This gives me pause. The 700 bil bail-out will not be subject to review?!? We are suppose to hand complete control of this situation to Henry Paulson? I don't care what party you belong to...does this seem like a good call?

Treasury Seeks Asset-Buying Power Unchecked by Courts (Update2)

By Alison Fitzgerald and John Brinsley

Sept. 21 (Bloomberg) -- The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.

Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.

``He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. ``He's saying, `Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.''

Full text avaliable at: http://www.bloomberg.com/apps/news?pid=20601070&sid=ae6b6P1L8E_E&refer=home

Has anyone seen the actuall proposal.

I would like to read it before I reply to any of this.

My personal belief is to let the markets fall.

After the really greedy ones jump...

we can pick up the pieces and rebuild our economy with something real as its base.

US.

Here you go:

http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/

Section 8 is problematic and sounds like it was personally written by D!ck Cheney:

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.

As far as seeing the actual proposal goes...I invite you to call or write any of your elected representatives and ask them which if any of the bills they voted on they actually read.

I suppose that builds some deniablity in for them heh

For a peek at what that entails check out the congressional record.

Some of the legislation that has had profound affects on this country, like the Patriot Act, went unread by virtually every congress person who voted on it.

Scary eh?

Eeek!

Let the cards fall where they may. This is a mistake...

We should take our lumps and let this market shake itself out.

Where is the oversight?
Where is the protection for the public?
Bet there is a HUGE scramble for the Secretary's position no matter who wins the election. and finally...

ARE THEY ALL SMOKING CRACK?

The Globalists are killing the country. They've written about doing these kinds of things often and here we are.

I love how some many have supported our policing of the world, to the detriment of our own country, now that "we" have allowed those who seek to do us real harm to use our military to shore up their interests, they've got no use for us.
They already sent the jobs away, the only area in government that seems to grow daily is the "homeland security" aspect.

Only a matter of time now, I hope everyone likes a policestate.

I have highlighted the point.

Congress must ratify this bill and send it, with all its revisions, pork, and earmarks back to the president for signature in approval or veto.

Period.

Congress has proved over the last two years that they get nothing accomplished except infighting and inaction.

fret not that the democrats are powerless.

you are chasing ghosts with worry over this.

Besides, it is Clinton and the Clinton alone that is responsible for the way Bush is handling this mess. all done prior to 2000 under Clinton's watch. hhmmmm....

After all, he is only following the law that gave the President the power of executive privilege to fix the mess of Clinton's own work in creating the looney tunes lending of the last eight years.

Even Clinton knew that the idiotic practice of lending mortgages for hmes to people incapable of financially meeting such obligations would fail.

He just didn't have the guts to admit it and stop the foolishness.

Instead, he signed into law a bill that gaVE THE NEXT PRESIDENT AUTHORITY TO DO THAT FOR HIM.


This is the same clown that "didn't have sexual relations with that woman.

those who seek to do us harm have our permission.

we as a nation install these leaders to do the harm to ourselves.

sounds like BDSM to me.

depravity abounds.

this nation has a disease.