"Congress is unlikely to pass new legislation to overhaul financial regulations this year because ``no one knows what to do,'' Senate Majority Leader Harry Reid said today. ``We are in new territory, this is a different game,'' Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said."
Reid's remark prompted a masterfully understated response from Senator Mel Martinez (R-FL), who noted that Reid's comment is unlikely "to inspire confidence or begin to turn the tide on some of this.''
Unwilling to do nothing, however, Reid instead proposes a second fiscal stimulus package and a $25 billion loan to the US auto industry.
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Wednesday, September 17, 2008
Posted by Thomas Oatley at 9:22 PM . Wednesday, September 17, 2008