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Text of Secretary of the Treasury's Bailout Plan
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by Karen Hatter | September 22, 2008 at 04:51 pm
842 views | 19 Recommendations | 7 comments
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Here is a link to the plan offered by Bush administration Secretary of the Treasury Henry Paulson, supported by Ben Bernanke, chairman of the Federal Reserve, to select members of Congress on Friday, September 19, 2008, urging their quick approval of his plan.
Section 8 of the plan, titled Review, reads:
Sec. 8. Review.
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.
It is worth reading this proposed bailout that could cost the taxpayers of the United States $700,000,000,000.00 (700 billion dollars) to over a trillion dollars ($1,000,000,000,000.00), that includes foreign banks.
According to the plan presented to Congress by Secretary Paulson, after acquiring the debt from Wall Street, the federal government will then hire private investment banks to resell those mortgages.
Some of the private investment banks to be hired will be the same banks that previously held the so called 'toxic' loans.
A link to information about the Department of the Treasury.
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Most RecentMost Recommended Comments (7)
at 18:40 on September 22nd, 2008
Shortage of Trust Causes Meltdown
Some very interesting things are happening in Congress this week. The pundits on This Week with George Stephanopoulos are divided on whether or not to support Paulson's Plan. I thought I approved on Sunday, but now am having second thoughts.
I like the idea of the government investing in businesses rather than giving the money away, and I appreciate the irony of Republicans suggesting the socialist approach of nationalizing businesses as a way to rescue them from their own capitalistic excesses. There is something scary about a three page document with no details. It feels a little too open to interpretation like the Patriot Act. There is no guarantee it will work and so far no one can be held accountable if it fails.
What is really amusing in a very black humor way, is watching the split along non-party lines. Some of the most radical conservatives are unhappy with this solution, while some of the most radical socialists feel it is unfair to the tax payers, and then there are the fiscal conservatives who want to find more details on the quality of the loans, before Congress buys them. Quite an odd group to agree or disagree on anything.
If this were a one-act play it would be a riot. Unfortunately, this is not fiction, but real life. No one trusts the government, Congress doesn't trust the Treasury or the Administration. "Trust" is the commodity is in shortest supply. That is the real tragedy.
Links to the Paulson Plan text on the zrants blog:
http://zrants.wordpress.com/2008/09/22/shortage-of-trust-causes-meltdown
at 03:44 on September 23rd, 2008
The Greatest Theft in the History of Humankind
10 Things You Should Know About Bush's Trillion Dollar Fleecing Plan
It is an economic coup d'etat in the making. And people are talking about little else. Here's 10 things that have been on our radars ... http://www.alternet.org/workplace/99876/
Now Is the Time To Resist Wall Street's Shock Doctrine by Naomi Klein
We must not let the right use this economic crisis to push through their policy wish list.
I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...) http://www.alternet.org/blogs/workplace/99885/
at 03:47 on September 23rd, 2008
THE FINANCIAL MELTDOWN EXPLAINED !
http://www.nowpublic.com/world/financial-meltdown-explained
at 05:08 on September 23rd, 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
What is it about this administration that it insists on being above the law?
at 07:05 on September 23rd, 2008
Karen Hatter, I like this story. It's good stuff.
at 07:51 on September 23rd, 2008
Karen Hatter, I like this story. It's good stuff.
at 14:32 on September 23rd, 2008
Thank you, Everyone, for your flags and comments.