Do you get nervous when Wall St. gets excited?
"The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700 billion outstanding at any one time."
I'm taking this to mean that once assets up to $700 billion have been unloaded by the Treasury at cost then another bad loan will become eligible. This can continue for as long as two years.
Then there's the outrageous Sec. 8. Review. Have you read it?
"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."
This can't be constitutional.
Why is there such a rush to have this plan enacted by Congress tomorrow? Do you remember other lies told you by this administration where hasty actions had to be immediate? Let me list a couple:
The global War on Terror (GWOT).
Saddam Hussein has weapons of mass destruction.
The Patriot Act.
The Telecommunications Act.
Overturning the Geneva Conventions.
Why would any sensible person believe them now?
Henry Paulson was the Chairman and CEO of Goldman Sachs from 1998 to 2006 when he became Secretary of the Treasury. Does he still have friends and colleagues there? You betcha. Would it be better to let Wall Street bite the bullet? Henry Paulson says no, the financial system must be saved to protect the economy. But I wonder what he really wants to save.
The money spent on bailing out the banks won’t build bridges (not even to nowhere) won’t fix antiquated sewer systems, won’t fix roads, won’t pay for education, won’t be there for health insurance, won’t be there for your veterans, won’t be there for your national security, just won’t be there for anything you’ll eventually need.
There's a good chance it won't work at all. This is such a huge issue it's difficult to make any concise statement but if you haven't had much time for reading this one at Counterpunch is a good summation and another from the same source has more detail.
I'm thinking the current administration is putting a bandaid on an arterial wound in hopes it will stick on long enough for them to leave office and move to Dubai. Remember Dubai?
If I were to make a suggestion it would be to contact your Representatives in Congress and ask them to vote 'no' on this bailout. In its current form it's a dangerous gamble.