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No oversight on Bailout plan

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If we have learned one thing over the past seven years, it is this:  Do not EVER trust the Bush administration when the question of executive power is at issue! From the Patriot Act to the authority to use force in Iraq to the need to pass a new FISA law, the Bush administration is always saying some kind of crisis necessitates urgent action, which inevitably leads to the administration being given — and abusing — unprecedented power.

This week, the Bush administration is at it again.  With the specter of a complete Wall Street collapse hanging over our heads, Treasury Secretary Henry Paulson is seeking 700 billion taxpayer dollars to bail out the financial industry.  While the American Freedom Campaign is not taking a position on the financial details contained in the Bush administration legislative proposal, we are outraged by one specific section related to executive branch accountability.

Section 8 of the legislation provides, “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.”

Yes, the Bush administration is asking Congress to give the Secretary of the Treasury the authority to spend $700 billion as he wishes, without any real oversight or accountability.  With respect to Congress, the proposed legislation requires the Secretary to merely submit reports about his activities starting three months after the first purchase of mortgage-related assets and semi-annually thereafter.  That’s like giving a gambling addict your life savings and asking him to send you a postcard from Las Vegas every once in a while.

If you believe, as we do, that it is time for Congress to actually serve its constitutional function and guide and oversee the activities of the executive branch*, please click on the following link to send an email to your members of Congress.

 

http://salsa.democracyinaction.org/o/2165/t/1027/campaign.jsp?campaign_KEY=25969

After you send your email to Congress, please be sure to forward this email along to friends and family or use the Tell-A-Friend option on our site.  It is critical that members of Congress hear from their constituents before they adopt any legislation related to this crisis.

Thanks for taking action.

Best,
Steve

Steve Fox
Campaign Director
American Freedom Campaign Action Fund

* None other than former Republican House Speaker Newt Gingrich made a similar statement regarding the responsibilities of Congress earlier today.  This is what he posted on the Web site of the American Enterprise Institute:

“Congress has an obligation to protect the taxpayer.

“Congress has an obligation to limit the executive branch to the rule of law.

“Congress has an obligation to perform oversight.

“Congress was designed by the Founding Fathers to move slowly, precisely to avoid the sudden panic of a one-week solution that becomes a 20-year mess.”

We couldn’t agree more.

http://salsa.democracyinaction.org/o/2165/t/1027/campaign.jsp?campaign_KEY=25969

Regulation in FantasyLand

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The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

http://www.politico.com/news/stories/0308/9246.html

 

Let me see if I have this right.  On December 15, 2000, as part of a decades-long anti-regulatory crusade, Former Senator Phil Gramm, representing the “foxes,” slipped a 262-page measure called the Commodity Futures Modernization Act into the omnibus spending bill.

 

Years of unceasing effort to beat down Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms had come to a successful conclusion, and set off a wave of merger mania with a return to the halcyon pre-Depression days of unregulated and unfettered manipulation of banking and the stock market.

 

The foxes had succeeded in defeating most of the protections the “farmer” (responsible government) had erected around the “henhouse” (our much-vaunted capitalism) in an effort to prevent the abuses that resulted in the Great Depression.

 

Not to push the allegory too hard, now all of those chickens have come home to roost.

 

And, the Administration wants to put the foxes in charge of 700 billion dollars ($7,390 per U.S. family) to save the henhouse from total collapse.

 

YOU HAVE GOT TO BE KIDDING ME!

Corporate Welfare….why no objections from the free market capitalists?

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Of all the no-account reasons why we, the American public, are supposed to finance the bailout of privately owned, mismanaged, unethical, corrupted corporations and businesses, the list given on CNN this morning has to be one of the most ludicrous.

 

Supposedly, if we don’t bail them out the entire economy will suffer and the trickle down theory of greed and corruption , otherwise known as free market capitalism, will affect us all…..in some terrible and unimaginable way.  But since no one was able to come up with anything relevant a list of non-relevant items was displayed.

 

Supposedly, now small businesses couldn’t get loans. Small business to you and me is the mom & pop operation we know locally, operating on a budget.  Small business to them is a few million here and there with no accountability.

