Ron Wormus wrote:
. . . a single sentence of thirty-two words, but it represents a
significant consolidation of power and an abdication of oversight
authority that's so flat-out astounding that it ought to set one's
hair on fire. It reads, in its entirety:
"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."
Many people have noticed this! I doubt it will be included in the final bill.
The measure will run up the budget deficit by a significant amount,
with no guarantee of recouping the outlay . . .
Well, it won't be entirely lost, even in the worst case. The
properties are worth something. I think the worst are worth perhaps
half or one-tenth as much as their present value. The taxpayers are
likely to lose $200 billion or so, I think.
In some previous bailouts, such the Chrysler bailout, the government
ended up making money. Bailouts are still a bad idea in my opinion,
but people should realize that the entire amount is not at risk. Some
undefinable fraction of it is.
- Jed
