Accountability is for peons
I don't like the bail-out for Wall Street as the assumption behind the bail-out is that it is merely a liquidity problem and not a systemic problem. If it was a liquidity problem, the radical steps of the Federal Reserve over the past year and low interest rates should have been more than sufficient to float everyone through the rough patch. Even more is the accountability measures that are in the draft legislation shown on Calculated Risk:
Sec. 4. Reports to Congress.So Congress will have a report from the Bush Administration. It is not like the Bush Administration has ever lied in a report, suppressed evidence, skewed evidence or engaged in extraordinarily deceptive practices on major policy initiatives worth several hundred billion dollars such as Iraq. Congress may write a Sternly Worded Letter if it receives Bullshit.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 8. Review.Great, this is effectively a Slush Fund to dwarf all slush funds. Again, it is not like we have seen an Administration ever use government resources for political purposes. The Justice Department and the the Treasury are above reproach --- it is absurd to think that there could be any abuse of power. $700 Billion dollars are unrestricted spending with absolutely no oversight. It is only the good graces and manners of Sec. Paulson that we can rely on. I don't count on anyone's good graces with that much money.
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. (my emphasis)
Accountability is for peons.
Update: Still more here.