was too big, so let's deregulate?

As for the auto industry, the UAW brought this upon themselves. The corporations fought every attempt to modernize, commit funding to safety, emmissions & fuel-efficiency. Let 'em go tits up. Nissan, Toyota, Mercedez all build cars in this country & seem to be doing fine. However, they don't pay $18/hr plus $7/hr benefits to get people to sweep floors in a Caterpillar factory!!! Where are all the free market Republican capitalists hiding?

Mullithdz

Paulson, Bernanke testify, get grilled

Robert Simpson, St. Pete, Fl — Tue, 18 Nov 2008 23:31:58 GMT

Lazy Jane,
Did you watch only the Republican campaign ads? O'Bama said tax cuts. McCain said freeze government defense spending. How many points would the Dow have dropped then? Rhetorically, do you make more than $250,000/year?

Paulson, Bernanke testify, get grilled

Rhj — Tue, 18 Nov 2008 23:45:34 GMT

One could possibly take this whole mortgage bail-out seriously, if not for the fact that Barney Frank is involved. He's in the mortgage mess up to his eyeballs. What a joke..

Paulson, Bernanke testify, get grilled

Howard W. Rolle Richmond, VA — Wed, 19 Nov 2008 00:00:05 GMT

Instead of the "Big 3" automaker asking Congress to supply them with bailout money - Why don't they consider asking the major oil companies who made record profits in the last few years for the loans they require?

Paulson, Bernanke testify, get grilled

Rock,Janesville.Wisconsin — Wed, 19 Nov 2008 00:22:59 GMT

Watching these two incompetents on Capitol Hill is a real joke! By the way America. They work for the Bush-Cheney Government, and not the Obama-Biden Government. The GOP/RNC need to keep that straight in their mentally disturbed motives. That is fact!

Paulson, Bernanke testify, get grilled

Free American Tehachapi Ca. — Wed, 19 Nov 2008 00:24:29 GMT

Lay off Barney Frank, he may be the leader of the free world one day.

Paulson, Bernanke testify, get grilled

CdV LA CA — Wed, 19 Nov 2008 00:34:01 GMT

The fat cats on Wall Street come up with an exciting new idea to sell insurance on bad loans. Bad loans default and the insurance comes due. No one has a plan until Bush and Paulson ask for a bailout to cover toxic mortgages (with no oversight or liability, I might add.) They get $700 Billion and then decide they aren't going to cover toxic mortgages afterall, but give it to their friends, the fat cats on Wall St and in the banking industry to lend. The banks still aren't lending. And that's the dems fault???

If something isn't done for the auto industry, we won't be worrying about a REcession, we'll be in a DEpression. Oh, and since much of the industrial jobs are now overseas, even a WWIII won't be able to cure a depression anymore. If you want American jobs, we have to have American products and American industry. That's not democratic or republican. It's just good sense.

Paulson, Bernanke testify, get grilled

Dennis Boyle, Dallas, Texas — Wed, 19 Nov 2008 01:10:54 GMT

We need the Congress to change the current draconian car safety standards. Were these standards enacted to prevent the importation of fuel efficient cars? GM and Ford have fuel efficient cars. They are made by their European Divisions. It would certainly be easier to review and revise the safety standards and tell GM and Ford to bring these vehicles to the USA and start tooling up to produce them in the USA.

GM owns Opel a German Company that makes seven models including an SUV with combined cycle fuel economy from 37.2 to 62.8 mpg using both gasoline and diesel engines. http://www.vauxhall.co.uk/vaux/home.do?referrer=http://www.opel.com/

Ford Europe makes five models with combined cycle fuel economy from 40.9 to 62.8 mpg using both gasoline and diesel engines. Ford also has a truck with a combined cycle fuel economy of 34 mpg. The same model truck in the USA only has a combined cycle fuel economy 26 mpg. http://www.ford.co.uk/ie/all_cars/-/-/-/-/-/-

Why don’t members of Congress ask Ford and GM why they have told us they can not meet higher fuel efficiency standards, when they are already building these vehicles in Europe for years? I am all for saving these companies, but it is time to clean house and insert a big dose of truth and new faces. It reminds me of the Tobacco Industry, only in this case they have been polluting the air we breathe. .

Paulson, Bernanke testify, get grilled

Mad American, Columbus, Ohio — Wed, 19 Nov 2008 01:27:37 GMT

I believe if anyone should be bailed out it should be the auto workers. They have employed alot of employee's and are supported to union workers for over a 100 years. This latest bailout was a joke! They used money to award their CEO's for bankrupting our country!!! I believe the CEO's should give back there bonus's they did not deserve!!!!!!!!!!! and they would not need another bailout if they used the money for what they intended to boost the enconomy instead of bankrupting our country.

