Saturday, September 27, 2008

They don't understand the bailout, but it must happen!

From the Sept 23 NYTimes (by David Leonhardt):

Most members of Congress have no expertise in the byzantine details of mortgage finance — or even have aides on their staff with such expertise.

“The problem here is none of us has that kind of advice,” Senator Charles Schumer, Democrat of New York, who knows more about Wall Street than most of his colleagues, told me.

From the Sept 25 NYTimes (by David Stout):

The chairman of the committee, Senator Charles E. Schumer, said that all but “a few outliers” among lawmakers agreed that some version of the plan to rescue the American financial system must be approved, and soon. But he said it would not be passed without adequate safeguards.

So Schumer admits that most members of Congress don't understand the details of the bailout, yet desperately want to throw away another $700 billion (to help their buddies working in I-Banks on Wall Street and friends living in mansions on Main Street). And he also admits that several members oppose the bailout.

I can't help wondering why Congress doesn't stop listening to President Bush and start listening to some of the members of Congress who are opposed to the bailout. Perhaps they have sound reasons to oppose it?

Election Day can't get here soon enough. I hope America throws these bums out.

Tim White

1 comment:

Anonymous said...

Here's Chris Murphy's Committee Chairman insisting there was nothing wrong with Fannie Mae

Chris Murphy: an ally of John Rowland and Barney Frank. Just who we need in DC these days