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

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 prevent individual lawsuits from gumming up the process of buying and selling the questionable securities, it is risking that the entire law itself will be ruled unconstitutional and will be put on hold. This will most likely occur first in lower courts which will almost assuredly have challenges put in front of them almost immediately. If a lower court rules the 2008 Bailout legislation to be unconstitutional because of limits on judicial review this "emergency" legislation may quickly get put into neutral.

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