The Bailout Bubble

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.

Looks like this well could go over $700 billion dollars by the language in Section 6. of the proposed bailout legislation.

This strongly suggests to me that they will be back for more money.

Sec. 8. Review.

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.

And this is a nice touch.

No court jurisdiction or review of the Secretary’s action whatsoever.  And you know how trustworthy the Bush Administration is.

Maybe we should think this thing through a little better before we go off half-cocked again.

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