I don’t even know what to say about this:
Fools who read my blogs regularly know I have been fascinated by what may have been included within the dire warnings issued to members of Congress by Paulson and Bernanke behind closed doors on Thursday, September 18, 2008. As the debates lingered on over the week that followed, several members voiced their sense of shock over the severity of the warnings, while refusing to divulge the details to a public that deserves to know. Representative Sherman later revealed that members were warned that Martial Law would result if the $700 bailout plan was not passed, and Iguadland10 posted another video ascribing that particular warning to Paulson. The New York Times quoted Senator Dodd as jumping in when Charles Schumer described the meeting as ‘somber’: “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.” Also from NYT: Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.
With the real danger of economic collapse on the table, it’s interesting to think about this threat and how much sincerity was behind it. I fear quite a bit.