The Paulson Bailout Plan is unconstitutional crony capitalism

By Edward Harrison On Sep 23, 2008

“Section 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.”

Sounds like Paulson wants an opaque, shadowy bailout where he and his cronies can dictate the terms of who gets money and who doesn’t. This plan is the Bush Administration’s attempt at another power grab, just like after 9/11.

The plan is unconstitutional. It is crony capitalism. It is not democracy. Congress needs to wipe the slate clean. Using this plan even as a baseline for any use of taxpayer money is criminal.

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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