Conservative lawmakers have had enough of bailout mania, and they are sending a strong message to the Bush administration to stop intervening on Wall Street.
In a strongly worded letter to the Federal Reserve and Treasury Secretary Henry Paulson, the 100-member Republican Study Committee, a caucus of House conservatives, wrote:
"Since any legislative response is unlikely in the waning weeks of the 110th Congress, we urge you in the strongest terms possible to refrain from conducting any additional government-financed bailouts for large financial firms. Regardless of the precautions taken, the risk to taxpayers and to the long-term future health of our economy remain just too great to justify."
The letter is the latest sign that conservatives are frustrated with their president, stymied by congressional leaders and uncertain whether John McCain — who has embraced the bailout of AIG and other Wall Street titans — is carrying a true conservative message on the economy this fall.
The full letter will be posted after the jump.
Continue reading post...