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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Largest Power Grab in American Economic HistoryE-mail - editor@economyincisis.org |
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Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testified in front of the Senate Banking committee Tuesday, as lawmakers try to hammer out a deal to save the global financial markets before Congress recesses Friday, according to the New York Times. Last week when the Bush administration announced the proposal, lawmakers seemed to set partisanship and ideology aside, calling for a hasty passage of a bipartisan bill to rescue Wall Street. The Bush administration has said they expect the $700 billion bill to pass by the end of the week, and Paulson and Bernanke both sounded the alarm on the effect a lengthy debate could have on the economy. "The financial markets are in quite a fragile condition and without action they will surely get worse," Bernanke said. "This will be a major drag on the U.S. economy and be a major drag on the ability of the economy to recover." But the passage of the Troubled Asset Release Program may be held up as Democrats question the wisdom of investing so much power and capital into so few hands. Democrats are also demanding that the bill includes protection of homeowners facing foreclosure and caps on CEO compensation, among other things. On the other side of the aisle, Republicans are beginning to publicly question the cost of the package and whether the plan is rewarding bad behavior. One of the plans most vocal critics, conservative Sen. Jim Bunning (R-KY) said, "This massive bailout is not a solution. It's financial socialism and it's un-American." Sen. Elizabeth Dole (R-NC) called the plan “incredibly expensive and hastily concocted.” Chairman of the committee, Sen. Chris Dodd (D-Conn.) addressed the issue of giving one man - Secretary Paulson - so much unprecedented power over the economy. Specifically, he expressed his concern over Section-8 of the three page proposal. In that section it states that the bill “may not be reviewed by any court of law or administrative agency.” That means there will be no congressional or judicial oversight of the actions Paulson may choose to take with the blank $700 billion check. "It is not just our economy at risk but our constitution as well," Dodd said. “What they have sent us is not acceptable.” The plan, which will mark the largest restructuring of Wall Street since the Great Depression, is still expected to be passed by the end of the week. Source New York Times:
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Article Comments From Readers
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guest says "Don't do it........" on 09/24/08
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guest says "$700 Billion Dollars" on 09/24/08
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I don't think we should give them the money. They were too stupid to do things right the first time, why do we think they have gotten any wiser now?
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guest says "Let them pay" on 09/24/08
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Let the greedy money changers fall. If congress wants to see upheaval, anarchy, revolt of the common person let them hastily hand over our future and the future of our children to the devils on Wall Street. It is time to eradicate the greed culture that has taken over wall street in the last fifteen years. Bring back sound practices and a level playing filed for all. I hope Congress knows what is on the line. We given too much to the affluents who have no moral conscience. NO BAIL OUT!!!
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It's time we take back our Country and our Government before we have nothing left........