Sorry if it has been posted somewhere else, but it blew my mind and thought it's worthy of a possible redundant post.
Here is the language of the proposed Economic Mortgage Bailout legislation: http://www.politico.com/news/stories/0908/13663.html
I'd ask to draw your attention to:
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for—
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Are you kidding?! Thanks Hank for saving my ass.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sounds like a revolving line of credit to me.
My personal favorite BS Sections are.....
Sec. 8. Review.
[B]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. [/B]
Mein Herr kindly do as you please.
and...
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
2 years my ass...look at the language, it basically says that as long as the the governmnet thinks there's a problem and they can get some bucks they can carry this BS on in perpetuity.
WOW!!! That is some open-ended legislation!!!!!
BTW, isn't most legislation that steals even a couple billion for the taxpayers at least a few hundred pages long?
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