The Plan

After my posting this morning, I ran into a copy of the Paulson plan on Paul Kedrosky's web site. The "full" plan is available on Paul's web site.

 

The entire "plan" comprises three whole pages. And the bottom line is the Treasury Secretary has the right to do anything he feels is appropriate.

 

The proposal gives the Secretary complete discretion in managing the assets acquired. He may exercise rights, buy or sell the securities including arranging another form of borrowing through repurchase agreements, and he may create any "vehicle" to buy and sell securities.

 

But the most important part is section 8. "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."

 

In other words, he is unaccountable for the management of over $700 billion!

 

Oh yes. Section 10 requests that the Congress increase the debt limit by $3 TRILLION to $11.3 TRILLION. That's about $40,000 for each citizen.

 

We have an energy czar, now we have a money czar.