The Mortgage Bailout Bill

“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 overthrow of our three-equal-and-separate-branches of government is officially complete with this dictatorial plan.

We're all Zimbabweans now.

"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.”

That is alot of power for one person. Especially since we don't know who his successor will be. Rev is right. This is a total dictatorial plan. There should at least be a commitee Who authored this bill?

I don't know if this is allowed or if you have the time to give a quick condensed answer but how does the SEC work into this? (Maybe another blog for another day.) I tend to agree with McCain that these agencies need to be investigated, maybe even before moving ahead with the rest of this, if they are related.

I wish I had more to say on this, but it is so complicated I would be just spouting someones elses words.

I think it was probably neccesary, though it clearly never should have got to this point.

I agree with you guys. We'll have to see what this bill looks like when it comes out of Congress. Congress does have to approve it, so let's see if they have any qualms about granting absolute power to one man. I hope they do, but I have about as much confidence in the current Congress as I do in Henry Paulson, which is not much. If Congress does what I expect them to do, they will only pad the bill with even more taxpayer expense and try to put their political agenda into it, and then pass it. I sure hope I'm wrong.

Joe, I think all these agencies should be investigated, along with Congress. I mean, here we have this big todo over Sarah Palin firing one guy in Alaska, but when the taxpayers are taking a trillion dollar hit minimum over something Congress could have stopped at least five years ago – nothing. The reason is, Congress is culpable in this, and they know it. They don't want to investigate themselves, because they don't want their own level of corruption exposed.

On this one, I'm also at a loss. I would hope that such an enormous undertaking would require a clean bill, but we're in an election year and the corrupt cannot resist politicizing any issues.

It's not about our best interests anymore………….it's about how bad we can make the other guy look. Nice heads!

Not much hope of a clean bill. Bush is giving in to the Dems to push this thing through. Christopher Dodd has proposed an alternate bill, and he and other Dems are trying to add all sorts of extras onto the existing bill. Dodd wants to extend the bailout to credit card debt and even auto loan debt. Harry Reid wants to add a second stimulus package to it. Barney Frank wants to increase the LIHEAP program for heating assistance. The Dems are also trying to limit executive pay.

This is the opening to the enormous government control of all things the liberals have always wanted. I see this as nothing less than a major turning point for this country, much to our detriment. Some real conservatives are railing against this fiscal insanity, but there aren't enough of them to block things when Bush will give it his stamp of approval.

And has anyone noticed how totally clueless Barack Obama is in regards to the bailout and the mortgage crisis ? He hasn't offered anything of substance. It seems he doesn't even understand the issues. Now we know how Obama reacts in a crisis – he doesn't. I'm sure somebody will tell Obama what he thinks any day now though, since the first debate is coming up.

If he were honest he'd say what Ben said:

"I wish I had more to say on this, but it is so complicated I would be just spouting someones elses words."

If he were honest he'd say what Ben said:

"I wish I had more to say on this, but it is so complicated I would be just spouting someones elses words."

Unfortunately I think that's true of all the politicians we're relying on right now.

This is the most apolitical sounding group I have seen yet. Of course, I don't disagree with any who have written here other than good old Red and he has said about what I would expect.

***We're all Zimbabweans now.***

I have to wonder what Obama has in mind with the bill he is pushing for about the same amount of money to be turned over to the UN in the next 10 years. A bill that would be aimed at making all countries of the world more equal to each other. Itis aimed at dragging us down to the level of Zimbabweans and other 3rd worlders.

I am sure that we can't afford both these things but one is for only 2 years and the other for 10 years. I guess that makes Obama's want list less demanding.

Now that I have taken a swing at Rev Red, let me add that I am like the rest of you in that I think this is very scary and its timing is what is really scary. Our law makers are about to take their long vacation to go home where 468 or so of them have to campaign for re-election. These people don't really want to have to make a decision and that is very scary to me. I wonder if our economy can survive their need to get re-elected and fear it can't.

I think that all praying people need to get go work and hope for divine intervention since the very people who allowed this to happen are now being asked to get us out of it.

A "clean" bill?

As determined by whom?

Paulson and Bush…that's who.

Conservative economic philosophy has created the collapse. Now we're supposed to give in to the wishes of a couple Republicans?

This is all totally ridiculous.

If a bailout comes, it should come with an equity stake for the government, caps on CEO salaries, assistance for actual, you know, homeowners in trouble and rigid government regulations going forward.

A "clean" bill…..spoken by the lamest of ducks. Preposterous.

I have heard a couple economists [Krugman,Friedman]mention that they like Sen. Dodd's ideas better than Paulsons. The idea that the taxpayers should take on the banks' debts but get no slice of any future gains is ridiculous.

Have we ever gotten anything back from the govt. Forget about future gains. We need to force congress to expand our economy asap through alternative energy developement and pay off as much of this debt as possible. We must hold the govt accountable for reporting this.

We must get rid of the old school lib thinking that is killing our country. We cannot be the worlds cash b*tch anymore. They need to start going to Dubais for help. The Dems free spending and wanting to save the world philosophy with gifts of free money to terrorist countries has to stop.

As far as conservative economic philosphies causing this? Many are spouting their main philosophy is deregulation. Both Bush and McCain said we needed to regulate the rogue actions of Fannie and Freddie and it was blocked by the Frank and Dodd who were in charge, who said things were fine and backed by the congress which was held by a republican majority.

I agree with Rev on CEO salaries especially if they are the heads of govt/citizen backed entities like Fannie and Freddie. It is not unusual for corporations to cap salaries, they can do it also. What worries me is what McCain noted. Are we going to be paying huge contract buyouts of these executives with this money? I agree with him, NO we aren't! Also I heard a congressman say that we should give them $50B at a time to make sure it is going to work. Paulson himself said they need 50B per month.

As far as helping out homeowners in trouble we supposedly have already taken care of this with a $300B consumer mortgage bailout plan put into effect in July. This was supposed to help over 400k households and their mortgages. Where is that money? Have the Dems forgotten?

Thank goodness the FBI is going to do an investigation on F/F, Lehman and I think Merril Lynch.