Friday, January 16, 2009

Sens. Bennett and Hatch Oppose Further Bailout

Matt Canham of the SL Trib reports Hatch and Bennett both oppose releasing the remaining $350B of TARP, even though they both supported the program last year. Says Bennett...
I strongly supported the economic rescue plan in October because we were facing a total collapse of the world's financial markets within days; it was a true emergency and we averted that collapse. Now, there is not the emergency we had before.

How does he know TARP prevented collapse? Last I checked, no one knows how the money was actually used.

Meanwhile Treasury Secretary Paulson says the remaining $350B is needed for "bank capital programs" (Reuters). Bennett stood by Paulson when TARP was originally passed, why isn't he standing by him now?

I smell politics.