While everyone in Congress is rightly concerned with the provision in the Treasury Department's $700 billion bail-out proposal that tells us decisions made "are non-reviewable ... and may not be reviewed by any court of law or any administrative agency" there are additional reasons to reject the Bush administration's bailout proposal.
Page one of the proposal tells us the Treasury Secretary can enter into contracts "without regard to any other provisions of law regarding public contracts" and can designate "financial institutions as financial agents of the Government." According to the bailout proposal Secretary Paulson can do this, and pretty much whatever else he wants, "without limitation."
While the above is pretty clear, it's Bush/Finance-speak for "We make the rules, and will appoint our buddies to do whatever we want ... and the courts can't review any of the wrong-doing that went on either ..."
But here's the real kick in the teeth: "The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,0000,000,000 outstanding at any one time. With this one sentence, this much is clear: $700 billion is the first installment.
This blank check bailout proposal needs to be rejected, today.
- Mark
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