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Friday, November 14, 2008

GOP Senators Say Paulson Misled Them on Bailout

Stating that Treasury Secretary Hank Paulson misled them by unilaterally changing the agreed-upon terms of the federal government's bailout of Wall Street, 3 GOP Senators sent a letter to Paulson protesting his decision on Thursday to renege on his pledge to buy up bad debt.

Senators Coburn, Burr, and Vitter are upset that Paulson nixed what they claim is the very heart of the program to get money flowing back into the housing, banking, and mortgage markets.

The GOP had problems with the entire plan from the beginning, but were cajoled to join Democrats in a bi-partisan plan that pleased Nancy Pelosi, Harry Reid, Barack Obama, and John McCain.

However, since that original agreement was made, Paulson has unilaterally decided to purchase a government stake in bank ownership (fascism)--all with the support of Congressional Democrats and Barack Obama--and drop plans to buy out the bad debt which led to the financial crisis to begin with.

The 3 GOP Senators are protesting that decision, stating that the entire agreement is at stake unless Paulson adheres to the original terms.

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