On Sunday I saw that average americans were Mad as hell - taxpayers lash out about the $700 billion bail out. Yesterday I read about Sen Chris Dodd's (D-CT) alternative proposal to Treasury Secretary Henry Paulson's 'give me the money and don't let anyone question what I do with it' plan. Seriously, Section 8 (a veiled reference?) of the proposal says:
"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."
I've complained about such bills before. Glenn Greenwald does his usual complete roundup of opinions in Growing right-wing opposition to the Paulson plan. Today I see that Paul Krugman likes Dodd's proposal a lot more:
"I’ve had more time to read the Dodd proposal — and it is a big improvement over the Paulson plan. The key feature, I believe, is the equity participation: if Treasury buys assets, it gets warrants that can be converted into equity if the price of the purchased assets falls. This both guarantees against a pure bailout of the financial firms, and opens the door to a real infusion of capital, if that becomes necessary — and I think it will."
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