Power Grab

The markets whipsawed Tuesday and ended sharply lower because of the bailout package not racing through congress as many had hoped for. Good thing, because some of the provisions are questionable and downright alarming.

Can you spell power hungry? Then read what now have become the most feared 32 words of the bailout proposal submitted by Treasury Secretary Paulson:

“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.”

This may be one of the reasons comrade Paulson wants to shove this package down everyone’s throat before there is a realization of what that absolute power really means. To give any appointed individual the power to do what he pleases with $700 billion seems simply outrageous to me.

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About Ulli Niemann

Ulli Niemann is the publisher of "The ETF Bully" and is a Registered Investment Advisor. Learn more
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