A GRILLING ON THE HILL
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Excerpts from yesterday's Senate Banking, Housing and Urban Affairs Committee hearing on the government bailout plan:
Federal Reserve Chairman Ben S. Bernanke on how the plan would benefit homeowners:
"The housing market is not going to recover if the economy is declining, if jobs are being lost, if credit is not available. . . . You need to have financial stability and financial markets working properly for the economy and the housing market to have a chance to recover."
Treasury Secretary Henry M. Paulson Jr. on the need for oversight of the bailout process:
"If any of you felt that I didn't believe that we needed oversight, I believe we need oversight. We need oversight. We need protection. We need transparency. I want it. We all want it."
Sen. Richard C. Shelby (R-Ala.) on the cost to taxpayers:
"What troubles me most is that we have been given no credible assurances that this plan will work. We could very well spend $700 billion or $1 trillion and not resolve the crisis. Before I sign off on something of this magnitude, I would want to know that we have exhausted all reasonable alternatives. But I don't believe we can do that in a weekend."
Sen. Evan Bayh (D-Ind.) on whether the government should have an equity stake in bailed-out firms:
"If we're paying above-market prices, well, what do the taxpayers receive in return? If equity is the answer, that's one thing. If it's not equity, then, we have to ask, why not? And if it's not equity, we have to ask, why do we encourage or at least permit sovereign wealth funds to invest in our companies and markets but perhaps not allow the American taxpayers to take a similar interest in our own companies and markets?"
