Democrats signal support for Wall Street bailout at Senate hearing
Insisting there was no time to consider the causes of the greatest economic crisis since the Great Depression, or investigate the bankers whose actions precipitated the financial disaster, Schumer declared, We must look forward, not backward.
Its not fair, its not right, but thats the world we live in, he said. He added, I want to assure the markets, we will not Christmas tree the bill. We will act and act soon.
The hearing was billed by the media as a confrontation between angry and skeptical senators and the top financial regulators in the Bush administration. But it was held in the midst of intense closed-door negotiations between the administration and congressional leaders and repeated assurances from the Democratic and Republican congressional leadership that progress is being made toward rapid passage of the bailout legislation.
On the eve of the hearing, Senate Democratic Majority Leader Harry Reid of Nevada said, Democrats in the Senate arent going to drag our feet. Well respond with the urgency of action that this situation demands...
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