Was marshal law threatened if the House didn't pass the bill today?

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Mr Natural

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This is a serious question for adults who keep up with what is going on in America. Have you heard this and what do you think of it?

George Bush called many US House members this week to persuade them to change their vote to YES on the Wall Street. Do you think he threatened marshal law in the USA if the congressmen didn't pass this bailout bill today? Did someone else threaten this?

Serious responders only. If I see the word 'liberal' in any answer, which tells me your IQ is below average, I'll report that answer.
 
No. The Congress correctly realized that the bill is absolutely essential. In the wake of the 9/11 attacks, the Federal Reserve lowered interest rates to try to keep the economy going. But it did too much of this, and for too long, and credit became dirt cheap. Meanwhile, Fannie Mae and Freddie Mac, urged on principally by Rep. Barney Frank (D., Mass.), began making and buying unsafe loans -- some with 3% down, and some with no money down at all. As long as housing prices rose and interest rates didn't, this worked out just dandy, but evenually interest rates rose, as did required mortgage payments, and suddenly people could no longer pay the mortgage and properties fell into foreclosure. These properties, now being for sale, depressed the market for all properties, and we now have a perfect storm of rising payments and falling house values. And the number of bad mortgages has exploded, clogging the financial markets because lenders must maintain reserves to carry this bad paper -- and thus have no reserves available to back new loans. If your employer requires credit to carry raw materials until they can be made into product and sold, you are at serious risk of becoming unemployed. The new law provides a means of gettting this bad paper off of the lenders' books, and credit can flow again. And, it is possible that the taxpayers may even make a profit on the deal; some of the bad paper may eventually be redeemed for good value.
 
I hadn't heard about martial law. If true that's shocking!

The rest of it is pretty standard procedure for this administration: let things get so bad, that when you finally do something the People are willing to let you do pretty much whatever you want.
 
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