More than 150 prominent U.S. economists, including three Nobel Prize winners, have urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely.
A bipartisan emergency meeting between President Bush, Senators John McCain and Barack Obama and several other key congressional leaders ended at the White House on Thursday afternoon (September 25) in disarray and without any clear agreement on an economic-bailout plan, according to CNN.com.
The meeting was convened to discuss the current economic crisis and, more specifically, a proposed $700 billion economic-recovery plan, which would, in effect, "bail out" Wall Street investors.
I agree with Jim Scarantino's opinion, "No Bailout. No Way."
9:33pm - UPDATE
Congressman Steve Pearce has expressed deep concern regarding the plan to allow Treasury Secretary Henry Paulson broad unchecked power to spend $700 billion in taxpayer money with very little reform of the system.
Paulson was Chief Executive Officer at Goldman Sachs, one of the companies involved in creating the financial crisis," said Pearce. "I don't think anyone should be confident that he will hold accountable those who got us into this, nor that he will institute the proper reforms to prevent it from happening again."
Paulson was employed by Goldman Sachs for fifteen years and was CEO for eight. His last year as CEO he received more than $16 million in compensation.
This is a case of putting the fox in control of the hen house. We need real reform, not just a bailout at taxpayer expense.
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