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You can find the text of the mother of all corporate bailouts here.
The scope of the mortgage bailout bill is limited in only two ways - 1) The Secretary of the Treasury, Henry Paulson, has a spending limit of $700 billion in buying up bad loans from the mortgage companies (not that he couldn't ask for more later), and 2) the bailout lasts for a period of two years.
Other than that, the Secretary has unlimited power in the mortgage bailout. He will be limited by no law and governed by no authoritative body. As is stated in the text of the document, “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.”
Gulp. That's a lot of power, taxpayers.
We better be darned sure that we have absolute confidence in Henry Paulson and whoever his successor might be to go along with putting taxpayers on the hook for $700 billion in bad debt. As Michelle Malkin points out on her blog, Henry Paulson has not been exactly on top of things regarding the mortgage crisis. Neither has Congress, to say the least. Both the Treasury and Congress underplayed this crisis for a long time. Now we are about to write these same people an enormous check to fix an enormous problem that they let grow and grow for years.
I'm not going to say to much more about this right now, because there is going to be LOTS of debating in Congress this week. Things could change quickly. Both Democrats and Republicans are going to want to add things to the bailout bill, which is understandable. Paulson wants the bill to go through clean in order to strike quickly and prevent financial meltdown.