Senators skeptical of bailout plan (Dodd & Shelby)

Source: AP

WASHINGTON - Leading senators of both parties are expressing strong reservations about the administration's financial bailout plan despite pleas from the treasury secretary and Federal Reserve chairman for quick passage.

Sen. Chris Dodd, a Connecticut Democrat, said on Tuesday, "What they have sent us is not acceptable."

Sen. Richard Shelby, an Alabama Republican, said, "We have got to look at some alternatives."



Read more: http://news.yahoo.com/s/ap/20080923/ap_on_bi_ge/financial_meltdown_602

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U.S. lawmaker Dodd says Treasury plan "unacceptable"

WASHINGTON, Sept 23 (Reuters) - A plan that the U.S. Treasury conceived to restore confidence in credit markets is "unacceptable" in its current form, but Congress could pass a plan if changes are made, the chairman of the Senate Banking Committee said on Tuesday.

"What they have sent us is not acceptable," said Sen. Christopher Dodd, who heads the senate's law-writing panel.

more:
http://www.reuters.com/article/marketsNews/idUSWBT00979820080923

Democrats and Republicans alike sceptical of Bush bailout plan

The committee's Democratic chairman, Chris Dodd, questioned Paulson's request for immunity from any legal or government review of his actions during the bailout process.

"After reading this proposal, I can only conclude that it is not just our economy that is at risk," Dodd told the treasury secretary, "but our constitution as well."

more:http://www.guardian.co.uk/business/2008/sep/23/wallstreet.congress

n/t

n/t

Maybe they ought to go with that instead ... It just sounds
like they waited until the last minute and then dumped this
"proposal" on Congress as if it were the best they could do
under the circumstances.

I WANT A SECOND OPINION!!!

Sickening is not the word. Evil is.

keep the pressure on. Email and call your senators and reps. Our reps in DC are gaining momentum and strength. We can stop this.

You can send a message through
www.congress.org
or
http://www.democrats.com/stop-paulsons-plunder

For the rightwing lurkers out there, use this:
http://capwiz.com/sicminc/issues/alert/?alertid=11954501&type=ML

I wrote my senators and everyone here at DU needs to do the same. Tell them not to rush into anything Bush and Paulson are proposing.

let * have his temper tantrum, but repigs are against this too.

...during the hearing was when Dodd asked Paulson if maybe they could release funds in 150 Billion chunks instead of authorizing the whole 700 Billion at once. Paulson said that such a plan would not work. Of course he gave no reason why, just that he didn't want to come hat in hand every time he needs another 100 Billion or so.

Dodd looked somewhat stunned in disbelief...

Another was when Shelby asked if they had considered other alternatives to this massive bailout and if so what were they? Paulson said that they had looked at other alternatives but then proceeded to drop the ball on what they were. He came off as very unprepared for the question as if it was an insult to be asked.

Shelby didn't look like he was buying it.

This whole thing smacks of the Patriot Act nonsense. A plan that has been sitting on someone's desk for awhile suddenly needed to be sprung into action with effectively no oversight for the "safety of the country". Can you say naked power grab?

We've been down this road before.

First they send all our manufacturing jobs overseas, give companies tax breaks for off-shoring and avoiding taxes, break every government program, and then thumb their noses at the gasping populace. Gosh, this sounds just like stuffing frogs with firecrackers.

time or a blood letting.

WASHINGTON (AP) — Senators dug in their heels Tuesday, pushing back against dire warnings from the government's top economic officials of recession, layoffs and lost homes if Congress doesn't quickly approve the Bush administration's emergency $700 billion financial bailout plan.

Congressional leaders still predicted passage — with significant changes — but Wall Street's nerves were hardly soothed. The Dow Jones industrials sank 161 points and now are off more than 500 this week after initially surging on the bailout announcement last week.

Deepening market trouble was just one piece of the economic havoc that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators would ensue if Congress lags in acting on the administration's proposal to rescue tottering financial institutions.

"I share the outrage that people have," Paulson said. "It's embarrassing to look at this. I think it's embarrassing to the United States of America. There is a lot of blame to go around."

More: http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93CME380