I will be absolutely honest with you loyal, and not so loyal readers to this blog.
The financial services fiasco is a lot to write about in one post. At some point I will write about it in a series, more than likely at the end of the week. At lot of research has to go into writing about this without sounding half-cocked.
But, I am very troubled with the Bush administration trying to rush this $700,000,000,000 bailout in a hurry.
It smells a lot like the way that they tried to ram through the "comprehensive immigration reform" bill-scam. They kept saying that illegal immigration is at a crisis point and that bill was the only way to get a handle on it.
Well, it wasn't and it ended up dying a rightful death.
It is like deja-vu all over again.
And, if one takes the time to read the fine print, as Amanda Carpenter has done over at Townhall, you find a disturbing little item:
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.
While Miss Carpenter's comment about the possibility the whole proposal was written on a cocktail napkin was funny, that little paragraph is not.
How can a law, and this is a law being debated and voted on, not be reviewed by a court or administrative agency? And, do we really want a Treasury Secretary to have such broad powers, possible more than any president of the United States?
This is why this can not be done in a hurry. As long as there is the appearance of action and a reality that it should be done in a timely fashion, the markets will hold on for enough time to get a good, and temporary measure through congress and the president's signature.
After the "comprehensive immigration reform" bill-scam debacle, one would think that the administration would have learned its lesson. But, it appears that it has not.
We need to have an open and honest debate. Yes, it will open up a long-term debate on how this crisis, which it really is, got here and how we do not let it happen in the future. And, that debate has to happen. It can not be put off for the next president and or the next congress.
It is very important that all sides get this right. If not, we could be on a dangerous ground for a meltdown that may not benefit any one side politically.
One place to start a bit of a primer on how we got here is this piece by Kevin Hassett from the American Enterprise Institute and an economic adviser to the Republican presidential nominee, Sen. John "F--- You" McCain.
Lets take a deep breath, have a debate and make sure that if there is to be a bailout, we get it right. And we do not give overwhelming power to any cabinet secretary.