Lifted verbatim from Paulson's proposal to Congress:
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.
The entire proposal is here:
http://seekingalpha.com/article/96820-the-treasury-s-bailout-proposal-and-its-faults
This just might make Hank Paulson the most powerful person in the world.
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How can this be? Have we learned nothing in the past few years? What's wrong with everything in government being reviewable by a court? Are the Republicans still running Congress and the White House? Weird.
But then again, he profited from this mess before he became Secretary, he helped create it, and he's proposing relief now not for the workers and homeowners who
have suffered, but for the investors who already profited and don't want to lose all those gains. Makes sense he'd want to keep secret who he gives these billions to.
Why don't they just temporarily freeze rates on loans, stall the foreclosures, keep bank revenues flat but also keep the loans intact and on the books? Bailing out the banks, by a banker, is not the only way to solve this.
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