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CONGRESS THREATENED WITH MARTIAL LAW IF BAILOUT BILL DOESN'T PASS

A California congressman opposed to the Bush administration’s bailout package said “the sky did not fall” after the House rejected the bill, despite consternations from “Wall Street fear mongers.”

Rep. Brad Sherman (D) didn’t call Treasury Secretary Hank Paulson a Chicken Little outright, but he did say the dire consequences Paulson and others warned about didn’t happen after the House rejected the bailout Monday.

“They claimed the market would drop by 2,000 points if we failed to do so quickly,” Sherman wrote in a letter to colleagues on Wednesday that criticized the authors of the bill. “The bailout bill’s prospects are still uncertain. Yet at its close yesterday the Dow stood at 10,850, down just 1.5 percent from Thursday’s close.”

He also said the drop in the stock market after the bill’s failure Monday has been exaggerated. Though the 777-point fall was the largest point drop in the history of the Dow Jones index, Sherman said that percentage-wise, it was the 17th largest daily drop.

Sherman has become a leader of opponents to the bailout after he put out an impromptu call for skeptics of the bill to meet in a Rayburn meeting room. The members who showed up are now referred to by some as the “Skeptics Caucus.”

Sherman was among 95 Democrats who voted no on the $700 billion package, which failed 205-228. The Senate is to vote tonight on a package that now includes a “patch” for the alternative minimum tax and extensions of popular tax credits.

After rising hundreds of points on Tuesday, the Dow Jones Industrial average was down 80 points at about 1:45 p.m. Eastern time.

Supporters of the Treasury plan have warned that tightening credit markets that make it harder for businesses to get loans are the greatest danger to the economy.

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Added: Oct-3-2008 
By: neverknwo
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Location: Washington, District of Columbia, United States (load item map)
Views: 13511 | Comments: 8 | Votes: 1 | Favorites: 1 | Shared: 44 | Updates: 0 | Times used in channels: 1
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  • Comment of user 'rclark951' has been deleted by author (after account deletion)!
  • Martial law was declared last saturday.

    Oh yea the mainstream media "forgot" to mention it all week.

    Posted Oct-3-2008 By 

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  • You can bet your ass that this "recession" is not real. The Federal Reserve has created this one just like all the others. Whatever is going on....you can bet that its all apart of the plan. You saw how they did Sadam and Iraq!!!!! Yep...he was slow on payments.

    Posted Oct-3-2008 By 

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  • These political games are so absolutely disgusting. When Oh when is the wolf gonna come.

    Posted Oct-3-2008 By 

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  • Despite that fact that millions of Americans wrote and called to say "no," the traitorous Senate and House (and President) said "yes." It was perplexing. Why? What were they afraid of?

    Well now we've found out.

    Rep. Brad Sherman of California ( http://www.infowars.com/?p=5061 ) came forward and admitted that some in the House are claiming to have been threatened with marshal law in America if they didn't vote for it. And to back it up, the 1st Brigade Combat Team of the 3rd More..

    Posted Oct-4-2008 By 

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  • IYeah, I learned it from Democracy Now early last week and They stated it would begin Oct. 1st.

    Posted Oct-3-2008 By 

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  • Palosi did on congress only, just means they can't go home untill she lifts it

    Posted Oct-3-2008 By 

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  • National Presidental National Security Directive.....Bush just might stay in office ladies and Gents..... America = modern day slaves

    Posted Oct-3-2008 By 

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