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Proposed TARP Bill Will Give Paulson Fiscal Power of a Major Sovereign Nation
Commenter ThatLeftTurnInABQ
at Obsidian Wings has a post which should shake everyone to their very core:
<i>I just did a little bit of googling, and it turns out that with $700 billion to work with and unlimited Section 8 authority <b></i>[this is the part of the bill making this program free of oversight and not accountable, or reviewable by any other government agency]<i></b> to use it, Hank Paulson would effectively be the fiscal equivalent of the 7th largest sovereign nation on Earth, all by himself:
Budget expenditures 2008 Country Ranks
1 United States $2,731,000,000,000
2 Japan $1,575,000,000,000
3 Germany $1,477,000,000,000
4 France $1,372,000,000,000
5 United Kingdom $1,237,000,000,000
6 Italy $1,029,000,000,000
7 China $634,600,000,000
In the larger context of this chapter of our fiscal soap opera, one of the
problems with this bailout is that it probably isn't big enough…</i>
http://obsidianwings.blogs.com/obsidian_wings/2008/09/bailout-1.html#comments
Putting this much unaccountable power in the hands of one man is nothing short of insanity – particularly if it’s passed in a state of unthinking panic. We very well may need to swallow the incredibly bitter bailout pill, but Jesus, Mary and Joseph, this is not the way to do it! Passed under these circumstances, the cure could very well be worse than the disease.
Until just a few months ago I was not a very radical guy, but even I’m starting to think these types actions are the reason people fight revolutions.
Comments (4)
Am I completely retarded when it comes to using HTML?
September 24, 2008 12:13 AM | Reply | Permalink
Well that section 8 authority has been flatly rejected but let's keep some pressure on to make sure that the measures that they put in place for oversight and checks and balances is truly healthy. Giving Paulson supernatural economic powers if not going to happen...
September 24, 2008 12:19 AM | Reply | Permalink
We still don't know what's going to end up in the final bill and, given the enormous stakes involved, as well as Congress' recent track record; it's not unreasonable to worry they may cave on this.
I should have said this in my original post, so thanks for reminding me of it.
September 24, 2008 12:31 AM | Reply | Permalink
how dare you oppose operation "Steal from You and Give to my Buddies"
it's people like you who make this indeed a "Nation of Whiners"
LOL
September 24, 2008 2:52 AM | Reply | Permalink
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