Bush administration seeks 'dictatorial power unreviewable by the third branch of government

[Andre II]

The Bush administration asked Congress for unchecked power to buy $700 billion in bad mortgage investments from U.S. financial companies in what would be an unprecedented government intrusion into the markets.

The plan, designed by Treasury Secretary Henry Paulson, is aimed at averting a credit freeze that would bring the financial system and economic growth to a standstill. The bill would bar courts from reviewing actions taken under its authority.

``It sounds like Paulson is asking to be a financial dictator, for a limited period of time,'' said historian John Steele Gordon, author of ``Hamilton's Blessing,'' a chronicle of the national debt. ``This is a much-needed declaration of power for the Treasury secretary. We can't wait until the next administration in January.''

As congressional aides and officials scrutinized the proposal, the Treasury late today clarified the types of assets it would purchase. Paulson would have authority to buy home loans, mortgage-backed securities, commercial mortgage-related assets and, after consultation with the Federal Reserve chairman, ``other assets, as deemed necessary to effectively stabilize financial markets,'' the Treasury said in a statement.

The Treasury would also have discretion, after discussions with the Fed, to make non-U.S. financial institutions eligible under the program.

More here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1hr1v2FUeAg

[Benhurst]

1. Congress doesn't have the power to grant such a power.

If the Bush Crime Family thinks that's what they need, then they should propose a Constitutional amendment to that effect.

If the assclowns in Congress go along with this, then the Republic is truly dead and it's time to bury its rotting corpse.

[lonestarnot]

2. Tomorrow the first day of "The Fall."

[Benhurst]

3. I'm afraid you are right.

[Atman]

4. And Nancy and Harry will help make sure they get it.

:cry:

.

[Canuckistanian]

5. Pelosi said yesterday that the bill would be passed "with some changes"

But she didn't elaborate what changes she was seeking.