Politics | 09/18/2008 10:00 am
GOP Lawmakers to Bush: We Don't Like How You're Handling the Financial Crisis

Even the Republicans in Congress are blasting the Bush administration for its handling of the country’s financial woes.
Politico.com reports that House Minority Whip Roy Blunt, R-MO, said Wednesday that congressional Republicans "don’t feel like they understand the coherent strategy" of the Bush administration — "if there is one."
First, the disgruntled GOPers say that administration officials haven’t done enough to keep them in the loop on its plans for addressing the crisis. But they also don’t like the apparent trend of the administration intervening in the market – such as by helping Fannie Mae, Freddie Mac and AIG. That goes against the party’s free-market stance that taxpayer money isn’t used to bail out banks that may have made bad decisions. They also don’t understand how the government is deciding, for example, that AIG is worthy of a bailout but Lehman Brothers is not.
"There is confidence in [Federal Reserve Chairman Ben] Bernanke, but that reservoir is not limitless," House Republican Conference Chairman Adam Putnam, R-FL, said. "People need to understand what the guiding principles are behind this ad hoc strategy."
CNN also reports that key Republicans are really irate over the Treasury Department and Federal Reserve for not informing them of the $85 billion AIG bailout.
The fingerpointing continues, as Democrats blame the Bush administration for the financial crisis, and the White House points a finger at Congress.
"Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off," said Sen. Jim Bunning, R-KY, a member of the Senate Banking Committee.
The Washington Post reports that Republicans in the House have scheduled a news conference Thursday to protest the string of bailouts that began with Bear Stearns.
House Financial Services Committee Chairman Barney Frank, D-MA, and Rep. Henry A. Waxman, D-CA, chairman of the House Committee on Oversight and Government Reform, both plan hearings aimed at exposing regulatory failures and developing a new system for managing the bad assets of financial institutions collapsing from their investments in a plummeting housing market.























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