I was just listening to CNN and Joe Biden was on. He was talking the financial crisis and it felt like The Patriot act all over again. We have to give them the authority Crisis.. Crisis..Crisis. I couldn't believe my ears so I tried to find video but there wasn't any yet so I googled it and there was almost the identical quote I heard
Giving the Federal Reserve and Treasury Department temporary authority over the lurching economy could pull it from the brink, Democratic vice presidential candidate Joe Biden declared Saturday from the campaign trail.
"The Federal Reserve and the Treasury Department need to stop the bleeding. If they are not able to stop a run on the market now, the economy could collapse," Biden said during a brief telephone interview
What he was saying on CNN was even worse and if anybody has the video of it please post it. Here is some more from the same interview.
Biden said, he would like to look at a long-term plan for dealing with the massive debt. The Bush administration Saturday proposed increasing the public debt limit from $10.6 trillion to $11.3 trillion.
Biden and Democratic presidential nominee Barack Obama discussed the economy Friday in a conference call with former Federal Reserve Chairman Paul Volcker, former Treasury Secretary Robert Rubin and billionaire investor Warren Buffett.
The experts, Biden said, agreed "that we have to do something immediately, and then look at how to deal with the accumulated debt." The temporary solution means a purchase of bad debts, Biden said.
So Rubin who led the way for deregulation in teh 90's ushered through the Gramm bill and then took a job at Citigroup (a corporation that could not exist without Gramm's bill) is the expert they are talking to.
We have seen all the diaries on the rec list talking about how bad an idea this is. We have read all the financial experts takling about how bad it is. Now we have the democratic VP candidate saying it is something we have to do, after all Rubin said so.
They said they would fix the patriot act, they said they would stop FISA, They said they would hold the Bush Administration accountable. Well we all know how that has gone. Now they once again are saying give Bush what he wants and they will fix it later.
Was anybody watching what was going on with the dollar and oil on Friday while the market was "rallying".
I think we need to create a viral email, and send it to everyone we know, that explains in a few sentences why this plan is a really bad idea and tell them to start calling congress and the senate.
We need to get it to our crazy wingnut relatives, our low info friends, everyone we know before they give the whole country away.
Please post email ideas in the comments and i'll add them to the post.