Posted on 09/20/2008 10:17:51 AM PDT by Fox_Mulder77
Wow, pretty much a blank check.
It’s just as well - if Congress tried to manage it at all, they would completely screw it up. Better Hank Paulson than Barney Frank and Chris Dodd.
Ping!
NO THANKS
a) Authority to Purchase.—The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Yeah, this proposal basically makes the Secretary of Treasury the “Master of the Universe” for the next two years when the bill expires....
This will make the Secretary the most powerful person on Wall Street. I am no economic genius so all I can do is hope he knows what he is doing.
“establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations”
Hmm... Another case where the lack of a comma means something.
Does this mean that the gov’t will purchase the assets and then re-issue bonds based on those assets?
Or does that mean a quid-pro-quo with the banks that in return for purchasing the assets now, the bank must buy them back sometime later?
Enquiring minds want to know.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
(a) Authority to (Purchase)CONFISCATE.—The (Secretary)PARTY is authorized to (purchase)CONFISCATE, and to make and fund commitments to purchase, on such terms and conditions as determined by the (Secretary) PARTY, mortgage-related assets from any financial institution having its headquarters in the United SOCIALIST States OF AMERIKA.
That reads closer to TRUTH now.
Guess I’ll have my tiled countertop finished Justintime to hand my HOUSE OVER to the PARTY
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Translation: SOWEEE!
Pelosi/Reid Amendments:
AMENDMENT
1.(a) One billion for infrastructure for economic growth and job creation.
(b) 200 million for home heating assistance.
(c) 250 million for extended Unemployment Insurance.
(d) 100 million in additional food stamps.
(e) 250 million in additional assistance to maintain critical health care coverage jeopardized by state budget cuts.
MORE socialism?
Why not just declare it all State property (since it is) and just charge the tenants rent? ;-)
What part of that is Constitutional? What part of ANY of this is Constitutional?
Torches and pitchforks.
Yup. King Henry Paulson. Don’t forget all the other bailouts already in all of this. I would say that we are approaching 2 trillion in the end. I find this interesting:
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.
Maybe King is not the right word. Dictator Paulson might be a better way to say it.
Sadly, I see this thing lasting the rest of my life, and I'm 30 years old..... anytime the government does something like this there is never an ending date, just perpetual usurping of our freedom.....
Holy crap I missed the non-reviewable part...by any court or agency?
WTF
Screw that.
This is way past torches and pitchforks.
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