Absolute Power - A Call for Voter Awareness

[RobRich]

Let us examine perhaps one of the most disturbing political proposals to be brought before Congress in recent history.

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Paulson's power grab was specifically spelled out by the treasury secretary in Section 8 of his proposal, which read: "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."

Source: The Beat (The Nation Blogs)

Such language removes the will of the people, which goes a long way to explaining why the currently presented market bailout plan offers only 28% of expressed consent among our citizens. More to the point, only 7% of Americans even support the federal use of taxpayer money to bailout financial corporations.

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In a separate survey last week, only seven percent (7%) of voters thought the federal government should use taxpayer funds to keep a large financial institution solvent. Sixty-five percent (65%) said let the company file for bankruptcy. The numbers were generally the same across Republicans, Democrats and unaffiliated voters.

Source: Rasmussen Reports

[The Real Bingo]

Scary indeed.

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Originally Posted by RobRich

It is time to act, which is one of the most compelling reasons to use both common sense and careful decision in the upcoming Presidential election. Make your vote count, and please use it wisely.

Don't forget about the congressional election.

[RobRich]

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Originally Posted by The Real Bingo

Don't forget about the congressional election.

Agreed and noted.

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Originally Posted by RobRich

For those politicians supporting such absolute power, pause to remember their support when it comes time for us citizens to again vote, regardless of the political affiliations involved.

[The Real Bingo]

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For those politicians supporting such absolute power, pause to remember their support when it comes time for us citizens to again vote, regardless of the political affiliations involved.

There are individuals from both sides who think this is bogus, and I respect them for that. I just hope they outnumber - and don't cave under pressure - those who think this is a good idea.

[RobRich]

As Rasmussen polling suggests:

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The numbers were generally the same across Republicans, Democrats and unaffiliated voters.

Case in point, it does not take much skimming around DebateIMO to realize you and I have rather divergent stances on a myriad of political topics. Still, we both readily realize the serious nature of the market bailout proposal as currently worded.

It is about time that we as a populace have found bipartisan support on an important issue. However, the support is being found more among the people instead of our elected politicians. It is time for a political wakeup call, with our votes being the alarm clock.

[SiliconJon]

bailout coup - Google Search

[The Real Bingo]

An e-mail I wrote to my congressman:

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Regarding the current bailout bill in congress:

As a fiscally responsible member of the House, I appeal to you to not vote for such an egregious and expensive overextension of our government into the private sector. Our nation's debts are already steep enough without this proposed bailout of irresponsible corporations. More regulation is needed, but this potential socialization of corporate losses is unacceptable. The fact that the taxpayer has to absorb losses while corporations get to reap and privatize profits is entirely ludicrous.

Thank you for your time, sir.

[RobRich]

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Originally Posted by The Real Bingo

An e-mail I wrote to my congressman:

^Taking action.

[Chuckiechan]

That's an interesting argument.

Do we vote for principal and take the pain of economic malaise for years to come, or do we bite the bullet and bail out the mortgage industry?

There is such a thing as mortgage insurance, and plans are calling for increasing the premiums to resolve the bad debt over time - negatively monetize it,if you prefer, into bonds to be surrendered with mortgage insurance payments.

I will say this: Congress made this mess over the last 20 years and lots of middle class and lower people have benefited from it by getting into homes and doing just fine. I'd hate to see that conservative ideal abandoned. It can be saved with higher mortgage insurance premiums. I hope they go there.

[SiliconJon]

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Originally Posted by RobRich

^Taking action.

Don't delay, there's a push for urgency playing on the fears in the same manner in which the Patriot Act was passed.

Bernanke, Paulson urge fast action from Congress - MarketWatch