Today on the politico website, Congressman Brad Sherman (D-California) who is a senior member of the House Financial Affairs Committee, lets the cat out of the bag with regard to the financial "reform" bills that President Obama is pushing in Congress. According to Congressman Sherman there is "unlimited executive bailout authority" in the bill. In other words, the bill which Obama says will end bailouts actually give Obama the ability to bailout any financial institution without any further action by Congress. Once again, the truth and the rhetoric do not line up.
I find it amazing that after Congress authorized the TARP funds of over three quarters of a trillion dollars to be used for financial bailouts, that the Obamacrats think this is not enough. Apparently, the Obamacrats are worried that if the Republicans increase their seats in Congress after the 2010 election, the Obamacrats will no longer be able to get unlimited bailout funding for their favored constituencies. the era of crony capitalism fostered by the Democrats might actually be forced to an end. As a result, they are trying to pre-authorize the practice of bail outs so that they will not need approval from a more heavily Republican Congress.
It is almost funny to hear Obama state that he is trying to pass the bill to prevent future problems when the true reason for it is to assure that Obama has the unfettered ability to continue to pour cash into his favorite receipients. Indeed, this is just what the big Wall Street banks want. There is, after all, a good reason why Wall Street personnel gave four times as much to Obama as they did to McCain.
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