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Latest update: 10/12/2008
- economy - financial crisis - Senate (USA) - USA
Senate committee blasts Bush bailout plan
The $700bn economic rescue plan presented by Treasury Secretary Henry Paulson is "not acceptable" in its current state, the head of the Senate Banking Committee said on Tuesday, calling for further safeguards to protect US taxpayers.
The government economic rescue plan presented by Treasury Secretary Henry Paulson is "not acceptable" in its current state, Senate Banking Committee chairman Christopher Dodd said Tuesday.
"A lot of reservations have been expressed this morning by Democrats and Republicans on this matter," said Dodd, a Democrat, speaking to reporters after Paulson and Federal Reserve chairman Ben Bernanke testified in Congress.
"What they have sent to us, this is not acceptable," said Dodd. "This is not going to work."
"They're going to have to come back and work with us," said Dodd.
The ranking Republican on the Banking Committee, Senator Richard Shelby, seemed to agree with Dodd.
"I have a lot of concern with the proposal," said Shelby. "Seven hundred billion dollars is a lot of money to me, it's a lot of money for taxpayers."
Bernanke and Paulson pressed Congress on Tuesday to urgently pass a 700-billion-dollar Wall Street bailout, warning the entire US economy was at risk.
Bernanke told lawmakers that despite unprecedented steps already taken by the Republican administration to confront the crisis, global financial markets "remain under extraordinary stress."
Democratic congressional leaders and some Republican colleagues have insisted the bailout, crafted by Paulson, a former Goldman Sachs president, include sweeping safeguards and oversight to protect US taxpayers.
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Comments (2)
Kudos Nathan, I agree.
The way forward; 99 days for the thief (ves) and just that 1-day for the owner(s). Well, well, well. Look who's crying wolf now. The greedy ones stuffed their large mouths with toomuch, forgetting to know they have just 32-teeth or less, now they can't chew because their mouths are packed full - they're so full of themselves to care. Well, folks now is the time to talk big as usual instead of tonning down and negotiate. There you go, you took it off the shelf and broke it - there, fix it. Talk about bailing out the economy? NO, I think you are attempting to bail your sorry fannies out and postpond the mess for Democrats to do the dirty work. Sorry, no easy way out. Fix it or we're all heading down the boondocks folks - hay days are over so wake up and smell the coffee - three options; you can either sip, gulp or spill it. It's your vernom.
Thank God for the Democrats being in control
If it weren't for the Senators from the Democratic party, we, the public, would already be paying off the gambling debts of our financial class.
The record of the Republicans over the previous 7.5 years whilst they were in total or near total control is/was clear. It was their belief in the ability to traders to police themselves that got us into this mess.
They are joining in ONLY, because it's an election year.
For the 7.5 years PRIOR to THIS disaster they aided and abetted in this near criminal abdication of the role of Government to regulate the financial markets.
They along with Bush believe Government is the root of all evil, and for 7.5 years refused to fully fund OR ALLOW many agencies that regulate the markets to do their jobs.
They also packed the agencies with their cronies, often just fresh out of the gambling pit on Wall Street. People whose sole loyalty was to themselves and their previous companies, and NOT to the American people or the World economy which prior to this the NOW lapsed high standards of the US helped maintain.
If the Republicans were in charge now, you could bet we'd see what we saw for the last 7.5 years as this disaster developed. They would have closed their eyes, ears to any warnings, and shut their mouth tight lest anyone speak ill of a wild, uncontrolled free market.
ONLY THE DEMOCRATS are standing in the way of what is clearly the "FINAL MOVE" to "grab the loot and run" by the Bush led Kleptocracy.
For that is the ONLY explanation that can justify presenting congress with an "empty plan" that basically hands Paulson a 700billion BLANK CHECK to pay out as he pleases to rescue the gambling addicts on Wall Street who have put us so close to economic collapse.
They shouldn't be rewarded!
They shouldn't be rescued!
They should have all their assets taken just like accused drug dealers have their assets taken from them, and charged with a conspiracy to steal under the guise of trading.