Frank to Paulson: Our Intent Couldn't Be Clearer

On November 18, 2008 the Financial Services Committee held an oversight hearing on the implementation of the Emergency Economic Stabilization Act of 2008 (which created the Troubled Asset Relief Program (TARP) program) and related initiatives taken by the Federal Reserve Bank and the FDIC in response to the turmoil in domestic and global financial markets. Testifying were Secretary Paulson, Fed Chairman Bernanke, and FDIC Chairwoman Bair.

Chairman Frank explains to Sec. Paulson, "when the program was passed, very explicit language was included to provide for mortgage foreclosure diminution as one of the purposes..."

Watch the full archived hearing here: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111808.shtml

Category:

News & Politics

Tags:

• Frank
• Paulson
• Oversight
• Housing
• Foreclosure
• Economy
• Congress
• TARP
• EESA

[lrn2wlk4life]

please employ someone to make better audio quality and standard volume levels

[daderone]

Congress controls the purse strings and they can pretty much do what they want there. its pretty simple.

congress is also the representation of the people and it is the people's money funding the bailout. the intent is relevant because it is not only implied but fundamental and addressed. Bluntly put the money was given to ease the banks in order for the people to benefit and relieve pressure in the markets. It is the job of congress to make sure that happens.

[jbprassas]

we can live without interest. we need to get the power to issue money back from the bankers. any president who stood their ground was either corrupted or murdered. we are hostage to their financial system. the people we elect are hostages or corrupted. its so obvious. how can we take back our right to print money without the economic meltdown and the panic/mass hysteria that it would create?

[DABIGRAGU1]

bumbling idiots, liars.

[uphillwish]

We don't have that money actually. A system that keeps printing money and grows economy with bluffing or bubble is bound to failure. Paulson is the one who requested increase the debt ratio in financial sector to begin with.

[lrn2wlk4life]

Yes, you are right. I also hate it when people comment without content. Don't take it personal, it was really directed at the roosters in Congress who puff their chests and act like they control things.

[daderone]

if u think its funny that you have a piss poor understanding of how a system of gov't functions then laugh away. Just don't ask anybody to be impressed or to laugh with u.

Frankly all you wrote here was ignorant nonsensical drivel that is not worth taking serious for one second.

[lrn2wlk4life]

FED PLEDGES TOP $7.4 TRILLION

oh goodness, you'll make me bust a gut here... "representation of the people", thats a good one.

"Congress controls the purse strings" ... my oh my, you're killing me...

Big money protects itself first. And when the common people and their representatives are so willing to betray property rights and "take from the rich", then who can blame them for no longer protecting us and just looking out for themselves.

[bebop54]

BOZO THE CLOWN...