The New York Times has the following information.

http://www.nytimes.com/2008/09/21/bu...1draftcnd.html

Pay special attention to section 8..where has our system of checks and balances went?

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.

Do you know if this has to be approved by Congress?

As far as checks and balances go, we haven't really had any since the Patriot Act passed.

Congress will be looking at it this week and possibly adding/deleting parts. I would hope that they consider re-writing section 8.

The New York Times > Log In

"Staff members from Treasury and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill, where negotiations were likely to be complicated but quick. Democratic Congressional leaders have pledged to approve legislation by the end of this week."

Email your rep and senators. That's all we can do.

What bothers me about all this mess is that we have "privatized profits and socialized risk."

It must be nice to be one of those fat cat CEO's. I wish somebody would make me a CEO so I could run a company into the ground while I was lining my own pockets and then have the tax payers pick up the bill!

It's only going to get worse.

__________________
"No one believes more firmly than Comrade Napoleon that all animals are equal. He would be only too happy to let you make your decisions for yourselves. But sometimes you might make the wrong decisions, comrades, and then where should we be?"
- George Orwell Animal Farm

Don't forget that when you do run your country into the ground, you'll be compensated with a multi million severance package as they show you the door.

The more I look at it, the more I so not like this bailout plan. I don't think that taxpayers should be asked to buy worthless paper.

I agree with Krugman here: http://krugman.blogs.nytimes.com/2008/09/20/no-deal/

And, I do think this would be better: http://faculty.chicagogsb.edu/luigi....n_is_wrong.pdf

Yes, get involved. Let your rep and senators know how you feel. And remind them that it is the "people" that have put them into office and we can vote someone else in next time.
If more people took the time to email their rep and senators they will start listening to the "mass" of people.

If anyone does not know how to contact their rep. or senators here is a link..easy to use site.

Contacting the Congress