Tuesday, September 23, 2008

Is this just a legaleeze way of saying Neener Neener?

You know, I’ve been thinking about this whole financial crash for a few weeks now. Dusting out the rusty files of my brain, I vaguely recall learning in high school social studies that the original depression was caused by banks giving out loans to people who were playing the stock market, and once the people lost all their money in the stock markets, not being able to pay the loans back, so all these loans defaulted. Today’s mortgage and loan default crisis is highly reminiscent of all them loans given out back in the day that people defaulted on.

Yes, I understand that the Federal Reserve is a PRIVATELY OWNED BANK AND NOT ACTUALLY RUN BY THE GOVERNMENT, and I understand that to run his war, W had the Fed print up a whole butt load of cash without any actual financial backing, and that caused the value of the dollar to decrease, and that this situation is hugely influential on America’s current financial standing. Let’s take that as a given, k?

Anyhoo, all these investment banks which have gone under are asking congress for a 700 billion dollar bailout, right? And the secretary of the treasury is heading this request. The Huffington Post published an article with a very interesting statement that comes from the secretary’s bailout request: 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.

Excuse me? Doesn’t that mean the secretary can basically do whatever the hell he wants with that money, and no one can look into his actions? Am I wrong here? ‘Cause if I am, I would LURVE it if someone would explain why to me.


Cheasty said...

i read that thing on the huff today too. no explanations, but i share your outrage. god, those people suck giant donkey balls.

also, very nice drawing of a testicle, VaNetter.