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Monday
Aug132012

BUSTED: Watch TARP Republican Paul Ryan Begging Congress To Vote For The Bailout

We finally found the footage of Paul Ryan (R-WI) begging his colleagues to vote for TARP. When you watch, you'll see exactly why this video isn't highlighted on his Youtube page.

"My fellow colleagues, we've heard a lot of nonsense and nay-saying this morning, some of it hard to believe, but the pile of bullshit I'm about to deliver, is going to be massive."

Rep. Paul Ryan (R-WI) on the House floor during the debate over TARP - Sept. 29, 2008

The video starts automatically at Ryan's speech.

Ryan voted for the bailout while clearly having no clue as to why he was doing so, other than following orders from Paulson.  Like most TARP supporters, he doesn't use rational, well-developed arguments to convince his colleagues to vote for an open-ended Wall Street bailout.  Instead, he offers the same platitudes we've been hearing for 3 years -- stale metaphors, blatant fear-mongering, whining about the personal difficulty of voting for TARP, etc.  Select quotes below.

  • "We also made sure that the executives of these companies that made these bad bets don't profit from this rescue recovery plan." [LOL  this blows his credibility clean out of the water]
  • "This Wall St. crisis is quickly becoming a Main St crisis." [yeah, because you guys are about to f*** us over by bailing out Wall St.]
  • "If it goes the way it could go, that means credit shuts down.  Businesses can't get money to pay their payroll....Students can't get student loans for next semester.  People can't get car loans.  Seniors may not have access to their savings."  [Fear-Mongering 101:  this is straight from the Paulson and Bernanke playbook]
  • "Are we standing at the edge of this abyss?  Nobody knows.  But maybe.  It's very probable." [OK, he both admits and demonstrates that he has no clue, and neither doesn anyone else, but they're going to vote for TARP anyway, by gum -- just fantastic]
  • "Madam Speaker, this bill offends my principles.  But I'm gonna vote for this bill -- in order to preserve my principles."  [yes, now we  know exactly how much Paul Ryan's "principles" are worth -- probably within a nickel or two of John Boehner's "principles"]
  • "This is a Herbert Hoover moment.  He made some big mistakes after[???] the Great Depression."
  • "All eyes of the world markets are here on congress.  It's a heavy load to bury.  It's a heavy load to bear."  [aw, poor little congressman...]
  • "Colleagues, we're in the moment....We're here.  We're in this moment.  And if we fail to do the right thing, heaven help us.  If we fail to pass this, I fear the worst is yet to come."  [if Ryan had  decided at this point to don some kind of feathery tribal head dress, wave his hands in the air, and shout absolute, inarticulate gibberish, he might have actually made more sense -- "we're in the moment"??? ]
  • "I believe with all my heart, as bad as it is, it could get a whole lot worse.  And that's why I think we have to pass this bill."  [belief based on what?  this is a totally fact-free rationale Ryan gives here -- all of it -- TOTAL FAIL]

 

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Reader Comments (32)

Alford: The Fed Tests The Thesis That Two Wrongs Don’t Make A Right, But Three Do

By Richard Alford, a former economist at the New York Fed. Since then, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side.

http://www.nakedcapitalism.com/2010/11/alford-the-fed-tests-the-thesis-that-two-wrongs-don%E2%80%99t-make-a-right-but-three-do.html
Nov 11, 2010 at 11:23 AM | Registered CommenterDailyBail
Nov 11, 2010 at 11:26 AM | Registered CommenterDailyBail
Well he wasn't lying when he said he did the right thing for him and HIS children.
Nov 11, 2010 at 11:52 AM | Unregistered Commentermark mchugh
LOL
Nov 11, 2010 at 11:53 AM | Registered CommenterDr. Pitchfork
Dylan Ratigan is helping to spread the word...he just posted the complete text of the story on his personal website...

