Ok, so let’s peek at the Senate version (found via Michelle Malkin) of the bailout, shall we?
Section 101(a)(1) The Treasury secretary, an appointed position, not elected, shall be able to buy quite literally anything he wants from nearly any company he wants, for any reason he wants. There will be no oversight, nor shall anyone be allowed to question him. This single person can buy anything with taxpayer cash for any cost.
Section 101(a)(3) We shall create an entire new government bureaucracy with an unlimited number of employees to administer the purchases that the Treasury secretary wants to buy.
Section 101(e) None of these purchases will be able to be for things of value. In other words, the purchases cannot actually be worth what is paid for them — the government MUST pay more than things are actually worth to be able to buy them.
Section 102(a)(1) The government shall also create a new bureaucracy that is design to insure things that people cannot find Insurance agencies for. For example, if you cannot find an insurance company to insure your house because you live in a flood plain and a hurricane zone, the government will insure you. Anything that normal people will not risk insuring can now be insured by the government at the taxpayer’s expense. Oh, and section (c) says that the Treasury secretary can charge quite literally anything for this insurance — or nothing, if he wants to give it away.
Section 103 “Considerations” — the Treasury secretary can do whatever he wants with this act. This is the part that’s claimed to be the “taxpayer protection” part. But it really says that the secretary can “consider” taxpayers, but he can still do literally anything with the cash — it gives broad, general outlines, but zero requirements.
Section 104 — Another government bureaucracy shall be created that will consist of sycophants and friends of the Treasury secretary to provide “oversight” of the Treasury secretary and his actions. No actual elected officials or working people will be on this board, only bureaucrats who are already close friends and who will likely financially benefit from the secretary’s actions. Oh, AND the Treasury secretary will be on the oversight board to provide oversight of himself.
Section 106 — The Treasury Secretary shall become a real estate and financial broker. They have the power to buy and sell any assets of any company they want at any time and for any price.
Section 107 — The Treasury Secretary can, because this is the end of the world, waive all other rules and regulations that normally apply to government. He doesn’t have to do competitive bidding or follow any other rules because this is just too damn important to have rules. In addition, this part actually says that the Treasury Secretary should hire the incompetents at the FDIC to manage these assets, too.
Section 109 — The Secretary can make null and void any financial contract between any two people in America with the stroke of a pen. If you seek his permission, he can change any current mortgage contract to any terms he, personally, likes, regardless of the previous legally binding agreement. He can take away your rights to your own property if he wants to allow someone else to live on your property. He can choose to pay you, the property owner, when he takes these rights, or not, depending on his mood.
Section 110 — The Secretary can modify ANY previous agreed-to contract at will. He can change the terms of any financial contract, including the interest rate, payments, or even the entire principle, should he have a desire to.
Section 111 — If the Secretary, in his infinite and unquestionable wisdom, decides to buy something from a company, that company shall henceforth have all it’s payroll or it’s “Senior Executive Officers” determined by the Secretary and his new bureaucracy. The corporation and stockholders shall have no say in the compensation offered.
Section 112 — The Secretary can apply all the above to foreign companies and assets, too, so he can buy, quite literally, anything on the planet he wants to buy.
Section 115 — The Secretary only has $250 billion this week to buy stuff. At any moment (like tomorrow), the president can give him $350 billion more of taxpayer cash. At any time after that (like an hour later), the president can give him another $100 billion. In addition, this section COMPLETELY rewrites the rules of Congress for the purposes of this act.
Section 116 — The Comptroller General shall hire a crapload of bureaucrats to keep track of this. There is no limit on how many bureaucrats shall be hired or how much they will be paid.
Section 117 — The Comptroller General shall hire a lot MORE bureaucrats to produce a lot of paperwork to prove that the government is wonderful and has saved the world.
Section 119 — You cannot sue the Treasury Secretary if his actions in supporting your competitor at lower than market rates runs you out of business. This section also rewrites various rules of courts.
Section 121 — ANOTHER government bureaucracy shall be created. This is is called “The Inspector General for the Troubled Asset Relief Program.” It shall have lots and lots of bureaucrat employees. It will cost no less than $50 million.
Section 122 — Increase the public debt limit to $11.315 trillion.
Section 124(1)(C) — If the bureaucrats in the new bureaucracy like you, they will make your mortgage payments for you.
Section 125 — 5 Members of Congress shall be paid extra cash because this program was implemented. I’m dead serious here, this section actually gives CASH BONUSES to Congressional members. This is a DIRECT vote-buying scheme here. And they get more cash to hire MORE staffers under this plan.
Section 136 — The FDIC shall put up $250,000 of taxpayer cash to insure accounts, instead of the $100,000 of each account that is currently insured. Once again, how many taxpayers have savings accounts with over $100,000 in them? Not retirements accounts, checking and savings accounts. THOSE are the people helped by this. This section also indicates that the government can borrow any amount of money it needs to complete this action.
Section 204 — All this money being thrown about shall not be counted in the budget, nor be the responsibility of Congress.
Section 301 — Big piles of tax rules that make the tax rules different for rich financial institutions, but still make the working person follow the rules or face jail. Changes tax rules for certain people, depending on their position in a company. Dramatically complicates tax rules that were already way to complex. Adds more rules to prohibit individuals and companies in basic contracts. Allows the government to set the salaries of employees of private companies.
Next comes “Division B” of this “emergency” act. It’s title? “Energy Improvement and Extension Act of 2008.” Yes, that’s right, a pile of PORK included in this “Emergency Rescue” bailout bill. The emergency bailout is only 113 pages. That means this bill has 338 PAGES of pork to go with the 113 pages of the crap sandwich. Holy cow.
Again, I strongly suggest that if this disaster gets past Congress and passed into law, every person in America should immediately refuse to pay any and all mortgage payments — just tell the bank to get their cash from the government.
Popularity: 51% [?]
Tags: Freedom, Government by Ogre
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