"I understand speed is important, but I'm far more interested in whether or not we get this right," said Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee. "There is no second act to this. There is no alternative idea out there with resources available if this does not work," he added.
Sen. Richard C. Shelby of Alabama, the panel's senior Republican, was even more blunt. "I have long opposed government bailouts for individuals and corporate America alike," ..."We have been given no credible assurances that this plan will work. We could very well send $700 billion, or a trillion, and not resolve the crisis."
"Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," said Rep. Joe Barton, R-Texas.
Added Rep. Darrell Issa, R-Calif., "I am emphatically against it."
Republicans said the sheer size of the bailout would cost each man, woman and child in the United States $2,300.
If approved and implemented, that could push the government's budget deficit next year into the $1 trillion range — far and away a record.
"This massive bailout is not a solution, It is financial socialism and it's un-American," said Sen. Jim Bunning, R-Ky.
Dodd said the administration's initial proposal would have allowed the Treasury secretary to "act with utter and absolute impunity — without review by any agency or court of law" in deciding how to administer the envisioned bailout program.
"After reading this proposal, I can only conclude that it is not just our economy that is at risk, Mr. Secretary, but our Constitution, as well," Dodd said.
Tuesday, September 23, 2008
Bailout Plan
In this article , I am in agreement with most of the lawmakers, including the Democrats. Let me quote parts of this article in references to the proposed (INSANE and STUPID) bail-out plan:
I agree, I agree, I agree! I strongly encourage you to contact your congressman and senators and tell them to vote NO for any government intervention in the markets (you can do this electronically). Do not believe the bs that we don't have any other choice. When businesses make stupid decisions, they are responsible for the consequences of those decisions, which in this case is bankruptcy. It is not the responsibility of the government (and us, since we actually support it with our taxes) to bail them out.
Check out mises.org for some good and common-sense economics.
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2 comments:
The last Bush said there were no other solutions, there were plenty. He's used the lines of "disaster" and "panic" so many times before and all it's done is dig us a trillion more dollars a-year into debt since 9/11.
Now we need that money for other things and we don't have it. I agree; the people who created this mess should fix it, however, sadly - just like Naomi Klein nails - disaster capitalism will strike again and the plebians will be left with the cost while the Wall Street people have more cash.
Please check your figures.. the debt was $5.776 Trillion on 9/12/2001 and today is $9.789 trillion which is just over a $4 trillion increase in 7 years, NOT 7 trillion (source: http://www.treasurydirect.gov).
The accusation of 'disaster capitalism' and 'plebians' reflects the typical trash the college professors with socialistic leanings teach.
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