Inhofe: Cancel the Bail-Out

Sen. Jim Inhofe (R-Okla.) is calling for Congress to cancel the “blank check” it gave Treasury Secretary Henry Paulson in the form of the $700 Billion bail-out for the purposes of, well, that keeps changing.

Sen. Inhofe said Saturday that Congress was not told the truth about the bail-out and should take back what is left of the $700 Billion it appropriated for the scheme.

And how much is left? We don’t know. “Congress doesn’t know how much money [Secretary Paulson] has given away to anyone,” Sen. Inhofe told the Tulsa World.

Well, to whom did he give it? We don’t know that either. “It could be to his friends. It could be to anybody else. We don’t know. There is no way of knowing,” Sen. Inhofe continued.

Last week, Secretary Paulson announced that he was abandoning his plan to purchase “troubled assets” from financial institutions. The Secretary’s latest deck chair arrangement calls for some non-specific schemes to loosen up consumer credit.

“He was able to get this authority from Congress predicated on what he was going to do, and then he didn’t do it,” Inhofe said.

Perhaps the euphemistically titled “Troubled Asset Relief Program” (TARP) should be renamed the “Changing Robbery of Americans Program” (CRAP).

“I have learned a long time ago. When they come up and say this has to be done and has to be done immediately, there is no other way of doing it, you have to sit back and take a deep breath and nine times out of 10 they are not telling the truth,” Sen. Inhofe said.

“And this is one of those nine times.”

In a letter to his Senate colleagues, Mr. Inhofe laid out his legislative proposal, which includes a freeze on whatever is left of the initial allocation of $350 billion and requiring an affirmative vote by Congress before Paulson can get his hands on the second $350 billion of bail-out money.

Sen. Inhofe says agreeing to his plan would provide “redemption” for the 74 Senators who voted for the bail-out.

Personally, I wouldn’t go that far, but it would be a start.

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4 thoughts on “Inhofe: Cancel the Bail-Out

  1. When the bill was enacted a Congressional Oversight Panel was created to review the state of the markets, current regulatory system, and the Treasury Department’s management of the Troubled Asset Relief Program.

    So what is really the problem?

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