Wednesday, December 31, 2008

Republicans Label Bush Bailout as "Socialism"

The Washington Times reported yesterday that several GOP Leaders have drafted a resolution blasting President Bush for supporting financial bailouts.

"We can't be a party of small government, free markets and low taxes while supporting bailouts and nationalizing industries, which lead to big government, socialism and high taxes at the expense of individual liberty and freedoms," said Solomon Yue, an Oregon member and co-sponsor of a resolution that criticizes the U.S. government bailouts of the financial and auto industries. Republican National Committee Vice Chairman James Bopp Jr. wrote the resolution and asked the rest of the 168 voting members to sign it.

"The resolution also opposes President-elect Obama's proposed public works program and supports conservative alternatives," while encouraging the RNC "to engage in vigorous public policy debates consistent with our party platform," said Mr. Bopp, a leading attorney for pro-life groups who has also challenged the campaign finance legislation that Mr. Bush signed.

Politico also covered the story, citing members of Congress who voted for the initial TARP money who are opposed to using the funds approved for financial and credit companies being used to bailout the auto industry.

The main problem here is that no one is watching what Sec. Paulson and the Treasury Department is actually doing with these funds. Everyone in Washington shares this blame, including the President and Congress. It is unclear why this oversight was never factored into the original legislation but it's no surprise that yet again, the Federal Government has no problem randomly throwing away the People's Money.

Hopefully, Obama and his team have a better plan moving forward with the other half of the TARP money; a plan that doesn't involve a public works package or more socialism.

Then again, this is Obama, the socialist...

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