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Inhofe: Cancel the 'blank check'
He criticizes Henry Paulson for changing the $700 billion bailout plan.

 
By JIM MYERS World Washington Bureau
Published: 11/16/2008  2:26 AM
Last Modified: 11/18/2008  9:46 AM


From Tuesday's Tulsa World: Inhofe proposes freeze on some bailout funds


He criticizes Henry Paulson for changing the $700 billion bailout plan.



WASHINGTON — U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration.

"It is just outrageous that the American people don't know that Congress doesn't know how much money he (Treasury Secretary Henry Paulson) has given away to anyone,'' the Oklahoma Republican told the Tulsa World.

"It could be to his friends. It could be to anybody else. We don't know. There is no way of knowing.''

Inhofe's comments, unusually pointed even for a senator known for being blunt, come on the heels of Paulson's shift in how he thinks the bailout funds should be spent.

Last week the Treasury secretary announced he was abandoning his plan to free up the nation's credit system by buying up toxic assets from troubled financial institutions. Instead, Paulson wants to take a more direct action on the consumer credit front.

"He was able to get this authority from Congress predicated on what he was going to do, and then he didn't do it,'' Inhofe said.

"So, that's
enough reason right there.''

Inhofe recalled earlier comments opposing Paulson's plan because the administration's point man did not have answers for a number of questions. He also recalled questioning the rush to get the bailout passed.

"I have learned a long time ago. When they come up and say this has to be done and has to be done immediately, there is no other way of doing it, you have to sit back and take a deep breath and nine times out of 10 they are not telling the truth,'' he said.

"And this is one of those nine times.''

Inhofe has laid out his legislative plans for this week on the bailout package in a letter to his Senate colleagues.

He wants to freeze what is left of the initial $350 billion — reportedly $60 billion, but Inhofe concedes he does not know for sure.

Then he wants a provision requiring an affirmative vote by Congress before Paulson can get his hands on the second $350 billion of bailout money.

Current law lays out a scenario where President Bush submits a plan on the second half of the funding.

Lawmakers have 15 days to disapprove it, but Inhofe questions that wording.

"Congress abdicated its constitutional responsibility by signing a truly blank check over to the Treasury Secretary,'' he wrote.

"However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it.''

In the interview, the senator said his plans can provide "redemption'' for those senators who supported Paulson.

Inhofe's plan appears to be a long shot at this point. Senators originally approved the bailout plan by a 74-25 vote.

He does not know how much support he has among his Republican colleagues, and he concedes Democratic leaders could block it.

Bush also could veto it if it were to make it out of Congress.

Neither Senate Majority Leader Harry Reid's office nor the Treasury Department commented.

Reid, D-Nev., wants to use the upcoming lame duck session to push economic issues such as extending unemployment benefits and aid to the nation's ailing auto industry.

Inhofe opposes both.

"You don't stimulate the economy by giving away more money,'' he said.

In response to concerns expressed by some that allowing even one of the big automakers to fail would be too much of an economic hit for the nation, Inhofe said reality must be accepted.

"If we keep on nursing a broken system, then we can't expect to have a different result come later on,'' he said.

"I just think we have to draw the line someplace, and the time is here.''




Jim Myers (202) 484-1424
jim.myers@tulsaworld.com
By JIM MYERS World Washington Bureau

