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Paulson now more powerful than the President...

Henry Paulson is now arguably the most powerful man in the world – or will be if Congress passes his and Federal Reserve Chairman Ben Bernanke’s new bill. If you read through the text of the planned $700bn bailout of the US financial system (which will take all the banks’ bad debts off their hands in exchange for nice, clean, taxpayers’ money), one item stands out: “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” Since it also states earlier in the bill that “The Secretary is authorized to take such actions as the Secretary deems necessary to...

posted on: Sep 21, 2008 | author: Alex