Open Letter To Alan Simpson & Erskine Bowles From The Daily Bail

http://www.dylanratigan.com/open-letter-to-alan-simpson-erskine-bowles-from-the-daily-bail/
Nov 11, 2010 at 12:17 PM | Registered CommenterDailyBail
pitch...one of the things that we're accomplishing with these look back stories is creating a permanent record of the truth...and the other it seems is introducing people to the new Republican leadership..
Nov 11, 2010 at 12:19 PM | Registered CommenterDailyBail
Something is wrong with the sound, all I hear is slurping. I think the fear was on the side of the potential tarred and feathered class. If they did what was right, we would not have been here in the first place.

I don't feel protected, I feel violated...
Nov 11, 2010 at 12:25 PM | Unregistered CommenterS. Gompers
Peter Peterson is 84, so he won't be around forever. Urinal headstones could become a future trend for those who have raped America and still are not happy til they sink the knife deep in the chest of America after they violated her.
Nov 11, 2010 at 12:31 PM | Unregistered CommenterS. Gompers
Something is wrong with the sound, all I hear is slurping.
--
OK, I'm a little slow. I was about to check the sound.
Nov 11, 2010 at 12:41 PM | Registered CommenterDr. Pitchfork
Ryan is so completely full of shit I couldn't listen to the whole snake-oil pitch.

It's been over two years now and not one bailout supporter has come forward to answer even a single question from Rep. Kucinich concerning TARP:

http://www.youtube.com/watch?v=VaF_MZVWM3E
Nov 11, 2010 at 3:57 PM | Unregistered CommenterCheyenne
Good shit Steve!

This kid is an empty suit punk. The fact that the GOP all defer to this kid (and Eric Cantor) is downright scary. Oh, Paul Ryan is the most serious man on earth, didn't you hear. He's a punk in way over his head. The bankers will pick his bones clean even if he thinks he's doing the right thing.

Conclusion: Lightweight/Empty Suit.
Nov 11, 2010 at 9:37 PM | Unregistered CommenterAMRKO
People!!! WHY do you continue to watch this crap, and to discuss it. Let's get one thing clear. The government and its officials WILL NOT perform their duties in a manner that upholds the constitution or for the betterment of the majority of American people.

If you do not realize this, then you can be diagnosed as a sheeple. However, I am sure most do understand this.

so WHY bother with this crap at all? Why are these articles even printed? Is there some satisfaction that is gained personally, or are they used to convince yourself further?

All the politicians are liars. Deceivers. Treasonous. That's the bottom line. And what remains is WHAT ARE WE GOING TO DO ABOUT IT.

You see the French, the Greeks, the Germans and the Brits raising hell. Where are the Americans? Where is the outrage?

WAKE UP AMERICA! SOON THERE WILL BE NO AMERICA.
Nov 11, 2010 at 11:09 PM | Unregistered Commenterdogismyth
pass it on. Everyone must see this, including the non-believers

http://www.youtube.com/watch?v=5d5iIoCiI8g&feature=player_embedded
Nov 12, 2010 at 12:00 AM | Unregistered Commenterdogismyth
If you do not realize this, then you can be diagnosed as a sheeple. However, I am sure most do understand this.

so WHY bother with this crap at all? Why are these articles even printed? Is there some satisfaction that is gained personally, or are they used to convince yourself further?

---

we're not sheeple...we publish in order to create awareness for others...
Nov 12, 2010 at 12:05 AM | Registered CommenterDailyBail
Apology to you DailyBail. No offense intended. My point is that its moot to listen to this rhetoric, because in the end, its all rhetoric from the politicians.


Thanks for posting. You guys are doing a great job!!
Nov 12, 2010 at 10:41 PM | Unregistered Commenterdogismyth
@ AMRKO...thanks for the word...