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Report Comment
OneActivist, Tulsa (11/16/2008 5:29:19 AM)
I can't believe it. I think I agree with Inhofe on this one. Just don't let the automakers go under. Way too many jobs involved.
Report Comment
WilliamTheArtist, (11/16/2008 7:32:21 AM)
I agree that we should put a hold on the rest of the 700billion until they truly set out what its proposed to be spent on, and why. I also do not believe we should bail out the failing car companies. However..... I really really hope that whatever "economic stimulus package" is put forth in the next administration, that Inhofe gets a share for Oklahoma. What is likely to happen is that the Dems will come up with a number, say 700bill, at best the republicans may be able to get it down a bit. But once the number is out, then each state will scramble to get a chunk. So lets put it this way... One way or another the people of Oklahoma will be paying for that stimulus package. Whether we get any or not. With Inhofe, its likely we will get nothing. This wont help the nation by having less debt, cause it wont change anything. The only difference is that Oklahomans wont be getting funds for infrastructure, etc. We will be able to stand "nobly, conservatively" by while our infrastructure crumbles and we pay for everyone else to get better infrastructure.
Report Comment
bear53, (11/16/2008 8:00:26 AM)
the 'bailout' started & was passed because of DUBIA'S scare tactics, that's worked so well by his cronies. we do need to freeze the money until responsible management can be implemented.
Report Comment
chase, (11/16/2008 8:09:18 AM)
BIG JOKE.
Report Comment
James, Weatherford, Weatherford (11/16/2008 8:42:56 AM)
So this is responsible government, GOP-Style. Let the thieves plunder, THEN worry about it. Heckuva job, Jimmy!
Report Comment
Eagle 4, Tulsa (11/16/2008 8:50:28 AM)
Do you ever get splinters from straddling that fence, Jim?

Note that $290 billion is already "gone."
Report Comment
Graychin, Eucha (11/16/2008 9:04:37 AM)
It's a good thing that we still have "conservatives" running the Executive Branch, isn't it? Just imagine how awful things would be if our president were a "liberal."
Report Comment
LE, Tulsa (11/16/2008 9:20:18 AM)
Although I've never been a strong Inhofe supporter, I think he's right on the money here. Go for the jugular Mr Inhofe.
Report Comment
commonsense, Tulsa (11/16/2008 9:39:03 AM)
D-Town it ever occur to you that the majority of low life's you speak of are white collar workers that purchased these mortages and can't afford to pay.
Report Comment
CWG, Tulsa (11/16/2008 10:25:43 AM)
Inhofe was against the bailout all the way and has not been shown how to make fire.His statements have been the same throughout this rip-off.Too many of our republicans should switch parties.
Report Comment
ppiklapp, Tulsa (11/16/2008 10:44:29 AM)
Take the remaining money from this circus and put it in the Social Security/Medicare system. We have elderly individuals that paid in to the system their whole lives and now are pinching pennies to try to live. Let's stop bailing out the rich and deal with helping those who really need it. Without serious reform and consideration, the funds will be all gone in under 20 years. It is time that we repaid the money Congress stole from those funds over the years and tell them that it is not to be touched again.
Report Comment
cobweb, (11/16/2008 10:55:07 AM)
Inhofe doesn't have the slightest idea what is going on. Like most Congressmen who sold their souls to lobbyists to allow this mess to happen, he now is grandstanding and criticizing Paulson, who needs maximum flexibility to prevent the economy from crashing. Paulson, who obviously hasn't slept in months, is trying to help his country for meager pay. We are lucky to have him instead of the first two bozos Bush put in the job. Inhofe makes me want to puke. We won't be able to get anyone decent to serve with the abuse they have to take.
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Joe-Allen Dolty, TULSA (11/16/2008 10:59:04 AM)
We never should have passed this in the first place. And W was no conservative and never governed like one. The last true conservative we had in the white house was Reagan. I just hope this country can hang on for 4 years and hopefully we get someone like him.
Report Comment
punkin, (11/16/2008 11:28:39 AM)
Never ceases to amaze me how so many people who continue voting for the 'same old, same old' turn around and hypocritically vilify those who speak out against the failed policies of their 'same old, same old'. Senator Inhofe did indeed vote against the bailout, and he is correct now in stating that nearly every 'power that be' in Washington D.C. lied about the true purpose of the bailout. As for the auto industry, the billions of your tax dollars now being bandied about in Congress is strictly for the Unions. If you hypocrites would take the time to read and study these situations more, and spend less time slandering, and criticizing those you don't like simply because of their political affiliations, you would know the automakers in Detroit will not be receiving one dime of those billions. That money is meant as political payback to the auto Unions, and will provide FREE retirement pensions and health insurance for their $40+ per hour workers at the expense of every American taxpayer and their future generations. The auto industry itself is hurting because people like you, and me can't afford to purchase vehicles at this time due to the increasingly sagging economic conditions. You can't force people to buy automobiles they can't afford. And by the way you hypocrites, the entire U.S. Congress is responsible for the current stagnate condition of our economy, not just one political party. You just voted the same corrupted crooks back into power and would do well to remember that old saying "we careful what you ask for, you just may get it."
Report Comment
Few Clothes, Austin, TX (11/16/2008 2:16:43 PM)
I recently read that the Chrysler corporation is giving bonuses to the top execs that will amount to $30 million. I hope they aren't bailed out until this insanity is corrected.
Report Comment
Travis, Tahlequah (11/16/2008 3:11:39 PM)
The bailout is a joke. A bailout for the auto industry would be a joke also. The big 3 in Detroit have seen this coming for years but continued to ride the truck/suv model for profits. The unions continued to push for higher wage/benefit packages to which the big 3 stupidly agreed. Now they want us to help them out of the mess they made? Give me a break. All that will do is support the unions who are unwilling to accept lower wage agreements. I have news for you, working for a lower wage package, say $50 per hour, is a lot better then being unemployed.

