Well, Don't blame us; Pelosi orders wide Wall Street probe - Mercedes-Benz Forum

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post #1 of 2 (permalink) Old 09-17-2008, 06:59 AM Thread Starter
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Well, Don't blame us; Pelosi orders wide Wall Street probe

Don't Blame Us......

Pelosi: Dems bear no responsibility for economic crisis

House Speaker Nancy Pelosi, when asked Tuesday whether Democrats bear some of the responsibility regarding the current crisis on Wall Street, had a one-word answer: “No.”

Pelosi (D-Calif.) ripped President Bush’s “mismanagement” of the economy and a lack of regulation that led to the current situation.

“I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of these financial institutions,” Pelosi told MSNBC.

When asked whether the Democrats “deserve some responsibility” regarding the economic crisis, Pelosi responded: “No.”

“John McCain said that this is a result of overregulation by the Democrats in Congress,” she added. “Either he doesn’t know what he's talking about or he’s misrepresenting the facts as he knows them. But it’s simply not true.”

Republicans responded quickly, pointing out that a Congress led by Democrats had not helped the economy.

“The Pelosi-Obama Congress has failed to pass an all-of-the-above energy plan, failed to stop earmarks, and failed to break the partisan gridlock that plagues Washington,” RNC spokesman Alex Conant said. “If Pelosi thinks the Democratic Congress is doing a good job handling the economy now, then just imagine how bad our economy would be if Democrats controlled the White House, too.”

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Pelosi orders wide Wall Street probe

House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and captains of finance, congressional officials said.

House Democrats plan to aggressively look at the administration’s role in the meltdown over the weekend and to explore further regulation and government structures that would be taken up under the new president.

Republican aides accused Democrats of trying to shift blame with a series of “show trials,” but acknowledged that key officials will wind up cooperating.

The hearings will take place over the next few weeks, the officials said. Treasury Secretary Henry Paulson, who regularly appears on Capitol Hill, will be called to testify as part of the investigation.

As the main event, Rep. Henry Waxman (D-Calif.), chairman of the House oversight committee, wrote to Richard Fuld, chief executive of the imploded Lehman Brothers, to ask him to appear on Capitol Hill on Sept. 25.

“The hearing will examine the regulatory mistakes and financial excesses that led to yesterday's bankruptcy filing by Lehman Brothers,” Waxman wrote. “The committee will also explore the impacts of the Lehman bankruptcy on financial markets and the United States economy.”

Separately, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, plans a forward-looking hearing with economists on Wednesday to “begin a conversation about where we go with the capital markets,” a House aide said.

Frank plans “oversight of what happened this weekend with the Treasury and Federal Reserve,” and will look at “how bad the capital markets are, and what may be needed.”

“The markets are not self-correcting,” the aide said. “If they continue to not self-correct over the next several months, is there a federal response? There might be more federal intervention that’s needed. We’ll proceed cautiously, and that would be next year."

Both chairmen are acting at the direction of Pelosi, who told them to figure out what happened and demonstrate that they are on top of the situation, the officials said.

Pelosi said Tuesday on MSNBC that she expects a “restructuring” of the mortgage giants Fannie Mae and Freddie Mac “in the next Congress with a new president.”

“Are they quasi-governmental organizations, are they quasi-nongovernmental organizations? Should they just be share hold private institutions?” she said. “We have to examine that. And I've asked the chairmen — Chairman Frank and the Chairman Waxman, the chairman of our Oversight and Reform Committee, to take a look at both of those.”

Pelosi orders wide Wall Street probe - Mike Allen - Politico.com
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