Sunday, October 5, 2008

Bailout Part 2

Paul Kanjorski appeared on PBS to discuss the “Bailout.” In it, Kanjorski made the shocking statement “I’ve been watching this disaster, if you will, unfold for probably two years now, and particularly since last August-not this immediate past August, but the August before that, when the subprime mortgage problem was created. And then we saw the deterioration that occurred in October when the auction market started to fail. And then we saw the infection spread throughout the financial system. Until now, when Secretary Paulson came up to the Hill eleven days ago and said we are now at the disaster state, I recognized he was right.” This from a high level member of the House Financial Services Committee, one of the committees that are charged with the responsibility to make sure situations like this never occur.

Contrast that with the must-see heated interview between Fox News’s Bill O’Reilly and fellow banking committee member Barney Frank, Chairman of Kanjorski’s committee.

The NRCC has produced a commercial which uses footage from a hearing on Fannie and Freddie in which key Democrats defended the troubled institutions claiming that there was no crisis with either. You can see Paul Kanjorski at the hearing sitting next to Maxine Waters as the camera pans around to focus on her as she speaks.

Congressman Kanjorski voted for the $700 Billion measure. Congressman Carney voted against it. Both Lou Barletta and Chris Hackett have stated that they are against the bailout.

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