" ... the most distinctive -- and potentially most controversial -- element of the plan is the extent to which it would allow Treasury to act unilaterally: Its decisions could not be reviewed by any court or administrative body and, once the emergency legislation was approved, the administration could raise the $700 billion through government borrowing and would not be subject to Congress' traditional power of the purse."
hooch
"The plan would boost the public debt limit, now $10.6 trillion, to $11.3 trillion."
hooch
"Treasury could purchase the mortgage-backed assets of only U.S.-headquartered firms, a move that seems likely to anger foreign investors who have been among the major buyers of American financial instruments."
hooch
"The language of the new plan suggests that Paulson intends to set up an investment bank inside Treasury and perhaps hire outside firms such as Goldman Sachs Group Inc., which he headed before becoming Treasury secretary."
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Since leaving politics, former Prime Minister Paul Keating has spent a lot of time considering the affairs of the world. Here, in a sweeping speech at the Melbourne Writers Festival, he ponders on everything from Australia's place in Asia, nuclear weaponry and the future of Kevin Rudd's Labor government.
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