from the National Review
The Paulson proposal, and the several congressional proposals based upon it, raise substantial constitutional questions regarding: (1) Congress’s enumerated power—or lack thereof—to intervene with private markets in the manner contemplated, (2) the lack of meaningful standards to guide the extremely broad grant of discretion to the Treasury secretary (the “legislative delegation” problem), (3) limitations on judicial review over the exercise of that almost limitless discretion, and (4) related separation of powers concerns.
From a constitutional standpoint, the current versions of the legislation are different in scope, and especially in kind, from almost any federal legislation that has come before. Many analogies to past emergency economic powers, such as those exercised in response to the thrift failures of the 1980s, are not on point with regard to these central constitutional concerns.
And these concerns are serious, regardless of how the courts might resolve them. Some would treat the Constitution merely as a legalistic contract and employ narrow legalistic arguments to circumvent its strictures and protections. The substance of this debate, however, should not turn on what provisions might or might not pass muster with the courts under a pinched conception of our fundamental law. Rather, it is the principles the Constitution embodies, which have served us well through so many crises, that should be the focus of debate. In short, Americans should take little comfort that [this or that provision] might barely pass muster in the courts if the legislation does serious damage to the underlying constitutional principles that were designed to protect our individual rights against governmental usurpations.
[T]hose who argue that we need to suspend the fundamental charter in order to save it (or the economy) have it backward. Our fundamental charter has always been a bulwark for the free market. [Addressing these] constitutional concerns should not only improve the short-term value of any emergency legislation; it should also support the long-term viability of free markets and, ultimately, free people.
This 700Billion Dollar rip off of the treasury is a violation of the very founding building blocks of America. Congress are the very people that caused this problem with the CRA and Fannie Mae and Freddie Mac and Mark to Market.
Have you noticed not one hearing has been held by Congress to find out where the problem originated or who benefited from the fraud committed in the financial markets. No we must rush this bailout through before Monday.
The reason is, the problem is the Government not free enterprise, and all the main pieces were put in place and run by Democrats. Two of the biggest comiters of fraud in this are Johnson and Raims both swindled over 100 million out of fannie and freddie and are the financial advisers of Barack Obama.
It is time to do away with the CRA and Mark to Market. The CRA is the community reinvestment act it is a government mandate that forces banks to lend money to people and neighborhoods that have a proven history of not paying the money back. Mark to Market is another law that forces value controls on commodities. If a bank fails and say has gold or real estate as assets, and due to it's failure sells them at 20cents on the dollar. Well Market to Market forces every other bank that has these same assets to value them at that price. So if your bank was solid before the other bank failed it is now in trouble because it also has to price it's gold and real estate at 20% of there worth. This is a recipe for financial disaster.
The solution to this problem is simple. Repeal those laws, and Allow those with the bad investments to fail.
The second step is to reinvigorate our economy and the strengthen the dollar. To achieve this you also only have to do a couple basic things.
American Corporate tax rate is 35% this must be cut to a maximum of 15%. Capital gains needs to be cut to ZERO. and the we must drill our own oil.
We are sending 700billion a year to nations that are our enemies for a resource that we have more of than they do. The cut in the corporate rate will keep business in this country, the capital gains cut will cause a flood of reinvestment and release the entrepreneurs, and the drilling of our own oil will create 100s of thousands of jobs and as a side benefit drop the price of gas while cutting off funds from our enemies.