Sunday, October 12, 2008
Kanjorski Chose Partisanship Over Constituents
Representative Peter DeFazio(D-Oregon) has some tough words for Paul Kanjorski, Nancy Pelosi, and other fellow Democrats over the Failout program. One of the untold stories in this crisis is the value of assets. Non-performing loans due to an accounting rule are valued at ZERO in the banking industry. In all reality these loans have fair market value but that has been stripped according to this rule. In the video you will hear Rep. DeFazio talk about this problem. Rather than give Secretary Paulson carte blanche to buy whatever assets he deems necessary in this Failout program the low cost/no cost approach would have bypassed that rule to allow the banks to fairly value these loans which would provide them with the liquidity they need to secure more money to lend. But then again what would a person from Northeast PA know about money and banking. Put it this way. I still have my home and my money which is more than I can say for all of the failed financial institutions like Bear Sterns, AIG, Wachovia, etc.
If Congress had listened to Rep. DeFazio we would be in $700 billion. Paul Kanjorski's vote was one of partisanship, not one that considered what type of tax money it takes to pay back $700 billion. Each and every man, woman, and child in this country owes $2,333.00 on th principal not counting the interest that will be paid over the years. Paul Kanjorski signed all of us up for a loan without doing a credit check. Isn't that typical of a man who says its FREE MONEY?
BTW Paul, did NEPIRC inspect Cornerstone Technologies? Exactly what equipment do you think they found there on inspection? Don't worry I am saving that matter for another post. In the meantime think about it. It may come back to you. It came back to them.