Taking money from one sector of the economy and using it to support another sector does nothing to create new jobs, and that my friends is all a bailout will do.
Report Comment
cherry74129, Tulsa (11/16/2008 3:25:18 PM)
I don't believe we should put this money into Social Security or Medicare. I know of way too many people who are collecting these benefits who have NOT worked a day in their life or has had a drinking or drug problem all their life and are now on disablity. I believe they should split this money between all the LEGAL citizens who are tax payers and let us decide how we want to spend it on ourselves. I, myself, do not believe we should bail these people out. They knew they were taking risks. I hope this is a lesson learned all around.
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Few Clothes, Austin, TX (11/16/2008 6:56:22 PM)
Personally I think the big 3 automakers are toast. Totoya and Honda have built better cars for decades and they were smart enough to build pants in America. I imagine most of the other European automakers will follow suit. I have a 1990 Mazda RX7 and a 2004 Toyota Tacoma and these will more than likely be the last automobiles I will own.
Report Comment
Few Clothes, Austin, TX (11/16/2008 6:58:20 PM)
Yikes!!!!!!!! They didn't build pants, the build plants. I'll use my usual excuse "Agent Orange".
Report Comment
Missy M, Depew (11/16/2008 7:05:34 PM)
Few clothes,Thats one way to use the color to your advantage.
Report Comment
WindRider, Heavener (11/16/2008 7:21:52 PM)
Hey artist don't look for Oklahoma to get much of anything for at least the next four years, those people send the money where the votes come from and this being thier worst showing nation-wide will be remembered by the dems and the new president.
Report Comment
Perry, Sand Springs (11/16/2008 8:40:27 PM)
I agree, cancel it. They won't though. The liberals want to increase taxes and increase handouts.
Report Comment
devan95, (11/16/2008 8:50:40 PM)
The only way for us to stop the corruption in Washington is to stop the flow of money. Since the government is ignoring certain sections of the Constitution, so can we. Specifically the 16th Amendment, which implemented the federal income tax in 1913. Millions of Americans should simply refuse to file income tax returns until Washington has returned to the rightful boundaries of the Constitution and the corrupt, wasteful spending stops. Federal employee unions should be banned as they work in conjunction with the media and entertainment unions to brainwash the American people into thinking they cannot live without big DC daddy taking care of them. In the Declaration of Independence, our Founding Fathers pledged their lives, their fortunes and their sacred honor. We had better rebel against the current tyranny before it is too late and they have us all in chains. Obama's henchmen are already saying he is going to "rule." Do you want to be a citizen ---- or a subject?
Report Comment
panamabound, (11/16/2008 8:57:47 PM)
Yeah- as one of 3 hundred million people, my share of this is about $1000.

I want it NOW. My dog needs a winter coat. He is running as an independent for Preisdent in 2012. Remember him....his nam is WINSTON. He comes when called. He wants to please. He WILL balance the budget.
He is silver gray.....and is a mini-schnauzer.....WINSTON-2012.......Constitution PARTY.
Report Comment
lyn, (11/16/2008 9:14:57 PM)
Why not go after congress for stealing 150 billion dollars from the Social Security fund every year since 1965.
Imagine how much there would be for the future generations!
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