American Business, bailouts, banking, Business, Capitalism, collusion, corruption, Cricket Diane C Sparky Phillips, cricketdiane, Democracy, Global Economy, graft, International Concerns, investment banking, macro-economic future forecasting, racketeering, Reality-based Analysis, stock market, US Congress, US Constitution, US economic crisis, US Government, Wall Street
Once the bailout bill failed in the House, it was against the law to originate this bill in the Senate.
“All Bills for Raising Revenue shall originate in the House of Representatives.”
In the US Constitution – which apparently does apply to them in every measure (in the US Congress) – the appropriations just made, in the bailout bill, and the previous bailouts and sequester of moneys from the US Treasury for use to bailout and purchase private / publicly-traded businesses has also been against the law and were illegally made.
“No money shall be drawn from the Treasury, but in consequence of appropriations made by law.” US Constitution, Article I, Section 9, Clause 7.
Committee on Appropriations,
(This little clause from the Constitution means that when Paulson took over AIG and made some other moves at bailouts including short-fall coverage of the money market funds – he was acting outside the jurisdiction and jurisprudence of his authority. The President and his team overstepped the bounds of checks and balances set up through the Constitution and other National / Federal laws. The Speaker of the House of Representatives took opportunity to further causes in an arena where her authority also did not go.
Attorneys will be making $600 per hour fixing stuff for US government and fighting with them about it – SEC overstepping bounds of authority also – see FoxBusiness 3.29 p/ET-US – 10-03-08
2007 Treasury Public Debt Bureau completed set up of liquidations of securities mechanism
US House financial services committee?
Hoyer – House Majority Leader, on approriations committee and others?
Didn’t these and others in Congress have to decide for the Treasury to have the money that subcontracted the computer code package for setting up this liquidation of securities program that was completed as of February 2007?
How could they have done that in isolation – without oversight and without having any way to know that they would be liquidating these securities that today the bill was actually passed to purchase?
It took, near as I can figure –
1 1/2 – 2 years: to write code and 6 – 8 months to install it
1 year: to define what it needs to do
+16 months: if subcontracted – that process takes a little more than a year for bids and (Senate?) approval
This means that 4 years +/- 3-4 months ahead of Feb. 2007, this program was started – that is 2002/2003.
That also means that the hands, minds and efforts behind this are denying the Constitutional and Federal laws throughout the process. How is that possible? It certainly still applies to them. But, it makes the bill that was just passed and the mechanism created beforehand to accommodate it – an illegal / criminal act.
– Cricket Diane C “Sparky” Phillips, 10-03-08, USA
US economic crisis, US economic bailout, US government