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More and More Surreal: Paulson Can Buy Non-American, Non-Mortgage Assets



Or to put it more simply, he can buy any damn thing from any damn one he wants to with this money, with no oversight at all.

The Treasury Department said on Saturday that its financial rescue plan could permit it to buy assets beyond those backed by mortgages and potentially buy them from foreign holders.

A fact sheet issued by Treasury on legislative proposals it has before lawmakers said the intent was to buy residential and commercial mortgage-related assets, which may include mortgage-backed securities and whole loans, but added a significant proviso.

"The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets," the fact sheet said.

Troubled assets eligible for purchase should come from financial institutions with "significant operations" in the United States. But it said there could be an exemption to that condition by the Treasury secretary, in consultation with the Fed chairman, that broader eligibility is necessary to stabilize financial markets.

It’s not clear to me why Hank hasn’t insisted on being made Emperor of the New American Empire in name as well as power, he’s asked for everything else.

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Ian Welsh

Ian Welsh

Ian Welsh was the Managing Editor of FireDogLake and the Agonist. His work has also appeared at Huffington Post, Alternet, and Truthout, as well as the now defunct Blogging of the President (BOPNews). In Canada his work has appeared in and BlogsCanada. He is also a social media strategy consultant and currently lives in Toronto.

His homeblog is at