CR has posted the "bailout plan," as it currently stands.

Glenn Greenwald has an important response, as does gjohnsit over at DKos.

But here’s all you need to know. Hank Paulson is asking for $700,000,000,000. That’s $2,333 from every man, woman, and child in the United States.

In exchange for that money, Paulson is unwilling to accept any demands to make markets more transparent, limit executive compensation, or assist homeowners fighting foreclosure. The sole purpose of that $700,000,000,000 is to bail out Wall Street and only Wall Street, but not to fix it, or our larger economy.

He is asking to be absolutely unbound by any law when he spends that money.

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.

The only "string" attached is a semi-annual Congressional report–one in which they would have zero leverage to influence his choices. 

 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.

Paulson didn’t even have the class to call this a "review"–which underscores the degree to which he wants to be unbound by any and all review, legal, congressional, or anything else. 

Hank Paulson–one of the CEOs who got us into this mess–is asking each and every American to give him $2,333 to do with as he sees fit, with absolutely no strings attached.


No Right Turn photo by greefus groinks



Marcy Wheeler aka Emptywheel is an American journalist whose reporting specializes in security and civil liberties.