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Originally posted by Gools
Notice that they "limit" their authority to 700 billion but at the same time they raise the federal debt limit to 11.3 Trillion. Wasn't it 9.4 trillion that last time it was revised? That's nearly a two trillion dollar jump.
Sec. 6. Maximum Amount of Authorized Purchases.
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
Preamble To The Constitution of the United States of America
WE THE PEOPLE of the United States, in order to form a more perfect Union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America.
REMEMBER YOU CAN SAVE THE CONSTITUTION
Distributed by National Society Daughters of the American Revolution 1776 D Street, N.W., Washington, DC 20006-5303
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
Sec. 8. Review.
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.
Originally posted by JacKatMtn
...doesn't that mean it could actually cost a WHOLE lot more over time as they rotate debt in and out?
Or am I mistaken on this?