Once again U.S. Senator Jim Bunning has to step up and show the rest of Congress what a senator with backbone looks like. For all the talk this year of putting government back on the side of the people, Jim Bunning proves once again that this is not a new concept with him, it is at his core.
In an article by Patrick Crowley this morning in the Kentucky Enquirer we have learned that Senator Bunning has "filed legislation that would strip the Federal Reserve of the authority to use taxpayer dollars to help unregulated companies such as insurer American Insurance Group (AIG), the latest company bailed out by the federal government".
Bunning's swift action in response to the AIG bailout is discussed by Senator Bunning with the exact kind of straight talk which has kept him on the side of ordinary Americans during his entire career:
"To say I am outraged by this would be an understatement. The greed on Wall Street is only exceeded by the stupidity of the Treasury secretary and the chairman of the Federal Reserve.
"I have said on more than one occasion that I don’t think the Federal Reserve can handle the powers they have and this irresponsible bailout just proves my point," he said.
"As a result I have decided to do the Fed a favor and relieve them of some of their power by introducing a bill to take away their authority to make loans to non-banks, a power that prior to the bailout of (investment bank) Bear Stearns had not been used since the Great Depression.”
Senator Bunning has for years been very concerned about the handling of the Federal Reserve and very vocal about his concerns. Maybe now more in Congress will listen to him as an increasing number of ordinary Americans around the nation begin to voice their objections to their representatives and senators about the loan of their tax dollars to extremely wealthy businesses who find themselves unable to pay their debts.
[For my take on this issue see yesterday's episode of "The Marcus Carey Perspective" below]
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