Today I Learned…

…that the so-called “bailout” will be the most significan outlay in the history of the United States.  Adjusted for inflation, it will cost more than the Marshall Plan, Louisiana Purchase, the race to the moon, the savings and loan crisis of the ’80s and ’90s, the Korean War, the New Deal, the Iraq War, the Vietnam War, and the entire lifetime budget of NASA (EDIT: and possibly the entire cost of World War II).


EDIT: Check out this “new” (several-weeks old now) estimate from Bloomberg and the New York Daily News putting the total outlay at almost seven-and-a-half trillion dollars.


Today I Learned…

…that the legislation proposed to oversee the $700B-plus bailout for Wall Street includes the following language:

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.

“May not be reviewed by any court of law?!?!?!?”  This would make Secretary Paulson a de facto financial dictator.  I have no confidence in Congress to do anything about this, and the Supremes certainly won’t (even though this is a direct usurpation of their Constitutional authority — hell, their reason for existing!).  WTF?