Paulson: Congress Has No Authority Here; Bailouts Will Push US into Depression
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Friday, September 12, 2008 | 07:14 AM
in Bailouts | Credit | Legal | Taxes and Policy
"As with any contract, the parties to the agreement may modify the covenants by mutual agreement only.''
-Treasury Secretary Hank Paulson
Hank Paulson's God Complex just got bigger. The Director of Government Bailouts, and head of the Socialism Departmant at Treasury has informed Congress to back off his turf.
"All your legislation belongs to us!"
Now, last I checked, it was Congress that had the power of authorization disbursements, and that Treasury does not have the authority to spend 5.3 trillion dollars. Comrade Paulson does not seem to understand the way the different branches of government work in the United states, and is apparently unfamiliar with a little parchment called the Constitution. Perhaps we can get Ron Paul to explain how these things work to our friend from the People's Republic of Goldman.
Bill King: "Hank is trying to euchre the market into believing that if Congress tries to change the law, the executive branch would then sue Congress for breach of contract. Good luck with that at the Supreme Court." Nice try, comrade, but no such luck.
--MORE--
The Hidden Bailout Of $1.4 Trillion In Fannie / Freddie Credit-Default Swaps
Bailouts Will Push US into Depression: Manager
US housing solution is not a good one to follow
CFR: The Strategic Consequences of American Indebtedness
Reasons to be cautious on wave of dollar optimism
Friday, September 12, 2008 | 07:14 AM
in Bailouts | Credit | Legal | Taxes and Policy
"As with any contract, the parties to the agreement may modify the covenants by mutual agreement only.''
-Treasury Secretary Hank Paulson
Hank Paulson's God Complex just got bigger. The Director of Government Bailouts, and head of the Socialism Departmant at Treasury has informed Congress to back off his turf.
"All your legislation belongs to us!"
Now, last I checked, it was Congress that had the power of authorization disbursements, and that Treasury does not have the authority to spend 5.3 trillion dollars. Comrade Paulson does not seem to understand the way the different branches of government work in the United states, and is apparently unfamiliar with a little parchment called the Constitution. Perhaps we can get Ron Paul to explain how these things work to our friend from the People's Republic of Goldman.
Bill King: "Hank is trying to euchre the market into believing that if Congress tries to change the law, the executive branch would then sue Congress for breach of contract. Good luck with that at the Supreme Court." Nice try, comrade, but no such luck.
--MORE--