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Straight Talk From Richard Shelby

The Democrats shouldn’t be alone on the hook for a delay in Emperor Paulson’s tailoring, so when a GOP steps up and speaks true, it’s important we acknowledge and recognize that what he says is likely right:

Given the magnitude of the Treasury’s request and its long-term ramifications, lawmakers want to spend at least a little time debating the issues. And one key lawmaker, Richard Shelby, R-Ala., the top-ranking Republican on the Senate Banking Committee, indicated in a statement Monday that he’s not going to be pressured into passing something that he fundamentally disagrees with.

"In my judgment," Shelby said, "it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted, and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts."

You likely won’t see me praise Richard Shelby very often in this space, but I agree with him here. There’s no reason to believe Hot Hank’s solution will work — none of his previous ideas in this crisis ever have. And the Treasury Secretary is hardly a disinterested observer when it comes to self-dealing for himself and his friends, while he allowed Goldman Sachs’ traditional investment banking rival Lehman Brothers to fail within a unique window of opportunity.

Can Paulson tell us there won’t be more bailouts?
Can Paulson tell us his plan won’t need more money?
Can Paulson tell us what, exactly, we’re getting for all this money?

Can Paulson tell us what the end-game is here, exactly, for all this money?

{YouTube of Barney Frank and Richard Shelby on Sunday’s Face the Nation courtesy of CBS News}

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Teddy Partridge

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