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Paulson’s Freewheeling Play

September 22, 2008

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.

Sec. Paulson’s Bailout Plan

Seriously? No oversight to a $700 billion package? This is seven hundred billion dollars we’re talking about, seven hundred billion dollars.

Give me a break. This would be ugly if he uses the funds in ways that smack of cronyism. Or worse, imagine the firms that get bailed out giving large bonuses to executives–and don’t think that wouldn’t happen. This is one of the most heinous phrases in a governmental system built on checks and balances, and one that is supposed to be answerable to the people!

Bullshit. Here comes your bailout UBS, here comes a great infusion Barclays! Foreign banks are going to get OUR money if Paulson gets his way. Sure, I understand that some of their operations are US based, but these are firms that should request relief from their own governments, not our government. I don’t give a flying Enron share if their governments have to nationalize them, they cannot be our concern, we have our own.

The bailout has been made necessary by the horrendous management and curtailed regulation within the industry. They damn well asked for this to happen, and they got it, in spades. We cannot, in good conscience, allow these risk pimps to receive any bonus money, and should push for those that are in a capacity to chart the risky path that these firms chose to be fired with no compensation, whatsoever.

I understand the need for promptness, but this would make a freewheeling response to a crisis caused by freewheeling.

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