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Inhofe: Washington "out of control'' on bailout
 
By Jim Myers World Washington Bureau
Published: 12/12/2008  3:46 PM
Last Modified: 12/12/2008  6:40 PM

WASHINGTON – U.S. Sen. Jim Inhofe said Friday a White House suggestion that part of the $700 billion Wall Street bailout now will go to automakers means Washington might be "completely out of control.''

"I've been a U.S. senator for some time, and I have never seen anything like this,'' the Oklahoma Republican said.

Inhofe was responding to a statement by White House press secretary Dana Perino that the administration might use part of so-called TARP money to prevent a collapse of troubled automakers.

"A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time,'' Perino said.

Her comments came one day after negotiations in the Senate over the auto bailout fell apart and a House bill did not get the 60 votes needed in the Senate to overcome a Republican filibuster.

Inhofe opposed the House bill.

"As the Bush administration changes course once again, it is becoming clear to me that Washington, D.C. might be completely out of control,'' he said.

"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?''

Inhofe, who also voted against the financial bailout, recalled the stated purpose of $700 billion bailout was to rescue the country 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,'' he said.

Democrats were encouraged by the White House's new stance.

"We have said all along that the Treasury already has the authority and resources to protect millions of Americans who work in our nation’s struggling auto industry,'' said Senate Majority Leader Harry Reid, D-Nev.

"With the stroke of a pen, Secretary (Henry) Paulson can reverse what stubborn Republicans did last night – recklessly turning their backs on American families whose livelihoods depend on a healthy Detroit and risking further peril to our economy.''

By Jim Myers World Washington Bureau

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Big Harp, Florida (12/12/2008 3:58:18 PM)
Inhofe is correct Washington is out of control and where has he been.
Report Comment
Doven, Tulsa (12/12/2008 4:19:39 PM)
I cannot see bailing wall street out and hanging everyone else out to dry. It would defeat the original purpose. I am really not up to a great depression and I dont think anyone else is either. Unemployment is climbing daily and we need all the help we can get. Besides the union workers make an average of 29.78 an hour and they pay more than their fair share of income and state taxes. A lot of you people do not want a bailout so what do you suggest. We let the economy hit rock bottom and live in soup lines???
Report Comment
MrEdom, Sacramento (12/12/2008 4:30:48 PM)
With all due respect, (and by that I mean very little) the GOP is being incredibly irresponsible playing with the long term health of our economy to try to torch the economy on their way out. The job losses which would result from the collapse of the auto industry are too staggering to contemplate, and the long term damage to our economy could be massive. we're talking about 15 billion to get them through until a more permanent solution can be found.

If a patient is bleeding to death, you don't wait until you've stopped the bleeding before beginning a transfusion, or they will die on the table. You have to triage the patient-start transfusions immediately so that they survive until you can get the bleeding stopped. GM has said they will run out of money (bleed to death) before year's end without this "transfusion" of 15 billion. 15 billion, not 150, not 100, not even 50 billion FIFTEEN. We're really going to let the domestic auto industry collapse over 15 billion which is BTW A LOAN.

This is punishment of: 1) The UAW, which supported OBAMA, 2) The american people for voting them out of office. It is disgusting, and wrong.

Oh there is one other possibility: Inhofe might just be stupid enough to believe what he says in this article, in which case I am glad that the GOP will be out of power for a while.

For the record, I am a registered Republican who voted for McCain, but this gamesmanship has me completely considering becoming an independent. (No, I will not be registering as a Democrat, but I am disgusted at this point with my party.

OK-enough-this is my 2 cents.
Report Comment
Milo, PoDunk (12/12/2008 4:36:08 PM)

*\_0_/* Applause MrEdom...very well said!!
Report Comment
JL, Broken Arrow (12/12/2008 4:45:54 PM)
Bad businesses are bad businesses give them money and they will spend it just the way they did all of their money except they will laugh at idiots for giving it to them while they do it.
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tbgalileo, Tulsa (12/12/2008 5:18:33 PM)
Hey I have an idea... how about we fall back on the good 'ol conservative principle and just deregulate their operations more and give the wealthiest execs more tax breaks. After all, won't that cause a magical "trickle down" effect that causes abundant wealth?

