Henry Paulson Will Morph Toxic Banks into Toxic Dollars - This Doesn't Have to Happen - Mike Swanson (09/22/08)
Submitted by Mike Swanson on Mon, 2008-09-22 07:52. Market Monitor
On Thursday right before CNBC reported on rumors of the bank bailout plan, Ben Bernanke was meeting with lawmakers and selling the plan to them. Inside a conference room that is part of Speaker of the House Nancy Pelosi's office he was meeting with the Congressional leadership. According to the Washington Post he told them that if they don't pass the plan "it will be nothing short of disaster for our markets." He claimed that stock market would crash and money market funds would get wiped out.