by Deb Cupples | The figure $700 billion has graced hundreds of headlines about the Bush Administration's plan to bail out the Wall Street firms whose executives drove our nation's economy toward the cliff's edge. The media has repeated that figure so many times that it seemed beyond question that $700 billion is what we taxpayers must fork over right now.
Yesterday, Sen. Chuck Schumer (NY) asked questions that should have been obvious to all journalists and bloggers.
At yesterday's congressional hearing, Sen. Schumer said the following to Treasury Secretary Henry Paulson (who is itching to give 700 billion tax dollars to Wall Street execs with no strings attached):
"'One of you mentioned that you will use about $50 billion dollars a month. If that’s the case, and you’re certainly not going to use all $700 billion immediately, and as you can see there are a lot of questions about whether this will work, we understand you’ve done your best and you think this will work best, but it’s clear we’re in uncharted waters.
"'But what about doing this in tranches? Why couldn’t you ask us for $150 billion, and on January 15th or January 20th we would come back, we would assess how this worked and grant some more money if it’s really working?” (Crooks & Liars)
Great point, Sen. Schumer! Precisely why should we taxpayers part with $700 billion right now? Where's the urgency, if Paulson doesn't plan to give more than $50 billion (or so) a month?
I'm glad someone is asking these questions. Frankly, I wish I'd thought of them.
Memeorandum has commentary.
Other Buck Naked Politics Posts:
* Executives Skate out of Economic Disaster with Millions
* Bailout: Ignore the Sales Pitch -- Bush Plan is Not the Only Option
* What Could we do with $700 Billion (Instead of bailing out Crooks)?
* FBI Finally Starts Investigating Wall Street Firms for Fraud
* Bush Team Hatched Bailout Plan Weeks (or Months) Ago
* Paulson Admits Need for Oversight in Bailout (& Rewrites Recent History)
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