[StBernard] Happy Birthday Bailout Program; Why Won't You Just Die?

[Westley Annis]

Dear  Friend,


	

It's hard to  believe that it has nearly been one year since the Wall
Street Bailout Program was signed into law on October 3, 2008.

	

This was a bill hurriedly signed into law and sold as an extraordinary
program in light of  an extraordinary threat.  

	

But I share the concern of a  lot of Americans that the bailout program is
creeping into status quo and a much higher level of government involvement
in  the marketplace.  The bailout program,  in practice, has become nothing
more than a political slush fund and has been  used in many different ways,
and never as it was originally designed.

	


>From the outset I opposed the  bailout program and these intrusive federal

bailouts at taxpayer's expense, and in the year since it  has been signed
into law, I have pressed for a clear exit strategy from the  program. 

	

In January, I offered a resolution to block the final  $350 billion of the
bailout program from  being dispersed to the Treasury Department.  In June,
I offered an  amendment that would have prevented Treasury Secretary
Geithner or the banking  regulators from preventing banks from repaying
their bailout  funds.  And in August I offered an  amendment that would end
the bailouts for  certain at the end of this year. Currently, the Treasury
Secretary can  unilaterally extend the program until  October 3, 2010.

	

Rest assured, as the administration continues to treat  our taxpayer dollars
in the bailout program  like a political slush fund and contemplates
extending the program into next  year, I will continue to actively oppose
their efforts.


Sincerely,
David Vitter
U.S.  Senator