Sunday, September 28, 2008

Kucinich says not enough votes for bailout

I think it'll be close and they better have a compromise bill with more limited funding to push it to the next Congress.
Kucinich was about to enter a Capitol building meeting room with fellow House Democrats who have been critical of the $700 billion relief measure for the Wall Street crisis.

The meeting was organized by Rep. Brad Sherman (D-Calif.) and has been termed the “Skeptics Caucus.” Lawmakers were meeting with well-known economists, such as James Galbraith, economics professor at the University of Texas, and William Isaac, former chairman of the Federal Deposit Insurance Commission.

Speaking before the meeting, Sherman equated the Treasury Department proposal to a power-grab by the Bush administration as well as a gift to failing financial services firms.

“This is greatest shift of power to the imperial presidency and the greatest shift of wealth to a still wealthy Wall Street that anyone could imagine,” said Sherman. In addition, the California Democrat also began distributing Sunday a “Dear Colleague” letter highly critical of the relief package.

Kucinich called for more hearings on the bailout despite Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke speaking about the proposal before lawmakers last week.

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