The “bailout package” proposed by the Bush administration has thus far been hailed as the “saving grace” of the current faltering economy. The market initially reacted favorably, but as the plot thickens, and the details of the “bailout” are being discovered, the economy is sinking even further (the DOW dropped over 400 points again today).
What, specifically, am I referring to?
Section 8 of the proposed legislation is a slim, thirty-two word sentence which reads:
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.
Whoa, what was that?
The pursuant to the NEW authority given to the Secretary by the “Bailout Act” his decisions are “non-reviewable,” “may not be reviewed by any court of law,” and may not be reviewed by “any administrative agency.”
That represents a significant consolidation of power and an completely removes any oversight authority! Not only does it remove oversight, it also removes any recourse one would have in the courts.
This is nothing more than a thinly veiled grab at Federalizing the finance industry in the name of “the economy,” similar to power-grab that the Patriot Acts and the FISA Amendments took in the name of “protecting security.”
Where do your legislators stand?
Have you contacted your Congressman and Senators to find out where they stand?
If not, you probably want to hurry. This is being fast-tracked just like the Patriot Acts and the FISA Amendments were.
- Bob Bennett (R, Utah) flip-flops, now says “bailout necessary”