Homestead mailing list

[Clansgian AT wmconnect.com]

As of this week you will be living in a different country.

The bailout of the mortgage industy, the 'don't want to discuss anything so 
insignificant as the housing bubble', the 'ain' making any more land  -  
recovery is just around the corner - never been a better time to buy' 
industry, 
contains the following, these are quotes from the proposed legislation:


"TheSecretary's authority to purchase mortgage-related assets under thisAct 
shall be limited to 700,000,000,000 dollars outstanding at any one time"

(That is, it isn't a $700B bailout, that's just the amount that can be 
outstanding at one time.  This bill authorizes the treasury to spend an 
unlimited 
amount of money)

"The Secretaryis authorized to take such actions as the Secretary deems 
necessary tocarry out the authorities in this Act, including, WITHOUT 
LIMITATION"

""Designating financial institutions as financial agents of the 
Government,and they shall perform all such reasonable duties related to this 
Actas 
financial agents of the Government as may be required of them"

(That is, the Sec. of Treasury can appoint any of his banking buddies as 
deputies and they can have the same authority and impunity as he has)

"Sale of Mortgage-Related Assets.  The Secretary may, at any time, upon terms 
and conditions and at prices determined by the Secretary,sell, or enter into 
securities loans, repurchase transactions or otherfinancial transactions in 
regard to, any mortgage-related assetpurchased under this Act."

(That is, the Sec of Treasury can buy worthless assets from his buddies for 
the full face value and then sell them for five cents on the dollar and the 
US 
taxpayer picks up the tab for the difference).

And this is the clincher:

"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"

Nobody, not even God, can regulate or oversee the Secretary of the Treasury, 
not the courts, congress, nobody.  It makes the Secretary of the Treasury the 
dictator and emperor of the country.   </HTML>