The Bailout

[packbat]

hilzoy at ObWi has a pile of links I haven't gone through yet. But looking at the leaked plan, I have to go with gilmoure on metaquotes and take pause ... well, everything, but particularly at this:

Sec. 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.

...

This is a blank check.

This is a $700 000 000 000 blank check. (At least!)

Is there anyone in the present administration you would trust with a $700 000 000 000 blank check? Heck, is there anyone at all you would so trust? If you had to borrow $700 000 000 000, would you want its spending completely in control of one person, in such a way that that one person could do anything with your money (your borrowed money), and no-one could stop them?

I fear that this may yet come to pass.

(Edit: More amateur analysis - this from the inimitable pecunium.)