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Bailout outrage on the Hill

From NBC's Mike Viqueira
Among the voices from the House floor this morning are some significant -- but as yet not overwhelming -- objections to the rapidly developing financial bailout plan. The opposition to the bailout is coming from both sides, especially with regard to its proposed concentration of power in the hands of Treasury Secretary Henry Paulson.
 
In speeches this morning, three lawmakers -- two liberal Democrats and one conservative Republican -- rose to oppose the $700 bailout, bemoaning the haste and scope of the emergency plan.
 
Condemning the recovery proposal as "the greatest power grab any executive has ever asked for," Rep. Brad Sherman (D-CA) issued a dire warning that an opaque transfer of the huge sum to Wall Street powerbrokers would encourage "as much politics and as much cronyism as they are able to conceal."
 
Florida Republican Congressman Cliff Stearns called the last week's series of economic rescue strategies "an assault on American capitalism," adding that "bailout after bailout is not a strategy, and it's certainly not a sustainable cure to our financial ills."
 
And Rep. Peter DeFazio (D-OR), who accused Paulson of being a "Wall Street exec masquerading as Secretary of the Treasury," urged a more deliberate solution to the crisis. "If it takes a week, two weeks, three weeks, a month, the world will wait," he said. "They'll wait for a thoughtful plan that cures the disease in addition to getting us beyond this initial problem."