$700,000,000,000.00 : CHA-CHING!!
The draft for this proposal was posted on The New York Times’ website a couple days ago, and I have to say, this is one of my favorite articles of all time. The delegation of information in the draft is just amazing! I know where every cent of our 700 BILLION tax dollars are going after reading this article! Thank you NYTimes!
All sarcasm aside, this is a pretty intensely-extreme amount of money. I’m honestly not sure how anyone, anywhere, could possibly be in favor of a 700 BILLION dollar proposal to bail out mortgage companies that have collapsed in the last couple months. I mean, these companies are in need of some serious parenting! I personally do believe that our Government should step in, but should remain on the sidelines as a coach and teach this companies an F’ing LESSON! No doubt the people in debt right now to them that have gone bankrupt etc really shouldn’t have taken loans out they couldn’t afford, but seriously, the brokers are the real De facto here. “Oh, I’m a helpless but wealthy bank looking to profit on stupid people trying to take out huge mortgage loans! I don’t know what their credit history is like, but, they seem nice so…here ya go!” FAIL.
Anyway, my favorite line in this draft is right here:
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.
If you don’t quite get it, it basically means that the recipient of this sum of money cannot be held liable for how it’s used. Isn’t that awesome?! If everyone in the United States of America were to receive a portion of this money it would total to about 2300 bucks per person. What could YOU do with $2,300.00???
Source: The New York Times’ website