[Peace-discuss] No

[John W.]

On Sat, Sep 20, 2008 at 11:05 PM, C. G. Estabrook <galliher at illinois.edu>wrote:

  No
>   By: emptywheel
>   Saturday September 20, 2008 12:16 pm
>
> CR has posted the "bailout plan," as it currently stands:
> http://calculatedrisk.blogspot.com/2008/09/bailout-proposal.html
>
> Glenn Greenwald has an important response, as does gjohnsit over at DKos.
>
> But here's all you need to know. Hank Paulson is asking for
> $700,000,000,000. That's $2,333 from every man, woman, and child in the
> United States.


It's also only 1,000 times Paulson's personal net worth of $700,000,000,
which he "earned" by being a WALL STREET INVESTMENT BANKER not unlike those
who helped get our economy into this mess.  (I see the author mentions that
below.)  If he and 999 of his similarly-situated buddies would repay the
money they essentially stole, then the problem would be solved without
involving the rest of us.




> In exchange for that money, Paulson is unwilling to accept any demands to
> make markets more transparent, limit executive compensation, or assist
> homeowners fighting foreclosure. The sole purpose of that $700,000,000,000
> is to bail out Wall Street and only Wall Street, but not to fix it, or our
> larger economy.
>
> He is asking to be absolutely unbound by any law when he spends that money.
>
>  "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 only "string" attached is a semi-annual Congressional report -- one in
> which they would have zero leverage to influence his choices.
>
>  "Within three months of the first exercise of the authority granted in
> section 2(a), and semiannually thereafter, the Secretary shall report to the
> Committees on the Budget, Financial Services, and Ways and Means of the
> House of Representatives and the Committees on the Budget, Finance, and
> Banking, Housing, and Urban Affairs of the Senate with respect to the
> authorities exercised under this Act and the considerations required by
> section 3."
>
> Paulson didn't even have the class to call this a "review" -- which
> underscores the degree to which he wants to be unbound by any and all
> review, legal, congressional, or anything else.
>
> Hank Paulson -- one of the CEOs who got us into this mess -- is asking each
> and every American to give him $2,333 to do with as he sees fit, with
> absolutely no strings attached.
>
> No.
>
> http://emptywheel.firedoglake.com/
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