More lies, and political maneuvering by the democrats.

“Madam Speaker, when was the last time someone asked you for $700 billion? It is a number that is staggering, but tells us only the costs of the Bush Administration’s failed economic policies—policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.”

Lie #1 – The truth is that the Bush Economic Policies have kept the economy on an even keel during wartime. The only thing that was reckless during this entire episode is the actions the democratic in congress took to block the oversight of Fannie Mae and Freddie Mac.

“Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos. That chaos is the dismal picture painted by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke a week and a half ago in the Capitol. As they pointed out, we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans on Main Street.”

Lie #2, the democrats believe in a free market?? Do they know what that really means? Not even the republicans do that. The democrats prevented regulation that could have avoided this mortgage crisis. They also influenced lenders, both pseudo public lenders (Fannie Mae/Freddie Mac) to provide loans so that people who couldn’t afford a house could buy one, they subsequently couldn’t afford those mortgages either.

“It is our responsibility today, to help avert that catastrophic outcome. Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.

Lie #3 – This crisis was NOT CAUSED BY WALL STREET. This crisis was caused buy the implosion of Fannie Mae and Freddie Mac (See Dodd and Franks).

“It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs. It is a crisis that never had to happen. It is now the duty of every Member of this body to recognize that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.”
Wow, that was a pretty clean sentence.

“Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration. I must recognize the outstanding leadership provided by Chairman Barney Frank, whose enormous intellectual and strategic abilities have never before been so urgently needed, or so widely admired.”

Lie #4 – There is nothing about Barney Frank that is intellectual. Besides, what kind of outcome would you expect when you let the person who is primarily responsible for the policies that got us in to this mess craft the policies that need to get us out of this mess? Ever hear of conflict of interest?

“I also want to recognize Rahm Emanuel, who combined his deep knowledge of financial institutions with his pragmatic policy experience, to resolve key disagreements.Secretary Paulson deserves credit for working day and night to help reach an agreement and for his flexibility in negotiating changes to his original proposal. “Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street.”

Lie #5 – So I take it from this comment that Republicans wanted to leave Americans and Main Street unprotected and that it was Walls Street that melted down. The only Americans that democrats love are dependent Americans on some sort of transfer payment scheme. Republicans are well known from protecting small business (Main Street).

“The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardize the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilization bill.

Lie #5-6-7 and 8 – Wow… I’m getting tired keeping track… Read and judge for yourself.

“So we insisted that this bill contain several key provisions:”

Lie #9 – Can you believe the audacity!? She really thinks the American people will believe that only the democrats insisted on key provisions.

“This legislation must contain independent and ongoing oversight to ensure that the recovery program is managed with full transparency and strict accountability.”

Like that oversight Barney Frank and Chris Dodd provided??

“The legislation must do everything possible to allow as many people to stay in their homes rather than face foreclosure.”

More benefits for the poor whop were given mortgages they could NOT AFFORD. Now they’ll have their principle on their loans reduced and their interest rates dropped. Middle class America screwed again!!!

“The corporate CEOs whose companies will benefit from the public’s participation in this recovery must not benefit by exorbitant salaries and golden parachute retirement bonuses. Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the U.S. taxpayer bailout the recklessness of Wall Street.”

Wall Street invested in the mortgage lenders who loaned money to those who couldn’t afford it. It was fine until the mortgage crisis. Perhaps Franks and Dodd should have allowed the regulation of Fannie Mae and Freddie Mac after all.

“The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.
“And should this program not pay for itself, the financial institutions that benefited, not the taxpayers, must bear responsibility for making up the difference.

“These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough accountability as a central component of this recovery effort.”

Are you still counting?

“This legislation is not the end of congressional activity on this crisis. Over the course of the next few weeks, we will continue to hold investigative and oversight hearings to find out how the crisis developed, where mistakes were made, and how the recovery must be managed to protect the middle class and the American taxpayer.”

How exactly is the middle class protected? We’re paying for it!

“With passage of this legislation today, we can begin the difficult job of turning our economy around, of helping those who depend on a growing economy and stable financial institutions for a secure retirement, for the education of their children, for jobs and small business credit. Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation. This not enough. We are also working to restore our nation’s economic strength by passing a new economic recovery stimulus package—a robust, job creating bill—that will help Americans struggling with high prices, get our economy back on track, and renew the American Dream.
“Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us left capable of meeting the challenges of the future.

“We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future.””