First of all at this hearing, nothing seemed to be producing a lot of facts or information that was useful to the members of the Financial Services Committee or to the American people. As far as the bailout plan, I think we have spent about $350 billion dollars and have gotten very little result from that, which indicated to me that the Secretary and Bernanke had no idea what they were doing.

It’s unfortunate that we have squandered some more American taxpayer dollars for something that has not worked. We are no better off today than we were in early October. I am more interested in what Sheila Bair is talking about, of dedicating $24 billion dollars that was left over to do loan modifications, to keep people in their homes, to attack the root cause of the issue, which is housing foreclosures. Until we start addressing that, we are just spinning our wheels.

This entry was posted on Wednesday, November 19th, 2008 at 1:45 pm and is filed under Uncategorized .