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Is the AIG Bailout Constitutional?

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This is a press release from the We The People Foundation. In their mission statement they claim to be a non-partisan watchdog group dedicated to keeping the American people informed about political events at all levels of government, but particularly at a federal level that are unconstitutional or illegal, or both. This press release was sent to me via their online newsletter.

AIG Bailout Lawsuit by WTP

The defendants include the Federal Reserve System, Fed Chairman Ben Bernanke, the U.S. Treasury, Treasury Secretary Hank Paulson Jr. and the United States Government. 

On September 18, 2008, the WTP Foundation issued a press release citing the WTP Chairman, Bob Schulz:

"Beyond the moral hazard and dangerous precedent established by this action, it is of vital importance that the American people recognize that the present financial crisis is a direct and predictable result of decades of constitutional violations by the Federal  Government.  Through a long-standing policy of disinformation and collusion with the Federal Reserve and Wall Street financial elite, the United States Federal Government has denied public access to information about the secretive operations of the privately owned and operated Federal Reserve and its monopoly control of America's money system. 

"This monopoly control of our currency by a private banking cartel has resulted in increasing distortion, volatility and cyclical (boom and bust) economic conditions in the U.S. and abroad.  America's fiat currency (produced from thin air) is manipulated by the Federal Reserve for the benefit of its owners, major Wall Street financial institutions and the Federal Government and is not unaccountable to the taxpayers. These abuses of the Constitution have taken our financial system to edge of the abyss. The chickens have come home to roost."  

WTP Mission statement: http://wethepeoplecongress.org/00-Mission.htm

A quote from their website states the following: “Our current work focuses centrally around the long-forgotten First Amendment Right to Petition. The Congress [WTP] is determined to resurrect the "Capstone Right" of the Bill of Rights as an exercise of the People's natural Right to Sovereignty over their servant governments.”

Bob Schulz is not only Chairman of WTP, but its prime mover. He claims WTP is membership driven. He styles himself a strict Jeffersonian constitutionalist. He supported Ron Paul for president. Ron Paul’s campaign for president ended on June 14, 2008.

Mark Shields, the resident liberal on the PBS News Hour with Jim Lehrer noted on the September 19, 2008, edition of the show that none of the Libertarians and hard right wingers seemed to mind the current bailout of AIG by the federal government. My phrasing of what Shields was saying is, “Republicans don’t mind spending the public’s money as long as it is spent on Republicans.”

Well, maybe that is not altogether true. The above Federal Lawsuit was brought before the United States District Court, Northern District of New York.

The COMPLAINT can be found at http://www.wethepeoplefoundation.org/PROJECTS/AIG/AIG-Complaint-9-18-08.pdf.

The MEMORANDUM OF LAW can be found at: http://www.wethepeoplefoundation.org/PROJECTS/AIG/AIG-MemoLawSupptTRO-9-18-08.pdf.



Richard W. Overfield is an artist/writer currently based in New Mexico after living in Vancouver, Canada for 20 years.His paintings are represented in over 300 public & private collections in the U.S., Canada, Switzerland, France, England, Japan & (more...)

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