GOP Sen. Shelby: Geithner "Wasted" Senate's Time

Republican Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee, on Wednesday lambasted Treasury Secretary Tim Geithner's new plan for using the second $350 billion in financial bailout money.

Speaking on CBS News' The Early Show, Shelby said the plan, presented in a speech and a Senate committee hearing yesterday afternoon, "was vague, indefinite, opaque at best."

Read the whole story here.

Comments

[weatherwaxx]

Congress needs a Fleet e n e m a, and the nozzle should go right under Shelby's seat.

[weatherwaxx]

The GOP and its fatcat rich boys wasted AMERICA'S time -- and money.

Another case of the real criminals trying to shift the blame on the people who are trying to fix the problem they created.

[AlinaM]

Interestingly enough Mr. Shelby's website does not have any of his rantings against the bailout or against Mr. Geithner. Based on the comments from Alabama's citizens who wrote in this site it looks like there should be an effort to replace him in the next election by a professional. He should be added to "the good riddance list" along with Michelle Bachmann from Colorado. How do these people get elected and who votes for these folks?

[AndThenOneDay]

Michele Bachman is from the 6th District in Mn.

[daisydukes]

Seriously! When will the PARTY OF NO get it that they have lost the leadership. They had better get used to having to sit down and LISTEN to President Obama's decisions. THis is truly an opportunity to see the real GOP of "me first" "country nowhere". And to think John Maccain is even thinking of running agian. Who is ever going to take these people serious agian? The country is bleeding from every hole and they are sitting on the judgment chair either feeling bored or finding the issues amusing. Wonder what's next?

[jsarets]

I don't know if it's possible for the Senate to be even more of a waste of time than it already is, but Shelby's characterization of TARP II is accurate nonetheless.

The stimulus package probably won't work (certainly not unless we actually fix the financial system), and a lot of its contents just don't make any sense in the context of counter-cyclical fiscal stimulus, but the theory behind the general idea is sound if you forget for a minute that we routinely run a fiscal deficit even in the best of economic times.

However, there is no theory that says that government can rescue insolvent financial institutions wrecked by a busted asset bubble by pretending that they are merely illiquid. In fact, they tried to do the same thing in Japan, resulting the so-called "lost decade". Now Obama is borrowing this very term to describe what might happen if we don't follow the same flawed strategy!

I don't think we could have possibly done any better than putting Barack Obama in the White House. But he's fundamentally mistaken in thinking that he can fix the economy. He has to think "rebuild", not "recover". He's smart enough to know when something isn't working. I think we'll see a transformational event in the next few months, Obama's 9/11 if you will, that will dramatically alter the way he thinks about economic policy.

[BarackstarObama]

I think Shelby and the GOP have wasted our time for the last eight years.

[serindipity803]

So when does Shelby have to run for his seat again? I think mostly, he is afraid of the trickle down with his name on the corrupt stuff - that is just around the corner.

[lj9283]

Mr. Shelby runs Pork City. His states runs off the Tax payer dollars of the North, West Coast and East Coast. For every dollar of Federal Tax Dollars that Alabama sends to the Federal Government the Federal Government sends back $1.66.

Mr. Shelby knows how to get his earmarks in bills.

[AnnfromCA]

I get a kick out of him. He's direct, blunt, and says what everyone's thinking. Wall St. sure agreed with him.

It was, indeed, a waste of time.

[weatherwaxx]

Wall Street created this shltstorm. They've got their 700 billion - why should they care?

And why should Americans let these bloated swine run the country any further into the ground?

[claudiam]

Great picture of Dodd. That is exactly how I feel. After all their posturing I just have to turn my head away from the Repubs. They are so self-righteous!!!! Look where their Prez, Jr. Bush got us! claudiatucsonaz

[apoyo]

And Paulson wasted the people's money.

[dadw5boys]

HEY SHELBY !!

OBAMA IS NOT GOING TO LET HIS TREASURY SEC. PICK WINNERS AND LOSERS !!!!!!!

THE BANKS CREATED THIS PROBLEM AND THEY MUST WORK THRU IT !!!!!!

NEXT TIME MAYBE THEY WILL HOLD TIGHT SOME ETHICS .

[1liberalconspirator]

The Florida state bureau of tourism had to run adds in Europe called "come to Florida, we are not our neighbors" after that UK television show Top Gear had an episode that took place in Alabama:

http://www.youtube.com/watch?v=2syY12OPkwI

Watch it! It is hilarious and reveals a lot about the state's view of Democrats.

[Independent voter]

I would like everyone here who finds some kind of sport in the endless trashing of the other party to ask if this is really helping our nation move forward. Is division really productive?

[1liberalconspirator]

No it's not helpful. But look who is attempting to be bipartisian and who is obstructing the process and harming the American people.

[fumes2]

Bipartisan means more than just rolling over and voting with the Dems. We never hear any complaints about Democrats not being bipartisan when they don't go along with the Republicans.

[wrensis]

no but the Hillary Haters had to find a new venue

[weatherwaxx]

If the Greedy Old Pr**Ks are going to keep playing obstructionist games, people have to call them on it and tell them it isn't working anymore.

You have a point, though.

Instead of posting here, call your Congressional representatives and tell them exactly what you think of the GOP.

[GerryS]

and Paulsen wasted $350B, with your approval----------

[Ping]

Shelby voted against TARP.

[MaryK2924]

I don't think there is anything to say to Shelby, he's against it period. If I was Geithner, I would worry about what the president thinks, no one else. Wall Street didn't like it, were they suppose too? Short of handing them blank checks again, were they going to?

[inorbit]

Shelby - your entire life has been a waste of time.