" Decisions by the Secretary pursuant to the acts of this act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administratve agency. "
This can't stand, not for a day, not until the end of the year. It is, as NYT's Norris says, "crisis that creates a scandal." Take out Section 8, and anything gets better.
http://norris.blogs.nytimes.com/...
Write your congress reps; there are only three. Their email links are here:
http://www.senate.gov/...
https://forms.house.gov/...
We are in this very, very deep This is Cheney living out his lifelong dream of a financial revolution -- with 4 months to set it up. He is a gambler --- a bad gambler, and who has a posse of big backers, and a gun --and he has Henry Paulson playing his poker hand.
Even the Republicans don't like this: http://thehill.com/... Every sane person needs the Paulson Bill not to happen to the country.
Paulson, acting for Bush, acting for Cheney, is a great currency trader --- maybe best in the world. But trading curriencies won't get us out of this mess. There is 4X the total amount of the World's GNP in derivatives (financial instruments that don't ever convert to something real) involved in this fiasco (M3, in currency terms). Paulson was one of the guys that invented them. This is what the US has been living on for 8 years. Debt instruments bequiling the world, and we cornered the market; never before has the Federal budget gone into deficit while the economy "expanded".
Worse yet, Paulson, Sunday evening, altered the "inalterable" rescue package: it will now accept ANY assets from any of banks (e.g. car of any bank's president), bought by the taxpayer at a Paulson-okayed market price. Then the loan will be written-off. The taxpayers will pay for that, too. No wonder Goldman Sachs and Morgan Stanley made themselves banks overnight.
We need a strategy and an overhaul; stop Cheney, start Obama. Obama is the smartest guy out there and if anyone can do it, he can. He comes from and believes in a strong middle class, which is under dire threat. He knows, and can pick, and can work with the greatest thinkers of our times. Lets take his lead. If he needs a currency trader, Paulson would probably be on his short list. But a master trader is not who we need to design the economy. Let's do what we can to help Obama.
The first step is to be sure to wife Section 8 is REMOVED from any further possible inclusion :
" Decisions by the Secretary pursuant to the acts of this act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrativie agency. "
http://www.senate.gov/...
https://forms.house.gov/...
Write your congress now.