newsobserver.com blogs

Under the Dome

Burr bothered by bailout plans

U.S. Sen. Richard Burr doesn’t think the Bush administration is making the right call on the financial bailout.

Burr, a Winston-Salem Republican, supported the bailout when Congress passed it this fall. But today he questioned Treasury Secretary Henry Paulson’s decision to reverse earlier plans on the $700 billion financial bailout, reports Barb Barrett.

Paulson announced that the federal government will not focus on buying troubled bank assets, but rather will turn to other financial entities that lend money.

“The only reason I supported the federal government in the rescue business was the fact that you have no economy if you don’t have a financial system,” Burr said. “Now, I’m questioning the secretary’s most recent decisions to get outside the soundness of the financial structure and to begin to invest in winners and losers.”

Paulson talked Wednesday of the importance of backing the fianncial programs that support credit cards, student loans and car loans.

“Which are nice buzzwords,” Burr said, “but (the federal finance leaders) have washed their hands, it seems to me, to somewhat right the mortgage market. And the mortgage market is still somewhat the problem.”

Burr continued: “There’s not transparency in what (Paulson) is doing. This is not what I think Congress signed off on, and if he feels he’s got the flexibility we need to look at removing some of the flexibility.”


Comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: Burr bothered by bailout plans

Rep. Burr,
I agree with you one hundred percent. I am a democrat and I understand your point completely. That looking for common ground among Democrats and Republicans. The Bush Administation again is failing all the people. The 700 billion dollars was to help the American people. Paulson is only helping those like himself, the rich. Rep. Burr do all you can to stop this bailout of banks who refuse to help people. Home owners would better be serve by this. The people must heared.

Re: Burr bothered by bailout plans

I'm a life long Republican. I have have given time and money to candidates including Burr. I'm bothered by Burr's past support for
the bailout. It is evident that government screwed us into the financial problem we are in and they did it again with the bailout. They rewarded bad behavior. They rushed into a plan that was flawed. Senator Burr you contributed to the problem by supporting it. Remember, fools rush in. That is what government did! Burr will be one and done.

Re: Burr bothered by bailout plans

the bailout isn't the only thing Sen Burr is going to be bothered about. Come time for his re-election, he's gonna find out how blue this state is, and he can call liddy dole and thank her...

Re: Burr bothered by bailout plans

I don't think Sen Burr is the only one upset, About the Bail outs period
Why dont they just let the economy sink as far as it willgo. That way we will know when it bottoms out and Then At that time start rebuilding,
The worst possible thing that has happened to our economy is the Global Free Trade Bill passed under Pres. Clinton, And continued under Pres. Bush
Many of us looked at the trade deficits every Quarter, Over all I estimate this deficit to be around Seven to Eight Trillion dollars during the last eight years. Instead of Free Trade lets change it to Fair trade. where we buy and trade on a free basis ( based on U. s. currency rates ) as long as participating countries buy the same amount from us. if not then a tarrif should be instituded that way we will have fair trade and if this country dosen't do that I do not believe they can possibly turn things around
As its like bailing water out of a leaking boat with out plugging the leak

Re: Burr bothered by bailout plans

It's called a filibuster, Jesse Helms and Strom Thurmond perfected it, I suggest you do it.

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of dome.newsobserver.com. Click here to register or to log in.
Advertisements