Richard Spencer

September 18, 2008

Kudos to Sen. Jim Bunning of Kentucky for speaking up: 

Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off,? said Bunning in a statement. ?The only difference between what the Fed did and what Hugo Chavez is doing in Venezuela is Chavez doesn?t put taxpayer dollars at risk when he takes over companies ? he just takes them.

I have said on more than one occasion that I don?t think the Federal Reserve can handle the powers they have and this irresponsible bailout just proves my point. As a result I have decided to do the Fed a favor and relieve them of some of their power by introducing a bill to take away their authority to make loans to non-banks, a power that prior to the bailout of Bear Stearns had not been used since the Great Depression.