Sec. 8. Review of the Bailout Plan is the last straw.

[bluesbassman]

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Fellow citizens and taxpayers, this has got to be the last straw. Here we have a proposal to commit $700,000,000,000 of money we can ill afford, to bail out companies that not only made bad investments, but made those bad investments while paying their top executives obscene salaries. This is not bad enough, now the bush cabal wants to put Paulson in a position where he, and he alone has sole discretion in determining where and how this money will be doled out.

We have seen time and time again the total lack of regard these criminals have for the checks and balances our government was designed with. This however takes it to a new level. We're not talking about a small thing here folks, this is almost a trillion dollars with absolutely no oversight on a man (Paulson) who as the CEO of Goldman Sachs from 1999 to 2006, most certainly played a part in the creation of financial crisis.


I urge everyone to make as many calls/faxes/e-mails as you can to your congressional representatives to demand that this bailout, in its current form not be allowed to happen. They are trying to ram this through quickly, so time is of the essence. If we are going to try to divert the disaster, it must be done with as many safeguards as practical, and absolutely as much oversight as possible.


For the complete text of the draft proposal for the bailout plan, click here:
http://www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=busines

edited for spelling

[BlooInBloo]

1. Yup. Even if the rest were up to Jesus levels of goodness, Section 8 would be a dealbreaker.

[wtmusic]

2. Has whoever wrote this nonsense heard of Marbury vs. Madison?

Must be a bad dream.

[magellan]

5. "Congress cannot pass laws that are contrary to the Constitution"

That hasn't stopped them yet.

[bluesbassman]

7. That's the rub. They have and still choose to ignore the law.

They truly believe the law and Constitution hold no power over them. What is startling is that they've been practicing this act for eight years and haven't been stopped yet.

[Kool Kitty]

3. Paulson gets to decide who gets and who doesn't,

with no questions asked? I think not.

[uppityperson]

4. Decisions are non-reviewable? What the heck? k&r

[Old and In the Way]

6. I dunno...this one's pretty bad, too.

"Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time."

Now, if you ask me, that's a rather open-ended checkbook. The more he gives away, the more he can refill the tank.

[bluesbassman]

8. How about this...

Current US Code:

31 USC SECTION 3101
(b) The face amount of obligations issued under this chapter and
the face amount of obligations whose principal and interest are
guaranteed by the United States Government (except guaranteed
obligations held by the Secretary of the Treasury) may not be more
than $6,400,000,000,000, outstanding at one time, subject to
changes periodically made in that amount as provided by law through
the congressional budget process described in Rule XLIX (!1) of the
Rules of the House of Representatives or otherwise.

Proposed "Bailout" modification:

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

That looks like an almost five trillion dollar increase in the debt ceiling! WTF is that about? The bailout is only $700 billion>

[4 t 4]

9. How about If ...

the unemployment insurance is extended and another tax incentive package is issued ?

[magellan]

10. $11.3 trillion UNSECURED

Imagine what the debt limit will be when they prove they can be trusted with the money!

:woohoo:

[bluesbassman]

11. I think China will cut off our "equity line of credit" first.

:cry: