The Huffington Blog points out the following language in the Bush administration’s proposal for a bail out of the failing corporations. It reads:
“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.”
This means that $700 billion of taxpayer dollars to save several financial institutions will be totally at the discretion of the Executive branch without any court, legislative or other review! All decisions about the money are reserved to the Bush administration and cannot be challenged by courts, congress or the taxpayer with this condition. It would be done quickly, before the election and will run up the deficit by a huge sum and without any means of holding those who spend it accountable.
I am as anxious as the next person to do something about the financial crisis, but why does this administration always seize upon a situation like this to grab more power under the pressure of the need to deal with a disaster?