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Author Topic: Bush asks Congress for $700 billion for mortgage bailout  (Read 11057 times)
sailor_tech
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« Reply #15: September 21, 2008, 07:21:18 pm »

Bush asks Congress for $700 billion for bailout


Text of the bill, according to New York Times. Also some analysis.

http://dealbook.blogs.nytimes.com/2008/09/20/the-bush-administrations-700-billion-rescue-plan/

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« Reply #16: September 21, 2008, 07:23:54 pm »


Text of the bill, according to New York Times. Also some analysis.

http://dealbook.blogs.nytimes.com/2008/09/20/the-bush-administrations-700-billion-rescue-plan/

Deal breaker:

Sec. 8. Review.

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.
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« Reply #17: September 21, 2008, 07:31:26 pm »

Deal breaker:

Sec. 8. Review.

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.

Volokh Conspiracty www.volokh.com has a bunch of legal discussions about the bail out in general and that provision in particular.

It seems they listened to Randall on that one.  Can't have each and every case have to come before a judge if any investor wants a say in the mortgage.
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« Reply #18: September 21, 2008, 11:56:12 pm »

Volokh Conspiracty www.volokh.com has a bunch of legal discussions about the bail out in general and that provision in particular.

It seems they listened to Randall on that one.  Can't have each and every case have to come before a judge if any investor wants a say in the mortgage.


I disagree.  Not each and every case, but there has to be some oversight.

And truthfully, I'd rather have it come down to each and every case in front of a judge, if the alternative is NO oversight at all.
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RandallS
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« Reply #19: September 22, 2008, 08:05:22 am »

It seems they listened to Randall on that one.  Can't have each and every case have to come before a judge if any investor wants a say in the mortgage.

Sadly, this doesn't seem to have anything to do with homeowners -- instead is appears the typical Bush "I'm dictator who cannot be questioned" attempt to be sure his administration does not have to account for how the 700 billion is spent: no oversight by Congress or the courts. More "trust us."
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« Reply #20: September 23, 2008, 03:07:43 pm »

Sadly, this doesn't seem to have anything to do with homeowners -- instead is appears the typical Bush "I'm dictator who cannot be questioned" attempt to be sure his administration does not have to account for how the 700 billion is spent: no oversight by Congress or the courts. More "trust us."

Lets see what the Democratic House does with it's version of the bill. 
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« Reply #21: September 23, 2008, 05:38:40 pm »

Lets see what the Democratic House does with it's version of the bill. 

It looks like the "no questioning what we do bit" is going away -- at least in the house version.
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« Reply #22: September 23, 2008, 06:30:43 pm »

It looks like the "no questioning what we do bit" is going away -- at least in the house version.

Yeah. This thing is changing shape quite a bit. I suspect there was more pushback on a lot of provisions once this section 8 got noticed. I mean, that's one serious red flag, and if it hadn't been in there, they might have been more successful in steamrolling this thing through.
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« Reply #23: September 23, 2008, 06:36:31 pm »

I suspect there was more pushback on a lot of provisions once this section 8 got noticed. I mean, that's one serious red flag....

Yep. Once you see that, you can't help but think there must be a REASON for it hidden in the bill somewhere.
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« Reply #24: September 23, 2008, 06:43:55 pm »

It looks like the "no questioning what we do bit" is going away -- at least in the house version.

It's good that they are actually taking a position.  Next question is going to be how will McCain vote on it.  If he votes differently from Obama it could be trouble for him.
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« Reply #25: September 23, 2008, 07:19:05 pm »

Well now. I do think this sort of attitude and the fact they spent some time putting stuff in this bill means people need to take a very close look at it. This looks more and more like a financial Patriot Act.

White House Dispatches Team to Push Economic Bill

Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

http://www.rollcall.com/news/28599-1.html?type=printer_friendly
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« Reply #26: September 23, 2008, 07:23:42 pm »



* snip *


 He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.


* snip *



Pardon my Swamp Yankee bluntness, but not on your fucking life.

Financial Patriot Act, indeed.
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« Reply #27: September 23, 2008, 07:36:13 pm »


Pardon my Swamp Yankee bluntness, but not on your fucking life.

Financial Patriot Act, indeed.

I know I'm cynical, but seriously. The more I read about this thing, the more it stinks.

And I will fully admit to being totally clueless about economics. Hell. I can't even balance a checkbook. But this thing is sending up warning flags all over the place.
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« Reply #28: September 23, 2008, 07:58:13 pm »

I know I'm cynical, but seriously. The more I read about this thing, the more it stinks.

And I will fully admit to being totally clueless about economics. Hell. I can't even balance a checkbook. But this thing is sending up warning flags all over the place.

Well, lets feed the parnoia a bit.

It's a huge increase in govt power.  As far as I can tell, it makes the US govt, the owner of billions if not a trillion dollars worth of assests; mostly mortgages; but also share owners of AIG from last week's other deal.

The no court review puts a lot of power in the hands of the Treasury Dept.  What do you think Obama or McCain would do with a $700 billion line of revolving credit to play in the housing market? 

Do you think Bush would be willing to hand over that much power to Obama's team?

Now, back to our regularly schedualed political disagreements.
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« Reply #29: September 23, 2008, 08:27:09 pm »

I know I'm cynical, but seriously. The more I read about this thing, the more it stinks.

And I will fully admit to being totally clueless about economics. Hell. I can't even balance a checkbook. But this thing is sending up warning flags all over the place.

Here is link to a legal blog about the pros and cons of letting litigation occur for each asset.

http://volokh.com/archives/archive_2008_09_21-2008_09_27.shtml#1222087398

One thing he doesn't mention is how much time and money could be eaten up by litigation of each asset's value.
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