Thursday, October 2, 2008

The King's Cake

This Bailout Bill from the Senate is just shock full of fun things.

Michael S. Rozeff @ on the Bailout Bill

The bailout bill means total financial dictatorship. This bill gives the death penalty to capital markets. The execution will, if this passes, begin immediately and be stretched out over succeeding years.

It includes such nooses as:

1. The Secretary of the Treasury (Finance Czar) gets complete power to buy up any mortgage-related assets he decides on. No questions asked.

2. The Finance Czar (Secretary) and the Fed Chairman get power to buy ANY FINANCIAL ASSET (wow!). They need only inform Congress in writing what they are up to.

3. The Czar can buy troubled assets of ANY financial institution he decides on.

The power grab here is not one but several quantum leaps beyond even the New Deal. It is at a minimum in that Big League.

The discrimination inherent in this bill is totally inconsistent with any kind of even-handed rule of law.

The precedent set here, if this bill passes, is extremely damaging. In the future, Congress will be far more likely to grant such powers to financial czars who will then have direct control over all the capital markets, money markets, and loan markets, and over all financial intermediaries.

What else is in this Bailout Bill?

How about Carbon Tax provisions?

The New York Post found the following -

* Manufacturers of kids' wooden arrows - $6 million.

* Puerto Rican and Virgin Is- lands rum producers - $192 million.

* Wool research.

* Auto-racing tracks - $128 million.

* Corporations operating in American Samoa - $33 million.

* Small- to medium-budget film and television productions - $10 million.

Oh yeah. It's a Real Porker.

Run Piggy!

Is it King Henry's Birthday?

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