proposed BS Legislative Language of the Economic Bailout

[Mopsus]

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?

[freelance]

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.

Oh, PUHLEASE. Remember that temporary Patriot Act?