Ping!
As usual, Alan Keyes is making sense.
A conservative congressman from Idaho says the Bush Administration’s $700 billion plan to bail out the ailing financial industry does not deal with the current problems in the American economy and lacks the approval of the majority of taxpayers.
Congressman Bill Sali (R-Idaho) says Treasury Secretary Henry Paulson’s bailout plan grows the government instead of the economy, which is presently burdened by high taxes, regulation, and deficit spending. Sali argues Paulson’s plan, which raises the federal debt ceiling to $11.3 trillion — an increase of almost $2 trillion — presumes that the Treasury Secretary has the answers.
“There’s a provision in there that says that basically he’ll make the decisions. And Section 8 of the proposal says that his decisions can’t be challenged by Congress or in any court,” warns Sali. “Basically he’s put in the position [of] kind of [a] benevolent dictator for the United States. This is an abdication of the duty of Congress to take care of this problem first of all.”
Sali proposes letting the private market sort out the illiquid assets of banks by allowing entrepreneurs to buy up the bad securities without paying taxes on their investment gains.
http://www.onenewsnow.com/Politics/Default.aspx?id=261944