9/24/2008

Henry Paulson to Become Overseer of U.S. Economy

Henry Paulson to Become Overseer of U.S. Economy

“In truth, the impending legislation merely formalizes powers already usurped by Paulson and Ben Bernanke over the past few months.With the growing financial turbulence, both the Federal Reserve and the Treasury Department have been exercising unconstitutional, quasi-dictatorial powers, including the bailouts of AIG and Bear Stearns and the nationalization of Fannie Mae and Freddie Mac — all this in addition to the Fed’s arrogation of authority to issue credit lines to investment banks and a whole range of new “tools” to pump money into the economy (read: inflate and devalue the U.S. dollar).”

“As the Monitor article noted, Paulson is only the most public of three individuals colluding to expand the powers of Treasury and the Fed independent of congressional (much less public) oversight. The other two are Ben Bernanke, the Chairman of the Federal Reserve; and Timothy Geithner, chief of the New York Federal Reserve Bank.”

“To be sure, the new powers the bailout will confer on these three men are both historic and unprecedented. Although the news media have been focusing on the outrageous and unaffordable $700 billion price tag, the real story is the violence that such an act will perpetrate against our whole system of government.”

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