@ dogismyth...no worries...thanks for hanging around...you'll find the regulars and most of the passers-by are very aware types...hyper-aware even...it's a pretty smart community of angry souls...as you obviously know, what really needs to happen is for the under-35 crowd to wake up the generational rape and pillaging...when that happens there will be some noise...
Nov 13, 2010 at 7:50 AM | Registered CommenterDailyBail
Here's Mr. Champion of the Little Guy, The Bank Vilifier In Chief doing the same thing. About the only difference? Why, he spoke for a longer time, of course.

http://www.youtube.com/watch?v=rSCMd9OIUE4

What's right for the country. Ha.
Nov 13, 2010 at 12:27 PM | Unregistered CommenterObamalamabomama
About the only difference? Why, he spoke for a longer time, of course.
---
LOL He even had to ask for more time.

Thanks for forcing me to listen to this windbag again because he's clearly reading from the same script as Paul Ryan. Listen at about 2:20 -- mortgages, car loans, student loans, payroll, etc. Same script. Also, at about 3:20, we get to hear about how "heroic" these jackasses were for not accepting Paulson's blank check. Oooh, they worked sooo hard to "protect taxpayers." Same script. Also, he points out that we are "not handing over 700B" to Wall St. Same script.

Clearly, certain aspects of the push for TARP were planned, scripted, orchestrated. Exactly how far that goes is hard to say.
Nov 13, 2010 at 12:40 PM | Registered CommenterDr. Pitchfork
Has anyone here reviewed any of the documents at freedom-school.com? I would suggest reading a few articles there to better understand what are government is, why we are complicit to the government (involuntarily for most), and how we can live beyond the system by our choices. This information is KEY to understanding what is happening from a historical perspective. You must spend the time reviewing some of the key documents to understand. Nothing comes easy, but once you have read the documents, you'll have a completely different view of things. GL
Nov 17, 2010 at 9:33 AM | Unregistered Commenterdogismyth
"what really needs to happen is for the under-35 crowd to wake up the generational rape and pillaging..."

Bingo, DB. Ryan is the fresh young face sent out to deliver what the GOP old guard could not without rousing the ire of older generaltions. Philosophically, this is a rerun of the financial crisis of the 80s. The exact same rhetoric is being rolled out to facilitate the continued transfer of wealth. PRIVATIZATION was all the rage in the Reagan administration. Ryan is a lying fool to claim that privatizing Medicare will save money. Privatization has a record to stand on now, and it's not good.

Privatizing Medicare shouldn't be folded into a budget debate. It results in a direct transfer of tax dollars to private companies. It leaves cost increases open-ended and will put retired people into a vice-grip of having to buy the mandated insurance as well as pay all cost increases. Why not just dig open trench graves for us?

Here is a thought. Since Social Security and Medicare are ANNUITIES that working people pay into their entire working lives for the purpose of keeping old people from finishing out their years living under overpasses - and it's not our fault that we paid in in fewer (more valuable) dollars because the government and Federal Reserve have been debasing the economy, and healthcare profits are to the moon - but hey, I'm a reasonable person when I'm not hoping the next time Congress sees an abyss they'll leap into it.

Suggestion: Let us make a two-tier healthcare system. Make a basic plan of care for all citizens that is run as universal healthcare. Follow Kitzhaber's Oregon Healthcare plan by setting what the plan can afford to cover. Let the government negotiate costs instead of being blackmailed into paying whatever costs business wants to charge. Then have a second tier of care where those richer can afford private plans that would pay for the triple organ transplant and the face lift at 90.

A dual plan would provide compassionate, humanitarian concern for our fellow citizens, while the benefits of being a rich bastard would be preserved to keep the peasants aspiring. Wall Street could still have lots of stock schemes, but the majority of people would no longer be held hostage to that greed. Win-win.
Apr 17, 2011 at 3:19 PM | Unregistered CommenterG Street
And yes, Uncle Boehner, you were there, and Auntie McConnell. The whole fossilized GOP was preaching the gospel of how free markets were going to bring competition to healthcare and bring down costs. See, at the time the perceived problem was that healthcare was, by and large, a non-profit operation. But the power of competition practically made healthcare too cheap to meter! Praise be!
Apr 17, 2011 at 3:35 PM | Unregistered CommenterG Street
Dogismyth is right, Congress is an auction government and beyond hope.

