So everybody's panicked, the financial system is on the verge of meltdown, and come end of last week, word comes that the Administration and Secretary Paulson has a plan. The markets rejoice. We are Saved.
Then comes Monday morning, and people start saying, uh, wait a sec. Of particular note is this little gem, tucked away in the ironically titled Section Eight of the bill:
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.
Read that again. Slowly.
700 billion dollars. Which the Secretary gets to control. With no oversight. At all.
Then comes Monday morning, and people start saying, uh, wait a sec. Of particular note is this little gem, tucked away in the ironically titled Section Eight of the bill:
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.
Read that again. Slowly.
700 billion dollars. Which the Secretary gets to control. With no oversight. At all.
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I don't think Congress will pass the bill exactly as written. They have more ego than that.