As with most major news stories, there’s been very little information and a whole lot of opinion provided by the news media about the financial crisis, making it very hard to get a grasp on what’s going on.
I don’t know much about economics so I’m depending on the sources I normally trust to help me understand the mess, although most of them are also claiming limited knowledge on the subject.
However, you don’t need to know anything about the financial markets to read the text of the proposed bailout bill and be very concerned about it, especially section 8.
Decisions by the Secretary [of the Treasury] 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.
Remember, this bill was written by the same members of the W administration who were supposed to be responsible for making sure stuff like this didn’t happen.
Who looked the other way while all of the economic crap was building up and their friends were taking away truck loads of cash for themselves.
In the case of this particular “fix”, you don’t need to know economics.
You only need to have been paying attention over the past eight years to know that trusting these folks to fix anything with no oversight or review, stinks.