On Sep 23, 2008, at 11:41 AM, Jed Rothwell wrote:
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.
While I agree you are probable right Jed. However, you can be sure
that the people who have a stake in how the system works and are
interested in increasing their control, will not ignore a chance to
increase their power. As a result, we are becoming less of a
democracy, which is probably a good thing in view of how little
thought or knowledge goes into the choice of president.
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.
Most agree, the fraction of worthless assets is much higher than ever
before. In addition, the country is too weak in other respects to make
a recovery possible. A country does not create a huge debt at all
levels, then ship much of its manufacturing ability overseas, and then
allow other countries to acquire the power that comes with owning so
many dollars without paying a great price when the house of cards
falls. Bush has created a perfect storm. I hope the people who elected
and supported him are pleased.
Ed
- Jed
