Skeptical Shelby Unsure If Bailout Will Pass

(The Politico)  Sen. Richard Shelby, the top Republican on the Senate Banking Committee said Wednesday he is unsure if proposed bailout legislation will be approved by Congress, once again reiterating his serious doubts on the need for government action to address the current financial turmoil.

“I don’t know if the bill will pass,” Shelby said on CNN.” It could pass, because the fed and treasury secretary and administration, they are going to scare a lot of people. But the best disciplinarian of all is the marketplace. I believe if we didn’t do anything, the market would correct it all.”

The Alabama Republican said he was “bothered” by the lack of alternatives being explored by the administration and said the White House is trying to quickly ram a bill through Congress without the proper oversight.

“I think that to send a 3-page proposal to Congress and trying to pressure us to do something real fast, I think that’s nonsense.”