Nah.. better not. But, I do think that the Senator is a little bitter over how his influence in the Senate is shrinking. Go ahead Jim.. stick that lip out a little farther.
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kyote, (12/12/2008 6:57:09 PM)
If the government wants to help the economy, then quit bailing out these companies. If they have all this money to waste on hand outs, then why don't they use some of it to repay the money they have borrowed from the social security and them invest the money and become solvent again. But that is too simple. This bailout thing is a joke as will be Omama's presidency.
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Ayo2, T-Town (12/12/2008 6:58:40 PM)
I heard that there was an email that went out to the GOP senators to vote against the UAW since they helped the Democrats gain control.
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Ayo2, T-Town (12/12/2008 7:00:31 PM)
"When was the last time you fertilized your trees from the leafs down."

hehehehehehhe, Darn! I wish I had of come up with that line. Goot one. And, yes...I meant goot. It's NDN dialect.
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jett rink, (12/12/2008 7:12:05 PM)
How is it that Inhofe and his pal Coburn are so much smarter than everyone else in Washington D. C.?

Old Jim ought to stay at home. I heard the Cubans are planning another invasion of his lawn.
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CWG, Tulsa (12/12/2008 8:00:21 PM)
Ayo2,T-Town,the GOP and the UAW have been at each other for years and the messsage was out long before e-mail came along.

