Senators May Actually Fight Bank Bailout
 Tuesday, September 23rd, 2008  by Connie T.

Treasury Secretary Henry Paulson

I don't know - I heard a lot of noise from the Democratic Senators regarding the Iraq invasion, but five years later, we're still there. So we'll see if they stick to their guns this time. The George W. Bush administration wants to give $700 billion to big banks and financial institutions as a bailout for bad mortgages and investments. But considering the banks are the ones who actually got the foreclosed properties back - leaving the former homeowners with nothing but debt - Democrats are taking pause at bailing out the banks and not the middle class families who were affected. And it's not just the Democrats, either.

"This massive bailout is not a solution," said Sen. Jim Bunning, a Republican from Kentucky. "It is financial socialism and it's un-American."

Rep. Darrell Isa, R-California, said "I am emphatically against it."

"No financial institution that gets federal relief should pay its CEO more than $2 million annually," said Democratic Rep. Henry Waxman of Los Angeles.

"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome," said Democratic Speaker of the House Nancy Pelosi.

Treasury Secretary Henry Paulson, who is now officially in the darkest corner of our doghouse, and is of course for the $700 billion emergency bailout, commented, "You worry about taxpayers being on the hook? Guess what? They're already on the hook." The language of the bailout measure would make the Paulson's decisions "non-reviewable" by "any court of law or any administrative agency;" in other words, give ultimate and limitless power to the Treasury of Secretary with your money in this deal.

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