At a time when we’re facing the first coup d’état in American history with King Henry effectively overthrowing our elected leaders, it’s refreshing to see that our creativity is still strong.
A friend forwarded a link to BuyMyShitPile.com, a site that explains the Paulson administration’s (as George Will referred to it) proposal better than most journalists have:
Use the form below to submit bad assets you’d like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD “MMMbop”, it’s not what you can sell these items for that matters, it’s what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets.
The sad irony is that as I write this the total claimed value of assets on the site is a mere $153,122,659,240. Still a long way to go to $700,000,000,000.
While the site is a joke, this is not:
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.
That’s the language in the administration’s proposal to Congress. King Henry indeed.