From Michelle Malkin this morning:
The first step toward GOP redemption is to stop the automakers’ bailout and roll back the creeping conversion of the Crap Sandwich 2.0 into an all-purpose bailout bonanza for every last American industry and corporate special interest in financial peril. The second step is barbecue Naked Emperor Hank Paulson and the Federal Reserve over their refusal to disclose how they are dispensing billions of dollars in loans.
And from a letter posted there penned by Senator Jim Inhofe to his colleagues:
It is clear that it was a mistake to sign a blank check to one man for such a tremendous amount of money. Though there are still significant challenges in financial markets, it appears that the threat of a catastrophic financial crisis, which was the justification for the grant of such sweeping authority, has subsided. Perhaps the additional $350 billion should not be added to the deficit. Congress should have a debate.
Ya think?
November 17, 2008 at 12:19 pm |
The legislation passed by Congress authorized Paulson to buy “troubled assets” from financial institutions. If he’s using the funds for any other purpose, he has overstepped his authority and needs to be reined in.
For an eye-opening perspective on badly the Republican Party has distanced itself from the concept of laissez-faire economics, check out this article written in 2006, long before the bailout: http://www.cato.org/pub_display.php?pub_id=3750