What do you make of Congressman Sherman's disclosure

[BanzaiBonnie]

that some congresspersons were told that if they did not sign the Bush Bailout Bill there would be martial law on Monday?


Any opinions?

[shadowknows69]

1. I'm of the opinion we should start immediate impeachment hearings

For our President extorting us.

[Hydra]

2. I'm sure Bush would actually declare martial law if he was sure there wouldn't be riots

Considering how little response to them looting the treasury, I'm not seeing much of a threat in that category. I'd do it if I were him.

[anigbrowl]

3. Nothing whatosever, because he didn't mean for the country.

'Congressional martial law' refers to action by the House leadership to bring bills to a vote without going through the normal process of committee hearings, floor debates, etc.

[MadrasT]

11. Sherman said "Martial law in America"

The only way they can pass this bill is by creating and by sustaining a panic atmosphere. That atmosphere is not justified. Many of us were told in private conversations, if we voted against this bill, that, on Monday, the sky would fall and that the market would drop 2,000 or 3,000 points the first day and another 2,000 the second day. A few Members were even told that there would be martial law in America if we voted ``no.'' That's what I call fear mongering--unjustified, proven wrong.

We've got a week; we've got 2 weeks to write a good bill. The only way to pass a bad bill: Keep the panic pressure on.

http://www.c-spanarchives.org/congress/?q=node/77531&id=8902076

[BrklynLiberal]

12. So, all SHerman was advocating was to take adequate time to write a good bill.

[BrklynLiberal]

4. I would bet that it is true. There were stories that Cheney/Bush told outright

lies to Congressmen to get them to vote for the Iraqi funding bill. Why would they stop lying now???

[Winterblues]

5. Someone was trying to scare Congress into voting for this bill

The question is who?? Was it Peloisi?

[onenote]

6. I believe that like many members of Congress, Rep. Sherman hears and repeats hyperbole

What I gathered from his statement is that there was a lot of fear mongering. That the "sky would fall", that the market would drop 2000-3000 points and that, there would be martial law (which I understood not to be issued as a threat as much as a prediction that if the market went to hell and the sky fell (obviously not literally) there would be unrest that would require martial law.

I also make of it the following: Rep. Sherman understood it to be hyperbole and thus was not influenced by it and voted against the bill last week.

Essentially, what I make of it is that its a big whoop-de-do. Proponents of one legisaltive outcome or another routine engage in hyperbole and overstatement regarding the benefits (or risks) of a particular action (or inaction).

One final thought -- If Rep. Sherman thought this was that serious, he'd disclose who made this statements. He's not doing so not of fear but because he doesn't want to embarass folks who engaged in over the top hyperbole.

[MrCoffee]

7. Until he identifies who told which members that, I make nothing of it.

It's a bizarre statement, and I would hope he'd have some actual evidence to support it.

[NoPasaran]

8. Makes me think Congressman Sherman may have screw or two loose

Or perhaps just the DUers who immediately hit the panic button.

[EFerrari]

10. You'd think the first ten people who posted this would have sent him a screw driver via FedEx.

[NoPasaran]

13. If he actually wanted a screw driver

I'm sure the screw driver lobby would have obliged. Maybe even thrown in some Locktite.

[EFerrari]

14. LOL.

[BrklynLiberal]

9. Sherman is also the Congressman who divulged the story about this bailout

money being used to buy foreign country's bad investments. Interview on Kudlow show...
http://globaleconomicanalysis.blogspot.com/2008/10/rep-brad-sherman-on-bailing-out-foreign.html

Larry you have to read the bill. It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.

The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury.

Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.

One has to be careful of ignoring a Cassandra..If you assume they are crazy, without investigating..we may all live to regret it.