Paulson, Bernanke testify, get grilled

Joe, MN — Wed, 19 Nov 2008 01:53:12 GMT

Paulson and Bernake are both white collar criminals. It makes perfect sense that they are also republicans, appointed by the Liar in Chief.

The republican party will NEVER shake off the scourge of having George W. Bush as their standard bearer for the last 8 years. What a disaster.

Paulson, Bernanke testify, get grilled

Rick Elliott from Houston, Texas — Wed, 19 Nov 2008 01:58:58 GMT

Concerning the failure of the auto companies is that they have produced crappy cars for so long that I and many others have bought Japanese. We're tired of autos that spend so much time in the shop for repairs. Within the last decade I've bought two Chrysler convertibles and a Honda. The extended warranty for the Chryslers was $1995. The same warranty on the Honda cost $600. The insurers knew their business quite well because the $1995 warranty more than paid for itself several times over. I used nothing of the Honda warranty and 30K miles later still haven't paid a cent for the car except for maintenance.

Paulson, Bernanke testify, get grilled

Mark, Richmond, Virginia — Wed, 19 Nov 2008 03:26:19 GMT

REMEMBER, all of these people are throwing money at a toilet that has a leak. FIX THE TOILET FIRST!!!! money into a hole will not stop the leak. The auto industry pays hourly non-union employess $27. an hour, union employees $58. an hour plus other compensation. START WITH THE UNION CONTRACTS that got them in the mess. Tell union leaders, either we lay off 30,000 employees or everyone needs to take a 20% paycut across the board. I would rather keep my job making 20% less, than draw unemployment benefits and after benefits run out find another factory job making that kind of money.

Paulson, Bernanke testify, get grilled

Darla, Missoula, MT — Wed, 19 Nov 2008 05:38:29 GMT

Barney Frank should be nicknamed "google" and should be locked up for his part in the Dem's creation of this financial mess.
Put 'em in power 2 years ago and look what happens.
Bailout after bailout. They have single-handedly ruined this economy.
Full Moon (Sent Tuesday, November 18, 2008 4:52 PM)
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
And pigs fly and cows jump over the moon. Jeez, get a clue! This mess was caused by your boy Bush with lots of help from the Republicans. When you borrow and spend, especially during war, this is what you get! If the Republicans weren't so busy play obstruction politics when they lost in 2006, they might not have lost 2008. Please take credit for the mess your conservatives have dished out to America!!!

Paulson, Bernanke testify, get grilled

e.moore — Wed, 19 Nov 2008 09:11:29 GMT

People time for wakeing up. Like it or not we are in the same boat. Either get a paddle and start paddleing or get out of the way. It just amazing at the educated fools that spout off about where we are today in this mess. Capitalisim and greed without oversight equals republican party in charge. Every time they are in white house it is the same old thing. Spend, Spend the thing they say they hate the most is what they do best. Those that have made a career out of keeping us poor for big business should be voted out of office no matter what party. The way of the old idears have come and now it time to leave. Voters are getting smater. You should all leave before being ask to. Let the big three go under you all drive none us made auto's anyway, sorry about that there is no such thing.

Paulson, Bernanke testify, get grilled

Rock,Janesville,Wisconsin — Wed, 19 Nov 2008 13:00:07 GMT

This whole situation sums up perfectly the roaring incompetence of the Bush-Cheney Government. No one knows what they are doing, and everyone appears to change their mind constantly! These two characters look like "dumb and dumber" go to Capitol Hill. They talked in circles, and looked confused on the issues. No wonder why the other departments in the Bush-Cheney Government have screw-up so badly. That is fact!

Paulson, Bernanke testify, get grilled

Drew L., Cincinnati, Ohio — Wed, 19 Nov 2008 15:19:30 GMT

Here's an idea take back the money from AIG since they decided to go to a spa and pay executives and give it to the Auto Industry. I would put strict rules on what and how that money could be spent and take a seat on the board. It will take years to fix this Republican mess and we should investigate, hold hearings and put these Bush cronies in jail and take assets. Republicans need to stop whining and take their medicine they did not just loose they got spanked. I would also like to see some regulation and prosecution over groups and individuals who outright lie and deceive in print and on the airways. It is free speech but not a license to lie. We need to put people like Limbaugh, Hannity, and O'Reilly in jail.