Cafferty File: Should Congress Freeze The Remaining Bailout Money?
By Heather Tuesday Nov 18, 2008 7:45am
From The Cafferty File Nov. 17, 2008. David Sirota has more at Daily KOS.
Republican Senator Jim Inhofe from Oklahoma wants to put a “freeze” on the remaining cash in the big government bailout of the financial industry. In this week’s lame duck session, Inhofe plans to push for legislation that will require Treasury Secretary Henry Paulson’s plan for the remaining $350 billion in the bailout package to be voted on in Congress.
Despite promises from Congressional leaders that there would be both, there is absolutely no transparency or congressional oversight on where the first $290 billion has gone. Senator Inhofe suggests Paulson “may have given the money to his friends.”
Inhofe, who voted against the bailout package when it was originally passed, said in a letter to fellow lawmakers this weekend, “It is Congress’s duty to have a say in what happens with the remaining authorized amount of $350 billion. It is clear that it was a mistake to sign a blank check to one man for such a tremendous amount of money.”
Here’s my question to you: Should Congress freeze the remaining bailout money?
Robert from Wayne, New Jersey writes: The bailout money should be frozen. The entire bailout plan was hastily concocted by Congress to help improve their public image and make Americans believe the government was trying to help them. When Congress rushes to pass a bailout plan worth $700 billion in less than a month, no one should be surprised that the money is being misused and unregulated.
Cee from Kansas writes: Yes, freeze the remainder until there is accountability for the monies distributed to date. Transparency was supposed to be built in to the plan. Show us who got the money, how much they got, what they intend to do with it, and what they did with it.
Ken from Seattle, Washington writes: Yes. Paulson duped us all into thinking the world was going to come to an end unless taxpayers gave him 700 billion dollars to do with as he pleased. He gave taxpayers a wink and a nod regarding actually doing something constructive by helping homeowners hang onto their homes in order to convince us his intentions were good. All he has done is help out his crooked cronies on Wall Street and in the banking community.
Brian from Puerto Rico writes: A freeze would seem a good move. If they are unwilling to say what they have done with the money so far, they must have something to hide.
Jaime writes: Yes. It is clear that Paulson and the Bush administration and even our Congress have no clue what is going on at this time and they’re simply throwing money at everything that burps. It is time for a short pause to put some deliberate thought into what is it we’re trying to accomplish.
Gary from El Centro, California writes: I’m afraid the horse is already out of the barn and well down the road on this one. Once again the Bush administration scared us all into giving them absolute authority and no oversight. When will we ever learn?
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For the first time and probably the last. I agree with Inhofe
Seconded. I still don't understand how this thing passed to begin with.
No transparency? No money.
What you guys said.
is that Paulsen has already bailed out his buddies on Wallstreet and these left over billions will make Obama and the Dems complicient in the bailout---unless Congress puts some teeth in the requirements for help...
Unlike the FATCAT BUSH/PAULSEN bailout, the car makers are asking for a LOAN!!!
There is something strange about this freeze proposal and Congress's reluctance to act !!!
Is this really strange or business as usual.
My pockets are empty, now they will empty yours.
To quote Obama and what he said when he was asked when does life begin, "This is above my pay grade" But I have to say, like Phylter, I just may agree with Inhofe for the first and last time. That was an awful lot of our money to hand over to one man with little to no oversight into where it would go and to whom.
There is a hearing on this live now on C-span.
They stole all that money and didn't give us poor folks a fucking quarter....breathtaking.
What's new? SOS
and claims that some of the money has gone to 9 Large Corporations and I don't understand why he can't name them. He also claims that "our actions have stablilized the market" even though its clear that the banks are not lending. Their reading from prepared statments troubles me.
...or desires not to name them?
They almost always read from a statement in hearings like this. But when that's done, the questions come and they have to answer them without reading.
It is clear that it was a mistake to sign a blank check to one man for such a tremendous amount of money.”
Well, duh.
So I'm guessing "Not Gonna Happen".
This could turn out to be one of, if not the biggest, robberies in history.
early on... And some said: "What? Are you drunk?"
They just didn't catch on to the scam early enough. BTW: While not all people - politicians included - understood the scam unfolding iunder their noses, look for a good percentage of that money to return to fund some of the most hated and corrupt politicians that pushed this through knowing damned well it was a scam.
