Posted on 07/22/2008 12:59:52 PM PDT by 300magnum
Before July 15, Senator Jim Bunning was probably best known to Wall Streeters of a certain age as a Hall of Famer who pitched a pair of no-hitters during a major league baseball career that ran from 1955 to 1971.
That changed in a hurry, however, when the Republican from Kentucky last week delivered some chin music to three of the government's top financial watchdogs. Bunning grilled Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Chairman Christopher Cox of the Securities and Exchange Commission during Senate Banking Committee hearings on financial market developments and regulatory responses.
From his opening statement, and continuing through a question-and-answer session that grew testy, it was clear the junior senator from Kentucky would not be fawning over the regulators' actions, as had several of his colleagues.
Bernanke took the first beanball, as Bunning mocked the chairman's call for increased Fed powers to be a systemic risk regulator for the financial system. (See "Bad News Ben.")
"Giving the Fed more power is like giving the kid who broke your window playing baseball a bigger bat and thinking that will fix the problem," Bunning said.
Paulson was not spared, as Bunning railed against what he dubbed a "bailout" of government-sponsored enterprises Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ).
"When I picked up my newspaper yesterday, I thought I woke up in France," Bunning said. "But no, it turns out socialism is alive and well in America."
Bunning said the Treasury secretary's request for a "blank check" to buy Fannie or Freddie debt or equity made the Fed's purchase of $30.0 billion in Bear Stearns assets look like "amateur socialism." (See "Defending The Bear Stearns Rescue.")
(Excerpt) Read more at forbes.com ...
I wish there would be some public hangings of the culprits
of those who created this situation. However, you’d need
the Washington Mall for this!
Why is this guy not running for higher office? Likely too smart.....
I saw Bunning on Fox Business that day, he was definitely loaded for bear.
Bush could fire Paulson and Cox. Is there a way to get rid of Bernanke?
I liked the fact that he was delivering this “high heat” on the day of the All Star Game. Nobody (on the cable news nets) seemed to notice or show any interest. I was a fan back in his hey-day (he almost got the Phillies to the World Series in 1964 and got his perfect game a year later) and ever since he arrived in Congress. Way to go, Senator Bunning! I wish my state (Virginia) had a senator or a congressman like him.
Bunning was nasty in his day - threw sorta sidearm and moved right-handed batters off the plate.
Senator Bunning is 76 and will be 77 in October. He is in as good a shape physically as McCain, but likely not willing to weather the mental strain of a national campaign. He is definitely one of the good ones, behind the scenes, but always on the money.
The Republican Committee would just support a McCain clone to oppose him, while starving Bunning of re-election funds. They like blue-blood corporate moderates and RINOs. Old boy network. Who wants a loose cannon who actually hopes to serve in the best interest of the public?
I know what I heard at District.... now I need more proof to make up for the words of tolerance and compromise at the price of our Constitutional and Legally Born American Freedoms, rights and sovereignty!
Thanks for the ping!
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