24 September 2008

Your Lips, Your Lies

The debacle that is the US government trying to step into a free market for what Treasure Secretary, Henry Paulson is saying must happen and with a sense urgency, is nothing short of infuriating. Fannie Mae/Freddie Mac was one thing, but to insist on $700 Billion in taxpayers dollars for what would be the biggest governmental payout of all time makes absolutely no sense and is, similarly, extremely scary.

These provisions will give an absolute and indisputable power to Paulson and the US Treasury and interrupt the natural ebb and flow of the American free market. It's insane. The proposal set forth would allow for no legal or legislative inquiry into, well, pretty much anything. The Bush-Paulson bailout proposal includes the following language: “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.” And that is completely unacceptable.

All of this came in the form of a three-page proposal set before congress and luckily there's been some sane voices in the senate in the form of Alabama Republican, Richard Shelby. He's one of the more refreshing names stepping forward and calling this idea for what it is: insane. Shelby did concede that something would go through, but agreed that for the proposal to be passes as is would be irresponsible and unwise.

We'll see what happens in the coming days, but if you feel so inclined (and you should) I encourage you go Let Congress Know How Your Feel


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