99% RULES!!
Oct 11, 2011 at 7:32 AM | Unregistered CommenterMiguel Grande
Obamalamabomama thanks for keeping this honest no one has been a bigger shill for the banks then obama - NO ONE!

DB should put your clip right up there with the Ryan one.

None of the people running would be my choice Ron Paul would be my choice it amuses me in a way about some Paul supporter's though they actually do not realize he was fiscally the most conservative candidate he would cut everything and I mean everything. A lot of people complain about the debt for future generations but when push comes to shove they decry those who would reduce the budget.

As far as healthcare I'm kind of shocked DB a real Libertarian wouldn't want the govt. in our business Libertarian's are all about free markets. You can't have your cake and eat it too I have often see posts on site with crying babies because they will have to pay for all this debt.

As far as social security that's a wedge issue to keep people divided the truth of the matter is social security owns the greatest amount of the US debt. and just like any other creditor they have no choice other then to pay it back. Who would loan us the money to do that? Look at the numbers...

The TRUTH About Who Really Owns All Of America's Debt

Social Security Trust Fund

Total Holdings of US Treasuries: $2.67 trillion
Percent of US Debt that they own: 19%

http://www.businessinsider.com/who-owns-us-debt-2011-7?op=1

Doesn't look like to many other buyer's since this year the Fed itself has monetized our debt buying 61%

http://www.moneynews.com/Headline/fed-debt-Treasury/2012/03/28/id/434106

The best they could do is revamp the system for future generations and since that is normally the meme at a Libertarian leaning site one would think Paul Ryan should be a welcome addition in that regard.

Here's a thought the only one of those running who didn't vote for the bail out's was Romney lol and the type of Finance that he worked in ran contradictory to what the banks do. I'll tell you something else to keep in mind there were ZERO prosecutions under Obama. Four more years of No HOPE and ZERO change and running up the debt for future generations that's what the Obama ticket offers. At least Romney/Ryan would slow the destruction.
Aug 11, 2012 at 3:41 PM | Unregistered CommenterLiberatedCitizen
Aug 11, 2012 at 5:25 PM | Unregistered CommenterSKINFLINT
this clip is from Sept 29 2008. Note that just 10 days previous on Sept 18 2008 the congress had been told behind closed doors that America was 24 hours away from complete collapse and martial law. The optimistic recovery scenario from that is the Great Depression we are in now.
Aug 12, 2012 at 1:57 PM | Unregistered Commentera1b5jj
Here's paul ryan showing he's a complete moron and has no idea why TARP had to be passed.

http://video.foxbusiness.com/v/3877305/
Aug 13, 2012 at 11:23 AM | Unregistered CommenterPitchfork
Paul Ryan begged Congress to pass TARP 10 days after meeting privately with the Fed and then...

"Paul Ryan sold shares on same day as private briefing of banking crisis"

http://www.guardian.co.uk/world/2012/aug/13/paul-ryan-sold-shares-banking-crisis

"[O]n the same day as the meeting, Ryan sold stock in troubled banks including Wachovia and Citigroup and bought shares in Goldman Sachs, Paulson's old employer and a bank that had been disclosed to be stronger than many of its rivals. The sale was not illegal at the time."

"Not long after the meeting, Wachovia's already troubled share price went into free fall. It plunged 39% on the afternoon of 26 September alone as investors worried the bank would collapse. It was eventually taken over by Wells Fargo for $15bn, a fraction of its former value."

"Citigroup's share price fell soon after the meeting."

What's Ryan's repsonse to profiting from others who didn't have access to the same information?

"His office said he had no control over the trades."

Just what the country needs right now, another lying pussy who amasses a fortune as a puppet slave for the banks.
Aug 13, 2012 at 11:00 PM | Unregistered CommenterCheyenne
And yet, where is the outrage.
Aug 14, 2012 at 8:53 AM | Unregistered CommenterSKINFLINT

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