The quote below is history making and shows conservatives for what they truly are, de-regulators with such large egos that they feel they will never mess up and can always "get one over" on their customers. Well guess what? Now that translates to the entire American people.
This is a sad time for America and it's currently elected administration. Even while America is hurting the economics of the Bush administration are looking for less oversight and regulation even while calling for more oversight and regulation. Do not be fooled. McCain will bring forth the SAME policies as Bush, keep the SAME tax cuts as Bush, appoint a SIMILAR de-regulator like Lindsay "America is in a mental recession and are a nation of whiners" Graham who keeps with the same policies of Mr. Paulson.
We need a free market with regulation. PERIOD. None of this "Just let them have it and the market will work itself out" bullsh*t. People are corrupt. People need oversight. We must not sign our life away WITHOUT OVERSIGHT! Period! Don't believe me? Check out what Paulson's legislation said below. I don't care what you conservatives say. This is PROOF that socialism (larger Government for the people, BY the people) MUST be involved in capitalism. PERIOD.
This says it all:
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Secretary of the Treasury Henry Paulson is about to crown himself King of the USA and the Bush Administration and the Congress are aiding and abetting the execution of this bloodless coup d' état over the hapless American people by giving Paulson unlimited and total singular personal power to make economic policy and execute it without any democratic input or oversight from the Congress or even the right of the people to challenge his actions or seek redress for the taxpayers through the Courts!
The days of the Republic are almost over and yet many Americans still cling to the illusion that their President, the Congress, and the democratic institutions created to protect them are functioning correctly even as the Government moves to use taxpayer funds to bail out the thieves in the banking industry. So that we are clear about just one implication of this legislation and the powers Paulson has taken to himself, Paulson has served notice to his banker buddies around the world that your tax dollars are also available to buy the toxic debt of floundering foreign banks as well as fraudulent debts accumulated on the balance sheets of the toppling pyramid of US banks and insurance companies!
From the legislation:
"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."
In the future Paulson or whoever takes over his post in the new administration will be able to use taxpayer money to do whatever he chooses, whenever he chooses and Congress will have no say in the matter. Mike Whitney gets into the jaw-dropping details of the impending legislation and how it describes very clearly an end to the US Republic as we have known it.
Those who want to put a stop to this bailout and the transfer of power over the economy from long-standing democratic institutions to one man go to Vote No To the Bailout, read, register and get too work. I don't think it is to strong a statement to say the future of every US taxpayer hangs in the balance and the window for your action is closing fast.
These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation's financial markets and the country's economic future.
Industry representative Henry Paulson has submitted legislation to congress that will finally end the pretense that Bush controls anything more than reading the lines from a 4' by 6' teleprompter situated just inches from his lifeless pupils. Paulson is in charge now, and the coronation is set for sometime early next week. He rose to power in a stealthily-executed Bankster's Coup in which he, and his coterie of dodgy friends, declared martial law on the US economy while elevating himself to supreme leader.
"All Hail Caesar!" The days of the republic are over.
Section 8 of the proposed legislation says it all (A necessary REPEAT):
"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."
Right; "non-reviewable" supremacy.
Congress, of course, is more than eager to abdicate whatever little authority they have left. They're infinitely grateful for their purely ceremonial role, the equivalent of Caligula's horse, albeit, with considerably less dignity. Has even one senator spoken out against this madness, which--according to informal internet polls--is resoundingly rejected by the voters? Does it concern the members of congress at all, that the present financial crisis was brought on by the proliferation and sale of trillions of dollars of mortgage-banked garbage which were fraudulently represented as Triple A rated bonds by the very same people who now claim to need unprecedented and dictatorial powers to fix the problem? Or are they more worried that the steady torrent of contributions which flows from Wall Street to congressional campaign coffers will be inconveniently disrupted if they fail to ratify this latest assault on democratic governance? The House of Representatives is one big steaming dungheap that should be leveled and turned into an amusement park instead of a taxpayer-funded knocking shop. What a pathetic collection of cowards and scumbags.
Bloomberg News:
"The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets. Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.
by Moonwolf September 22, 2008 at 02:30 pm
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Couldn't have said it better myself, Moonwolf.
What can YOU do? Contact your congressman! I did and so can you!
Click this link to find your congressman's contact information.
http://www.visi.com/juan/congress/
Posts
Compliance is Not Consent
5 years ago
6 comments:
One line stuck out in this post:
People are corrupt. People need oversight.
I have never been a big fan of the George Lakehoff authoritarian parent vs. nurturing parent philosophy. I have always thought it was emasculating. (I hated the "Why Mommy is a Democrat" book too.)
This is more like what reaches people: The world is indeed a dangerous place, there are evil, greedy people, whom we must protect ourselves against.
Another analogy I have been using lately is "flying a kite." As long as you hold the string tight, you control the kite, nut cut the string, and the kite falls.
People are corrupt, true - but let us not forget that people are also stupid. The people generally do not understand the economy and the markets, they're just a part of it. Sometimes the government has just got to step up and get on with it. You say you want a blend of socialism and capitalism, well when the free market fails (in particular; no liquidity in overnight credit facilities), then this is the situation for the State to get involved. No doubt certain people are perfectly positioned to get their pockets lined, but it's America, what on earth did you expect?
The whole scenario is weak, bailing out, and effectively rewarding poor business practices is not something I believe in. But what was the alternative? Had the banks been left to crash and burn, it still would have cost the US taxpayer big time, and the economy would be wrecked (probably too late to avert that now), and the government still would have been blamed for it. These guys are just making the best of a bad situation. Implying that these evil crooks are dividing up the American silver for their own advancement is just paranoid sensationalism.
Great post RedWing. I think the key here is not to rush things. Saying the financial market will collapse on Monday, 9/29/2008 is about the lamest thing I've heard in a long time.
If it takes a few extra days to iron out a good bill with plenty of oversight and even some benefits for the average American, then I say do it!
I got 6 more people reading your blog now Red...keep up the posts and get some more authors!
It's gotten to the point that something has to be done to avoid a crash. So yes, I agree, the gov't had to step in. That doesn't mean that there shouldn't be consequences for wrong doing. The biggest problem is that there probably wasn't a whole lot of illegal activity, probably lots of immoral activity, mostly centered around greed.
Also, changes have to be made. I 100% agree that a regulated market is the only way to put a damper on greed and protect people trying to make a living and save for the future.
There are enough resources in this world for everybody. I dislike laziness as much as greed, so I do believe a person should contribute to the betterment of society. I also think it's ok to make a lot of money, if that's what makes a person feel successful. However, making lots of money at the expense of others, or to the extent that it deceives another person, that's were I draw the line.
You can't legislate, or even regulate, morality. But I have to side with attempting to regulate over leaving people completely open to a "free" market.
What do you think needs to be part of the Bailout that would make it right?
Part of the bailout plan...... all bankers should have their organs sold on the black market to recover at least part of the lost funds? Or we could investigate using them as some sort of energy source (possibly burning them for fuel or have them run on treadmills, with spikes)? I haven't worked out the finer details just yet but I'll be down the patent office shortly.
Tom, I think you said it all and gave me good laugh as well--LOL!
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