GEORGE BUSH AND THE $700 BILLION BAILOUT WITHOUT ACCOUNTABILITY

GEORGE BUSH AND THE $700 BILLION BAILOUT WITHOUT ACCOUNTABILITY

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?

One thought on “GEORGE BUSH AND THE $700 BILLION BAILOUT WITHOUT ACCOUNTABILITY

  1. This bail out, in any form, or amount, may not be enough. The foreign instutions that are holding these mortgage bundles, of bad paper, may not make it. If a run on the “banks” in the US will cause some banks to fail and smaller lending institutions to fail. This bail out is for the companies that are too BIG to let fail. Their is a run on Gold right now, try to buy some eagles, tough item to get a hold of as they have run out. Some people are drawing out large amounts of cash in their own banks but also leaving some. The politicians are not telling the public how big and bad this is as fear a run on the banks and an immediate world depression. Hell of a situtaion, when we have no choice but bail these greedy bastards out, only choice how to do it. 700 billion is the starting figure. CB

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