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Tuesday, September 23, 2008

“The Whole World is Watching”

posted by on September 23 at 9:30 AM

With money on the line Bush turns to a phrase that, for most readers of this blog, is more likely to recall anti-war street protests than economic urgency.

And, somewhat related: over at HuffPo, Arianna is having “Shock and Awe” deja vu.

(Thanks to Slog tipper FunShaped)

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Arriana's intro:

"See if this sounds familiar:

There is a gathering threat to the safety of the United States. We must take immediate action. Congress must quickly grant the President and the Secretary what they want and also give them full and unfettered authority to execute the plan."

Refers to

A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just 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. link

*pulls hair out*

Posted by FunShaped | September 23, 2008 10:15 AM

I pointed this out 2 days ago; This is like the Patriot Act for finance and this why government action is ultimately flawed to one degree or another; it is almost always too late and almost always ham fisted and subject to unintended consequences.

The bailout is a terrible idea because of shit like this.

Posted by Bellevue Ave | September 23, 2008 11:58 AM

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