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[U.S. Rep. Marsha] Blackburn criticizes government bailouts
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Candidate
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| Contributor | Servo |
| Last Edited | Servo Sep 23, 2008 09:28am |
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| Category | News |
| News Date | Friday, September 19, 2008 03:00:00 PM UTC0:0 |
| Description | Rep. Marsha Blackburn of Brentwood and fellow conservative Republicans on Thursday criticized the GOP administration for using taxpayer dollars to rescue failing financial institutions and called for a ban on further bailouts.
The House members offered some of the harshest criticism by Republicans of recent actions by Treasury Secretary Henry Paulson Jr. and Federal Reserve Chairman Ben Bernanke, which included a $85 billion loan to insurance giant American International Group.
"These massive federal bailouts have exposed taxpayers to literally tens of billions of dollars of new risk," the members of the Republican Study Committee wrote to Paulson and Bernanke.
Blackburn said the total risk to taxpayers is $323 billion and that she believes private companies would have come to the rescue had they known that the federal government was not going to intervene.
She said constituents wonder "what is the next business, the next entity that is considered too big to fail?" |
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