The Rambling Redneck

Commentary on the Zeitgeist

Sunday, January 11, 2009

Clowns in congress duped again

From the Washington Post:

Under the emergency rescue legislation approved by Congress in October, the administration must inform lawmakers that it wants access to the second installment of $350 billion. Unless Congress passes a resolution rejecting the request within 15 days, the Treasury can begin to tap the funds. If Congress turns down the request, the president could veto the resolution and then the Treasury could proceed. The money would be blocked only if Congress overrides the veto, which would require a two-thirds majority in both chambers.


Got to hand it to Paulson setting up the TARP legislation so instead of authorizing the funds congress is stuck voting to deny the funds and congress will need a veto proof majority to deny it is one slick piece of work.

On the other hand congress wants to approve the money without getting blamed for it so perhaps they were willing dupes. I expect the money will be approved not be denied and will promptly be squandered on bonuses to the unworthy, just like the last half.

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