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Those Pushing the Mortgage Bailout Legislation need a short lesson in Constitutional Law

One of the little quirks in the proposed $700 billion financial bailout legislation is that the bill would prevent judicial review of actions taken within the scope of the legislation. Those drafting the legislation are trying to avoid court challenges to actions taken while executing the this bailout legislation. This is likely to open a "huge can of worms" and it poses some series constitutional issues that can have huge ramifications for future legislation.

In short, the proposed financial bailout legislation is being designed to prevent citizens from taking legal action to block the purchases and (hopefully) sales of the most toxic mortgage backed securities. Unfortunately for Congress, legislation that restricts judicial review has been deemed unconstitutional in a number of cases going all the way back to the 1803 case of Marbury v. Madison. Thus, while Congress is attempting to

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Added: Sep-22-2008 
By: crazymman
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Tags: Mortgage, Bailout, Legislation, Constitutional, Law
Views: 8793 | Comments: 6 | Votes: 1 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 1
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