Dennis Kucinich lays the smack down

Chairman for the House Oversight Subcommittee on Domestic Policy, Dennis Kucinich, took Sec. of Treasury Hank Paulson to task Friday afternoon. Ripping into the Treasury Department's decision to override the intent of Congress's T.A.R.P. (a.k.a The Bailout) legislation.

How the money should be used isn't laid out in specific terms. But both the committee chairman and Rep Darrell Issa (R-CA) were furious at the Treasury Department's disregard for the crisis so many American homeowners face: losing their homes.

Elijah Cummings (D-Maryland) noted that AIG doesn't in fact understand how the rest of America is fairing amidst this credit crisis as it continues to ask for congregational funds. AIG continues to pay bonuses and lavish salaries to its employees, and has yet to announce expansive job cuts. The Treasury Department, Cummings alleges, that it is the lack of oversight and "inviable hand" market aproach has cost the America its status as an economic juggernaut. "This administration," said Cummings, "wants to privatize Wall Streets gains and socialize Wall Streets losses." This, in his eyes, and judging form the tone of the comments the rest of the subcommittee, is unacceptable.