Tag: paulson plan

What We’re Up Against

Cross-posted from Daily Kos

One of my co-workers was very happy Bear Stearns got bailed out.  She is nearing retirement and cares ferociously about her pension.  She is not a wingnut nor a Republican.  She will care more about what happens to her pension than whether or not a bill gives the Secretary of the Treasury power to rival that of Louie the XVI, or whichever Louie had a whole lot of power (I’m a blogger, damn it, not a French historian!).

Me?  Well I’m a blogger, as referenced above, and a member of the Democratic base.  My passion for the issues I care about is as strong as my co-worker’s passion for her hard earned pension.  I’m not going to judge her badly, we just feel passionately about different things.

By using Hank Paulson and his crew’s “plan” (and I use the term ironically) as the starting point for any fix of our economy, the Democratic base has, once again, lost.  Period.  See, I’m used to that, it ain’t the first time.

what it is: a constitutional amendment w/o ratification

My gut reaction to everything I’ve read about this financial markets crash up to the now infamous Paulson Plan has me soooooooooooooooo angry that I just don’t know what to do with myself.

Reading the provisions of this Paulson Plan produced yet another assault of shock and awe from BushCo. And the fucking Democrats? In on it. Fuck!!!!!!!!!

Jay Elias, in his essay, Why All Americans Need To Oppose the Bailout As Currently Proposed points gets right to the heart of this dark plan:

The various merits and demerits of the proposal to create a fund for the acquisition of toxic securities and derivatives by the Federal government compose a huge list.  But one of the key provisions of the bill as currently proposed makes it unpalatable for any reason:

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.

Is this insane? Are they insane? Are the American people, wholesale, so depleted, scared, unable to think that they are going to buy this crap?