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The Paulson Bailout Plan is unconstitutional crony capitalism

“Section 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.”

Sounds like Paulson wants an opaque, shadowy bailout where he and his cronies can dictate the terms of who gets money and who doesn’t. This plan is the Bush Administration’s attempt at another power grab, just like after 9/11.

The plan is unconstitutional. It is crony capitalism. It is not democracy. Congress needs to wipe the slate clean. Using this plan even as a baseline for any use of taxpayer money is criminal.

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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• The $700 billion Paulson Plan is dead on arrival 23 Sep 2008
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