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.
Oz request that you not look behind the curtain.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.  I was hoping they would hold on to the assets, and not dump this all into today's market, like they did with the S&L assets.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.  As of Septemeber the national debt was $9.5 trillion.    $1.8 trillion to is what this set to going cost us.

And, the worst news is this 1.8 trillion, isn't going to fix anything, if we are buying these 'assets' at today's prices, and the loans are at market-peek+  prices, isn't the difference still going to choke the life out of those financial institutes?

Thanks montfred. I should have said $1.8B and not $1.5B. Also, this will not cover this mess and they will come back for more when they get around to figuring that out...

Your right, Poliico is reporting that the dem's are "asking the White House to accept new economic stimulus spending and bankruptcy court relief for homeowners, a legal issue long opposed by bankers yet now championed by leading Senate Democrats as well as Speaker Nancy Pelosi (D-Calif.)."

I agree, now that we are a socialist nation, we should help out the little guy too.

I know you guys are speaking of this mess like you have a concept of it. So do I. But when I take a pause and think,  I wonder if I really do have an idea of how big this catastrophe really is. We're talking digits followed by 12 zeros. I watched the news and George is asking congress to raise the national debt ceiling to $11.5 trillion. My middle class astronomy may be rusty, but isn't that more than miles in a light year?

I think one could conceivably cram $1 billion into the back of a pickup--and I'm talking $100 bills--but a trillion? Can the mint print that much money? Is there that much gold in the world? In otherwords, are we talking about money that doesn't exist because nobody has that much? And how is my daughter--my grandchildren and great-grand children for that matter--supposed to pay this bill?

Cat,

A trillion would save Social security for this century.

It is about what Iraq has cost us.

At some point you have to realize the boat is going to sink to the bottom. And that your only hope is to abandon ship.

It's amazing how many people on this board alone. Saw this coming. And each one of us was ridiculed for  saying so.

But no one in the Bush regime had a clue.

The problem is no longer getting liquidity.

It is the inability to find credible borrowers.

Everyone with decent credit has a home. Has a Lexus. Has a LCD.

Repeating history. Giving banks more money to lend to unqualified people Is absurd.

Cap all wages other minimum wage. And raise minimum wage to about 30 bucks and hour. And there maybe hope to sell off excess home inventory over the next few years.

But that idea is just as absurd as the American taxpayer bailing out the worlds financial institutions.