Day of Horror

It's coming. Soon. Maybe Tommorrow. Maybe Thursday.



C'mon.
Ya'll are buying this guy again?
Tell me.
What did he do to his hair?
Seriously. Blonder?

John's closing statement: "Those who don't learn from the past get an exciting opportunity to repeat it."

Not just W's past.

No, W and Hank and Ben are all helping us relive the 1929 Great Depression.

What the Fed Chairman should be

Consistent.

Ron Paul, in 1983.

Republican Turncoats

Except the 228.

At their own convention this year (Anti-Ron Paul farce that it was),
the Republicans commited to such wonderful ideals as

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.

Oh go ahead. Read the whole thing. If you thought republicans like JOHN MCCAIN or ROY BLUNT actually stood for anything, after this week, you are seriously delusional.

Paul and McCotter and some of the rest of the 228 though, are a breed apart.

Congressman McCotter from Michigan

"There are no necessary evils in government. The Treasury to you, Gentlemen, is closed".

Why are they so Desperate?

To authorize a measly $700 billion?

According to McCain, they could spend a cool TRILLION without Congressional approval.





Economists from all over the country are yelling STOP! In a letter sent to the Senate on 9/24, they wrote:

Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

More economists signed onto this open letter from the Freedom Works foundation (Dick Armey's group)

Granting the Treasury broad authority to purchase troubled assets from private entities poses a significant threat to taxpayers while failing to address fundamental problems that have created a bloated, over-leveraged financial services sector.

McCain is on TV right now talking about "Dire Consequences".
Obama says we can't have many more days like this one.
What is that, days where the stock market rebounds from a, um, minor (7%) drop?

They're still trying to panic us.

Why?

One to Share

Here we go again!

The Senate is not waiting for the House to return to "solve the crisis".

No, they are hell bent on solving it themselves, and burning up the Constitution in the process.

Senate to force House's hand on bailout

The Senate measure will graft the bailout language to a tax bill it approved last week, on a 93-2 vote. It includes: a provision to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana and some $78 billion in renewable energy incentives and extensions of expiring tax breaks.

Oh yeah, they're going to bribe you too.

Senate leaders figure the House will have to approve it because the tax cuts are too appealing to Republicans and the financial rescue plan will still seem essential to most Democrats.

This ones' a HELL NO.

CONTACT CONGRESS

McCain is, a bit late to the semantics party. But heck! He's fully on board...

"The first thing I would do is say, 'Let's not call it a bailout. Let's call it a rescue,'" McCain told CNN. He said, "Americans are frightened right now" and political leaders must give them an immediate solution and a longer-term approach to the problem.

And as for the Constitution -

http://www.usconstitution.net/constfaq_a7.html

Q125. "On the Checks and Balances Page, it says that a legislative check on the legislature is that only the House can originate revenue bills. I've been told that only the House can originate spending bills, too - is this true?"

A. In my opinion, the Constitution is unambiguous on the point: "All bills for raising Revenue shall originate in the House of Representatives" (Article 1 Section 7). Thus, I've listed the House's "original jurisdiction" over revenue bills (laws that affect taxes) as a check. The House, however, views this clause a little differently, taking it to mean not only taxation bills but also spending bills.

The plain language of the clause would seem to contradict the House's opinion, but the House relies on historical precedent and contemporaneous writings to support its position. In Federalist 66, for example, Alexander Hamilton writes, "The exclusive privilege of originating money bills will belong to the House of Representatives." This phrase could easily be construed to include taxing and spending. The Supreme Court has ruled, however, that the Senate can initiate bills that create revenue, if the revenue is incidental and not directly a tax. Most recently, in US v Munoz-Flores (495 US 385 [1990]), the Court said, "Because the bill at issue here was not one for raising revenue, it could not have been passed in violation of the Origination Clause." The case cites Twin City v Nebeker (176 US 196 [1897]), where the court said that "revenue bills are those that levy taxes, in the strict sense of the word."

However, the House, it is explained, will return a spending bill originated in the Senate with a note reminding the Senate of the House's prerogative on these matters. The color of the paper allows this to be called "blue-slipping." Because the House sees this as a matter of some pride, the Senate is almost guaranteed not to have concurrence on any spending bill which originates in the Senate. This has created a de facto standard, despite my own contention (and that of the Senate) that it is not supported by the Constitution.