U.S. Sen. James Inhofe tells Newsmax that Congress’ approval of the $700 billion
Wall Street bailout is the “most
outrageous vote in American history.”
The Oklahoma Republican also
said he doesn’t believe taxpayers will see the bailout funds paid back as
“I think history will treat that vote as the most outrageous
vote in American history, where 75 percent of the House and Senate voted to give
an unelected bureaucrat an unprecedented amount of money – the largest amount in American history to be actually voted on at one time, with no strings attached,
no guidelines, no oversight.
“Now that was bad enough and then … President
Bush came out with his statement [asking for the appropriation], which really
disappointed me. I was still trying to get what we call S64 and that would have
made the members of Congress responsible for passing or not passing this
recommendation from Obama.
“Now what has happened is that President Bush has
said, I guess he called up Obama, and said: What’s your wish list?
“We’ve already introduced our resolution of disapproval … I think it will pass the
House and it could pass the Senate, although I think Harry Reid would not even
allow a vote on it just to save the embarrassment to the new president, Obama,
because all he has to do is veto the resolution of disapproval and then” the
votes are there to override the veto.
“So it’s a fait accompli,” he added.
“It is done. We’re going to have another $350 billion to add to the first $350
“And I think there are a lot of smart economists who have said that nothing really good happened with the first $350 billion.”
Martella asked: “Wasn’t [Treasury Secretary Henry] Paulson supposed
to account for the way he spent the money?”
Inhofe answered: “He was
supposed to account for it. Even worse than that, he promised how it was going
to be spent. He was going to buy damaged assets. That’s what he was going to do.
“Fifteen minutes after he got his hands on the money, he
forgot all about that and never bought any damaged assets and instead bailed out
“A lot of Republicans are saying, well that money’s
not gone, he bought preferred stock and it’s going to be paid back with
“Well that would be awfully nice, but I don’t
think that’s going to happen.”
V ~ Vacuum Cleaner
17 hours ago