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find a single instance in the Constitution where the federal government has the power to bail out any company.
Article 1, Section 8:
Quote:
To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;
...
To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.
To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;
...
To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.
There was no foreign nation. This was a company and not an issue between states. There were no Indian tribes involved.
Regarding posts 12, 13, and 14, please see McCulloch v. Maryland (1819.) Justice Marshall wrote, "It is not enough to say, that it does not appear that a bank was not in the contemplation of the framers of the constitution. It was not their intention, in these cases, to enumerate particulars. The true view of the subject is, that if it be a fit instrument to an authorized purpose, it may be used, not being specially prohibited."
''Let the end be legitimate,'' he wrote, ''let it be within the scope of the Constitution, and all means which are appropriate, which are plainly adapted to that end, which are not prohibited, but consistent with the letter and spirit of the Constitution, are constitutional.''
The notion that the Congress doesn't have the authority to make a commercial transaction (a loan in exchange for assets) to a bank is absurd on its face.
The Democrats already made political hay by demagoguing those corrupt Republicans and their corporate welfare bailing out the banks during the 2008 campaign. Now they will no doubt tout how wise they were to make those investments that saved the economy and even turned a profit, claiming credit for themselves and counting on peoples' memories to be too short to remember that they said just the opposite back in 2008.
Similar to how Obama railed against Bush over Iraq but then gave a speech commemorating how successful it all was once he was President himself. In 2007 he said the war was a waste and "should never have been waged." But in 2011 he proudly referenced himself as Commander in Chief and called what he previously termed a waste as now an "extraordinary achievement."
There was a pretty solid reason for people to be upset in 2008. We had FULL control of the government for most of the time leading up to the Great Recession. It was our stupid mantra of "government regulation bad" that caused this mess. Even now, it is Republicans who are holding the financial system back from regulations that make sense. We deserved to get more hell for what happened and there are few people who call themselves conservative who have the guts to stand up and take responsibility.
It's good that we got a surplus back from Citi. Most of the moves made by both Bush and Obama (and those proposed by McCain) were largely the same and they were needed. If those same folks who whine about government stepping in here cared so much, they'd be writing letters asking their representatives to pass real financial regulation.
Well, I guess it was a good idea after all. It kept the banking system from collapsing and then the government earns a profit.
Meanwhile all of us investors and taxpayers get screwed over. I can see why you are so freaking happy that the government bailed out the financial institutions that crashed the economy.
There was a pretty solid reason for people to be upset in 2008. We had FULL control of the government for most of the time leading up to the Great Recession. It was our stupid mantra of "government regulation bad" that caused this mess. Even now, it is Republicans who are holding the financial system back from regulations that make sense. We deserved to get more hell for what happened and there are few people who call themselves conservative who have the guts to stand up and take responsibility.
It's good that we got a surplus back from Citi. Most of the moves made by both Bush and Obama (and those proposed by McCain) were largely the same and they were needed. If those same folks who whine about government stepping in here cared so much, they'd be writing letters asking their representatives to pass real financial regulation.
You really need to look at what transpired before GW Bush became president. If anything, Bush could be faulted for not restoring the financial regulations Clinton repealed, and for not pushing his call for reining in Fannie and Freddy.
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