Bailout outrage on the Hill

Posted: Monday, September 22, 2008 3:30 PM by Carrie Dann
Filed Under: Congress, Mike Viqueira

From NBC's Mike Viqueira
Among the voices from the House floor this morning are some significant -- but as yet not overwhelming -- objections to the rapidly developing financial bailout plan. The opposition to the bailout is coming from both sides, especially with regard to its proposed concentration of power in the hands of Treasury Secretary Henry Paulson.

In speeches this morning, three lawmakers -- two liberal Democrats and one conservative Republican -- rose to oppose the $700 bailout, bemoaning the haste and scope of the emergency plan.

Condemning the recovery proposal as "the greatest power grab any executive has ever asked for," Rep. Brad Sherman (D-CA) issued a dire warning that an opaque transfer of the huge sum to Wall Street powerbrokers would encourage "as much politics and as much cronyism as they are able to conceal."

Florida Republican Congressman Cliff Stearns called the last week's series of economic rescue strategies "an assault on American capitalism," adding that "bailout after bailout is not a strategy, and it's certainly not a sustainable cure to our financial ills."

And Rep. Peter DeFazio (D-OR), who accused Paulson of being a "Wall Street exec masquerading as Secretary of the Treasury," urged a more deliberate solution to the crisis. "If it takes a week, two weeks, three weeks, a month, the world will wait," he said. "They'll wait for a thoughtful plan that cures the disease in addition to getting us beyond this initial problem."

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Comments

BEWARE:

Congress is about to embark on legislation born of panic and fear. In its haste, it will not fully understand the ramifications of its actions.

This will most benefit greedy investers and will mostly be paid for by the poor and middle class (who will file bankrupcy while the fat cats get golden parachutes).

The last time Congress panicked and pressed for legislation at the behest of the Administration, we would up in a bogus war at great cost.

The urgency of this bailout is to get it passed with the Bush administration in office, thus guareenting the package most favorable to the rich, and to hell with us in the trenches.

Harmony (Sent Monday, September 22, 2008 3:44 PM)

I just hope the Dems don't cave in!! that would really piss me off! They are always caving! Don't do so anymore especially when your candidate could win! do you want to hamstring him and possibly make him hugely unpopular by having to undo what you jellyfishes LET the GOP get away with!? DO NOT CAVE!!! So help me I'll vote in a THIRD PART CANDIDATE THE NEXT TIME AROUND!!

matthew (Sent Monday, September 22, 2008 3:49 PM)

How is this "reporter" Ali on MSNBC TV with Nora O'Donnell (3:30PM)who just stated Ahmadinejad would prefer Obama get elected because he would be easier on the Iranians... screen your reporters please!!

Maggie (Sent Monday, September 22, 2008 3:50 PM)

There's a lot of bailout outrage on Main Street, too.

The same wolves in sheep clothing are trying to sell you on subsidizing their losses/risks after they've privatized all the wealth they could steal from America.

Tell Congress No How, No Way, No Bailout! No to corporate welfare.

If we took that same money and spent half on an immediate start to alternative, green energy (hire T. Boone), we'd have jobs. That's a bailout I can go for.

Take the other half, fund extensions to unemployment, aid to hurting families, people suffering from Hurricanes, low, fixed rate loans to help prevent foreclosures. That's a bailout I can go for.

It's time to boot the reaganites out of the office -- cut up their credit cards.

Bailout for Wall Street? I don't think so. Don't piss on me and tell me it's raining, John McCain.

Independent POW (Sent Monday, September 22, 2008 3:51 PM)

Yep, think Barky should stand by his party as usual and fight to delay the plan. Afterall he is a man of prilnciple right. So go ahead Sen obama show us what your made of. Spport your party. Then when stock crumble try to find areasonto blame it on somebody else. Or something more in your comfort zone:vote present

Truthteller (Sent Monday, September 22, 2008 3:51 PM)

Thank you congress for not being steamrolled by the Bush administration this time. it appears that you do learn eventually...

maybe they should ask Trump or Buffet to take over Paulson's spot in this bailout. or Perot if he is still functioning mentally... someone outside the administration with a bit of business acumen and a sense of responsibility to the american people. ron Paul would be another good candidate for the job...

