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U.S. Rep. Gresham Barrett
CLEMSON — U.S. Rep. Gresham Barrett put on a happy face Tuesday at Clemson Elementary School during a Veterans Day ceremony, but quickly got down to business offstage when asked about the current state of the government’s bail out of some of nation’s largest financial institutions.
“I’m in favor of going back and tightening up some of the requirements of how they’re going to use this money and how they’re going to report this stuff,” Barrett said of a perceived lack of transparency to the bailout.
American International Group Inc. (AIG), made headlines Monday when its bailout package from the government was expanded to $150 billion, up from $85. The original Federal Reserve System loan to AIG was augmented by an additional $38 billion loan in October, only to be found insufficient to stabilize the failing company.
The new plan provides more than $60 billion in loans and $40 billion to purchase preferred stock.
Additionally, the Fed has spent billions more in loans to prop up struggling institutions like Goldman-Sachs and Citigroup without providing full disclosure of what securities it was taking as collateral in the deals.
“It looks to me like a lot of these moneys are going to places not where the intent was,” Barrett said. “We gave them some flexibility, and there were clear intentions as to what Congress wanted this to be used for and how it was supposed to be used.”
Barrett, who originally opposed bailout action, said he wants his colleagues to discuss more measures to enforce strict accountability of any bailout money but appeared was somewhat skeptical of the Democratic Congress’ inclination to do so.
“At this point it will be (talking about) accountability and how this money is being spent,” Barrett said. “I don’t even know that Democrats will do that.”
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November 12, 2008
8:46 a.m.Report inappropriate content
This bailout was a huge mistake. Big surprise, the big companies are doing whatever they want with the money. I'm just amazed they acutally caught AIG blowing some of the money on a big party and are making them pay some of the money back. You know the others are doing the same thing, but just hiding it better. What a waste of tax payer dollars. That's a great photo of Barrett by the way...ha ha What is he posing for GQ or something...Politics are big part of what's wrong with this country and why its going to hell in a handbasket. I'll climb off my soapbox now...
November 12, 2008
9:58 a.m.Report inappropriate content
It's very unfortunate that Gresham voted for the bail out on the second vote. By doing so, he proved that he was looking beyond his current seat and to the 2010 Governor's race. I'm sure he voted for this bail out under pressure from the banking/financial industry. Just as he has received much help from that industry while in congress, he would need their continued assistance while running for Governor of South Carolina.
Greshan Barrett is a good person with strong moral and religous convictions; however, his bail out vote goes against everything that he went to Washington for in the first place. Suspect as it was in happening only a few weeks out from the election, this whole thing was "rammed" down the taxpayer's throats much to fast. Hats off to Senator Jim Demint for drawing the line in the sand and staying true to his firm convictions.
November 12, 2008
11:28 a.m.Report inappropriate content
I'm sure it didn't help that both Obama and McCain were pushing for the bailout - a point about which I disagreed with both candidates.
Agree about DeMint. Too bad he's not "our" representative.
November 12, 2008
7:47 p.m.Report inappropriate content
And now Ford, Chrysler and GM are lining up at the same trough begging for money. NO!! For decades, they have continued to pump out huge, expensive gas hog SUVs half the size and weight of school buses, and quad cab, long bed, V-8 gas hog trucks, ignoring the need to convert to fuel efficient, smaller vehicles. That arrogance and stupidity has kicked them in their financial posteriors now, and they're begging US to bail them out for their stupidity. If we do, who is next? This "Mommy Government will protect you" umbilical cord needs to be cut. If we bail them out again, will they continue to build those monsterous land barges they can't sell, while paying their CEOs tens of millions of dollars in compensations? If they fail, wiser car companies will fill the void. Let them fail.
November 12, 2008
10:08 p.m.Report inappropriate content
Congressional Democrats had the votes to pass bailout legislation without the support of any Republicans. They didn't want to do it without bipartisan support because even they knew that at some point this massive theft would backfire and they didn't have the polical courage to stand behind a bad bill they strongly supported. The bill was on its way to passage until Pelosi stood up and called Republicans every name she could think of - and then some. I wrote to Congressman Barrett after his vote and expressed my disapproval. He took heat from his constituents for flipping. Unfortunately for his critics, his seat is safe.