A Suprime Patriot Act
September 22, 2008 by William K. Wolfrum
From Section 8 of the Treasury’s Financial-Bailout Proposal to Congress:
“Decisions by the Secretary [Henry Paulson] 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.”
If this bail out passes, everything U.S. Treasury Secretary Henry “We need this to be clean and to be quick” Paulson says and does goes, without question or review.
The same Henry Paulson who has said:
Of course the list [of difficulties] is going to grow longer given the stresses we have in the marketplace, given the housing correction – but again, it’s a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”
“In my judgment, we are closer to the end of the market turmoil than the beginning,” he said. “Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector.”
“The worst is likely to be behind us.”
“I’m seeing a series of ideas suggested involving major government intervention in the housing market, and these things are usually presented or sold as a way of helping homeowners stay in their homes. Then when you look at them more carefully what they really amount to is a bailout for financial institutions or Wall Street.”
“This is far and away the strongest global economy I’ve seen in my business lifetime.”
“The market has focused on this. There’s a wake-up call, and there’s an adjustment to this repricing of risk, but I see the underlying economy as being very healthy.”
“I don’t see subprime mortgage market troubles imposing a serious problem. I think it’s going to be largely contained.”
Here’s the entire Treasury Bail-Out Package, courtesy the Wall Street Journal.
Read more from Glenn Greenwald at Salon about how the Bush Administration uses terror tactics to get whatever it is they want, whether it be war powers, domestic eavesdropping powers or bilking U.S. taxpayers out of $700 billion $1.8 trillion. This radical give away of tax payer money is following the exact same script.
The Treasury’s Financial-Bailout Proposal is a Patriot Act for the Financial World.
–WKW
[...] More on the bailout, and it ain’t pretty Posted on September 22, 2008 by bluelyon Any of you catch this? WKW at William K. Wolfrum Chronicles: From Section 8 of the Treasury’s Financial-Bailout Proposal to Congress: [...]
I’ve got a link to a petition link over at my place.
WOW! If this pass, it will really be a Lucy, the football and Charlie Brown situation. I just can´t believe americans will keep falling for the same bullshit over and over and over. Or maybe, I can.
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I’m glad you pointed that out Bill. Too bad CNN hasn’t mentioned it.
shit.
[...] Nearly three decades ago, the movie “Americathon” helped the United States laugh at its own problems. Little did anyone know that it wasn’t just a movie, it was a prophecy. Because in 2008, the premise of the film has come true as an inept U.S. President begs American citizens for $1 trillion or so to save the nation. [...]
[...] Following on the heels of such winning prognostications as “We will be greeted as liberators” and “This is a Mission Accomplished” and “This is far and away the strongest global economy I’ve seen in my business lifetime,” comes the latest quote that we’ll all look back on some day and laugh and laugh: “There is no reason to expect this program will cost taxpayers anything” [...]