Posted on
September 22, 2008 in
Seven Hundred Billion Dollars and xx/oo cents.
I can’t understand why it’s better for the U.S. taxpayer to buy more than two-thirds of a trillion dollars of bad debt, than to fill in the hole that the banks dug for themselves, with the banks still at the bottom of it. It’s clearly above my pay grade, but maybe a reader who didn’t drop economics in college can explain it to me.
I don’t know high finance, but I do know accountability. And this bill includes none:
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.
“What authority?”, you might well ask.
The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act. . . .
Where do I get one of those jobs where I have carte blanche to spend 700 billion dollars of someone else’s money “as I deem necessary” with absolutely no risk of prosecution?
Glad to see someone else has noticed that there is no judicial review of any action taken by Paulson, who hasn’t done a whole heckuva lot to show that he knows what he’s doing in the first place.
I think the first thing he should do is to drop a bil or so on counsel to advise him on how he can legally spend the rest.
(I am, of course, available.)
Yeah, but what’s he need a lawyer for? He can never be taken to court!
https://www.nakedcapitalism.com/2008/09/why-you-should-hate-treasury-bailout.html
You think he’s smart enough to figure that out for himself?
Instead of letting crooked companies fail and facing a short term recession- we simply pull out the US charge card and borrow another trillion.
That pesky $10 Trillion dollars of national debt is going to come due someday. Think AIG/Fannie Mae will come to our nations rescue when that happens?
No better time than now, to revisit the movie ZEITGEIST – https://xr.com/zeitgeist
Keep keepin’em accountable Mark.
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