Word: congression
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...sentiments, Senator John McCain proclaimed, “Never before in the history of our nation has so much power and money been concentrated in the hands of one person.” In a way, President Bush is correct when he puts the burden on Congress to act. But, it should act on the American people’s interest and not Paulson’s. To Congress’s credit, it proposed some limitations on Paulson’s power in the plan. That said, these modifications were not adequate to make up for the many flaws...
Both houses of Congress had been scheduled to adjourn this week until after the election. The defeat of the bailout plan means that everyone is likely to be back at work later this week. The question is what the markets will do in the meantime...
...they've been doing: stepping in to prevent the chaotic failure of banks and other large financial institutions. This means continuing to put hundreds of billions of taxpayer dollars at risk, but in a way that adheres to no clear plan of action and doesn't require members of Congress to explicitly approve their actions...
...asking Congress 11 days ago for the authority to spend up to $700 billion to buy troubled assets, Paulson and Fed Chairman Ben Bernanke were hoping to share some of the responsibility and the blame - and get the freedom to boost companies that weren't already on the brink of failure. Instead, they're back to being crisis managers for the moment - and maybe for the duration of the crisis...
...Federal authorities are going to keep doing whatever they can to keep the financial system from collapsing. Taxpayers will bear the risks and the costs of that, whether Congress votes to put them there or not. And it's possible - although nobody can know for sure - that this ad hoc approach will end up costing more than an up-front $700 billion bailout...