US Sen Shelby rips Bush admin Wall St bailout plan

[maddezmom]

Source: Reuters

US Sen Shelby rips Bush admin Wall St bailout plan
Tue Sep 23, 2008 9:59am EDT

WASHINGTON, Sept 23 (Reuters) - Alabama Republican Sen. Richard Shelby on Tuesday sharply criticized the Bush administration's massive Wall Street bailout plan and urged rapid work in days ahead to develop a better package to calm markets "before we waste $700 billion of taxpayer money."

Shelby, the top Republican on the Senate Banking Committee, said at the beginning of a committee hearing that the administration's plan "merely codifies (the Treasury Department's) ad hoc approach" taken so far to tackling the worst U.S. financial crisis since the Great Depression.

He said the plan, as initially drafted, aims to rescue "the same financial institutions that created this crisis with their sloppy underwriting and reckless disregard for the risks they were creating, taking, or passing on to others."



Read more: http://www.reuters.com/article/bondsNews/idUSWAT01010720080923

[msongs]

1. a REPUB schools the chicken little sky is falling dems who BELiEVE bush at their own peril nt

[clixtox]

2. Considering the source...

This is an amazingly accurate assessment of the cause of the financial/credit/asset meltdown.

I wonder if he is up for possible re-election in November...

The rats are starting to scatter!

[AlabamaBrightBlueDot]

3. He is not running

He doesn't need anything from anyone. Finally he is standing up for all of us 'little people'.

[GinaMaria]

9. Similar pressure from the right wing

as from us on DC reps. They have email campaigns going now too. Basically, the country is against it and anyone who depends on voters for job security is backing away from the steaming pile called a bailout. Keep the pressure on them. Let them know what they stand to lose by backing this.

[Stuckinthebush]

4. Well....he USED to be a Dem

I don't know what got into him.

Good for Dick.

[trthnd4jstc]

5. Fantastic. n/t

[orwell]

6. I was praising him on DU a few days ago...

...of course nobody wanted to listen to it.

[downindixie]

7. Well,I'd like to see more action from him on this!

Words are cheap.I'm from Alabama and this man usely gets me upset.

[dixiegrrrrl]

8. Hey, cuz

:hi:

I e-mailed his office earlier today, after watching him in the hearing.