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Sharp words on Senate floor over financial crisis

Posted by idealistagain on 2008.10.24 at 13:58
Current Mood: goodgood
Frustrations began to boil over on the floor of the Senate over the recently passed $700 billion bailout of failing Wall Street financial firms. Democratic Senator Michael Kegan of North Carolina blasted Wall Street executives for "utterly stupid business decisions" and angrily denounced the recent $400,000 getaway to an upscale California resort by executives of American International Group, which has access to up to $85 billion of government financing.

Democrats Thomas O'Neil of Illinois and John Holmes of California seemed to share Senator Kegan's sentiments. Senator Holmes (D, CA) accused lawmakers of rushing too quickly to intervene in the crisis and expressing concerns that the legislation Congress passed did not include enough oversight to ensure that government funds were properly used.

Kansas Senator Michael Taylor, a Libertarian who joined Senator Kegan in voting against the bailout package, took issue with members of both major parties for advocating excessive government regulation of the markets. Senator Kegan fired back that Senator Taylor was taking "a break from reality" and Senator O'Neil (D, IL) accused Senator Taylor and Libertarians of offering a program that was "a dead end".

Many observers and analysts have commented that the opening of the next Senate session should be interesting and openly wondered whether senators would be able to work together on practical legislation after such heated exchanges.

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