- It cannot work unless the government - using tax dollars - pays more than the mortgage bonds are worth.
- It gives unprecedented power to one man - the Secretary of the Treasury - with no review whatsoever.
Here is the most offensive passage:
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.700 hundred Billion dollars are to be put at the sole discretion of one man. And that man is Hank Paulson, who has minimized and lied every step of the way in this crisis.
Here are blogs I've seen so far condemning this thing:
Calculated Risk: NY Times Makes a Funny and Some Thoughts on the Bailout
Paul Krugman, Liberal: No deal
Mike Shedlock, Free Marketeer: Bush Administration Seeks "Dictatorial Power"
Yves Smith: Why You Should Hate the Treasury Bailout Proposal
Update: This just keeps getting more vile: Bailout Eligibility Expanded to Foreign Institutions!