They want to give the Treasury Department the power to take over any economoc asset--no review, not by congress, not by the courts. So much for Constitutional checks and balances. The biggest single transfer of power to the executive branch ever--the very one's who brought us to this plank tottering over the abyss! State socialism... excuse me, Nationalist Socialism...haven't we heard that label somewhere? And by Bush and his so-called "conservatives! You want to scream for the insanity of it all!
And who... or what.. is a heart beat away from becoming president if the yahoos win? A willfully ignorant narcisist, a version of Bush in skirt and steroids--who thinks her grandfather kept a T-Rex in the back yard to guard his cave!
Here's Stirling Newberry:
It would give Paulson not only the power to buy assets, but put terms in place which would make legal investigation of those arrangements impossible, and these contracts could not be questioned in a court of law. It is the Authorization for Use of Military Force, Protect America Act, and war spending votes all rolled into one. Having seen that it cannot assume the unitary executive since the Supreme Court rejected it, they are now turning to Article III to get a trembling Congress to accept it. There is a crisis, but there is no catastrophe. Even when the physical nexus of the financial world was directly attacked, there was no need for this kind of unlimited spending power.
This is not a financial crisis in the end, as the Paulson Proposal shows, but a constitutional moment, where the very mandate of government is in play. Paulson wants the tax payer to be the fool of last resort, the group of people stupid enough to buy things that no one else on the planet is stupid enough to buy.
Okay, let's listen to an economist... a sober voice. We need the comforting voice of reason in these trying times. Here's Paul Krugman (are you digging your foxhole yet? there's no time to waste...
We are not without hope. The blowback is beginning. Obama has rejected the proposal as offered in a seven point plan offered in NC this afternoon and Pelosi, after a conference call with Obaman, both Clintons and others, has announced that congress could not accept writing a blank check.
Here's the whole of the Newberry piece: a detailed political and economic analysis: