Bush Admin Barred Officials From Briefing Congress On Impending Financial Crisis in Fall 2008

[one...two...tree 2,762]

Brian Beutler

Nearly two years after the Wall Street meltdown drove the U.S. economy to the brink of collapse, and forced the U.S. government to prop up major financial institutions with hundreds of billions of dollars, House Speaker Nancy Pelosi now claims that the Bush Administration prohibited its own top officials who were handling the emerging crisis from briefing Congress until a complete financial collapse was only hours away.

In little-noticed statements to reporters over the last few weeks, Pelosi has alleged that the Bush administration knew well in advance of its intervention that the financial crisis would hit, and that Congress would need to authorize a historic and unpopular bailout - but that top officials, including then-Treasury Secretary Henry Paulson, told her that they had been barred from briefing Congress about true extent of the crisis.

If accurate, the allegation could constitute a major indictment of the Bush administration, which may have worsened the crisis and resulting economic fallout by delaying the call for congressional action. Pelosi says the admissions from Bush administration officials that they had kept Congress in the dark came in private conversations between her and those officials in person and by phone. None of the other parties to those conversations would comment for this story. Nor is it clear if the Administration's alleged decision not to brief Congress earlier was a calculated strategy to avoid spooking the already shaky financial markets thus hastening the crisis or, as Pelosi suggests, a political calculation in advance of the 2008 presidential elections, or a combination of the two.

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[Susita 175]

[Obama 2012 1,714]

more reliable source please.... cmon now.

[alienlovechild 75]

House Speaker Nancy Pelosi now claims that the Bush Administration prohibited its own top officials who were handling the emerging crisis from briefing Congress until a complete financial collapse was only hours away.

None of the other parties to those conversations would comment for this story. Nor is it clear if the Administration's alleged decision not to brief Congress earlier was a calculated strategy to avoid spooking the already shaky financial markets thus hastening the crisis or, as Pelosi suggests, a political calculation in advance of the 2008 presidential elections, or a combination of the two.

Pelosi claims she knew nothing even though she was Speaker of the House- yeah sure Nancy, how many committees are there dealing with finance and housing? She's getting nervous about losing her position so now she's coming up with her excuses almost 2 years later.

Everyone knew about the financial meltdown during the fall of 2008 so it wasn't an October surprise except to Pelosi.

[mawilson 2,133]

How tragic, because Pelosi and her cronies would have totally stopped the meltdown.

[SMOKE 1,426]

more reliable source please.... cmon now.

how dare you question talkingpointsmemo.com!