Not that everything was going swimmingly for Henry Paulson up until now, but the reaction from some members of the Senate Banking Committee today definitely wasn't as accommodating as he'd hoped. Though many confirmed the need for action, they also expressed concern that, despite President Bush's insistence, things were moving too quickly, and that maybe we should, you know, discuss things before throwing $700 billion around. Senators from both parties responded with a range of emotions at the hearing today, from grudgingly cooperative to Paul Revere–style riding-and-yelling levels of alarm. "After reading this proposal," chairman Chris Dodd intoned, "I can only conclude that it is not only our economy that is at risk, Mr. Secretary, but our Constitution, as well." Similarly, Republican Senator Jim Bunning called the plan "financial socialism" and "un-American." Others, meanwhile, tried to find the right easily understandable metaphor for the complex financial situation. Chuck Schumer (who caused his own debate by suggesting a smaller bailout, along the lines of $150 billion) compared the nation's predicament to a patient whose clogged arteries would cause a heart attack if not dealt with quickly, while Barack Obama, in a news conference down in Florida, thought the economy was more like a damaged ship that needs to be towed back to shore and repaired. Whether anything was actually accomplished today besides a cathartic — and ass-protecting — airing of concerns remains to be seen.
Most Viewed Stories
Historic Rainfall Has Flooded the Southeast [Updated]
We Can’t Predict Who Will Commit a Mass Shooting. Gun Control Is the Only Way Out.
Quantico Recap: Spot the Needle
How Australia and Britain Tackled Gun Violence
No, There’s No Feud Between Julianna Margulies and Archie Panjabi in Real Life
Times Square: The City’s Id, Now and Always
Stephen Colbert Gave a Searing Monologue on Guns, Trump, and ‘Honest Insanity’
What’s New on Netflix: October 2015
The House’s Right Flank Finally Got Boehner’s Scalp. So Why Doesn’t It Feel Good?
Reza Aslan Addresses Every Mystery in The Leftovers’ Premiere
Latest News from Daily IntelligencerClinton Tacks to Sanders’s Left With New Gun-Control Push
She’ll call for legislative and executive action to close loopholes.Chris Christie Still Prefers Death to Serving in Congress
“I would rather jump off the Brooklyn Bridge,” he says.Times Square: The City’s Id, Now and Always
The desnudas started only the latest battle in a century-long struggle over what the crossroads of the world means to New York.Historic Rainfall Has Flooded the Southeast [Updated]
A 1-in-1,000-year rainstorm has led to massive flash floods, and President Obama has declared a state of emergency in South Carolina.Jason Chaffetz Will Challenge Kevin McCarthy for Speaker of the House
He'll be the underdog, but still represents the first viable threat to McCarthy and the GOP establishment.What We Know About the Oregon Community-College Shooting
Updated details about the victims, the police response, and how the shooter died.U.S. Airstrike Hits Hospital in Afghanistan
A Doctors Without Borders medical facility in Kunduz was bombed early Saturday morning, killing at least 19 and injuring dozens.Fake Newsstand Comes to Fake Times Square
"Is it real? What can you buy?"
Leave the poor man alone. He's at 4 percent.N.J. Man Apparently Fired for Farting Too Much
Now his wife is suing.
His qualifications include being named Santa Claus.Developers Keep Building in Sandy Flood Zones
Zone A and in harm's way ...One of the Last Remaining Members of Obama’s Original Cabinet Is Stepping Down
Say good-bye to Secretary of Education Arne Duncan. His likely successor is a Brooklynite.Janet Yellen’s Hotel California
Will the Fed ever be able to raise rates again?The House’s Right Flank Finally Got Boehner’s Scalp. So Why Doesn’t It Feel Good?
The Planned Parenthood videos brought down an unintended target.The Pope Also Met With a Gay Couple During His American Tour
Sorry, Kim Davis, the pope's just not that into you.T-Mobile Hack Spells Trouble
Unlimited data — on 15 million people.India’s Climate-Change Plan Means Your Grandkids Might Not Be Underwater
The world's soon-to-be-largest country steps up.Hurricane Joaquin Is Just Not That Into the East Coast — But the Rain Is Here to Stay
The latest projections have the big storm veering away from the U.S.The Pope and Kim Davis Have Very Different Memories About How They Met
“Such brief greetings occur on all papal visits and are due to the pope’s characteristic kindness and availability."