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John
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9 months ago
in Waxman to Paulson: AIG Is Still Being Irresponsible on The Washington Independent
The funny thing is, is that there were Representatives on the house floor warning that EXACTLY this kind of thing would happen. Look up "Brad Sherman on bailout Pt1" on YouTube.com, At 7:40 in the video you will hear him say: "Learn how this bill bails out firms that will continue to pay million dollar a month salaries, and could raise those executives to a million and a half a month, should they choose to do so." All 3 parts of his speech on The House floor are worth watching. In part 2 he explains even further why the wording in the bill allows for exactly this scenario to happen. The public was very vocal about their opposition to this bill (myself among them.) Representatives like Brad Sherman, Ron Paul, Dennis Kucinich, Thaddeus McCotter, Marcy Kaptur, and Michael Burgess, all had the courage to speak out against this bill. Meanwhile, one of my Senators, Diann Feinstein, had the nerve to say that of 91,000 correspondences from her constituents, 85,000 opposed the bill, but we were all just confused!!! What an outrage! I think everyone needs to wake up to the fact that this bill was not about helping the economy in the first place. It was about jamming bad legislation down our throats, bailing out the White Houses friends on Wall Street, using fear tactics to force us to accept it, and then have us pick up the expense! For those who care, this bill was about consolidating power within the Treasury, bypassing Congress (that is our voice in government) and granting near dictatorial powers to the Secretary of the Treasury. Here's one of my favorite parts:
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Furthermore, the bill died in Congress the first time it was voted on, and for good reason. Then the Senate rams it through and adds $150 billion more to the tab. They say they added tax cuts and tax payer protection to the bill, but in reality they just attached other bills to the bailout, THAT WERE ALREADY SUPPOSED TO BE VOTED ON in the senate. In other words, they held the tax cuts and tax payer protections hostage, threatening not to pass them unless Congress passed the bailout bill. Also the entire process was not legal according to the Constitution, because bills regarding taxes must originate in the House of Representatives. In fact there is nothing good about this bill at all. Every single one of us should be absolutely outraged and should hold our Senators and Representatives accountable. If they voted for this bill make sure you vote them out of office. If they voted against it, then make sure not only to vote them back in, but take a moment out of your day and contact them, and let them know how much you appreciate them going to bat for you and your country.
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Furthermore, the bill died in Congress the first time it was voted on, and for good reason. Then the Senate rams it through and adds $150 billion more to the tab. They say they added tax cuts and tax payer protection to the bill, but in reality they just attached other bills to the bailout, THAT WERE ALREADY SUPPOSED TO BE VOTED ON in the senate. In other words, they held the tax cuts and tax payer protections hostage, threatening not to pass them unless Congress passed the bailout bill. Also the entire process was not legal according to the Constitution, because bills regarding taxes must originate in the House of Representatives. In fact there is nothing good about this bill at all. Every single one of us should be absolutely outraged and should hold our Senators and Representatives accountable. If they voted for this bill make sure you vote them out of office. If they voted against it, then make sure not only to vote them back in, but take a moment out of your day and contact them, and let them know how much you appreciate them going to bat for you and your country.