Tzalaran (Sent Monday, September 22, 2008 3:53 PM)

As an ordinary taxpayer, what is going on? Where are the safeguards? Why are we going to be throwing money Wall Street's way? Previous financial crises were handled through separate agencies -RTC, RFC HOLC. The taxpayer s were given some type of equity position for acquiring assets of financial institutions, even taxpayer representatives were placed in governing positions in the companies that sold assets. Why are taxpayers just going to throw money, with no return. What are financial instituions going to do for there customers, lower the overdraft fees, reduce interset rates for loans, credit cards, late fees, etc. I see nothing like that is happening. When does the taxpayer, who is putting up all the fumnds get any relief?
Thanks

Neil Gerhardt, Westport,CT (Sent Monday, September 22, 2008 3:53 PM)

GEORGE BUSH'S LEGACY:

9/11
Anthrax
Unequaled corruption
Unequaled national debt
The Iraq War
Katrina response
the Mortgage Meltdown
the Wall Street Meltdown

You're doin' a HECKUVA JOB, BUSHIE !!

MSierra, SF (Sent Monday, September 22, 2008 3:54 PM)

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and my not be reviewed by any court of law or any administrative agency."
Why are you not covering those 32 words in section 8 of the bailout? Paulson's plan gives unprecedented power to the executive branch with no guarantee that anything will be paid back and will be unchallengeable by the courts and ungovernable by the by U.S. representatives! You should be talking about it - not alluding to it in some vague way!

C Furgason, Aurora, CO (Sent Monday, September 22, 2008 3:54 PM)

Problem: The United States is facing economic collapse and the same people who have created it are fashioning the solution.

Solution: Give Secretary Paulson $500 billion, no on second thought $700 billion to give to his Wall Street friends who created the problem with no question asked.

The Other Solution: Give me $700 billion, you'll never hear from me again and my probelms will be solved! ;)

Reality: They really think we are stupid!

David, Baltimore, MD (Sent Monday, September 22, 2008 3:55 PM)

Please, politicians and financial people. I have been unemployed for almost 3 years, I cannot pay rent and pay utilities/buy food and gas at the same time. We are spending 10 billion a month in Iraq, We are using hundreds of billions to bail out financial houses who have made bad decisions. When will my country bail me and others like me out. How about an amnesty on all taxes owed that cannot be paid for earners under $40,000.00 wages a year?

Michele Laro (Sent Monday, September 22, 2008 3:56 PM)

I don't trust one person in the Bush Administration to do anything for the good of the many over the few. It's complicated, but the fact that they're rushing into something...(rushing into things without good reason is a Bush criteria) worries me greatly. Bush/Cheney have been the greatest dealers of lies to the people I've ever seen.

subgruvet, ok (Sent Monday, September 22, 2008 3:56 PM)

Finally!!! We have had enough of this needs to be done urgently from the executive branch on the patriot act and iraq war and others. This executive branch has shown time and again, they need oversight. This is our money (taxpayers) and I don't want to hand over it Sec.Paulson, without strict oversight and plans for recovery.

No blank check (Sent Monday, September 22, 2008 3:58 PM)

Yes . . . let's not allow Bush to rush us to war, oops, to bail-out CEOs, big business, and greedy speculators.

The Democrats and hopefuly some Republicans MUST stand up to Bush and make sure the TAXPAYER doesn't get to pay for others' greed.

We blew it on Iraq . . . not again!

Tom Kaye (Sent Monday, September 22, 2008 3:58 PM)

We can't trust Paulson and Bernanke to do anything but protect their own kind and their own wallets. They are both part of the white collar Wall
Street criminal gang that has caused this financial crisis in the first place. They are buddies of Bush and McCain and they will not look after us on Main Street.

Thanks to the false Voo Doo economics of Ronny Raygunz our country is now in the worst financial crisis since the great Depression. We need another FDR to fix this mess of the deregulators and that's Obama/Biden. We can't trust the Dumb and Dumber ticket to do anything but give away our money to their rich and greedy base.

Go Obama/Biden 08/12!

Eric, Salinas, CA (Sent Monday, September 22, 2008 3:58 PM)

I completely agree with Rep. DeFazio. Remember that rushing got us the Patriot Act, the Iraq war and Homeland Security. This bailout should have definite restrictions on CEO salaries, parachutes and, above all, monitoring and reporting requirements. No one person (Paulson) should have the type of power suggested by this administration. This whole mess came about after years of Republican deregulations - thank you Phil Gramm!

