No Blank Check

The Financial Crisis of 2008 does not grant the U.S. Government to issue a blank check, funded by US, to bailout Wall Street. But, according to the Bush Administration, it is imperative to act now, forgo analyzing the bill and making sure nothing "screwy" is happening.

Just like the War in Iraq, the Bush Administration, with Treasury Secretary Henry Paulson Jr. — himself a product of Wall Street, is trying to use FEAR to push through legislation that will give the Administration carte blanche to use the taxpayers money to spend in any way they deem fit without oversight or fear of lawsuits. Mr. Paulson has said that the powers he seeks are necessary to chase away the vampire at the blood bank: a potentially swift vivisection of the American financial system. That would be catastrophic for everyone, he argues; not only banks, but also ordinary Americans who depend on their finances to buy homes and cars, and to pay for college.

Many economic experts believe we are in a situation that hasn't been duplicated since The Great Depression; and, it is very important to act quickly in helping out those companies affected. But what consequences will be tolerated to get Wall Street the funding it needs to keep our economy afloat? In times of peril, this Administration has used FEAR to leverage politicians and the American public to follow the President's wishes: to line the pockets of his corporate elite friends.

The Admin wants to give OUR money to Wall Street with no strings attached. Never has this been so blatant than these thirty-two words in Section 8 (touchingly) of the Presidents legislation package:

"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."

In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the OUR representatives of government. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this as quickly as possible, before they leave office.

Doesn't this sound familiar. Like after 9/11? When the nation was in shock, and nobody dare question the President or be labeled Un-American. Now, if you ask questions or delay the bailout package, you are hurting every American, and every second this bill is not passed means we are closer to the end of the world. Sound familiar, huh?

"This is scare tactics to try to do something that's in the private but not the public interest," said Allan Meltzer, a former economic adviser to President Reagan, and an expert on monetary policy at the Carnegie Mellon Tepper School of Business. "It's terrible." Even Reagan Republicans are disillusioned over this take-over.

Under Paulson's plan, the $700 billion will be spent to buy the beleaguered investments; with the taxpayer recouping the money once the investments bounce back over the years. We will hold no stake in these companies. If these investments take off in the years to come, we will no gain a profit, we will only get what we put in. We will not gain any stock in these troubled banks. We will not 'own' these banks.

These executives give themselves billions in bonuses, but when their company goes to shit, we clean the shit up, and give them more bonuses. Any bailout must pinch the people who have run the companies now needing rescue, along with their shareholders. The bailout needs to address that the executives have amassed beach houses and fat bank accounts while taxpayers are now stuck with the bill for their reckless ways.

Section 8 is as changing an economic policy as The Bush Doctrine was with Military Intervention. It transfers a significant amount of power to the Executive Branch, while walling off any avenue for oversight, and offering no guarantees in return. Democrats, don't wimp out and cave in. Get Section 8 out of the bailout package. We need oversight. We need someone in charge of this bailout who is not affiliated by the Bush Administration. We need Congress to gain some it's power back.