a post "bailout" thought
By xfahctor
@xfahctor (14118)
Lancaster, New Hampshire
October 15, 2008 1:31am CST
give me your thoughts on this thought.
The Federal Reserve creation was a bad enough mistake because the creation gave power over money the FED. The Constitution gives the money authority ONLY to Congress, and more, does NOT provide for congress to give away its power. The bailout multiplies the original sin.
3 responses
@xParanoiax (6987)
• United States
15 Oct 08
The multiplication is also amplified by how many citizens of this country know virtually nothing about how our currency works, or the history of constitutional powers in this country.
Every time I think about it, it's hard not to be a little depressed.
1 person likes this
@xParanoiax (6987)
• United States
16 Oct 08
aw...well if it was the case, I'd probably get along better with my own generation, I think.
Maybe they just have to work at it.
I'd personally love if they were MORE in the know and aware than I am.
@evanslf (484)
•
15 Oct 08
What surprises me is that Poulson seems to have the authority to change the terms of the bailout package. I understood it was about removing toxic mortgage securities from the banks's books but now we are told that $250 million of this bailout will go towards nationalising the banks. The Bush administration nationalising the banks!?! Who would have thought such a thing would come to pass in a Republican administration but what I don't get is why he isn't seeking Congressional approval first...
1 person likes this
@xfahctor (14118)
• Lancaster, New Hampshire
15 Oct 08
"but what I don't get is why he isn't seeking Congressional approval first"
because by the terms of the bill, he doesn't have to. in fact, by the terms of the bill, the FED can pretty much do what they want, when they want, how they want.
@starryeyes90 (108)
• United States
15 Oct 08
The whole thing just smells rotten. I'm going to betray what a huge nerd I am here an compare this whole taking power thing to Star Wars. You know what I'm saying, when the senator became emperor. I know, I'm a big dork. Anyway, it's all lousy. Nationalizing anything just really doesn't work.
