There was a story in the Clarion Ledger about responses from Mississippi Congressmen about the bailout. Below are quotes from Childers and Wicker.
“I feel it is morally reprehensible that the middle class is not only suffering from a failing economy and rising costs but also now is being asked to foot the bill for Wall Street’s bad decisions and reckless management as a result of deregulation,” Childers said.
Sen. Roger Wicker also said he is “concerned and angered by the need for this proposal.”
“In principle, I have never believed it is the taxpayers’ responsibility to pay for the private sector’s mistakes,” Wicker said.
“At the same time, I am well aware of the severity of this problem and want to ensure that whatever action is taken is going to protect the homes, life savings and jobs of people across the country.”
So far, no one has pounced on Section 8 of the bailout act, and that concerns me. Section 8 gives the Sec Treasury a TOTAL grant of immunity for all actions and decisions he may make pursuant to the Act.
King Henry indeed!
Section 8 looks like it bears the penmanship of Dick Cheney. I could be wrong about that, but I’m right about the unconstitutionality of Section 8.
I care less about the bailout than I do the spectre of a Section 8.
It’s been noticed, Ben. The media doesn’t get that, and doesn’t get that the $700B provision is a limit only to what the Secretary holds at any one time– not the total price.