[Infowarrior] - More on Treasury Bailout Plan....

[Richard Forno]

Here's a link to the proposed Treasury "Bailout" being discussed this  
weekend.  Note Section 8:  "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."   (Where have we heard this before, and what  
'other shoe' will fall if/when Paulson gets such blanket  
indemnification for Treasury's actions/decisions in this matter?)     
-- Link:  http://calculatedrisk.blogspot.com/2008/09/bailout-proposal.html


....and more from Bloomberg on the controversial proposal in general....

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1hr1v2FUeAg&refer=home

Sept. 20 (Bloomberg) -- The Bush administration asked Congress for  
unchecked power to buy $700 billion in bad mortgage investments from  
U.S. financial companies in what would be an unprecedented government  
intrusion into the markets.

The plan, designed by Treasury Secretary Henry Paulson, is aimed at  
averting a credit freeze that would bring the financial system and  
economic growth to a standstill. The bill would bar courts from  
reviewing actions taken under its authority.

< - >

The plan would raise the ceiling on the national debt and spend as  
much as the combined annual budgets of the Departments of Defense,  
Education and Health and Human Services. Paulson is asking for the  
power to hire asset managers and award contracts to private companies.  
Most provisions of the proposal expire after two years from the date  
of enactment.