The Bailout Would Make the Executive Branch Emperor
This sentence in the proposal is what does it:
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.
Consider how much money we're talking about, and the proposed bailout(for which they only want merely an okay, read: total abrogation of responsibility, as with the war, from Congress)'s complete non-reviewability, and Paulson's wish to have Wall Street CEOS as advisers in the process, what we're seeing is both an attempt to grab all remaining power for the executive branch and to more or less give the viscera of the government to the very people that brought about this crash. Which is to say, Bush decided the best way to put out the fire was to douse it with gasoline and give the arsonists the fire truck, then run.This is the handing over, for all intents and purposes, of the government to the executive, and then the executive to the executives. Because given the amount of money, this will control anything else the government does for a while. It'll be used as an excuse for massive cuts in public spending on such things as social services, and anything else; consider the present state of our infrastructure without this. Forget health care. This will control us like junk controls a junkie.
Which means that the branch that administrates it becomes the holder of the country's purse strings, the last power Congress hasn't given up.
Labels: economy, election 2008, New Depression, politics