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View Full Version : President Polk Stood Up to Banks, Dodd Didn't




Change
05-19-2008, 06:16 PM
"When the President of the Bank," said Polk, "not only induces the board to act for reason unknown to themselves, but conceals even from the committees acts done in their names, something stronger than doubt almost seizes on the mind. When, to the consideration that the committees know little of the proceedings had in their names, is added the fact that every Government director is excluded from even that little, by being excluded from every committee, the Government at least has grounds to doubt whether its interests are safe in such keeping. When a show of the strength of the Bank is made, consisting of sums in specie and amounts in exchange, while the debts are secretly contracted, which have enabled the Bank to accumulate these funds, are concealed even from those who make the exhibition, there is just ground to doubt whether there be soundness in the institution, or proper precaution and responsibility in its management."

Report of Committees, 22 Congress., 2 sess., No 121

President Polk would have been stunned to see the way Senator Dodd handled the entire bailout and his knowledge of the bailout prior to its actual transaction. I am sure President Polk would NEVER have bailed out the banks! He would have never supported Dodd his fellow Democrat.

Signzit
05-19-2008, 09:27 PM
nice digging Change, thanks. I've read that before.

it's another, of many, very clear signs our Government was overthrown long ago. While fly-over-country Trusted, power brokers were ass raping them and the story continues.

Home buyers and borrows were stupid, not criminals; however no bail-out for them, as it should be. So why the banks, Dodd?

Kludge
05-19-2008, 09:32 PM
President John Tyler vetoed a bill that would allow for the first nationalized bank and was kicked out of the Whig Party for it.