Am I the only one who has read the small four page Text of Draft Proposal for Bailout Plan dated September 21, 2008?
It is some scary stuff. It gives the Secretary of the Treasury carte blanche to do anything without any oversight. Without a single person, entity or group to keep an eye on what he can do until "three months of the first exercise of the authority granted in section 2(a) and semiannually thereafter."
What is section 2(a)? "Authority to Purchase. The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States."
Not only that but it also prevents any review of his decisions. In "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."
It gives the Secretary "authority to purchase mortgage-related assets under this Act...limited to $7000,000,000,000 outstanding at any one time."
Please people read this proposal. See what Nancy Pelosi is talking about on C-Span. This is no small authority we are giving the Secretary of Treasury Henry Paulson to do as he pleases. It is very scary stuff.