Fannie, Freddie and AIG


“On this date, 17th day of September in the year of our Lord one thousand seven hundred and eighty seven”… as Article VII goes proclaimed the start of the republic of the United States of America.  I mention this of course because most of us would never had known that had I not.

So, though not celebrated as a holiday, this is Constitution Day.  I also mention this because a Maryland Court of Appeals Judge was going to give a open talk on the Constitution near my home that I would have enjoyed attending, until I remembered where I lived and figured it would have turned into a long argument and me being tossed out.  My saner half agreed and I did not attend.

But, as I often do, and considering what day it is, picked my copy of the Constitution, which sits by my chair from which I write this blog.

As I said in my last post, I am by no means Alan Greenspan, on the other hand I can read and understand English.

So I read again through the powers granted by the Constitution, the enumerated powers set down in Article I, Section 8.  Guess what?  I fail to find a single reference to the powers that allow the Federal Government to become the largest loan office for homes or the largest insurance company n the world.

I’ve heard a few members of Congress that were not happy with this take over of AIG, but according to the Constitution ONLY Congress, can spend money.  Now that I can find in the Constitution.  So I have to wonder why, for example, Senator Obama said today; “…don’t know all the details of the AIG bailout…”

Wouldn’t the Senate also have to approve this bill?  Well then again Senator Obama and Senator McCain might have missed the vote since they are not doing their job, but instead getting paid to not be there but run for a higher office.  So where did this $85B come from if not Congress.  I’d be wondering if I were you.

I notice also, that on this special day, (Constistution Day), Both Leaders of Congress made essentially the same speech today over the lack of oversight of the President of Wall Street.  Both Polsi and Reid claimed the President Bush ignored the crisis and failed to “lead” the call for oversight.

Perhaps Rep. Polsi should read the Constitution or Senator Reed could read it to her, if he can, where in Article I grants all legislative powers to the Congress.  That means, in simple terms, that the duty to oversee the necessary laws to govern falls within the powers of Congress.  That would include seeing that oversight, or restraint of “greedy” wall street is Congress.  Passing laws that don’t allow “greedy” people, though I don’t like too much Government, should be passed by Congress, since the President can’t pass laws in any form, the President only deciedes if it is good for the Country.  If Congress dissagrees then it can over ride his VETO.

This really is basic Constitution 101.  The silly thing is that some partisan voters actually accept this from a do less than nothing Congress.  That the body of Government most responsable for running the Country, the Body of Government that has an even lower approval rating than the President believes that they can fool the American into believing that the President can “take charge”.

In other words, if they do nothing they can claim the President failed to lead, or do their job, and so it is his fault.  Even worse, most don’t know that it IS Congress’s job, because he is one and very high profile, and they are many and hardly known.

I believe that one day we might return to teaching our children what the Constitution actually means, at least as far as the guidelines for the seperation of powers.


“Rebellion to Tyranny is Obedience to God”


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