Showing posts with label If I had $700 billion to invest I'd give it to Phil Gramm (no questions asked). Show all posts
Showing posts with label If I had $700 billion to invest I'd give it to Phil Gramm (no questions asked). Show all posts

Sunday, September 21, 2008

We can start calling it the "Bush bailout"

Yves Smith, in a long piece titled "Why You Should Hate the Treasury Bailout Proposal", points out this lovely section of the bailout legislation:

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.

Economist critics of the plan include Roubini, Krugman, Cowen, Mankiw, Zingales...that spans the spectrum, and I could go on.