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Absolute Power Corrupts Absolutely
Posted by Scott on 23rd September, 2008 | 7 commentsFrom the Huffington Post, on the proposed language for the $700B bailout:
“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,” which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People’s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.
This is outrageous. Our system depends on checks and balances. We are not a monarchy. The current administration is using the financial crisis to sidestep the constitution and none of us should stand for this.
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Tuesday, September 23rd, 2008 at 1:44 am and is filed under Web Business. If you like this post why not subscribe to my full text RSS feed. You can leave a response, or trackback from your own site.
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I didn’t fully understand this till I listened to cable news last night … it’s just unbelievable.
No matter whether the bailout is a good, bad, or indifferent idea, it shouldn’t be in the hands of one person.
[…] system depends on checks and balances. We are not a monarchy. Source: W Revenue dot Com True enough, we are not a monarchy. Instead, one could easily contend an oligarchic democracy is […]
I take it you pulled the “Putting the 1929 Crash into Perspective” post?
Oops, you must have figured out that it was completely incorrect… Too bad you can’t get it off feed burner.
Logically there is going to be the worst inflation ever…
Yes, this is absolutely crazy. $700 billion is a lot of money. Tax payers have to now pay for the big stupid F*#k up made by careless financial corperates. That’s so unfare!
Unfair or not, it’s likely necessary to stabilize our economy. Separately, investigations can be done into the specific companies and individuals who got us into this mess, and actions can be taken against them, but the bad debt itself needs to go away and get cleared out. Otherwise, the credit markets will seize, people will lose their jobs, the stock market will crash much further than it has already, and everyone will see their 401k and retirement slip away.
What I was referring to in this post wasn’t the bailout itself, but rather the clause that Bush tried to sneak in there, granting him unlimited unchecked power.
Very strange decision although they need something really strong to change economic situation…