Friday, October 03, 2008Len Hart
The bailout bill is unconstitutional --the result of an act of bald faced blackmail by George W. Bush. His administration had 'warned' of martial law if the bill did not pass. I call that blackmail!
The House rejected the original bill on Monday, sending stocks tumbling around the world.But lawmakers approved the rescue package, backed by U.S. President George W. Bush and Treasury chiefs, Friday after the U.S. Senate passed it by a large majority on Wednesday.Congress voted 263 to 171 in favor of the bailout bill, which will now go to President Bush to be signed.Wall St, after climbing nearly 300 points before the bill was passed, slipped after the successful vote as the market tried to take in the news.President Bush later said he would sign the bill into law Friday. --U.S. lawmakers pass $700 billion bailout bill
Article I, Section 7 states that all revenue bills shall originate in the House of Representatives but the Senate may propose or concur with Amendments as on any other bills. The reason for this is that at the time the Constitution was written, it was felt that Senators would be more wealthy than Representatives and might be willing to spend more government money than the Representatives would. Also, the House with its greater numbers was seen as being the better guage of the wishes of the people for spending measures.--US ConstitutionThis bailout bill originated in the Senate. According to US wealth distribution data compiled by 'The State of Working America', 'Wealth distribution in the U.S. is extremely concentrated at the top --even more so than income.'
These statistics, on the other hand, only hint at the L-Curve phenomenon because the top 1% isn't scrutinized in sufficient detail. Still, compare the net worth of the top half of the top 1% with the bottom half of the top 1%! If you add them together and proportion them out, 3/4 of the wealth in the top 1% is actually in the top 0.5%.Only a tiny group of Americans --Bush's 'base' --will benefit from the bailout directly.
The top and bottom halves of the top 0.5% would undoubtedly show even greater disparity if the data were presented with enough resolution. Note that nothing on this page even mentions billionaires. The largest fortunes are in the $100-billion range. The statistics on billionaires are diluted by lumping them in with mere millionaires. --op cit,
This absurd bill bails out the Wall Street house of cards upon the backs of working Americans, the onces who still have jobs. This is not merely absurd, it's criminal. It's a hold-up, theft under threat of 'martial law'.
The richest man in the world is probably worth more than some $60 billion dollars. If the 'bailout' were pro-rated, he should be expected to pay proportionally or between 10 and 15 percent of the total bailout. Will that happen? Not a chance. In America, the rich are supported by the middle and lower classes.
People must see clearly the futility of maintaining the fight for social goals within the framework of civil debate. When the forces of oppression come to maintain themselves in power against established law; peace is considered already broken. --Che Guevara, Principles of Guerilla WarfareThe bailout was unconstitutional but you can bet Scalia's rubber stamp office will give it a big OK! The current government in Washington is NOT legitimate.