*** BREAKING NEWS ***
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke departed Capitol Hill Tuesday allegedly quite perturbed at the "obstinate" attitude of Congress over their $700 Billion financial bail-out request!
Both men answered scores of questions in front of the Senate Banking Committee and both reportedly felt as though Congress refused to acknowledge the urgency of the situation.
I am told the real fireworks took place after the public hearings, behind closed doors in the Senate. According to one senate staffer who claims to have witnessed the exchange, Senator Chris Dodd allegedly ripped-into Henry Paulson asking who the hell he thought he was dealing with by demanding Congress just fork-over hundreds of billions of dollars in under a week?
Paulson allegedly replied, "do whatever you want but as for the Treasury, we will not be intervening any further in the markets. When the markets crash, the banks crash and the economy goes under - and they will - the voters will blame you and dump all of you this November!"
Senator Dodd allegedly got so furious at this reply that his face turned beet red and he started roaring curses at Paulson with phrases along the lines of "you fucking Wall Street douchebags. . . ." The senate staffer said Dodd and Paulson almost came to blows!!
If Paulson and Bernake do as is alleged, and refuse to further intervene into the markets, things will go downhill very fast - maybe by the end of this week. Stay tuned and spread the word: Get out of the markets now. Don't wait.