My outrage meter just blew a gasket.
There isn't a single significant issue in bailout where the changes from Paulson's original request are anything more than cosmetic. Not one.
But without a doubt the most cynical provision is the absence of oversight in the revised bill. According to CNN the very men who created this mess will now be in charge of oversight of the bailout.
Overseeing the program: The bill would establish two oversight boards.
The Financial Stability Oversight Board would be charged with ensuring the policies implemented protect taxpayers and are in the economic interests of the United States. It will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and the Treasury secretary.
A congressional oversight panel would be charged with reviewing the state of financial markets, the regulatory system and the Treasury's use of its authority under the rescue plan. Sitting on the panel would be five outside experts appointed by House and Senate leaders.