 

Property taxes were said to be possibly affected.  Now wait a minute.  Why would our property taxes go up because some crooked bank or insurance company got caught cooking the books?

 

Our schools could be affected.   And why would this be?  What do our schools, already struggling under the unfunded mandates of the miserable No Child Left Behind program, have to do with crooked corporations?

 

 

I wish I could remember the rest of the list, but quite frankly, I got so mad looking at it my head nearly exploded.

 

Small businesses will not be able to get loans because there is no money to loan and there will be even less than no money if this bailout goes through. 

 

Saying that our property taxes and schools will suffer is almost true.  But not as a result of letting these businesses fail.  They will be affected as a result of the massive tax burden that will be assumed by taxpayers if this bailout goes through.  Every program funded by the federal government will be short changed, again leaving taxpayers to pick up the check for federal mandates on a local level. 

 

The way this works out is this: 

 

We will fund the bailout with tax revenues if we know what’s good for us, or those on top will make life miserable for those of us not on top.

 

We will oppose the bailout and take our chances.

 

I say we go for option two.  What’s the worst that could happen?

 

Some self aggrandizing CEO might have to cough up some of the millions he stole?

 

These businesses would fall by the wayside and maybe a new reorganized system would be put into place?

 

I say we take our chances.  No matter how this fiasco turns out, it is the taxpayers, the middle and lower classes that are going to foot the bill and endure the hardships…..not the big guys at the top who caused all of this.  

 

Let’s get through this on our own terms, not terms envisioned for us by people and politicians who could care less.

 

By the way……where are all those neo-cons who love to rage about pulling yourself up by your own bootstraps?  Why aren’t any of them screaming about this government handout, this epitome of corporate welfare? 

 

We’re getting pulled up by our bootstraps alright, but no one thought to bring the Vaseline.

 

© 2008 Marti Oakley

 

Congress Must Demand Bush and Cheney Resign

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http://www.democrats.com/resign

Congress Must Demand Bush and Cheney Resign

 

George Bush wants taxpayers to pay $700 billion to bail out Wall Street for its reckless investments in mortgage-backed securities. That’s on top of $800 billion for other recent bailouts, including A.I.G., Fannie Mae, Freddie Mac, and Bear Stearns. 

The current financial disaster is the direct result of the Bush-Cheney Administration’s 8-year policy of deregulation, corruption, and greed. 

The Bush-Cheney Administration cannot be trusted to solve the massive problems they created. Before Congress gives the Bush Administration one dime of taxpayer money for financial bailouts, Congress must demand the immediate resignation of George Bush, Dick Cheney, and Henry Paulson and the appointment of Speaker Nancy Pelosi as President until our next President is sworn in on January 20, 2009.  

Email your Senators and Representative and spread the word:
http://www.democrats.com/resign

Ron Paul on the bailouts…

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http://www.youtube.com/watch?v=1sfUKZOHtRs

Ron Paul tells it like it is!  NO BAILOUT!

RFID….Links to valuable information.

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From Dean Donaldson here at WordPress.  Check this site out for top level information from someone who knows what’s coming down the pike. 

 

http://deandonaldson.wordpress.com/2007/11/22/no-verichip-inside/or

 

 

http://deandonaldson.wordpress.com/2008/03/23/the-last-enemy-%e2%80%93-living-in-the-uk/

NO BAILOUT!! Let those “Free, unregulated markets work!”

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VoteNoBailout.org.

This online letter to your eleccted officials is sponsored by  www.ImpeachBush.org

ImpeachBush.org has put together an online letter sent directly to your senators and representatives. 

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Why should taxpayers be forced to bailout private businesses that are corrupt and unethical?  Why should CEO’S who ran these companies into the ground be allowed severance packages or be asked to stay on and continue running the disaster?  Why is NO ONE being charged with corruption in these failures?

All you free trade capitalists out there should be demanding that these banks and insurance companies be allowed to fold, just like any small business would.  Failure is the other side of the coin in deregualtion and no oversight.   

Since it is our money they are risking, the least they can do is listen to our views on this. 

Marti

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