Henry Paulson

LOUISVILLE -- Democratic Senate candidate Bruce Lunsford, of Louisville, objected to several aspects of the recently-passed bailout package today, suggesting the bill was rushed through without provisions that would have benefitted taxpayers.

"What I am mainly concerned about is everybody rushed to the plate to get a bill passed so they could get home and run for office," Lunsford told reporters after holding a roundtable discussion with AFL-CIO members this morning.

The legislation in question passed the Senate last Wednesday, with a supporting vote cast by Lunsford's opponent in Kentucky's U.S. Senate contest, Minority Leader Mitch McConnell (R-Louisville). Revised from the edition that failed there on Monday, the bill then passed the U.S. House on Friday with some so-called "sweeteners" included in the package that were said to have some swung some votes to the "aye" side.

While he did not specifically say he would have voted against the bill, Lunsford suggested it was incomplete and seemingly referenced some of the so-called "sweeteners."

"When I see a bill that they can't pass on their own - that they've got to add all the things in to get votes - that immediately raises questions in my mind," said Lunsford.

The failure to pass bailout legislation reflected a political system as bereft of confidence as the financial markets. President George W. Bush and Treasury Secretary Henry Paulson had no credibility to match the arrogance of their initial demand for absolute power in distributing $700 billion of public assistance (the old synonym for welfare). Many Republicans in Congress lacked the intellectual fortitude to cope with the spectacular collapse of their ideology.

WASHINGTON – Republican Study Committee chair Jeb Hensarling isn’t yet ready to sign on to U.S. Rep. John Shadegg’s call for Treasury Secretary Henry Paulson to resign his cabinet seat.

“I’m not ready to hop on that bandwagon,” Hensarling said as he was walking back into the Cannon House Office Building after voting no on the $700 billion bailout package.

But Hensarling, a third term congressman from Stephenville, was critical of Paulson.

“Inaction is not an option. But the Paulson plan should have never been the only option on the table,” he said. “I think the way it was handled spooked markets – there’s a lot of psychology involved here.”

Ahead of today’s House vote on the $700 billion bailout package, U.S. Rep. John Shadegg is calling for the resignation of Treasury Secretary Henry Paulson.

“Today, I am calling on Secretary Paulson to resign.  I believe he has failed to do his job and failed to uphold his responsibility to the American people.  He did not warn Congress or the nation in advance of the impending crisis,” Shadegg said in a statement.

“Congressional leadership received less than four hours notice before the Secretary publicly warned of an imminent collapse of the market and announced his bailout plan.  Clearly, it was his duty to provide Congress and its leaders time to evaluate this situation, and he failed.  The Secretary went public with dire warnings, scaring the nation minutes after apprising Congressional leaders of this problem.  That is simply unacceptable.

Businessman David Krikorian (I-Madeira) says he's been trying to focus the debate in Ohio's 2nd Congressional District on the economy but has "heard virtually nothing" from his opponents on the subjects of domestic and international economic security.

Krikorian is challenging U.S. Rep. Jean Schmidt (R-Loveland) for Ohio's 2nd, along with Dr. Victoria Wulsin (D-Indian Hill). Krikorian said he was issuing his statement on the proposed $700 billion bailout of financial institutions because he wants the voters in the district to know where he stands. He challenged his opponents to do the same and "prove" their understanding of the crisis and what should be done. Wulsin issued her statement on the bailout on Wednesday.

Krikorian says the he is deeply troubled by the "continuing deterioration of our financial system and lack of leadership by our elected officials in Washington."

LOUISVILLE, Ky. -- A vocal critic of legislation that allowed the federal government to takeover mortgage financiers Fannie Mae and Freddie Mac, U.S. Sen. Jim Bunning (R-Ky.) blasted the decision by the Federal Housing Finance Agency to do so as a “calamity for our free market system.” In July, Bunning criticized the legislation that permitted the takeover as hinting at “socialism.”

LOUISVILLE, Ky. -- During a Senate Banking committee meeting, U.S. Sen. Jim Bunning (R-Ky.) upped the ante in his opposition to legislation that would give the federal Treasury the ability to invest directly into mortgage lenders Fannie Mae and Freddie Mac -- institutions that previously supported Bunning's campaigns. "When I picked up my newspaper yesterday, I thought I woke up in France. But, no, it turned out it was socialism here in the United States and very -- going well," Bunning said.