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Nearly two years after the Wall Street meltdown drove the U.S. economy to the brink of collapse, and forced the U.S. government to prop up major financial institutions with hundreds of billions of dollars, House Speaker Nancy Pelosi now claims that the Bush Administration prohibited its own top officials who were handling the emerging crisis from briefing Congress until a complete financial collapse was only hours away.
the allegation could constitute a major indictment of the Bush administra
In little-noticed statements to reporters over the last few weeks, Pelosi has alleged that the Bush administration knew well in advance of its intervention that the financial crisis would hit, and that Congress would need to authorize a historic and unpopular bailout
In a meeting that evening with Congressional leaders and staff, Paulson, Fed Chairman Ben Bernanke, and others offered a dire assessment, and made an appeal for intervention that ultimately resulted in TARP. Bernanke and Paulson beseeched the legislators to act quickly, warning that, the entire U.S. economy might collapse in days without rapid intervention. But Pelosi had a question. "I asked them, and said, 'Why am I calling you - why didn't you call me?," Pelosi said.
I asked Senate Banking Committee Chairman Chris Dodd last week about Pelosi's charges and he said this is the first time he's heard such an allegation raised. But he seemed mostly unsurprised. "I said to Hank Paulson, 'Be Hank Paulson.'" Dodd told me. "If you listen to the White House, you're going to mess this up."
Originally posted by Light of Night
There are always ulterior motives when this rhetoric is starting to come out sounds like the Finance Reform bill isn't going to pass or they are getting ready to introduce something even more unpopular.