Rep. Darrell Issa today took to the House floor and said of the announced compromise bailout proposal, "It does not do what the American people are asking us to do, and that is protect their tax dollars." (click here to watch Rep. Issa speak on the House floor)
Rep. Issa, who has offered an alternative plan that uses private investments to fund a secured loan for struggling firms with failing mortgage assets, said that even after changes by Congressional negotiators, the Paulson plan is still deeply flawed at its core. “There’s been a lot of lip stick added, but this bailout is still a pig,” added Issa.
“I have spoken with numerous experts, including some who I know from my career in the private sector,” said Issa. “The process in crafting this legislation has been deeply flawed and Congress needs to seek expertise beyond just the current leadership in the Department of the Treasury and the Federal Reserve. I’m not opposing this because I believe Congress should do nothing, but because I believe it needs to take time and get it right. Our economy faces serious challenges and buying Wall Street’s biggest mistakes won’t solve our problems, it will just get rid of our money."
Click here to read about Rep. Issa's alternative to the Paulson plan.
Republicans today are being portrayed as obstructionists to the proposal by everybody from La Pelous to Barney Frank, from W to the national media talking heads - but could they be right? Is it possible that after years of bumbling and stumbling and abandoning their conservative principles, they have pitched in to collect a set of balls which they are finally putting on display? After all, this massive bail-out, unprecedented in scale in this or any other country, absolutely HAD to be in place last week or our financial institutions would fail. When Congress paused to regroup and reconsider, the deadline for failure shifted to Friday, then today, now probably later in the week. With the DOW already down 700 points today, financial players are making their voices heard but are they the ones we should be listening too?
It has been suggested elsewhere in this site that we need to get this right - and that a blue ribbon panel be convened composed of people like Bill Gates, Warren Buffet, T. Boone Pickens, Paul Volcker and other financial & business wizards to craft something that is both meaningful and workable for the American people. So far all we have is a documented crafted and fine-tuned by the very political and financial hacks who got us here to begin with and either have an axe to grind or an ass to cover. Take a couple extra days, folks, and get it right. We won't get another shot at a trillion dollars.
Just as an aside, in this age where widespread fraud got us at least part way into this mess, wouldn't it be ironic if this bail-out turned out to be nothing more than a gigantic Ponzi designed to bail out the initial investors on the backs of the rest of us who got into the scheme too late to profit? It's a trillion dollars of OUR money. Don't you want to make sure?