Tuesday, September 23, 2008

Republicans and Democrats Angry Over Bailout

With Bernanke and Paulson speaking today, there is quite a bit of news out there about the bailout, and it seems pretty clear that some members of Congress are pretty angry with the proposal to allow the executive branch of government to use $700 billion to maybe, bolster the economy.

The AP story Bailout plan draws bipartisan anger at Capitol has a bunch of great quotes by a number of Republicans and Democrats, all of whom are against the bailout, and at least one who gets the constitutional issue that so many legal bloggers have been discusing.

Quoting Senator Dodd, the head of the Senate Banking Committee

Dodd and others indicated that the stakes are too high for Congress not to act, but they made clear they would insist on changes in the administration's weekend changes. Dodd said the administration's initial proposal would have allowed the Treasury secretary to 'act with utter and absolute impunity — without review by any agency or court of law' in deciding how to administer the envisioned bailout program.

'After reading this proposal, I can only conclude that it is not just our economy that is at risk, Mr. Secretary, but our Constitution, as well,' Dodd said."
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