Category Archives: Paulson Bernake

Very few in Congress like Paulson and Bernake’s plan..

Even House conservatives are bitching about it. From The Hill:

The House Republican Study Committee (RSC) called an emergency meeting Monday afternoon to finalize an alternative proposal to the administration’s plan to bail out struggling financial institutions, according to several congressional sources.

It is unclear what changes the RSC will seek, but the conservative group’s concerns about the $700 billion package are another indication that the administration’s proposal will not sail through Congress.

Chris Dodd, who heads the Senate Banking Committee isn’t thrilled by a long shot. Indiana’s Republican rep, Mike Pence had this to say about the White House Bailout Plan:

“Congress must not hastily embrace a cure that may do more harm to our economy than the disease of bad debt.”

I hope they all, every single elected member of Congress, tells Paulson and Bernake to take their plan and shove it.