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|I Am Skooter|
So here's us, on the raggedy edge.
$700 billion is not enough. It also doesn’t include the hundreds of billions of dollars that the government has already committed in earlier actions to stem the tsunami flooding the markets. The bill for American International Group could consume a significant amount of the new request, and the balance sheets of other financial institutions are sitting on trillions of dollars of mortgage detritus.
The Bush administration’s request that the Treasury’s actions be immune from judicial oversight is unconstitutional. Unless Marbury v. Madison has been overruled while HCM’s attention was diverted elsewhere, all actions of the executive branch in this country are subject to judicial review. This request rings with the same troubling echoes of the most abusive aspects of the Patriot Act.
Wrong, Forbes. $700 billion is too much. Wall Street tied its own noose under the free market doctrine of conservatism, and now they’re asking someone else to untie it. Yet another example of changing the rules midway through the game.