With a congressional disapproval rating of 71%, the 110th Congress has a staggering emergency on its hands.
As Federal Reserve chairman Ben Bernanke laid out the frightening ramifications of the financial crisis, congressional leaders sat in stunned silence.
“When you listened to him describe it you gulped,” said Senator Charles Schumer (D-NY). Senator Chris Dodd (D-CT) said, “We’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.” Dodd went on to describe the meeting this way, “Somber doesn’t begin to justify the words. We have never heard language like this. This problem began with bad lending practices.” Read the rest of this entry »