Posted on 11/18/2008 1:48:46 PM PST by chasio649
One of my favorite conservative heroes in the Senate, GOP Sen. Jeff Sessions, tries to rouse lame duck President Bush from his stupor and urges him to exercise his constitutional duties.
It’s an exercise in futility, but a good try nonetheless.
November 14, 2008
The Honorable George W. Bush President of the United States The White House Washington, D.C. 20500
Dear President Bush:
I am deeply concerned that the execution of your economic stabilization plan by Secretary Paulson represents an unprecedented governmental intervention in the economy that threatens our nation’s long heritage of limited government and commitment to the free market.
Although I understand the need for a narrow plan to help stabilize our nation’s financial sector, I opposed Sec. Paulson’s bailout plan because it represented a massive interference in the market, one which hinged on the delegation to a single unelected executive branch official the authority to spend $700 billion in taxpayer money. Unfortunately, recent events have confirmed my fears that this unfocused scheme provides a basis for almost any action, including direct government ownership of private corporations, and sets a dangerous precedent.
Less than a week after pushing for authority to purchase distressed securities, Sec. Paulson altered the focus of the Troubled Asset Relief Program (TARP) to recapitalize banks instead. That move directly contradicted his prior testimony to the Senate: “There are some that said we should just go and stick capital in the banks . . . but we said the right way to do this is not going around and using guarantees or injecting capital.” Since that time, Sec. Paulson has abandoned the stated goal of purchasing distressed assets and is now concentrating on purchasing large equity stakes in banking institutions. The financial sector recovery program operating today is entirely different from the one outlined to, and approved by, Congress in October. I can only conclude that the swift reversal from purchasing toxic assets to stock purchases was part of a plan to mislead the Congress because massive stock purchases would have received a much more hostile reception.
Predictably, efforts are now underway to expand the TARP to bail out private companies suffering in a recessionary economic climate, notably the big three auto manufacturers. Allowing this trend to continue sends a clear signal to foreign nations that the United States has turned its back on the free market and is a virtual guarantee that other “vital” industries will request government assistance in the future. As estimates for the Fiscal Year 2009 federal deficit approach the staggering $1 trillion mark, we must ask: where do we draw the line?
With this in mind, I urge you to:
1. Publicly outline a plan for extricating the government from the market as soon as reasonably possible, limiting further interference, and allowing markets to function in the future, as well as emphasizing clearly why this is an important principle.
2. Establish guidelines for making the TARP’s basic earnings and loss data – similar to that found on a corporation’s quarterly statement – available to the public. The Administration has argued that taxpayers may be made whole by the future sale of equities purchased by the TARP. Accordingly, the American people have the right to know the status of their investment.
3. Oppose the economic stimulus package that includes an additional bailout for troubled auto manufacturers. Your administration should not allow a struggling economy to be used as justification for a huge surge in government spending and control.
It seems to me that Sec. Paulson, whom you obviously admire, has assumed an inappropriate role in our governmental system. He is acting as a Wall Street investment banker, allocating hundreds of billions of dollars in taxpayer money, with no oversight and no stated plan. This undermines our heritage of law and order, and is an affront to the principle of separation of powers. Of course, the Secretary works for you and serves at your pleasure. While you have many challenges in these busy days, I believe you have a clear constitutional duty to personally supervise his actions and to direct this process. I urge you to do so.
In this time of economic turmoil, let your actions clearly reflect a commitment to the sound economic and governmental principles that have made our nation great. It is important that we recognize the magnitude of the precedent these actions have set, and that you intentionally act and speak in ways that limit that precedent for the future.
I have been honored to work with you on many important issues and please know that my affection and appreciation for you and your leadership remains strong.
Very truly yours, Jeff Sessions United States Senate
I think Bush has been sleepwalking for quite awhile and he needs to remember he still is POTUS and he needs to act like it. I agree with Senator Sessions. Wake up George!
About two months late, but a good read, none the less.
Thank God for our Senators Jeff Sessions and Richard Shelby, both to whom I fired off letters to this weekend opposing additional bailouts. Out of the 6 Republican campaign signs I displayed on my lawn this past cycle, Jeff Sessions was my only winner.
Bush should have told SEC head Chris Cox 9 months ago to reinstate the uptick rule on shorting. The ‘bear radis’ by shorts destroyed endless companies and was part of a plan to wreck the market and economy to get O elected.
ACRON ran rampant during the elections.
Bush is totally asleep or worse negligent.
Both he and Shelby voted no and voiced their opposition to the 700B bailout thank goodness even though it passed anyway. We need more true conservatives like them.
Thank God for Senators Sessions and Shelby. Both are my Senators, and both voted against the $700B bailout. Senator Sessions should be a leading possibility for President. Good Alabama values.
“Oppose the economic stimulus package that includes an additional bailout for troubled auto manufacturers.”
GM management are rational economic actors. If the went into bankruptcy they could reorganize all their lending, wage, health care and pension obligations and come out of bankruptcy leaner and stronger. But bankruptcy would also mean reorganization of Management salaries and bonuses, so GM won’t go that route now. Why not ask for more from the Govt? Everyone else is.
-after seeing a few seconds of the Pres emoting on the airline/holiday/corridor/congestion crisis, (action has been taken) I could only shake my head and turn away---
Sometimes I think GWB ever wonders why he even bothered to run for POTUS. He seems to have been out of the loop for more than three years.
Why wake him now, let him sleep, plus the bailout has gone the way Bush wanted it, allowing Paulson to bail out the those poor bankers.
Mission Accomplished. he:>
The democrats have been calling Bush stupid for years.
Lately, it makes you wonder? Maybe he is?
GW seems to be doing like Daddy Bush in his waning months.
Both just seem to want it to be over.
Maybe GWB thought he could allow his cronies’ looting but manage it. Strategery!
The sense of crisis was heightened in order to get the baiout through. Was it foreign pressure? It sure seemed that way given the comments of world leaders at the time the bailout first failed in the House.
Bush isn’t stupid. He’s just following the order of the PTB and his ancestors.
http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=BushBook
I think when Rove left it seemed like Bush lost direction.
First, Mr. Bush said, “I’ll give some speeches, just to replenish the ol’ coffers.” With assets that have been estimated as high as nearly $21 million, Mr. Bush added, “I don’t know what my dad gets — it’s more than 50-75” thousand dollars a speech, and “Clinton’s making a lot of money.” ol’ coffers.
http://www.freerepublic.com/focus/f-news/1890031/posts
More Sessions Needed
http://www.freerepublic.com/focus/f-news/2131485/posts
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.