17 November 2008

Wonder What the Stop Fee Would Be...

[Update 17Nov2008/18:12 - thanks to commenter Jason for pointing out that there is Congressional oversight; I've updated the pertinent section of the post and must say I feel marginally better... ;-) ]

Looks like there's a movement to act on the little "buyer's remorse" in Congress over Hank Paulson's recent coronation: Sen. Inhofe (who, I must add, DID NOT vote for the Bailout that granted Sec. Paulson unlimited taxpayer funds with no strings attached and no oversight) has called for cutting off the funds.

To quote just some of the gems in the article:
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.

"He was able to get this authority from Congress predicated on what he was going to do, and then he didn't do it,'' Inhofe said.
Inhofe recalled earlier comments opposing Paulson's plan because the administration's point man did not have answers for a number of questions. He also recalled questioning the rush to get the bailout passed.

"I have learned a long time ago. When they come up and say this has to be done and has to be done immediately, there is no other way of doing it, you have to sit back and take a deep breath and nine times out of 10 they are not telling the truth,'' he said.
"Congress abdicated its constitutional responsibility by signing a truly blank check over to the Treasury Secretary,'' he wrote.

"However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it.''
*happy dance*

I'm considering moving to Oklahoma just so I can vote for him.


Jason said...

When the bill was enacted a Congressional Oversight Panel was created to review the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program.


kannie said...

Thanks Jason! That's good to find out (again - now that you mention it, it sounds awfully familiar...). Thanks for contributing! :-)