Recession, Bail Outs and Stimulus - "Remember Section 8"?

Section 8 of the TARP plan (the Troubled Asset Relief Program) was a troubling part of Treasury Secretary Paulson's early September 2008, $700+ Billion, Wall Street bailout plan. Section 8 read, “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.” Section 8 exempted the administration (and specifically Paulson) from ANY and ALL oversight regarding his administrative actions in handing out $700 Billion of public money.

As the New York Times put it (NYT Sept 22, 2008, A.R. Sorkin), "with those words, the Treasury secretary...will be vested with perhaps the most incredible powers ever bestowed on one person over the economic and financial life of the nation."

Section 8 did not appear in the final bail, out but it didn't have to since it was de facto enacted on the first $350 billion dole-out about which no details yet have been offered, by whomsoever as to where, when and how those funds were distributed. But maybe worse, no one is effectively asking. It's like a predator picked off cows from the herd while the other cows just went on cud chewing. So, since section 8 continues in left over spirit like a bad odor, here're some thoughts about that from a Perched Eye.

Quick Glance:
Section 8 was unprecedented in American history. But the scam was unprecedented in scope. The Bush administration wanted a HAIL MARY bailout to save the day because the economy was about to tank but with a quick miracle, maybe GOP could save its rear or at least delay the collapse until after the election. Solution?- a midnight-hour, grandstand, outrageous play that relied on cowing the press, Democratic innocence (gullibility, naivete, etc) and a public that was only sporadically tuned in (apathetic). It almost worked.

Rose Glass:
The Bush administration was in truth caught unawares and was simply excercising (resorting to) a grosser version of executive privilege. 'Hey we have the best interests of (fill in good nice things);...just believe in us [and go back to your reality tv]."

The Gut (says):
The administration was passing bricks since early 08 trying to figure a spin on how to explain that Wall Street had done it again...despite the good guy faith the administration had placed in the eight year handshake with the financial sector, 'we trusted you guys....we're one of you...WTF..., and one more thing, don'hat you guys know when to stop, huh? Paulson, get out there; do your thing; we got one chance.... yeah, say anything...Congress are asleep at the wheel...tell em you don't need oversight. Don't worry, Pelosi and Reid haven't a clue where this thing has gone. Jeez, what would RN have done...sure he's not around?'

That basically sets the stage for everything that has happened from October 08 until now, February 6, 08. Think about it. GOP's still touting "wealth" as the only worthwhile passenger to be saved on this sinking ship, while the DEM's are still trying to mouth their position that the people deserve consideration too, and appear stunned that anyone in their right mind can forget this. Well, the GOP core can, could, and will continue quite well to forget the public (er, labor...lay em off... or something).