Making the rounds is a purported draft of the bailout proposal wherein We The People cough up $700 billion to keep the markets stable after The Wizards of Wall Street worked their magic.

The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
. . .
The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
. . .
The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
. . .
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 other financial transactions in regard to, any mortgage-related asset purchased under this Act.
. . .
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
. . .
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.
. . .
[The debt ceiling is increased to] $11,315,000,000,000.

Sounds like a great time to be buddies with the Secretary of the Treasury who has unfettered discretion to buy high up to $700 billion and sell as low as he wants with no review. But, if you’re not close to Mr. Paulsen, I’d say torches and pitchforks are hot investment sectors.

Update From Jim Henley (breat post title — Liberaltarianism’s New Groove): “This loathsome bailout plan is a slap in the face to anyone who believes in either free-market principles or social justice.” Scott Lemieux adds: “$700 billion of taxpayer money for your own piece of Big Shitpile should bring out the libertarian in anyone…”

This thing could well be expected to bring the blogosphere into a full-throated frothing rage. Seems like the blogosphere is dominated by lefties and libertarians. Plenty for either to be grumpy about with the current proposal.

Hoosier Access on the change we can expect if Obama is elected (h/t RedHawk Hoosier):

And the bit about getting into people’s faces – that’s right in line with the mindset of the baggy pants wearing crowd. Get into their face, maybe wave a shank or shiv, flash some signs.

You’ll see change in January if the Presidential limo starts sporting spinner wheels, fuzzy dice, and a BOOMING subwoofer mounted in the trunk blasting Ludacris. That change, is what will be left in your pocket after the Government gets done shaking you down for every last dollar you have.

Thuggz, baggy pants, shanks, shivs, spinner wheels, fuzzy dice, booming subwoofer, gang signs. Oh I get it! Barack Obama is half black. Of course he’s going to act like a gangsta if he gets in the (ahem) “White” House. Ah, but what can we expect in terms of watermelon and fried chicken? Big lips? Nappy hair? Cadillac driving welfare queens? Gold grills & pimp suits? Sleeping with white women!

What a racist piece of shit.

Update The offending passages, quoted above, have been removed from the original post.

My memory fades pretty fast. Fortunately, I have archives. In the run up to the election, I’m hoping to look back to the early days of the Daniels administration to see what kinds of stuff we can expect if he gets re-elected. He is almost certainly following the strategy that Bush successfully pursued in Texas – go big the first year or two of your term, then pull back the throttle in the run up to the election. Rinse, repeat.

Here is a post from March 8, 2005 reviewing a Brian Howey analysis.

Howey goes on to characterize the House of Reps as the Animal House. Bauer is apparently cast in Belushi’s role. So, I suppose that makes Bosma Greg Marmalard and Daniels would then be Dean Vernon Wormer. Howey expects this kind of stunt out of Bauer, apparently, but expects better out of solid citizens like Dave Crooks and Peggy Welch (Pinto and Flounder?). Then the Governor is doing fine until he goes all “Car-Bomb” Daniels on them. Presumably the House Democrats are now on double-secret probation.

Remember, during that session, Gov. Daniels and the Republicans pushing an Inspector General with prosecutorial powers that he appointed; Daylight Saving Time; and a vote suppression scheme under the pretext of preventing in-person voter impersonation — something we’re not sure ever happens.

From Sadly, No:

In other words: the stock market is rallying because stupid rich people won’t have to suffer any consequences for the shitty investments they’ve made over the past decade.

It’s times like these where I start getting pitchfork-and-torches angry. Make no mistake, this bailout plan will have a massive opportunity cost. National health care just became that much more difficult because we’re going to be spending $1 trillion to bail out a bunch of irresponsible Wall Street assholes. The sheer amount of shit that the American taxpayer is about to devour cannot be calculated. Our choice boil down to:

* Borrowing a crapload more money from the Chinese and adding God knows how much to our national debt.

* Paying significantly higher taxes and getting precisely nothing in return except for the knowledge that rich people won’t feel bad about themselves.

September 19 is annual Talk Like a Pirate Day. And, while you don’t have to worship the Flying Spaghetti Monster, Talk Like a Pirate Day is sacred to the Pastafarians.

According to the Pastafarian belief system, pirates are “absolute divine beings” and the original Pastafarians. Their image as “thieves and outcasts” is misinformation spread by Christian theologians in the Middle Ages and by Hare Krishnas. Pastafarianism says that they were in fact “peace-loving explorers and spreaders of good will” who distributed candy to small children, and adds that modern pirates are in no way similar to “the fun-loving buccaneers from history.” Pastafarians celebrate International Talk Like a Pirate Day on September 19.

Yo ho ho and a bottle of rum, me hearties.

Vandals in Muncie tagged the Republican headquarters. Nick Werner of the Star Press assumes they were Obama fans. Maybe they were, maybe they weren’t. Maybe they were nothing more than vandals looking for attention. It’s even possible they were following the footsteps of Republican uberstrategist, Karl Rove. Rove famously bugged his own office to smear his opponent. Judging from the crap coming out of Delaware County in the past year, I wouldn’t rule out anything. The first thing out of the mouth of the Delaware County Republican Party chair was how this was going to energize local Republicans.

This is a pretty awesome explanation:

• Lehman Brothers was like the little kid pulling the tail of a dog. You know the kid is going to get hurt eventually, and so no one is surprised when the dog turns around and bites the kid. But the kid only hurts himself, so no one really cares that much.

• Bear Stearns is the little pyro — the kid who was always playing with matches. He could harm not only himself, but burns his own house down, and indeed, he could have burnt down the entire neighborhood. The Fed stepped in not to protect him, but the rest of the block.

• AIG is the kid who accidentally stumbled into a bio-tech warfare lab . . . finds all these unlabeled vials, and heads out to the playground with a handful of them jammed into his pockets.

Just a reminder for anyone wishing to cast a vote in November, October 6, 2008 is the deadline to register to vote in Indiana. You can verify your current Indiana voter registration status and get information about how to register here.

The Interim Committee on Immigration Issues had another meeting. They were trying to figure out how much illegal immigrants cost the government but did not come up with much concrete information.

Medicaid has to pay $5 million per year to pay for emergency medical care related pregnancies. There are some unknown expenses related to education, but it’s not known how much illegal immigrants also pay in property taxes. The Department of Correction incarcerated 504 foreign born nationals but had no information on how many are here illegally. Also, apparently no word on sales taxes, income taxes for which no refund is collected, or other potential entries on the positive side of the ledger.

Sen. Mike Delph is apparently not terribly concerned about the profits and losses; characterizing this as more of a “matter of principle.”

How, exactly, does this work? The Federal Reserve is close to a deal where it will essentially acquire 85% of AIG in exchange for an $85 billion loan. Where does the money come from? Where does the authority come from? We’re essentially nationalizing one of the world’s largest companies here, right?

Until this week, it would have been unthinkable for the Federal Reserve to bail out an insurance company, and A.I.G.’s request for help from the Fed of just a few days ago was rebuffed.

But with the prospect of a giant bankruptcy looming — one with unpredictable consequences for the world financial system — the Fed abandoned precedent and agreed to let the money flow.

The fundamentals of our economy being as strong as they are, according to Mr. McCain, I guess now we’re just strengthening the hell out of them. If we’re not careful, we might pull something.