Any and every time this administration has cried "vote for this immediately" it has turned out to be the wrong thing to do. Examples, Patriot Act and invading Iraq. That's why I too questioned this when they pushed the panic button.
to push through single payer health care. NOW NOW! NOW!
The biggest, in my opinion, has been the robbery of our civil rights and freedoms afforded by The Constitution. We will understand this and a lot more about how much they've taken besides money after the economy really collapses, later in 2009.
It already IS. Will it get bigger??
While I originally wrote this in January of 2007, concerning the cost of health care to consumers and service provided, it is equally applicable to the savings for the auto industry. And that is not my opinion, that is the opinion of the successful auto industry management. The ones that aren't asking for a bailout. At the time I wrote this in 2007, each vehicle assembled in the United States cost GM $1,525 for health care; those made in Canada cost GM $197. Probably more savings now since this was written nearly two years ago...
If we can't get an accounting of where the first half has gone in no way should the second half be released for further squandering. I want to know where my moneuy has gone!
...there just have to be some teeth in the package.
1-Thou shalt NOT object, nor EVER AGAIN lobby against attempts to increase your fleet MPG average.
2-Thou shalt NOT squander this money figuring out how to build bigger vehicles, but will look to your own european and asian subisdiaries for inspiration to build cars that are good for the environment as well as our economy.
3-Thou shalt NOT pay your CEO more than 20 times the average salary for your workers.
Feel free to add any additional teeth to make the bailout package acceptable.
and arrest Bernanke and the heads of the companies that have pocketed the money for treason.
Can you imagine if you couldn't account for the money you spent in your department at work?
Freeze it. I guess I can understand that they could use the money where they saw fit, but not having to account for where it went? Insanity.
If they actually wanted to know where the money went the congresscritters could have themselves a hearing. You know, like they didn't bother to do before they "addressed the emergency". What I'm saying is that congress gets exactly as much oversight as it wants.
Sometimes the illusion of addressing the problem slows down the bleeding. I think that is what is happening in this case.
If it were up to me, choosing between assisting companies that actually make a product that people use, and companies that gamble on derivatives fer cryin' out loud, the choice is pretty clear.
It'll bring a whole new meaning to cold cash:
http://www.youtube.com/watch?v=bZZVHVnJRE0
Grover Norqusit is smiling from ear to ear. Looks like he's gonna see his ultiamte goal come to fruition. Once they drain the national coffers, there won't be much money left for government programs. No one will ever be able to convince me this isn't all part of a Con plan.
"My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub." -Grover Norquist
Inhofe supported billions in tax dollar giveaways to big oil at a time they were making record profits. He supported a half trillion dollar war in Iraq.
Now he's a "fiscal conservative" all of a sudden?
Maybe he's thinking ahead about his re-election.
That, and the fact that cars are produced in Michigan not Oklahoma. Inhofe's from an oil state, that's why he supports trillions in giveaways for big oil and for oil wars. Republicans give lip service about budget restraints and loving America when all they really care about is their own financial well beings and political survivals budget and America be damned. That's what it boils down to. Everything else from them is bullshit, lies and con jobs.
What about rim jobs?
I think Larry Craig produces those in Minnesota though he's the senator from Idaho. I know, it's all very confusing.
First they fu*k all of us for eight years and then on their way out the door, they rob us.
It's the Republican way.
Look at the bright side, if Palin was the VP-elect she would try to bill us for the rape kit.
Looks like the good Lord is about to slam another door in Palin's face with a Bengich win in the Alaska senate race. Praise baby Jesus! He knows what he's doing. Now take a hint b*tch. Your God is about to be sending you another message!
I heard this morning that she may get a book contract for up to seven million dollars.
She has a vocabulary of about 500 words. How is that going to fill a book? Isn't there some kind of law in Alaska regarding a sitting governor not being able to have a lucrative book deal? Oh wait, this is Alaska, the same state that may elect a convicted felon to the senate. Nevermind.
"She has a vocabulary of about 500 words..."
You're being too generous.
That's a lot of money to write a coloring book!
Why can't I get a deal like that??
It has been a fiasco from start to finish and any congressional member who was part of, and advocated for this is culpable.
The real concern is -- can we put the congressional thieves in jail FIRST - then go after the others?
