December 12, 2008
"How have we come to a point that Congress-the institution that represents the will of the American people-has handed over so much money and authority to the Treasury Secretary that, if the democratic process fails to achieve a certain desired outcome, the outcome is simply ignored? The stated purpose of $700 billion bank bailout was to rescue us from a catastrophic breakdown of the financial system. Now we're told that the money might be used to bailout the auto companies because legislating their multi-billion dollar gift from the U.S. taxpayer might come with conditions that were too inconvenient for interested parties. I've been a U.S. Senator for some time, and I have never seen anything like this.
"The reasoning behind using the money from the $700 billion bailout, they tell us, is that allowing the auto manufacturers to enter a Chapter 11 process is ‘irresponsible.' That's debatable. What is not debatable is how irresponsible the Washington bailout mania has become. If the Administration decides to use the remainder of the first $350 billion it should be under Senator Corker's model which forces discipline to both management and labor."