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I took a bit of time today to read the proposed legislation, the Emergency Economic Stabilization Act of 2008, and see for myself what our elected leaders are trying to do. Unfortunately, it took a while because I kept stumbling on pieces of insanity like this...

Section 104 established the Financial Stability Oversight Board. This organization is tasked with "Reviewing the exercise of authority under a program developed in accordance with this Act..." and associated oversight duties. Specifically, the Board's job is to be the whistle blower organization to the Special Inspector General for the Troubled Assets Relief Program (this program), or to the Attorney General. The Board is supposed to look for signs of fraud, misrepresentation, or malfeasance. Here's the catch...the Board is comprised of the people already overseeing this fund, the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Director of the Federal Home Finance Agency, the Chairman of the Securities Exchange Commission, and the Secretary of Housing and Urban Development. Think fox and hen house...