The Big Bail OUt

[theknife]

WASHINGTON -- Unveiling its plan to rescue the nation's financial system from near-paralysis, the Bush administration is asking Congress for the authority to spend $700 billion and for powers to intervene in the economy so sweeping that they have virtually no precedent in U.S. history.

The proposal, set out in a spare 2 1/2 -page document sent to congressional leaders Saturday, would in effect allow the Treasury secretary to set up a government investment bank to buy up the billions of dollars of the mortgage-backed securities now clogging the arteries of the global financial system.

$700 billion dollars
- thats $2,333 for every man, woman, and child in this country, to bail out Wall Street. Here's the best part:

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.

The biggest legislatively-authorized expenditure in history, and the Bush administration wants zero accountability or oversight. it's a major power-grab by Executive branch that's stunning in it's scope and audacity. hard to imagine how anyone (outside of those corporations who will be rewarded for years of execess and bad business practices), on the right or the left, thinks this is a good idea...

http://www.latimes.com/news/nationwo...,1208602.story