"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.
IPE @ UNC
IPE@UNC is a group blog maintained by faculty and graduate students in the Department of Political Science at the University of North Carolina at Chapel Hill. The opinions expressed on these pages are our own, and have nothing to do with UNC.
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Wednesday, September 17, 2008
Finally the Truth is Out....
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