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the economic patriot act
Sep. 22nd, 2008 09:44 amThe bailout bill can be read in its entirety here.
Who would have believed that a bill authorizing the federal government to spend $700,000,000,000 could be read - not just glanced over, but read in less than five minutes? This bill is 3 pages long, and let's look at some of the bill's greatest hits.
In other words, the Secretary of the Treasury is being authorized to spend this money however he likes, without having to waste precious time on the bidding process, or concern about making sure some of the contracts go to minority-owned business, or any of that other stuff.
Given the Bush Administration's track record, i expect this to be no more and no less than a big, huge, massive payout to cronies and friends. This has gotta be the biggest, most obvious act of kleptocracy in the history of humankind.
But, surely there will be some mechanism for accountability, some kind of oversight or court supervision? What are you, nuts? This is the Bush Administration. They've perfected the art of painting over all of the transparency in the federal government, blocking out all the sunshine, weaseling out of every kind of accountability we can muster.
Heck, that was easy. This is a crisis, see? No time to worry about all that "accountability" and "oversight" which will just slow things down.Never mind that it was lack of oversight which caused the problem in the first place.
Ah! But the secretary has to report to Congress, you say.
*makes wanking hand motion* Schyeah, like this is going to result in anything like oversight. And that's assuming that the Secretary will bother to show up at all. Congressional subpoenas have been rendered worthless, since the Democrats refuse to enforce them.
The Democrats are making some noise about wanting to add a few oversight measures, reign in CEO compensation for any company that accepts help under this act, and so on. But here's the way i predict that will go. The Democrats will agree to have these proposals considered independently as amendments rather than as part of the bill. These amendments will all be 'filibustered' or voted down one way or another, and then Congress will pass this turkey, this economic Patriot Act.
Who would have believed that a bill authorizing the federal government to spend $700,000,000,000 could be read - not just glanced over, but read in less than five minutes? This bill is 3 pages long, and let's look at some of the bill's greatest hits.
The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
In other words, the Secretary of the Treasury is being authorized to spend this money however he likes, without having to waste precious time on the bidding process, or concern about making sure some of the contracts go to minority-owned business, or any of that other stuff.
Given the Bush Administration's track record, i expect this to be no more and no less than a big, huge, massive payout to cronies and friends. This has gotta be the biggest, most obvious act of kleptocracy in the history of humankind.
But, surely there will be some mechanism for accountability, some kind of oversight or court supervision? What are you, nuts? This is the Bush Administration. They've perfected the art of painting over all of the transparency in the federal government, blocking out all the sunshine, weaseling out of every kind of accountability we can muster.
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.
Heck, that was easy. This is a crisis, see? No time to worry about all that "accountability" and "oversight" which will just slow things down.
Ah! But the secretary has to report to Congress, you say.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
*makes wanking hand motion* Schyeah, like this is going to result in anything like oversight. And that's assuming that the Secretary will bother to show up at all. Congressional subpoenas have been rendered worthless, since the Democrats refuse to enforce them.
The Democrats are making some noise about wanting to add a few oversight measures, reign in CEO compensation for any company that accepts help under this act, and so on. But here's the way i predict that will go. The Democrats will agree to have these proposals considered independently as amendments rather than as part of the bill. These amendments will all be 'filibustered' or voted down one way or another, and then Congress will pass this turkey, this economic Patriot Act.
