noworldsystem.com

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation’s housing crisis.

Under the program, the U.S. Treasury Department would buy, or commit to buy, “mortgage-related assets from any financial institution having its headquarters in the United States,” said a copy of the Treasury Department’s draft legislation obtained by Reuters.

The department could hire asset managers to handle the securities, which could include residential or commercial mortgages and related instruments that were originated or issued on or before September 17, 2008, the draft said.

Congressional committees were to be briefed on Saturday on the legislation, which could be considered by the U.S. House of Representatives and Senate as early as next week.

The plan also calls for raising the federal government’s borrowing authority to $11.315 trillion. The debt limit is currently $10.615 trillion.

Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

In case you haven’t heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

Don’t believe me?

Well, as the Bloomberg article notes: “The bill would bar courts from reviewing actions taken under its authority.”

Bloomberg includes the following quotes by people who understand the significance of the bill:

It sounds like Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon . . . .

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The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

This power grab is so serious that investigative reporter Larisa Alexandrovna calls it “the final stages of the coup“.