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The Almighty Buck

Submission + - Economic "Patriot Act" Disguised as Rescue (

mpapet writes: "The always informative financial blog Calculated Risk is one of many blogs posting the draft text of the legislation posing as an economic rescue package for the financial system. The urgency attached to the bill should be a clue that there is probably much more to the bill than just stabilizing the American economic system.

The Treasury Secretary can use its powers at any time during or after today's crisis. If this were simply about mortgages, then it is still a massive expansion of government powers with almost no oversight and a 700 billion dollar budget. Contact your representatives and demand more transparency and limited powers before $700+ billion walks out the door.

1. Treasury Secretary is awarded unlimited powers to enter into contract and explicitly excludes itself from all contract regulations.

2. Treasury Secretary is authorized to purchase all mortgage-related assets as he sees fit

3. The Treasury Secretary has open-ended access with no oversight to the funds to continue to prop up American assets up to 700 billion dollars at any one time.... This appears to be an end-run around capping the bailout just as long as the number on any given day does not exceed $700 billion.

4. Furthermore all of the Treasury Secretary's actions regarding mortgage-related assets are non-reviewable, based entirely on his own discretion, and have no other oversight, only after-the-fact reporting.

5. Designate the remaining financial institutions as financial agents of the U.S. Treasury. The cost to the taxpayer for services rendered by some of the institutions that started this mess is never discussed or accounted for. How this would work out remains secret as Treasury Secretary has unlimited contracting powers with no oversight.

6. Uncap the amount of public debt allowed to a staggering 11 trillion dollars.

Gold hawks and conspiracy theorists please keep the discussion on topic."

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Economic "Patriot Act" Disguised as Rescue

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