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Tipsheet

AIG is Obama's Katrina

Candidate Barack Obama ran criticizing the former administration, and often invoking Hurricane Katrina as an example of government failure and a failure of leadership.
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Well, now President Obama has his own Katrina. The bill that allowed for the AIG bonuses was hastily written. It was rammed through without discussion or debate. Republicans were systematically excluded from the bill. Not a single Republican was allowed to participate. When Democrats showed up to the conference committee, they brought the finished conference bill with them and didn't allow Republicans to see it. Then it was posted online in the middle of the night. And the very next day it was passed, almost exclusively on Democrat votes.

President Obama promised he wouldn't sign anything into law until it had been online for five days, so that the American people could read it. If this had been done, business experts and finance experts would have analyzed the bill, and we could have caught this and stopped it.

But instead, President Obama broke his word. Like so many of his campaign promises he broke his word without a word of apology. Now we're all stuck paying the bill that Barack Obama stuck paying the bill.

And just as former President George Bush had his point man in Katrina, Michael Brown, so President Obama has his point man in Treasury Secretary Tim Geithner.

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