Bailout Bashing?


by Ernie Fitzpatrick - Date: 2008-11-16 - Word Count: 410 Share This!

Congress was forced into a quick decision on the bailout. We had to take all those toxic mortgages off the market. It was imperative that Congress move instantly on the $700 billion bailout. And the bailout happened. But, somewhere on the way to the bank, something interesting happened. The main man in charge of how the money would be spent altered the plan. And guess what. The prople that were to be the oversight have not yet been hired. A recipe for big time trouble. 


U.S. Senator Jim Inhofe (R-Okla.), in a letter to his Senate colleagues, laid out his plan to push for legislation that will require Secretary Paulson's plan for the remaining $350 billion in authorized Troubled Asset Relief Program funds to be ratified by an affirmative vote in the U.S. Congress. In the letter, Senator Inhofe writes that the lame duck session provides Congress a tremendous opportunity to change course. Below is the text of the letter.


U.S. Senator Jim Inhofe (R-Okla.), in a letter to his Senate colleagues, laid out his plan to push for legislation that will require Secretary Paulson's plan for the remaining $350 billion in authorized Troubled Asset Relief Program funds to be ratified by an affirmative vote in the U.S. Congress. In the letter, Senator Inhofe writes that the lame duck session provides Congress a tremendous opportunity to change course.


Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration. Last week the Treasury secretary announced he was abandoning his plan to free up the nation's credit system by buying up toxic assets from troubled financial institutions. Instead, Paulson wants to take a more direct action on the consumer credit front.


Now what?


Now do we bail out the automobile industry, create new banks, help AIG even more, loan money to American Express etc? How is it that we can be so sure of one need and then in less than two weeks have a different plan? Are we so ill-infomred? Does Henry Paulson know what he's doing? And then we get into the politics of it all. Is Bush able to know what's needful? What about Obama? Are his advisors capable? Are just bailout bashing or are we in more serious problems than we know?


Are we so flippant with such a serious financial crisis?


Related Tags: bush, obama, financial institutions, bush administration, bailout bashing, henry paulsom, blank check

As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.

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