Have you read the first draft of the legislation? Does it give you pause that Paulson will have power that cannot be checked by the judiciary, the president or the Congress?
Was this power granted during the S & L mess? Has it ever been granted to one person?
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Good questions. I have not yet read the draft legislation. I will look it up now. And yes, it would give me pause to give unchecked power to one person.
Rather than all the ranting, that is what we should all be doing. Accept that the bailout is happening and work on demanding full disclosure of the terms so that the taxpayers are positioned in the best way possible.
I have taken a quick look at the legislation. It is broad and a bit scary but I do see three limitations to Paulson’s power.
1. The $700 Billion limit.
2. The reporting to Congress after three months and semiannually thereafter.
3. The two year limits of the bill.
We can argue as to whether these limitations are appropriate or whether more are needed. Hopefully that is what our representatives are doing!