Not really.
Like critics have claimed, the Secretary of the Treasury has tremendous discretion -- that is power -- to do what he wants. Slate provides a rundown of what we do not know:
The bill itself doesn't provide any help. It demands Paulson explain how this whole thing is going to work two days after the first troubled assets are purchased. At that point, Paulson must outline the following details:
1) Mechanisms for purchasing troubled assets
2) Methods for pricing and valuing troubled assets
3) Procedures for selecting asset managers
4) Criteria for identifying troubled assets for purchase
(The above order is the one Congress proposed in the legislation. Let's hope Paulson thinks in a more logical sequence. We'd recommend starting with No. 4 and working his way up.)
For now, all of this leaves us, the American public, scraping for some answers. Referring to that elementary series of questions we learned in grade school-who, what, where, when, why, and how-the only one that's been explicitly answered is why. We know that Paulson thinks we're all destined for Hooverville if we don't vacuum troubled assets from bank sheets. When the House shot down the bailout last week, Paulson's mantra sounded like it was stolen from Heroes. Save the bailout, save the world.
