A critical – and radical – component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that’s so flat-out astounding that it ought to set one’s hair on fire. It reads, in its entirety:

“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.”

In short, the so-called “mother of all bailouts,” which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People’s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch – who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.

We are taking your money, and don’t dare ask any questions. Could Congress be any more impotent?

Found by Ian Warner




  1. #59 – S-Law

    >>mustard, what are you trying to show? That
    >>most Americans are blissfully dumb and their
    >>opinions shouldn’t be polled for making any
    >>meaningful decision?

    No, I’m trying to say that what people “know” about presidents from the 18th and 19th century that comes from pop TV shows isn’t the most accurate gauge of how “good” or “bad” a president really was.

    If you’ve lived through it, you have some objective basis for evaluation. And comparing Ike, JFK, LBJ, Nixon, Ford, Carter, Reagan, Pappy Bush, Clinton, and Dumbya, I can unequivocally state that Dumbya ranks 25 on a scale of 1 to 10 for shittiness.

    It’s hard to imagine a president worse than him. Even if McBush were to win the election (unlikely), he’s just a shadow of the idiocy perpetrated on the American people.

  2. amodedoma says:

    #34 – EXCELLENT POST!

    Seems to me it’s already too late. I remember my dad shoutin’ at a hippie when I was a kid. Something about getting a haircut and that if he didn’t love America he should leave it. Didn’t realize that later in life that’s just what I’d do. Watching from the outside I know I made the right choice. The America I loved as a kid is gone. The society’s sold out their values. There are still a lot of decent places to live if you got the courage to emmigrate. I say screw ’em – sooner or later it’s gonna be like ancient Rome, with a very rich elite dominating a huge number of slaves. So why wait, emmigrate!

  3. MikeN says:

    http://www.spectator.org/dsp_article.asp?art_id=13933

    The McCotter alternative bailout plan.

  4. MAXX says:

    Well;

    Let’s See! Comments From The Left and The Right, Blame! Blame! Blame!

    We have hearings, a person who ‘Fixed” 134 Tickets for his Buddies in Chicago, that would be Barney Frank, running or participating in these hearings, and heading some type of Federal Banking Committee.

    The guys running these hearings are the main group that has let this happen. Republicans, Democrats, Independents all!

    All are to blame, and we voted these people into office. Why not 2 terms at 4 years each, and then you’re out! Every one of them.

    Anyone want to guess how many years each and every current and past ‘Politico’ has been stealing your Social Security $$$s? If you said 47 years, you would be partly correct.

    http://www.ontheissues.org/Background_Social_Security.htm

    Did you see the recent report showing the Feds don’t know how much money is owed the Social Security Fund? If that doesn’t scare you, then you are ready for the “Big One”!

    Why not be honest with yourselves, and blame each and every ‘Politico’ since maybe 1950+/-? If you do, then you are an American who needs to help by taking this country back from Washington DC. Why is that so hard for us to do?

    Sorry to say, but you “Ain’t See Nothing Yet”!

  5. Mr. Fusion says:

    I would rather that $700 billion be used by home owners to help with their mortgages.

  6. JimD says:

    Does ANYONE believe that the “Bailout”(Gift to) of Wall Street will cost ONLY $700 BILLION ??? That figure is from the SAME LIARS WHO SAID THE IRAQ WAR WOULD ONLY COST $50 TO $60 BILLON – ON NOTHING :

    Before the war, White House economic adviser Lawrence Lindsay estimated the cost at $100 to $200 billion. So the White House got rid of him and “re-estimated” the cost at $50 to $60 billion. It’s now over $500 billion.
    The neocons, Rumsfeld, Cheney, Wolfowitz, etc. were just totally unrealistic. “We are dealing with a country that can really finance its own reconstruction, and relatively soon.” – Wolfowitz, March 28, 2003.

    link:

    http://zfacts.com/p/447.html

    And all that being directed by ONE NEOCON WITH NO OVERSIGHT ???

    “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.”

    Makes your SKIN CRAWL !!!

  7. Mr. Fusion says:

    #64, MAXX,

    In case you missed it, this is directly YOUR fault. No one but YOU.

    Have a nice day.

    BTW, a person who ‘Fixed” 134 Tickets for his Buddies in Chicago, that would be Barney Frank,

    Would you happen to have a citation for that? In case you were unaware, since you spent so much time fucking up the economy, Barney Frank is from Massachusetts, not Chicago.

  8. bobbo says:

    Just a reference point: The Freddy Bail Out a month ago was supposed to address the mortgage default problem.

    THIS bailout is about a more general credit/business crunch which is why GM is in line, foreign banks, and whatnot.

    This is what happens in a “panic”==its just supposed to be among greedy speculators though, not our government.

  9. Paddy-O says:

    #66 Check this out. OMG

    BTW, this made it into the spending bill being sent to the Pres.

  10. grog says:

    we have to bail out the banks again like we did under reagan

    gee, how come this stuff always happens when republicans are pushing to deregulate everything?

    i wonder…

    entire city of new orleans destroyed by natural disaster == to expensive to rebuild

    handful of investment banks damn near trash the global economy by wanton endangerment == blank check

    that’s the republican party for ya.

    heck of a job !

  11. MikeN says:

    Many of these homeowners are illegal immigrants who shouldn’t have gotten the mortgages in the first place.

  12. grog says:

    #71 so let’s punish everybody! wisdom!

  13. Paddy-O says:

    #70 “entire city of new orleans destroyed by natural disaster == to expensive to rebuild”

    I know. What with the Dems controlling spending bills I’d have expected at least a token bill to rebuild.

    But, Pelosi has a lower approval rating that even Bush…


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