Michael Rozeff on the insane bailout bill:
The bailout bill means total financial dictatorship. This bill gives the death penalty to capital markets. The execution will, if this passes, begin immediately and be stretched out over succeeding years.
It includes such nooses as:
1. The Secretary of the Treasury (Finance Czar) gets complete power to buy up any mortgage-related assets he decides on. No questions asked.
2. The Finance Czar (Secretary) and the Fed Chairman get power to buy ANY FINANCIAL ASSET (wow!). They need only inform Congress in writing what they are up to.
3. The Czar can buy troubled assets of ANY financial institution he decides on.
The power grab here is not one but several quantum leaps beyond even the New Deal. It is at a minimum in that Big League.
The discrimination inherent in this bill is totally inconsistent with any kind of even-handed rule of law.
The precedent set here, if this bill passes, is extremely damaging. In the future, Congress will be far more likely to grant such powers to financial czars who will then have direct control over all the capital markets, money markets, and loan markets, and over all financial intermediaries.
It is the original Paulson plan raised to the tenth power.