Chapter eleven bankruptcy is the best avenue for the big three. Some of you lefties tell me a better way for them to turn it around.
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KJNOKIE, TULSA (12/12/2008 9:28:59 PM)
Washington has been out of control for the last year thanks to Inhofe and his cronies.
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my view, Sand Springs (12/12/2008 9:45:47 PM)
If anybody believes that 15 billion is all that's needed. Then I got a bridge to sell you. It's just the start with no end. Who going to pay this money back our grandchildren and their grandchildren that's who. I know they are calling it a loan, but I don't believe it for a minute.
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CWG, Tulsa (12/12/2008 10:01:31 PM)
Washington has been out of control for more than fifty years thanks to those who oppose men like Inhofe.
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MrBungled, Broken Arrow (12/13/2008 12:12:50 AM)
Does Anyone Here Remember How We Did Not Bail Out The Airline Industry?? Every Major Airline Has Filed Bankruptcy Except Two..
America Is About Being The Best, Not About Getting Rewarded For Making Bad Choices
Report Comment
Cov, Okmulgee (12/13/2008 5:56:50 AM)
someone just noticed things are outta control? Wait until George Sorros' little puppet gets into the White House
Report Comment
Doven, Tulsa (12/13/2008 7:34:22 AM)
Have any of you read the newspaper around the us? You call this bad business??? Idiots. So many businesses are going bankrupt I cant go along with you and say bad business. The economy is in bad shape. Sure we can do what Americans do best, sit and do nothing!!! That is what you people are suggesting. Then we can complain because the government did nothing. We need to do all we can to save our way of life or the us will crumble under our feet.
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A Tulsan, (12/13/2008 7:52:55 AM)
With all the classes I took, all the investment of time/effort in BUSINESS school. All the 25 years of BUSINESS MANAGEMENT I have never once come accross anything that states that if you fail in our free enterprise that's ok, the government will bail you out so you can screw up again. Chapter ll, restructure, etc. is the answer. So many businesses have survived all these years and now struggle that it's pathetic. It's called a recession. Strong businesses survive - the weak fail. The UAW thought it was such a huge issue to deal with retirement packages...hey...many business (that are strong) do not even have retirement packages. Hence dependant on Social Security for those who do not invest in their future just like a business.
Report Comment
jess, (12/13/2008 8:21:53 AM)
Thanks Inhofe and Coburn for using common sense and standing up to the UAW. Its the labor cost that is causing most the trouble. The auto companies do put out as good a car as they can given the hole they are in from a competitive standpoint. With labor costs plus all the OSHA , enviromental, and corporate taxes placed on our companies in the US and not in other countries, its a wonder they can compete at all.
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Ayo2, T-Town (12/13/2008 8:54:32 AM)
'leftie' That word gets thrown around without any thought attached.
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online predator, muskogee (12/13/2008 10:17:31 AM)
No !
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classic56, (12/13/2008 12:23:49 PM)
700 billion to bail out wall street makes no sense to me. First of all it was irresponsible, self-entitlement and greed that pushed our gas prices through the roof. I work with people who during the time of nearly weekly inflation of gas prices who had to choose between food or rent and gas to get back and forth to work. Some were forced to turn to credit cards, hopeing at some point they'd get some relief.While banks were so desperate they couldn't solve the the problems they created they needed the US tax payer's money to bail them out, and while so many are losing their jobs... the banking elite were enjoying expensive vacations, and remodeling office bathrooms with the lastest technology.And now our government "for, by and of the people"? want to bail out the auto industry - who we've bailed out before. Our US built automobiles have dramatically increased in price but fuel effiency or independence from foreign oil hasn't made any serious progress since the 1970s.Here is my proposal - give the 700 billion back to the American tax payers. Divide the entire lump sum up and distribute it to every 18 and over tax paying citizen in the United States. After the US treasury collects some of the momey back in taxes, we'll bail the banks out by paying off our debt, mortgages and opening retirement, college, and savings accounts. We'll bail out the auto industry by purchasing new vehicles, we'll get the construction going again by purchasing homes, we'll help out the medical industry by paying our medical depts, we'll help the charity organizations by giving again, some of us will help the unemployment problem by starting up or expanding our businesses. We'll help out the airlines because many of us who have never been able to afford to fly anywhere would do it and the rest of us would like to be able to visit distant family. And we'll help the retail industry with one hell of a Christmas shopping spree!!! President Bush, Congress: Give the money to the people who really keep the economy going - the American tax payer!!!
Report Comment
classic56, (12/13/2008 1:02:19 PM)
I agree with Hurricane Harry, The blame does not lie with the auto workers but the auto industry who apparently shares a close brothly love with the oil industry. Also if you compare the number of models of vehicles Honda and Toyota produce it is much less than the American auto makers. This has to affect the cost of business. Recently I did some online research and found that Honda offers fewer models of vehicles but more of what I would want in one model; quality and better gas mileage in a comparable price range with similar American made models.
I applaud chevrolet for building a hydrogen model - but, where would one get hydrogen? I did an online search for that in my area too. None to be found.
Coming through the gas crisis of the 70s I was totally taken aback when I began to see gas-guzzling SUVs fill the lots and more amazed when they began hitting the road. How did we forget so soon? How did we ever think that the problem had gone away and wouldn't return?
As far as giving corporations a tax break - well we've seen how irresponsible they've been with that. I am opposed to regulation as a rule. The idea is that people at the top understand the privilege and responsibility handed to them by being in such a place. But it's not a "wonderful life" anymore and has not been the case. While the rich get richer the middle class is slipping into poverty and without the middle class the poor get poorer. Corporate profits have risen, executive salaries are at an all time extravagant high but the wages of the average American have not kept pace with inflation. Add to that that many blue collar jobs and now some white collar jobs leaving the country.
While we are getting cheaper made products, some of which have been to the risk to our health and safety, we are also giving away our technology, and eventually this will come back and bite us.
Add to that the fact that these relocating companies are poluting and disrupting the natural way of life in many parts of the world, employing slave labor with no regard for human life or the well being of the people whose lives they affect. Why? Priorities. Shareholders come first. Customers are second and employees are last. US employees are consumers and we are the majority of the US economy. At some point this situation had to implode and it is. If our government doesn't get some wisdom - things are going to get much worse.
 

 
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