Monday, November 17, 2008

Who Would Have Thought?

For anybody who might have questioned my stance on never voting for any of the Congresspeople who voted for the $700 billion bailout bill (see here), here's one reason I took that stance:
U.S. Sen. Bernie Sanders, I-Vt., said he plans to introduce a bill Monday that would effectively put the brakes on the $700 billion financial rescue plan signed into law last month.

Sanders, who voted against the bailout package, lambasted the Bush administration for the way it's implemented the program thus far.

"I have very serious concerns as to how the Bush administration is spending the first $350 billion they were provided," Sanders said in a statement Monday. "The second $350 billion tranche must not be spent in the same way."

It's unclear how many other lawmakers would go as far to back a plan to halt the rescue program.

At the same time, criticism of the rescue program has been sharp.

Disapproval on Capitol Hill only grew last week, when Treasury Secretary Henry Paulson announced that the department no longer plans to buy up banks' toxic mortgage-related debt - a key part of the plan when it was first pitched on Capitol Hill. Instead, Paulson said he plans to focus on actions that could boost the consumer finance sector, and thereby help consumers gain better access to student and auto loans.

Lawmakers have slammed Treasury for the about-face, saying it raises questions about whether Treasury has a clear roadmap for how to make best use of the funds. Meanwhile, leaders in the House and Senate have steadily called on Paulson to force banks receiving government funds to adhere to tougher executive pay limits and requirements on lending.

(read the rest here)
You mean it might not be a good idea to give one person a blank check with no oversight? You mean it might not be a good idea to just "do something" without actually taking time to think about and discuss what you want to do and the potential ramifications? Who knew? Funny how these Lawmakers who "slammed" the Treasury had no problem passing the bill that contained little oversight. Perhaps they should have read it before they voted on it.

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