Here's a link to the Bush requested legislation.http://blogs.wsj.com/economics/2008/09/ ... -congress/
We are really screwed if this passes. Look at this section:
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.
This means no one can question the decisions of the Secretary of the Treasury. No court, not Congress, not the President. Better hope the Democratically controlled Congress changes this. The same law would apply to the next Secretary of the Treasury, Democratic or Republican. Care to guess who that will be? For sure he will be the most powerful man in the world. "He with the gold rules".
We need to know the worth of the assets they are buying. And the costs of doing the alternative, nothing.
Please someone answer these questions. We are being duped, just like the people that got a mortgage way beyond their means.