Republican Senator Jim Inhofe from Oklahoma wants to put a “freeze” on the remaining cash in the big government bailout of the financial industry. In this week’s lame duck session, Inhofe plans to push for legislation that will require Treasury Secretary Henry Paulson’s plan for the remaining $350 billion in the bailout package to be voted on in Congress.
Despite promises from Congressional leaders that there would be both, there is absolutely no transparency or congressional oversight on where the first $290 billion has gone. Senator Inhofe suggests Paulson “may have given the money to his friends.”
Inhofe, who voted against the bailout package when it was originally passed, said in a letter to fellow lawmakers this weekend, “It is Congress’s duty to have a say in what happens with the remaining authorized amount of $350 billion. It is clear that it was a mistake to sign a blank check to one man for such a tremendous amount of money.”
Here’s my question to you: Should Congress freeze the remaining bailout money?
Robert from Wayne, New Jersey writes: The bailout money should be frozen. The entire bailout plan was hastily concocted by Congress to help improve their public image and make Americans believe the government was trying to help them. When Congress rushes to pass a bailout plan worth $700 billion in less than a month, no one should be surprised that the money is being misused and unregulated.
Cee from Kansas writes: Yes, freeze the remainder until there is accountability for the monies distributed to date. Transparency was supposed to be built in to the plan. Show us who got the money, how much they got, what they intend to do with it, and what they did with it.
Ken from Seattle, Washington writes: Yes. Paulson duped us all into thinking the world was going to come to an end unless taxpayers gave him 700 billion dollars to do with as he pleased. He gave taxpayers a wink and a nod regarding actually doing something constructive by helping homeowners hang onto their homes in order to convince us his intentions were good. All he has done is help out his crooked cronies on Wall Street and in the banking community.
Brian from Puerto Rico writes: A freeze would seem a good move. If they are unwilling to say what they have done with the money so far, they must have something to hide.
Jaime writes: Yes. It is clear that Paulson and the Bush administration and even our Congress have no clue what is going on at this time and they’re simply throwing money at everything that burps. It is time for a short pause to put some deliberate thought into what is it we’re trying to accomplish.
Gary from El Centro, California writes: I’m afraid the horse is already out of the barn and well down the road on this one. Once again the Bush administration scared us all into giving them absolute authority and no oversight. When will we ever learn?