Krugman is right that Paulson needs to explain to Congress how this is going to work. As virtually everyone knows right now, the problem originates with the solvency of suburban America. Until that is addressed, the problem will continue, no matter how many trillions of dollars we throw into the pile.
But what really scares the heck out of me is Sec. 8 of this proposal.
Section 8 is short and sweet.
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.
So this is it folks. This is the Bush Administration's MO. And it is in black and white. Would you give George Bush a trillion dollars, and not allow any legal oversight?
I sure as hell wouldn't. But if you don't call your Representative and Senators today, you just may watch that happen.
Please, call your Reps and let them know:
(a) You want Paulson to explain how this will work before any more money is given.
(b) You want your Representative and Senators to ask how this is going to address the solvency crisis.
(c) You want legal review!!!!!!!!!
It is extremely important that you do this today, starting with email. And then phone in first thing Monday. Extremely important. Most Reps and Senators don't understand this. And those quick talking points will help focus them. Stay on the same page folks, and please express your outrage as this naked grab for completely un-accountable power.