Saturday, September 20, 2008

A Simple Plan

New York Times, Saturday, Sept. 20:
The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting unfettered authority for the Treasury Department to buy up to $700 billion in mortgage-related assets
* * *
The proposal, not quite three pages long, was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.
Duncan Black has a few random thoughts about this... take your pick:
  • 'At least they are honest crooks': "They could've released a complicated plan which appeared to have controls and oversight but which would be hard to decipher from the language. Instead they made it plain for all to see that what they want is to be able to take money from you and give it to Wall Street firms."
  • 'You're joking, right?': "Any member of Congress who looks at the plan to give Hank unchecked power to transfer $700 billion from the Treasury to his friends' companies and has any reaction other than 'You've got to be fucking kidding me' does not deserve to hold office."
  • 'Unfettered Authority': "That never ends badly."

1 comment:

Anonymous said...

Yah. We trust Bush. He has been so good.

August 6 2001: "Bin Laden determined to attack U.S."
November 2001: Bush tells Rumsfeld to prepare for war in Iraq.
August 28 2005: Bush promises to do everything in his power to help people in towns affected by Katrine.
December 2003: Army overcharged $128 million for food and fuel in Iraq. White House removes from congressional budget bill all penalties for war profiteers.
January 2006: Bush administration pays Halliburton $200 million in disputed charges for shoddy or nonexistent work.
February 2007: GAO discovers Bush "lost" 10 million in cash in Iraq. No one knows where it went.