Bipartisan Resistance to Paulson and the Fed
A slither of hope developed today in Washington as bipartisan senatorial leadership were not swayed by doomsaying threats of Fed Chairman Ben Bernake that we risk recession, higher unemployment, and an increase in home foreclosures if lawmakers don't pass the $700 billion bailout plan.
I don't know who Bernake thinks he's fooling. A recession is unavoidable, and according to financial analysts, Bernake will only make the recession worse by putting it off with inflationary tactics.
It should be clear that these threats by the Fed and Paulson are without substance. It should be understandable that their request for absolute authority without threat of prosecution is not being so easily swallowed. I'm glad the House is resisting, but I hope they can hold out. The more time they do, the more time we have to alert more of our fellow citizenry. This will put greater pressure on the legislative branch.
I don't know who Bernake thinks he's fooling. A recession is unavoidable, and according to financial analysts, Bernake will only make the recession worse by putting it off with inflationary tactics.
It should be clear that these threats by the Fed and Paulson are without substance. It should be understandable that their request for absolute authority without threat of prosecution is not being so easily swallowed. I'm glad the House is resisting, but I hope they can hold out. The more time they do, the more time we have to alert more of our fellow citizenry. This will put greater pressure on the legislative branch.
