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Has anyone actually read the draft of the 700B bailout bill?

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posted on Sep, 23 2008 @ 09:47 AM
It's scary... are we ready to nationalize the financial sector?

(b) Necessary Actions.--The Secretary [of the treasury] is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

Bill Draft

posted on Sep, 23 2008 @ 10:47 AM
What about section 10, subsection which increases the amoount the national debt can rise to a staggering 11.3T ?!? Isn't that something like 2 trillion higher than it is right now?

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Section 9 has me worried too - there appear to be some loopholes in this document big enough to walk through. How much to you want to bet the 2 year term will never again come up for reconsideration?

Sec. 9. Termination of Authority. The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

posted on Sep, 23 2008 @ 10:55 AM
I have, and it's being discussed here:

The worst part, IMHO, is this:

"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."

Wow. No oversight available to the People at all.

posted on Sep, 23 2008 @ 11:08 AM

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