Why The Patriot Act of Finance Failure Prevents Dictatorial Control - The Diigo Meta page

• 02 Oct 08
  

  Adam Skinner

  nwo finance

  • What They Tried to Sneak By

     

    At face value, “bailout plan” sounds well and good to those who have no objections to socialist economic policies. Ah, but the plan was not so benign. The law contained the following insidious and downright frightening provision: “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.” Translation: Henry Paulson can do whatever the hell he wants. To a lesser extent, so can his agency at its “discretion.” But beware-discretion is soon to be the new fascism.
  • Now onto the political Messiah, Barack Obama. First, recall that one of the biggest disasters that kick-started this economic panic was the failure of the Lehman Brothers, whose collapse was traced to corruption and abject stupidity at Fannie Mae and Freddie Mac. These two massive mortgage banks continued to survive, doling out loans to deadbeats who were clearly terrible credit risks to begin with, but how could any business manage that? The answer: political contributions. Fannie Mae and Freddie Mac were bedfellows with a number of senators in order to keep their unsound and floundering business afloat. Now guess the politician who received the second-largest amount of political donations from these banks, despite having only been in the Senate for four years. None other than Barack Obama.

Would you like to comment?

Join Diigo for a free account, or sign in if you are already a member.