remember when all those house representatives were standing firm against the bailout bill? in spite of how we were told time was of the essence and we had to pass this thing as soon as possible, nothing too out of the ordinary occurred when it was voted down. so they went back to the table and re-wrote the thing adding hundreds of pages to the piece of legislation.
what else happened? well, representative brad sherman, (democrat from california's 27th district,) enlightened us regarding the tactics which occurred behind the scenes in that interim. it seems bush and paulson and the other major proponents of the bill pressured those who had voted no by warning that if it did not pass, "the sky would fall, the market would drop two or three thousand points the first day, another couple of thousand the second day, and a few members were even told that there would be martial law in america if we voted no."
MARTIAL LAW IN AMERICA?!
sherman goes on to highlight how it was all about employing fearmongering to get this bill passed. he said the sense of urgency was unjustified as he wanted to write a better piece of legislation, sans the pork and without buying back bad investment from the saudi royal family and the bank of china. (his amendment was not accepted.)
if you watch the entire embedded video above you will see that sherman, who was an accountant who worked for the government of the phillipines to track down and acquire deposed dictator ferdinand marcos' money and who taught tax law at harvard, debunks many of the lies associated with the bill.
it is all water under the bridge now as the bill has passed but it is worth watching anyway so you know the details of what is wrong with the bill. ultimately, the bill is a ruse at best. all american citizens should be plenty upset about it.
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