House Accepts Worthy (But Doomed) Bailout Oversight Amendment
While the Senate has decided to hand over the rest of the $700 billion to Barack Obama, the House has only started debating its bill imposing oversight and restrictions on the money.
I sound like a broken record, but it's a shame that the Senate didn't take up its own bill setting conditions on the new administration as it spends the cash. Especially since one of the two amendments adopted this afternoon was Rep. Patrick Murphy's (D-PA) plan to require the Federal Reserve to reveal the mysterious terms and contracts governing its purchase of mortgage-backed securities.
"We are only just starting to get details about the contracts with the Troubled Asset Relief Program and that is only after the threat of a subpoena - we cannot let history repeat itself," Murphy said after his amendment was unanimously approved.
Too bad such a good plan won't have the force of law because the Senate won't pass its own oversight bill!
Its not surprising that the Senate isn't putting conditions on the spending. The Senate has a pile of the cretins responsible for this economic tsunami; most of the Republican party along with Schumer, Dodd, Biden, and many others in the Democratic party.
Schumer is the Democratic version of Phil Gramm, both are bag men for the money changers on Wall Street and in the corporate boardrooms.
note: Patrick Murphy is my Congressman.
January 15, 2009 6:54 PM | Reply | Permalink
Here's a wacky idea: since banks are financial black holes and the credit crunch got no better, let's use the second half or TARP to actually do something. Fund the stimulus. Dig states out of their deficits. Dig local governments out of debt. Start the shovel-ready projects.
January 16, 2009 1:22 AM | Reply | Permalink