Democrats on the Senate Banking Committee questioned why the Fed was willing to put such a large amount of money at risk to protect Wall Street while as many as 3 million homeowners are facing the risk of defaulting on their mortgages with the administration balking at greater efforts to help them.
"Was this a justified rescue to prevent a systemic collapse of financial markets or a $30 billion taxpayer bailout for a Wall Street firm while people on Main Street struggle to pay their mortgages?" Senate Banking Committee Chairman Christopher Dodd asked Bernanke and the other witnesses.
Bernanke said that government's effort was not a bailout for Bear Stearns shareholders, who will suffer big losses, but an effort to protect the financial system and ultimately the entire economy, which could have faced severe consequences from a Bear Stearns bankruptcy.
"The adverse impact of a default would not have been confined to the financial system but would have been felt broadly in the real economy through its effect on asset values and credit availability," said Bernanke. On Wednesday, Bernanke had for the first time raised the possibility that the current economic troubles could push the country into a recession.
It is good to see that the questions keep on coming.
Full Story
Friday, April 4, 2008
Bear Stearns Fallout continues
I will be on RPRRADIO.COM Thursday April 3rd from 4-6pm Central time.
Please help me keep this up and get this out.
I will be on www.rprradio.com from 4-6 CENTRAL time to discuss more on the delegate process and rules of order and the current problems people have faced thus far at their conventions.
We are wanting to educate as many as possible so help this info go all over the net please.
Tell your meetup groups and anyone that wants to win the nomination in September to listen.
Dr. Steve Parent
Read More...
Sunday, March 23, 2008
Sunday, January 27, 2008
S. Florida newspaper: Ron Paul can’t win but his stupid crazy supporters will support him anyway.
More slander for Dr. Paul. The crazy people must believe in something. They know theres thousands of us. They will discredit us but look at how deep we are. They can rig there elections and have millions of voters claiming there vote didnt count and just bury it in the news. Not no more were exposing you. We need more home videos of the primary to see whats realy going on. Theres not alot of videos coming out they might be getting confiscated like our signs.
http://www.sun-sentinel.com/news/local/broward/sfl-flbpaulpeople0126pnjan26,0,2437833.story