Jamie, Elmwood Park, IL (Sent Monday, September 22, 2008 3:59 PM)

Please correct the amount of the bailout in the article. I don't know that I'd object to giving Paulson unilateral control over $700. $700 Billion is different.

Charles, Ellisville, MO (Sent Monday, September 22, 2008 4:01 PM)

Man - if you can't trust a couple of guys like Bush and Cheney to use wise, tempered and careful judgement, certain in the belief that they will look out for all of our interests with tireless, unflagging and uncompromised zeal, whom can you trust?

Hahahahahahahahahaha! (Sent Monday, September 22, 2008 4:03 PM)

It seems a little ridiculous that Bush would use one of the last and most important bills he sends to congress to give the executive branch exclusive rights to decide how to spend taxpayer money. If the Huffington Post article on Section 8 of this proposal is correct - Congress needs to send it back today and let them know it is a NO GO.

I'm sure he'll add another one of those ridiculous executive signing statements to whatever bill gets passed but at least the Dems will be on record as having completely rejected the Bush Kingdom's (I think everyone calls it his Administration's) latest power grab.

Overall Bush has been very disappointing and I was actually starting to like the guy. You know like that really "slow" cousin you can't help but love. I really do feel sorry for him that his legacy will be exactly what we all feared. Just like he bankrupted several companies before he became president he actually managed to bankrupt the most powerful nation on earth before leaving office. I guess we really shouldn't be surprised.

Kim, New York (Sent Monday, September 22, 2008 4:04 PM)

Outrage is what we all feel...

Jen,MI (Sent Monday, September 22, 2008 4:04 PM)

This is kind of like the Star Wars prequels where a panicky senate gave emergency executive powers to Senator Palpatine, who then uses it to create what would eventually become the Evil Galactic Empire.

As fanboy-immature as that sounds, we've already seen it happen. Remember when we gave Bush similar powers after 9/11? See where we are 7 years later. Now we're being asked to do the same thing with Henry Paulson. Are we really this stupid? How many times does the mule have to kick us in the head before we realize IT HURTS? I understand that we need to get this thing through to avoid further misery (we're down about 100 pts the last time I checked), but rushing this through without careful though is not only a bad idea, it smells more and more like a power grab.

Obama/Biden '08!

jawillie, Philadelphia, PA. (Sent Monday, September 22, 2008 4:05 PM)

Here's some math fun facts: $700 billion divided by the 300 million men, women and children (citizens and non-citizens alike) in the USA is $2,333 per person. That is what we are talking about folks. For my family of 4, that is $9,333.

Doug, Renton, WA (Sent Monday, September 22, 2008 4:05 PM)

I hope that all members of Congress will follow the lead of these three members in looking very carefully at the proposed bailout before committing to it. It sure looks like another Executive Branch power grab by concentrating so much power in Secy. Paulson with no oversight from Congress. And as usual, taxpayers will pick up the tab while CEOs walk away with golden parachutes. Enough already! Time to bring back thoughtful regulation of the financial markets.

Richard Simms, Denton, TX (Sent Monday, September 22, 2008 4:05 PM)

But isn't this what liberals want? All the power in Washington in the hands of a few. That's exactly what Obama is talking about with his health care plan, ie., the government controls and regulates all aspects of health care. Same with energy and the oil companies. Now that Washington has a their chance to nationalize the banking system, liberals are balking. Why is that?

Confused One (Sent Monday, September 22, 2008 4:05 PM)

McCain would fire--someone(he does not know who yet)
McCain would make a commission (from the same idiots who caused the problem)
McCain would pay off the highest payed (the highest goverment salaries)

You have to be kidding me.

McCain is too old for this job, and he has lost his clarity of thinking.

Now, he is just tap dancing, and yelling, "Get off my lawn you kids!"

Andress -- Colorado (Sent Monday, September 22, 2008 4:05 PM)

The word is that if you have a good credit rating you will not recieve help (a bail-out) but if you have lousy credit the bank may give you a break and you may only have to anti-up what you can afford.

It's the same old story. Responsible people pay their way while those who don't get relief.

