Further commentary regarding section 6 and 8 of the Bailout Plan:

http://carolynbaker.net/site/content/view/739/1/

WHAT THE LATEST BAILOUT PLAN MEANS

.............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.........

Whoa! Stop! What is this “at any one time” language?? This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, then another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means the $700 billion is a rolling amount, not a ceiling.

So what happens when you have vague language and an unlimited budget? Fraud and self-dealing. Mark my words, this is the largest looting operation ever in the history of the US and it’s all spelled out right in this delightfully brief document that is about to be rammed through a scared congress and made into law.

But certainly if the combination of vague language and and unlimited budget will create the conditions for further fraud and abuse, at least we live in a nation of “checks and balances”, right?

Wrong.

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........

This language literally took my breath away when I read it. I am now beyond shocked at what is openly transpiring before our very eyes. I can think of NO legitimate reasons(s) for the right of review to be stripped away right from the outset. The illegitimate reason I can think of pertains to the vast riches that are going to flow into the pockets of the well-connected as a result of this act of piracy.

Many such people became fabulously wealthy as a result of picking up real estate assets for pennies on the dollar during the S&L crisis and that model has being reproduced here.

You can count on it.

This is just another straw thrown onto an already collapsed camel the confirms the fact that the US political system is broken and that the rule of law no longer applies within the US.