[aldtech]

Quote:

I would guess that this has to be one of the biggest peacetime transfers of power from Congress to the Administration in history. (Anyone know?). Certainly one of the most concise.

The Treasury Secretary can buy broadly defined assets, on any terms he wants, he can hire anyone he wants to do it and can appoint private sector companies as financial deputies of the US government. And he can write whatever regulation he thinks are needed.


Most importantly, Davidson points to this passage in the bill:


Decisions by the Secretary pursuant to the authority of this Act are non-re-viewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

From Adam Davidson of NPR as quoted by Larisa Alexandrovna on the Huffington Post.Now I know some of you will take exception of the source whether it be the Huffington Post or NPR but the message is clear.

While every politician is now posturing to the public of how Wall Street and the banking system has run amok and needs more regulation and oversight, here we have Paulson and Bernanke trying to ram through a Bill or Act (whatever) that clearly attempts to remove any oversight and/or regulation over the Fed. That is outrageous.

Why aren't we hearing about this in the mainstream media outlets (CNN, ABC, CBS, NBC, Fox (well we know why there)). I would think that the articles of this "Act" would be gone over with extreme scrutiny particularly since the Patriot Act and all of its little secrets.

Maybe I'm being a bit of an alarmist here but WTF are they doing in Washington?

/al