Democrats aren’t the only ones asking questions about the latest bailout plan. Newt Gingrich has some tough questions, and he offers some suggestions as well.
Watching Washington rush to throw taxpayer money at Wall Street has been sobering and a little frightening.
We are being told Treasury Secretary Henry Paulson has a plan which will shift $700 billion in obligations from private companies to the taxpayer.
We are being warned that this $700 billion bailout is the only answer to a crisis.
We are being reassured that we can trust Secretary Paulson “because he knows what he is doing”.
Congress had better ask a lot of questions before it shifts this much burden to the taxpayer and shifts this much power to a Washington bureaucracy.
Imagine that the political balance of power in Washington were different.
If this were a Democratic administration the Republicans in the House and Senate would be demanding answers and would be organizing for a “no” vote.
One of Newt’s proposals includes repealing Sarbanes-Oxley. It’s not a bad idea.
The AIG bailout was probably necessary to avert a complete meltdown. The new proposal from Paulson deserves much more scrutiny.
