Thread: Lou Dobbs Tonight 10/3/08 A Victory for Greedy Mega-Banks

Lou Dobbs Tonight
Friday, October 3, 2008

Tonight, it’s official: Both houses of Congress have passed the
$850 billion Wall Street bailout that rewards massive banks and
corporations for their deceptive lending practices, shady
accounting and reckless, greedy transactions.

Now it’s on its way to the president for a slam dunk signature.
It’s another big win for the ultra-wealthy and another insult
to the ordinary men and women who make up this country. We’ll
have complete coverage. Plus:

* House members are the latest to have to explain their votes
on the mega-bank mega-bailout. They love to talk about ending
pork, but this bill was loaded with it.

* California’s budget crisis is worsening. Gov. Arnold
Schwarzenegger sent a letter to Treasury Secretary Henry
Paulson saying his state may need an emergency loan up to $7
billion. California is not the only state struggling for
funding during this credit crunch. New Mexico and Massachusetts
are considering cancelling large infrastructure projects.

* Congress is rushing through meaningless legislation ahead of
its latest vacation, rather than addressing the major issues
that matter to Americans. Congress didn’t pass appropriations
bills, but instead lumped spending measures into a continuing
resolution. On the critical legislation like e-verify,
lawmakers simply passed a temporary extension. And, Congress
will break without passing real foreclosure relief for
struggling families.

* Manufacturers, unions, and farmers groups are outraged at the
way this country’s faith-based free trade policies created the
current economic crisis. Today, the Coalition to Fix America's
Economy will announced a proposal to revive our manufacturing
sector and to make manufacturing and farming part of the
economic dialogue for our presidential candidates.

Lou’s nationally-syndicated talk radio show, The Lou Dobbs
Show, debuted this spring. Join us weekdays from 3-6 p.m.
Eastern for a look at news and politics aimed at independent
thinkers. Visit LouDobbsRadio.com to check your local listings
or listen live online.

Today, Ken Walsh, chief White House correspondent for U.S. News
& World Report. Walsh will be on to talk about last night’s
vice presidential debate. Pat Choate, the author of “Dangerous
Businessâ€

jimpasz...

Were you watching last night when Harry Reid warned of the crash of another big Insurance Co? This is remarkable. The MSMs didn't even mention this.

Fearmongering.... The end justifies the means as far as he is concerned.

Here is the transcript....I wish I had the Youtube.


SEN. HARRY REID (D-NV), SENATE MAJORITY LEADER: We don't have a lot of leeway and time. One of the individuals in the caucus today talked about a major insurance company, a major insurance company, one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about.

(END VIDEO CLIP)

YELLIN: No, he was making those comments as he was urging people to vote for this bill. His communications director today is walking that back. He issued a statement saying that Senator Reid is not personally really aware of any particular company being on the verge of bankruptcy. He has no special knowledge about nor has he talked to any insurance company officials. Rather, his comments were meant to refer to the conditions in the financial sector generally and he regrets any confusion his comments may have caused -- Lou?

DOBBS: When you say walking it back, he's -- what does that mean? Is he denying he said it? Because he said it. Is he denying that that is the situation? Because today the market sold off insurance companies as if they were hot potatoes. I mean, what is he really saying here?

YELLIN: He's saying that the senator was not -- did not know of a specific company that was filing for bankruptcy or on the verge and didn't mean to suggest he knows of one.

DOBBS: Interestingly, any discussion there on Capitol Hill about the fact that they passed this $150 billion of pork attached to 700 billion in three days it grew to $850 billion? Any reaction to the fact that the markets simply sold off today 350 points on the Dow, almost 100 points on the Nasdaq?