YES - the funds need to be frozen and shame on this not being universally called for by all congress - THE SECOND the criminality of it was exposed. They all belong in jail.
*
...think about those warrantless wiretaps. What does the executive branch have on certain congresscritters???
n/t
They asked for this exuberant amount of money so they could give it away to god knows who. Why did this happen so quickly? Because Congress was threatened with visions of "Police State and Fear" if they did not pass this. Con's always put high pressure on people to make decisions if what they are selling is bogus........ Congress should have known better, they probably did, maybe some of them got this money as well. What a bunch of Crooks and Liars.......This is a fast way to shrink the government so it can be drown in a bathtub like some have suggested. One way or another they will get their way. They tried to get this money from the Social Security fund and put it into the stock market, what a disaster this would have been!
Getting the money was easier this way I guess.....
Amen, bloom...right on track!
They figured out how to steal everyone's social security, but thank God they didn't get privatization legislation passed. I think this robbery was a set up from the start.
First they bilk us for billions of unaccounted for dollars for the illegal invasion and occupation of Iraq. Then at the end of the Bush reign he tells us that the sky is falling and he needs another trillion dollars to save us, immediately and with no oversight or accountability of course.
And the next line is "How can we afford universal health care with all of this debt?".
The fat cat capitalists are sucking the people dry for every cent they can for as long as we let them. We all need to do what we can to educate the ignorant people of this nation what is really going on.
FDR and the New Deal rescued the country from this same crap 75 years ago. Let's pray Obama can do the same. And in the future we must always keep this in mind when casting our votes!
the biggest Nigerian scam EVAR!!!
Keating. on steroids.
Repubs are my enemy when they give tax $$$ to their friends.
Dems are my enemy when they do the same for their friends.
They all suck.
At the very least the latter doesn't seek to undermine my civil liberties, kowtow to Christian extremist, gun nuts and hate mongers . they suck a little less so I'll go with them.
Didn't Pelosi, Reid, and a lot of other Dems do everything in their power not to defeat FISA retroactive immunity?
yea, there's no difference between a Republican and a Democrat. You're right.
they all voted for the Patriot Act ---- most of them, twice!
I wrote my congressman, Peter DeFazio. said "dude, don't give them banks the money." - he voted "no" both times.
I wrote both my senators, Gordon Smith and Ron Wyden. said "dudes, don't give them banks the money." - Smith voted no, then yes. Wyden voted no both times.
then Portlanders voted overwhelmingly to boot Smith out of his seat.
I know there were a lot of other factors involved but I like to think Portlanders sent a message to our politicians. do what your constituents (aka 'bosses') tell you to do, or we'll fire you.
to pass universal, single-payer health care, thereby relieving the companies of the burden of supplying health insurance for their employees.
anent unions: If you have a boss, you NEED a union...end of story...
The American labor force is now among the industrialized world's worst.
No offense, I had European friends involved in the auto industry (Industrial Engineers both) who were involved in the setup of a few production lines in the states. And the level of technical training was appalling, at some point in one Alabama factory they were using cards with pictures that would be worthy of a sesame street special.
Canada is now the destination for most newer foreign assembly lines, health care and a well trained labor force are among the reasons cited. Even when some states are offering incredible incentives. And Mexico is also a destination, because honestly... the labor force is equally badly trained but they request a fraction of the cost. And both places allow Euros to circumvent American tariffs via NAFTA. So I guess it back fired on the US of A original intent.
Also, we need to invest in god damned science. Never mind the fact that a big portion of our labor force is illiterate for all intents and purposes. Take a stroll around any engineering or science department at a major US university and weep.
The lady on the panel seems smarter than the rest of them all put together. Give her control of the TARP and require that she be totally transparent with what she does. I would feel a lot better with the reins in her hands.
Under feudalism the peasants work and the lord takes what he will of the fruits of their labor, for which he is supposed to protect them from evil doers and also pay taxes to the King to protect himself from him. It's basically a protection racket. If the lord is smart, he will realize that a prosperous peasantry will increase his own wealth and help keep the King off his back. If he is very stupid, he will steal the peasants blind and kick them around a bit just to let them know who's boss. He will then retire behind his castle walls where he feels safe from them. However, if the lord is so stupid and greedy he bankrupts the peasants he will eventually be unable to increase his own wealth or to pay taxes to the king. At this point everybody (including his own knights)_hate his ass and his days are numbered.
rise up in rebellion, behead the lord, scatter the knights, and take over the castle.
