Senators Move to Deny Release of TARP Funds

From an email from my state Senator, David Vitter:

Dear Friend,

Yesterday I filed a resolution of disapproval in the U.S. Senate to prevent additional bailout funding from being released.

On Monday, President Bush made a request on behalf of the incoming administration to release the second half of the $700 billion that Congress authorized over my objections last fall under the Troubled Assets Relief Program. I have serious concerns with these funds being released, and I believe that we need to think very seriously on this matter.

For this request to be approved, Congress is required to do nothing, and a formal resolution of disapproval must be passed if we are to prevent these funds from being released. Today, I was joined by Senators Bunning, Sessions, DeMint, Barrasso and Inhofe on a resolution of disapproval, and I urge my other colleagues to do the same. TARP has raised far more troubling questions than it has provided answers. And surely, at a minimum, we need to see plans for how the second half of this $700 billion will be used before we approve it.

I have a number of significant concerns with TARP as it stands, beginning with the fact that the entire rationale on which it was presented to Congress was thrown out within days of its passage. To date, it has become apparent that the plan has not achieved one of its pivotal goals – making credit available to individuals and businesses.

I also fail to see the logic in spending $350 billion when we are just about to begin consideration of a $1 trillion stimulus plan. The last thing we need is more debt upon debt, deficit upon deficit. Certainly we have to act on our nation’s economic troubles, and certainly the federal government should help do that. But as we consider spending another $1 trillion, why should we continue spending money on a program that clearly hasn’t worked?

I am particularly concerned with what I see as TARP’s significant lack of accountability. As it stands, the Department of the Treasury cannot clearly detail how they have spent the first half of the money, and the recent auto bailouts indicate that the program has devolved into little more than a slush fund. Yet we are now expected to release another $350 billion without knowing how it will be spent, let alone how the first half was spent. I believe it is apparent that any move to release further funds should include a real and serious discussion of how the money will be spent. We cannot afford, and our kids and grandkids cannot afford, for us to continue digging our nation deeper and deeper into debt.

As your senator I’ll keep fighting to protect taxpayers from growing bailouts. Please do not hesitate to contact me in the future about this and other issues important to you and your family.

At least 6 Senators are against the release of the funds. I know my Senator voted No both times on the Bailout, I hope there is enough opposition to stop the release of the other half of the funds.

I guess nobody has learned yet.

What has happened with these votes on bailouts?

- Congress proposes
- Gets vetoed
- gets reworked
- passes

This will pass because people AND our government are stupid
This will be pushed through by the liberal nazi government

I have to say, it seems ludicrously transparent that we are being fleeced. The entire notion of requiring Congressional action TO PREVENT continuing the graft to be handed over to the Transnational Banking Cartel (FED) is telling of just how 'rigged' the so called bail out is.

Our Senators and Congressmen keep entertaining the tail, while leaving the head of the beast alone. The problem is - and always (ALWAYS) has been the Central Reserve Banking model with its fractional reserve lending practices and total control of interest rates - talk about the fox guarding the hen house!

Most of these players are in on it or beholden to look the other way. No wonder the ancients decried USURY as a moral and civil crime.

Are there any others in the government who dare speak truth to power? Or is it that the only one's who can get away with it are those who have the feeblest voice?