Wow, pretty much a blank check.
It’s just as well - if Congress tried to manage it at all, they would completely screw it up. Better Hank Paulson than Barney Frank and Chris Dodd.
Ping!
NO THANKS
This will make the Secretary the most powerful person on Wall Street. I am no economic genius so all I can do is hope he knows what he is doing.
“establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations”
Hmm... Another case where the lack of a comma means something.
Does this mean that the gov’t will purchase the assets and then re-issue bonds based on those assets?
Or does that mean a quid-pro-quo with the banks that in return for purchasing the assets now, the bank must buy them back sometime later?
Enquiring minds want to know.
(a) Authority to (Purchase)CONFISCATE.—The (Secretary)PARTY is authorized to (purchase)CONFISCATE, and to make and fund commitments to purchase, on such terms and conditions as determined by the (Secretary) PARTY, mortgage-related assets from any financial institution having its headquarters in the United SOCIALIST States OF AMERIKA.
That reads closer to TRUTH now.
Guess I’ll have my tiled countertop finished Justintime to hand my HOUSE OVER to the PARTY
Translation: SOWEEE!
Pelosi/Reid Amendments:
AMENDMENT
1.(a) One billion for infrastructure for economic growth and job creation.
(b) 200 million for home heating assistance.
(c) 250 million for extended Unemployment Insurance.
(d) 100 million in additional food stamps.
(e) 250 million in additional assistance to maintain critical health care coverage jeopardized by state budget cuts.
What part of that is Constitutional? What part of ANY of this is Constitutional?
Torches and pitchforks.
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
Basically - Secretary Paulson runs the show, forget what the law says. Section 3109 of title 5 just says that he can hire "experts".
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
OK folks, I'm beginning to hyper-ventilate.
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Yea Paulson, just do the hell whatever you want!
(2) protecting the taxpayer.
I'm glad that they included this. I needed a laugh.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
YESSSSS!!!
...er... wait a minute...
Here is the catch phrase from the dems:
“Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.”
The dems are literally banking on still being in charge of these committees so that they can protect their own and make political hay no matter how it shakes out!
Let’s work like hell to make sure Republicans are in the majority when that day rolls around!!
http://www.nytimes.com/2008/09/21/business/21draftcnd.html?_r=1&ref=business&oref=slogin
Maybe the Admin Moderator can add the link to your post?
Government is not the answer to our problems. Government is the problem.
These are all members of the CFR - below.
Condolezza Rice;Secretary of State
William Jefferson Clinton; former President of the United States
Greenspan; Gates;
Baker; Madeline Albright; Dick Cheney; Henry “Hank” Paulson;
David Rockefeller; Henry Kissinger; Zebinew Brizinski; James “Jimmy” Carter
A NEW AXIS OF EVIL
America is purposely and intentionally being broken down piece by piece: Taking away our middle class, reducing the value of our dollar, allowing drug smugglers to easily cross our borders, allowing illegal workers to cross our borders, out-sourcing our jobs and all of our industry, ignoring the line between chuch and state, spending endless money in Iraq, keeping the minimum wage low, allowing the oil companies to rape us.
Whew, it’s down to only $700B now .... that’s a relief!
The precedent this sets is very, very serious.
When Jamie Gorelick applies for a job, shoot her on sight
Sounds unconstitutional to me. Got a link?