Shadegg calls for Paulson resignation

By Alex Isenstadt, Politicker.com Reporter

U.S. Rep. John ShadeggAhead of today’s House vote on the $700 billion bailout package, U.S. Rep. John Shadegg is calling for the resignation of Treasury Secretary Henry Paulson.

“Today, I am calling on Secretary Paulson to resign. I believe he has failed to do his job and failed to uphold his responsibility to the American people. He did not warn Congress or the nation in advance of the impending crisis,” Shadegg said in a statement.

“Congressional leadership received less than four hours notice before the Secretary publicly warned of an imminent collapse of the market and announced his bailout plan. Clearly, it was his duty to provide Congress and its leaders time to evaluate this situation, and he failed. The Secretary went public with dire warnings, scaring the nation minutes after apprising Congressional leaders of this problem. That is simply unacceptable.

“The problems in the market today did not occur over night. In the last six months, Secretary Paulson has insisted that the federal government rescue Bear Stearns, Fannie Mae and Freddie Mac, and AIG. Each time, Secretary Paulson assured Congress that it would solve the problem. Obviously, Secretary Paulson has been wrong. The American people can no longer have confidence in him and he should submit his resignation, effective immediately,” Shadegg concluded.

ALEX ISENSTADT is a Politicker.com Reporter and can be reached via email at alex.isenstadt@politicker.com.

Related topics: John Shadegg, Henry Paulson

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11/05/08 3:26 am

Duck and Cover

posted by OldManV

It seems no one of this administration has been minding the cookie jar, except when to pull out more cookies for two wars (one of which IS justified, the other, hmm...), tax cuts, handsome earmarks for (enter infrastructure of choice here), etc. etc...

And now the cookie jar is broken. Instead of acting on how best to fix it, you blame the guy looking at the floor pointing out the obvious.

So John, you once went for the prize of Minority Leader... let's see a little leadership! Blame game isn't what good leaders do... but it is what our current leadership does!

09/30/08 2:12 pm

Paulson HAS to GO

posted by Veritas Vincit

Commercial banker, may I refer you to the State Treasurer's page and the economic presentation therein.

You may not be old enough to remember the stagflation of the Carter years coupled with the energy price shocks that shook the known world at the time.

We do NOT need any "plan" from the government, period.

We need to let the natural cycle of the markets work themselves out and believe me, they always do - especially when the government doesn't stick its fat hand into the bowl.

Sit tight and let it ride; otherwise you'll have regrets greater than you can imagine.

...and Shadegg is right, Paulson needs to walk away - he's a disaster and a complete *Vogon (*with acknowledgement to the Hitchikers Guide).

09/30/08 10:47 am

What a cheap political stunt

posted by Former Shadegg Fan

What a cheap political stunt by John Shadegg. Hey John, you've been up there for 14-years, why didn't you see this coming? Trying to blame Paulson is like getting mad at the firefighter who comes to put out the fire at your house because he didn't warn you that you had faulty wiring.

09/30/08 1:47 am

AZ businesses/employers need a sound banking system

posted by Commercial Banker

I understand why people are concerned about the bailout plan. However, the lack of a plan and action will hurt the average American more than they realize.

As a commercial banker with no involvement with Wall Street, I can tell you this is absolutely spilling over to the average small business.

I met with a small business trying to borrow some money so they could hire 10-12 new employees. Normally a standard request for this company, they had met with 4 banks and were struggling to get the money. They are two weeks away from missing payroll.

We are going to have a long and deep recession if we are not careful and proactive in managing this crisis.

09/29/08 11:44 pm

thanks

posted by lioness85201

Thanks Representative Shadegg! At long last our elected officials are HEARING us! Do NOT bend to the whims of Bush and the big money eaters! We need something that will protect us, not big business.

09/29/08 5:09 pm

Taxpayers get no respect

posted by Thane Eichenauer

I looked out the bank CEO bailout bill last night which at that point did not even have a bill number at that point. I read today that the bailout legislation is going to be voted on in the House sometime today.

This kind of activity sure didn't happen when Americans were being beaten up by record high gasoline prices, but apparently when bankers are hurting they have better access to Congress than mere Americans.

09/29/08 1:06 pm