There has to be some kind of accountability for those who over-spend or over-borrow. It's wrong for responsible people to have to consistently bail out those who are not responsible.

Full moon (Sent Monday, September 22, 2008 4:06 PM)

Does anyone remember Sec. Paulson saying a year ago that the mortgage crisis wasn't that bad? How did we get from then to now where we are on the edge of an abyss? I pay my taxes, my mortgage, my car payment, my credit cards, my electricity, my phone, my .... you name it, my bills. I would appreciate it if the government wouldn't use my money to bail out wall Street! I don't need to add their bill to my debts!

Deni, GA (Sent Monday, September 22, 2008 4:07 PM)

This is an opportunity for the republicans clamoring for "Change" to put their money where their mouth is. This is a chance for the Bush administration to prove that they have some redeeming characteristics and for once put the needs of the citizenry above the childish greedy demands of CEO's. Provide them relief, but dock their pay and make sure the Treasury gets paid back should the company do well.

I have no doubt the republicans will fail. We're all in a lot of trouble.

OBAMA BIDEN 08/12

Jen D (Sent Monday, September 22, 2008 4:07 PM)

but, but, but - the world is watching! Congreess must act quickly, before any semblance of sense takes over. The only time we have passed great ledgislation (like the Patriot Act) was the result of Congress just signing - not reading.

Thank you.

G. Bush, Washington DC (Sent Monday, September 22, 2008 4:08 PM)

Debate this thing for a day or two, then vote on it. Lets get everyone on the record for where they stand. This bill is not like the phony engegy bill that Pelosi put forward the other day, the one where she inserted all the poison pills to make certain it gets killed. This is a real deal, make or break bill where everyone in Washington will have to go on the record. No voting 'Present' on this one Obama. All your rhetoric won't help you here. Now we're going to see what people really stand for.

Idle Jake (Sent Monday, September 22, 2008 4:10 PM)

Who are these people? Never heard of any of them.

IntheMIddle, TX (Sent Monday, September 22, 2008 4:10 PM)

I agree that Congress needs to put on the brakes and make sure that it doesn't again give free range to Bush and his co-horts in greed, by rushing this quick fix through.

Also, John McCain speaks with a forked tongue. He ridicules Barack Obama for taking a deliberate, thoughtful and informed approach, while he rants about firing this person and that person, while also saying he has questions about the details of this bail-out. So what side of his mouth do we listen to?

This is that 3:00 AM telephone call and I like how Obama answered it.

Vote Obama

Donna Engstrom (Sent Monday, September 22, 2008 4:11 PM)

NO MORE FREE PASSES.

ACCOUNTABILITY, OVERSIGHT ON EVERYTHING!

Billy, Texas (Sent Monday, September 22, 2008 4:12 PM)

That's is exactly what I feel too. Paulson is just a Wall Street working for Wall Street.

He is demanding the middle class to write a blank check equivalent to the budgets of the Pentagon, Education, Transportation, Agriculture and Health combined. Wall Street is unashamed in plundering the middle class.

It's time for Congress to stand up to Wall Street's unsatiable greed.

cecile (Sent Monday, September 22, 2008 4:13 PM)

Sounds like the Patriot Act for the economy. Consolidate power into one person/agency's hands. And look how well that POS legislation worked.

DV, CA (Sent Monday, September 22, 2008 4:14 PM)

I have one question that's been bothering me since all of this began, where is Alan Greenspan, the heretofor genius? I've not heard one word, have you?

Frankie Holmes, Dayton Ohio (Sent Monday, September 22, 2008 4:22 PM)

We must act quickly, Wall Street is trying to aquire WMD, they have ties to Al-Qaida. Sound familiar?

Scooter (Sent Monday, September 22, 2008 4:23 PM)

I'd be VERY surprised if Olbermann isn't all over this obvious power grab by the administration.

Kevin, Greensboro, NC (Sent Monday, September 22, 2008 4:26 PM)

Here we go again.

The adminstration will soon be saying that if we start to ask questions about their intentions with our trillion dollars, we will be causing a national economic crisis.

If that doesn't work, the administraton will soon be saying that if we want some guarantees that our trillion dolars is being used to benefit Americans not Wall Street, about their intentions with our trillion dollars, we will be causing a global economic crisis.
.

