"While there is no doubt a growing crisis in our financial markets, we must not rush to act in a manner that worsens or creates an additional crisis for American families and taxpayers," said Jeb Hensarling, chairman of the House Republican Study Committee.
Republican Senator Chuck Shelby went further, urging the pursuit of alternatives and warning against a rush to pass the package.
"I am concerned that Treasury's proposal is neither workable nor comprehensive, despite its enormous price tag. In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted," he said.
"I believe Congress must immediately undertake a comprehensive, public examination of the problem and alternative solutions rather than swiftly pass the current plan with minimal changes or discussion."
I agree. Let's slow this freight train down. Take a deep breath. Secretary Paulson has warned about "dangers to the economy" but so far, we've heard nothing specific except that the taxpayers could be on the hook for at least $700 billion. I'm quite sure that we will owe that and more if we're bailing out the so-called Investment Banks which until recently were also commonly referred to as Wall Street. I'm afraid that what the US taxpayer will be stuck with is not real estate with real value but worthless paper...During this election season, I don't trust either party; Democrat or Republican, and the thought of the US Government owning large stakes of any company reminds me of the way we "owned" Fannie Mae and Freddie Mac.
A pox on all of them.