Of course, the Establishment insiders tut tut about the bad, ignorant, unruly peasants.
Everyone fears the mob!!! Don't you forget it. You've had the election, so what's next? Grab a pitchfork?
You forgot the church. Not only did both church and state take a lot of the peasants produce, then then taxed and tithed them, and require them to work their land even at the expense of their own.
http://www.youtube.com/watch?v=5rwKj7S-ysA
Long Answer...issues like this require LEADERSHIP. The Congress is in a lame duck session, so has no inclination to show leadership as they will not be held responsible once their terms are up.
President Bush has been mailing it in for months. He's not leading on this.
Paulson is a hack, and he's, to put it not so gently, on his knees in front of his Wall Street thieving bastard friends sucking them off so he'll have a job once this Administration ends. He's the worst kind of prostitute...he's using our money to pay to blow someone else.
No further monies should be spent until we have a REAL President in the White House.
us citizens need to also be involved.
We can't sit idle accepting this shit. It is our money, I don't give a rat's ass that they don't want to give names. It is not their choice. I want to see the accounting down to the last cent.
Besides, the whole concept of this bailout is ludicrous. So let me get this straight: we need to give OUR money to the bankers so they can loan OUR money back at interest, or the economy will fail? Why don't we let the economy fail and we keep our money. It seems if the economy booms we lose our money...
Don't forget...we also get to ravage the ladies of the court!
n/t (off to buy my pitchfork)
I have a feeling their shares will be soaring soon LOL.
Don'tcha mean plunging?
I used to think Bernanke was one of Bush's better appointees, now I see I was wrong.
I hope President Obama decides to not renew him in 2010.
For those who don't know, Fed chairs serve up to 16 years split into 4 year intervals. Now, before someone mentions Greenspan; Greenspan served out the rest of someone else's turn. That's how he got to serve longer.
when he called this the biggest "bait and switch" scheme in history along with the Iraq war vote. The entire Bush administration has been "bait and switch". "A uniter, not a divider", "compassionate conservative", etc.. He put the fox in charge of the chicken house in every department of his administration. Paulson is no exception. How could anyone have put any faith in this man to be able to handle this program? He sounds like a blithering idiot!
This was the last ditch effort to loot the treasury on their way out the door. They won't tell where the money went because it was probably to them.
Interview by Amy Goodman on Democracy Now.
Part 1.
Part 2.
Part 3.
From Naomi Klein..
Then there is the nearly $2 trillion the Federal Reserve has handed out in emergency loans. Incredibly, the Fed will not reveal which corporations have received these loans or what it has accepted as collateral. Bloomberg News believes that this secrecy violates the law and has filed a federal suit demanding full disclosure.
http://www.thenation.com/doc/20081201/klein
Did hell freeze over? I find myself agreeing with Inhofe. You don't give anyone $700 billion with no oversight, and no plan, not even your mother.
Wall Street screamed for a bailout and they wanted it RIGHT NOW. The result: "Let's have a party!!"
Let them all rot. Then we'll start over and do it right.
Fuck yeah.
Congress And the White House until President Obama and the new Congress can get to work. The final days of the current Retuglicans is going to be bad, Very Bad!
Greenspan, Paulson, and Bernanke should be carted off to gitmo and water boarded for their role in destroying our economy. fricken amazing.
Ron Paul questions Bernanke about world currency
If you ask me Bernanke is in denial. He states that because people are fleeing to the dollar that it some how signals it’s strength when in fact it’s a panic to get away from every asset class that is deleveraging. Failed banks bailed out, business infrastructure in serious contraction, and a climbing national debt now challenging the spending of WWII. At this point I would love to hear Bernanke qualify his position along with explain where the hell our $2 trillion tax paying dollars are going.
http://www.youtube.com/watch?v=MVBFd9PbcNg
Telegraph UK - Volcker issues dire warning on slump
Paul Volcker, the former chairman of the US Federal Reserve - "What this crisis reveals is a broken financial system like no other in my lifetime," he told a conference at Lombard Street Research in London. ooosh
http://www.telegraph.co.uk/finance/economics/...
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