AIG bailout upsets Republican lawmakers
* Story Highlights
* Senate Banking Committee member: AIG "put greed ahead of responsibility"
* House GOP aide: Top Bush economic adviser to brief House Republicans
* House Speaker Pelosi: Bailout shows President Bush is "failed manager"
* Sen. Reid: No immediate law changes, because "no one knows what to do"
From Ted Barrett, Deirdre Walsh and Brianna Keilar
WASHINGTON (CNN) -- Key Republicans on Capitol Hill blasted the Treasury Department and the Federal Reserve on Wednesday for orchestrating an $85 billion bailout of insurance giant American International Group, and the White House for not informing them of the plan. [...]"The most recent bailout initiated by the Bush administration -- that of AIG -- is just another example that George Bush is a failed manager,"
said House Speaker Nancy Pelosi, D-California. "Because of the inattention, or a decision on their part to have crony capitalism in our country, Americans across the country are feeling the pain of this."[...]
Pelosi is a lying sack of dung.
Let us look back to 2003, shall we? President Bush tried to make reforms
that would have stopped Fannie and Freddie from failing.
New York Times
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. [...]''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.
''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
That's right. The Democrats blocked it.
AIG? It might not have happened if it wasn't for the rampant corruption at the top
deemed permissible by the Democrats.
So now Pelosi et al want to do more show trials
.She criticizes the AIG bailout while at the same time wants to pour money into the failed US auto industry starting with GM.
When is The Government going to STOP interfering with the economy and let the natural business cycle clear the chaff? Things can ONLY be made worse by propping up failed business models