Lawmakers from both parties, while acknowledging the urgency of the moment, nevertheless object to giving what they characterize as a "blank check" to Treasury Secretary Henry Paulson to buy troubled assets from financial institutions. They want provisions that would explicitly protect taxpayers.
"We don't have a lot of time. We want to act but we want to act responsibly," said Senate Banking Committee Chairman Christopher Dodd, D-Conn., at a press briefing Monday afternoon.
Dodd has proposed his own version of the bailout bill, which includes clauses similar to the key features of the Varones plan: equity for the government and limits on executive compensation. The only thing missing is prosecution for the crooks who got us into this mess. I wonder why Dodd left that one out?