Thoughts on the bailout plan
Heritage Foundation has a Webmemo on the federal plans to bail out the mortgage market, along with a list of recommendations.
You can get the legislation from the New York Times (which doesnt't seem to follow Heritage's suggestions). John Lott points to a couple of key passages:
“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.”
“The Secretary’s authority to purchase mortgage-related assets under this
Act shall be limited to $700,000,000,000 outstanding at any one time.”
1 comment:
Completely disagree with bailout proposal. These companies knew what they were doing. Now why do taxpayers dollars have to be used to rescue irresponsible people. It send a terrible message to those who are responsibly paying their debts and who avoided getting into this mess. So now it would be OK to live above your means because the government will come to rescue when in trouble.
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