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.
Do we live in Nazi Germany? To have this language in a document is outrageous. Herr Paulson may have been able to run Goldman Sachs this way, but he now works for you and I. He serves at our discretion along with every other politician and government bureaucrat in Washington. They are so consumed by their power that they have forgotten that “We The People” dictate the future of this country. The public was overwhelmingly against the bill. Calls and emails flooded Senators and Representatives to vote against this bill. They still voted for the bill. They ignored the people and confirmed that they are as corrupt as many believe. The same people who created the problem, didn’t see it coming down the track, insisted there was a light at the end of the tunnel, and now see their elitist corrupt system falling apart, want you to believe that they know best. President Bush summoned up his best WMD scare mongering speech, to try and convince the American public that we must do this before it is too late.
What the Future Holds
I am naturally drawn to people who tell the truth. President Bush, Hank Paulson, Ben Bernanke, Barney Frank (Can you believe our fate is in his hands?), and Chris Dodd have been lying to the American public for years. The truth is buried under a blizzard of their lies. We are supposed to believe the words of a multi-millionaire Harvard MBA President telling us we must trust the former CEO of Goldman Sachs who is worth $700 million and never saw this coming, with at least $700 billion of our money. There is no detailed plan, because they have no idea what they are doing. They are making it up as they go along. This same President promised a quick Iraq war that would cost less than $50 billion with minimal casualties. The war has cost $700 billion so far. That number has a familiar ring. Over 4,000 brave Americans are dead. Over 30,000 have been wounded. This result does not give me confidence that he will be right this time.
The President tried to scare the American public into supporting the bailout by saying we would go into a deep recession if we don’t pass it. I’ve got news for Mr. Bush. We are in a recession and it will be deep and long. We have entered a massive deleveraging phase in America. Americans are learning that debt can destroy companies, people, and governments. They are slowly wakening from their hedonistic stupor and will begin to pay off debt and save. It will not be pretty for the economy, as retailers, homebuilders, developers, and restaurants go bankrupt by the thousands. This is supposed to be a capitalistic society. A deep recession will purge the excesses. The ruling elite will keep most of their millions. The average American will be pushed closer to the abyss as their home price continues to decline, their 401k stagnates or declines, they lose their jobs, and pay higher taxes.
Those telling the truth included Representative Ron Paul and Senator Jim Bunning. Their views on the bill were as follows:
Ron Paul’s words:
“Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike. The events of the past week are no exception. The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences - predictable, that is, to those who understand sound, Austrian economics - are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.”
Jim Bunning’s words:
“Most pressing is the $700 billion Treasury proposal that is being negotiated with the Chairman of the House Financial Services Committee. The Paulson proposal is an attempt to do what we so often do in Washington – throw money at a problem.
We cannot make bad mortgages go away. We cannot make the losses that our financial institutions are facing go away. Someone must take those losses. We can either let the people who made bad decisions bear the consequences of their actions, or we can spread that pain to others. And that is exactly what the Secretary proposes to do – take Wall Street’s pain and spread it to the taxpayers. The plan has not even passed, and already Americans are paying for it because of the fall in the dollar as a result of all the new debt we will be taking on.
I know there are problems in the financial markets, and I share a lot of the same concerns that our witnesses do. However, the Paulson plan will not fix those problems. The Paulson plan will not help struggling homeowners pay their mortgages. The Paulson plan will not bring a stop to the slide in home prices. But the Paulson plan will spend 700 billion taxpayer dollars to prop up and clean up the balance sheets of Wall Street. This massive bailout is not the solution, it is financial socialism, and it is un-American.”
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