And if that doesn't work, the administraton will soon be saying that if we want some oversight on how our trillion dolars is being used, we will be helping Osama Bin Laden.

The Bush administration will say and do anything to get their hands on another trillion dollars. Don't give it to them.

BobE, Buffalo Grove, IL (Sent Monday, September 22, 2008 4:29 PM)

No one man deserves such power to oversee this amount of our money. We as a people do not even have a say. NOW that is sad.

Relle (Sent Monday, September 22, 2008 4:29 PM)

Amen!! Glad to see tht there are members in Congres not willing to just give this man $700 billion of our money, and expect him to be completely honest with its use. I agre that we can wait a week or 2 b/4 we just hand over that type of cash

Kris STL (Sent Monday, September 22, 2008 4:30 PM)

I love how our country is so reactionist. Instead of being proactive or preventative, we are now desperately trying to fix a problem that has probably grown too big to fix right now. This sucks for me...I just got out of school (I have a master's and a law degree) and I am now struggling to pay back student loans on top of having to pay rent, pay for food, pay for gas, etc.

And, people, please spare me your story on how either of the political candidates are going to be better at fixing this mess. I'm not sure how much either of them knows about the economy. And I think people need to start being realistic about the things that the next leader will be able to accomplish. Obama is NOT going to be successful at instituting a nationalized health care plan. McCain probably won't be able to keep the Bush tax cuts. Our government won't have the money to institute new programs or continue foolish ones.

Hillary Girl, Tulsa, OK (Sent Monday, September 22, 2008 4:31 PM)

Thanks to these cooler heads who will not be shock-doctrined into signing something as disastrous to our economy as the Iraq war has been to ... our economy!

Sarah, Brooklyn, NY (Sent Monday, September 22, 2008 4:43 PM)

unbelievable that we are talking wall street bailout when middle America cannot afford mortgage, health care, gas, food.
we still have no electricity or water, running breathing machine on generator.

FEMA just now pulling in. an adjuster friend has told me that they will not put it out over the media but well over 2000 souls unaccounted for in galveston area.

leon houston (Sent Monday, September 22, 2008 4:49 PM)

I emailed this to my Senators (both Republican) and Congressman (Democrat) last night - "Please endeavor to maintain Congressional oversight of any proposed bailout program for financial institutions. The Executive Branch does not need any more power than they have already stolen from Congress. This is not a Republican vs. Democrat issue, it is a Balance of Power issue."

Bubbette, Austin TX (Sent Monday, September 22, 2008 4:53 PM)

Harmony, you are exactly right. Truthteller, on the other hand, is so typical of so many people who will vote against their own interest by voting for McCain based on any number of delusions.

While Bush and them are trying to railroad us all into allowing him to enrich the Robber Barons and force us to absorb their losses, to take their punishment instead of them, the price of oil jumped $25 bucks a barrel today.

Scott in South Texas (Sent Monday, September 22, 2008 4:54 PM)

Hillary Girl,

Senator Obama is not proposing a nationalized healthcare plan. Don't rely on the media for your info - check it out for yourself!

Senator Obama will insure the uninsured, but those who can pay for their own health insurance will continue to do so, only at more affordable rates.

How come we can charge aid for other countries, but it is never important enough to insure American citizens?

Strange.

Nashville_fan (Sent Monday, September 22, 2008 4:59 PM)

I thought it was McCain who has been criticizing Obama for wanting to take a few days to come up with a well thought out plan after conferring with economic experts from both sides of the isle.

And here we have republicans in congress saying the Amercian people can wait weeks or months for a plan because they want to be sure it is well thought out and right. Am I missing something here?

Are these republicans saying that McCain who failed to think about the issue but rather jumped out with all kinds of weird ideas (like firing the SEC Head) is out of touch with how to properly resolve this crises?

C A, Tuscaloosa, AL (Sent Monday, September 22, 2008 5:00 PM)

Dems? Cave in? Never. (see offshore oil drilling, Iraq war, deregulation of wall street, supreme court appointees, warrantless wire tapping, clear skies initiative, Refusing to let Clinton go after Bin Ladin in 1998, Cheney's energy taskforce and a host of others)

Oh and what was the proposed price tag on offering healthcare to all Americans? (I know it was way too expensive)

Chicago Mike, IL (Sent Monday, September 22, 2008 5:06 PM)

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