Treasury Seeks Asset-Buying Power Unchecked by Courts

Treasury Seeks Asset-Buying Power Unchecked by Courts

www.bloomberg.com

Treasury Seeks Asset-Buying Power Unchecked by Courts (Update2)

By Alison Fitzgerald and John Brinsley

Sept. 21 (Bloomberg) -- The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.

Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world\'s largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.

``He\'s asking for a huge amount of power,\'\' said Nouriel Roubini, an economist at New York University. ``He\'s saying, `Trust me, I\'m going to do it right if you give me absolute control.\' This is not a monarchy.\'\'

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This lends credence to many of the \'paranoid tin hat types\' who have alleged for over two years that \'Dub\' does not plan to leave the White House.

I am not saying that it is a certainty, however, it is plausible. And this is powerful evidence for that argument.

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Amazing..... all the middle class people of America ae going to pay for the lost profit on the housing market. The rich stay rich and the average person gets taxed. I don't understand how they would do this....

They sell houses that are over-inflated.... over 2-3 times their actual value.

Turn them into securities or some other piece of paper with inflated value.

The fake bubble pops...... and the government pay for this imaginary growth with tax payers dollars. So the rich get their profit..... and .... well ... you get the point. This plan won't help anyone except the rich.

Please corect me if I am wrong..... this just seems so wrong.

They do this by virtue of our apathy. I was in Walmart this afternoon. I needed a couple of grocery items. I went to the back of the store and watched the sheeple buying up electronics and listened as some teenage girl whined to her mother that she wanted an iPhone insted of the "crappy" one she has now.

Americans are becoming drones to consuming and they don't even see it.