The toadies, lickspittles, asswipes, and assorted other sycophants in the Congress ,and the ShiteHouse whosae tongues are stiff and coated with shit from laving the prostates of the Bosses/Owners of the Country, have apparently cobbled together another "disaster/chaos Kapitalism" exercise with which to capitalize on the Credit Crisis.
Think "THE PATRIOT ACT" of Bail-outs.
The following letter, drafted at DKOS, afaik, addresses the problems and seeks redress.
Dear Senator XXXXXX:Cut and paste, edit if you like, and don't actually expect it to make a fucking bit of difference.
I am writing in very deep concern over the Wall Street Bailout Act, currently entitled as “LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS”.
This is, to say the least, a deeply troubling bill. Specifically:
There is little to no oversight. Furthermore, section 8 ensures that any oversight is crippled from the start, as it states, and I quote from the text of the act: “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.”
The floating amount controlled by the Secretary of the Treasury is $700B is effectively a blank check as there is no hard limit.
It appears that the power of the Secretary extends to no-bid contracts.
It provides no restoration of the provisions of the Glass-Steagall Act, modernized or otherwise, that were stripped away by the Gramm-Leach-Bliley Act.
In other words, it does absolutely nothing to change the fundamental problems that led us to this situation. But it DOES tie the hands of any subsequent Administration with respect to creating effective, imaginative new approaches to the crisis and the inevitable after-shocks that will follow, thanks to the abdication of responsibility by the Congress at the behest of Congress's most generous benefactors.
I strongly urge you to vote against this bill--though on your record, I am not optimistic..
I know that we need to prevent the complete disintegration of our economy, but this is not the solution. This is a blank check to the executive; it is the abdication of the financial powers granted to the legislative branch in Article 1, Section 8 of the Constitution.