Thread: Dirty Secret Of The Bailout

A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that’s so flat-out astounding that it ought to set one’s hair on fire. It reads, in its entirety:

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.

In short, the so-called “mother of all bailouts,â€

Where are the prosecutions for the billions if not trillions worth of fraud?

Paulson looked like a sweaty con man and Bernanke looked like a mob boss who got caught trying to open his rival's private safe. Granted the magnitude of this event is mind-boggling. But I think they thought they had pulled it off. Last Friday when they 'rushed' their plan, George probably told them OK, sure whatever you fellas need, good job!

Originally Posted by Steve

Where are the prosecutions for the billions if not trillions worth of fraud?

Hang on to your hat Steve....I think we just might see it coming.