we're screwed
I found a nice analysis of the proposed plan to bail out the markets today, and it noted that section 8 should lead to a really wild ride:
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.
On the one hand, I understand what they are thinking here, but on the other hand, that's a mighty scary (and seemingly not legal) provision. The post also notes that the 700 billion is a rolling figure - as soon as the treasury unloads some of the crap it buys, it can take that money and buy more crap. Paul Krugman of the New York Times is also unimpressed.
|