The Bush Administration has deigned to actually introduce
bailout legislation. And oh what a piece of legislation it is.
Quote:
The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
Quote:
The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation...entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts...issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Quote:
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Quote:
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.
Quote:
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
We have already seen unprecedented expansion of the powers of the executive branch in the past 8 years, to the extent that the idea of balance of power is now antiquated and quaint. We are so used to seeing governmental authority granting itself unlimited discretion that it barely even registers. So now another 700 billion dollars created out of thin air, greatly increasing the money supply, making every dollar you earn and save worth less. Authority granted the secretary of the treasury, an appointed cabinet post, to purchase the mortgage related assets of any financial institution in the US, without any check or review. These decisions by law cannot be challenged in court.
This isn't government by the people, for the people. This is the Leviathan State swallowing it's environment, driven by the unholy urge to feed. This is terrocracy unhinged, leveraging fear into control. This is a master laughing at his slaves as he reduces their rations.
Just picked up Naomi Wolf's new book
Give Me Liberty: A Handbook for American Revolutionaries. Book report to come.
Quote:
Whenever the legislators endeavour to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any farther obedience, and are left to the common refuge which God hath provided for all men against force and violence.
-John Locke
Last edited by amplify; 09-20-2008 at 06:12 PM.