W Has Cojones
I heard a news report today that says the $700 billion bailout bill presented to Congress by the Administration has a provision that makes decisions under it by the Secretary of the Treasury not reviewible by a court or an administrative tribunal. In other words, what the Secretary says, goes.
W was sick the day checks and balances in the Constitution was taught.
Why is there a rush to spend this money? Wouldn’t it make sense for either McCain or Obama to be in office as the result is going to be dealt with by one of them? Just what is going to happen if the bill isn’t passed in the next four months?
7 comments:
I agree with you and RWorld, Dave. No need to rush on spending $700 billion. I've got this funny feeling that the bad guys intend to win on both the front end and the back end of this debacle. Slow down! I want to understand and feel good about this before it's done, since I'm going to pay a hefty sum to fund it...and so are we all!
This is the really scary part:
"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."
Doesn't that seem just...a little communist to you?
BTW, congratulations on the new digs. :)
More like monarchy before the Magna Carta.
And those aren't cojones - he just spilled part of his bean burrito in his lap...
The lack of oversight is almost as disturbing to me as the idea of spending $ 700B (minimum) to underwrite the risk assumed by these private companies.
Let them fail so that we all remember how STUPID it is to buy a house with no money down on a 5 year ARM with a balloon AND to then bundle those STUPID loans into securities.
Sometimes the best lesson is a broken nose.
This whole debacle makes me sick to my stomach.
I'm already stressing out about the possibilty of having to eat cat food casseroles in my old age ... now I'm thoroughly convinced I'll be eating kibble as an old lady!
Unless you are retiring in the nex 10 months and are only invested in stocks, you will be fine.
I have been through two economic events worse than this one and have studied two others. We always recover. Always.
Want to feel better? Compare our econmy to pretty much all of Europe.
It sucks, but it could be worse. A lot worse.
Post a Comment