http://todstrohblog.blogspot.com/2008/09/financial-patriot-act.html
After eight years of corruption, deregulation, dismantling of any oversight and enforcement regime, and cheer-leading for corporate greed and excess, the same administration that napped while terrorists plotted, has been comatose while a largely foreseeable financial meltdown that may ultimately match or exceed the Great Depression, has been allowed to happen. And now, with the crisis at its apparent zenith, with fear and the professed need to act at near fever pitch, drastic solutions are being discussed by the administration and the Democrat-controlled Congress. Indeed, the first details of Treasury Secretary Paulson's proposed bail-out legislation has been made public this weekend, and from the looks of it has every indication of being a financial version of the Patriot Act. The remarkably terse text of the bill, essentially grants Paulson and the administration, a rolling $700 Billion slush fund with which to buy up the bad mortgage-related debts of ANY financial institution based in the US. How's that for broadly defined? Although it might seem that the $700 Billion is a cap, the text indicates that this is the amount that can be outstanding AT ANY GIVEN TIME. Thus, the total sum which American taxpayers could be on the hook for could be significantly more, say, several Trillion dollars! Now that's some serious coin! However, the most sinister and outrageous clause in the text is the following; "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." Yes, you might want to read that again. Decisions made by the Secretary regarding this Act would be NON-REVIEWABLE, by ANY agency, court or entity. This would be Congressionally mandated and approved fascism, nothing less. It would grant virtually unlimited financial power to the agents of the President without any accountability! Moreover, it would grant this authority to those who, Nero-like sat back, watched and indeed, precipitated the crisis with their disregard of their regulatory functions and pro-Wall Street legislation. But it would do even more than that, it would privatize the ill-gotten profits of these corporate criminals, while socializing all of the risk, on the backs of our kids, perhaps for decades to come. This is beyond outrageous. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "ShadowGovernment" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/ShadowGovernment -~----------~----~----~----~------~----~------~--~---
