Wednesday, October 01, 2008

Senate's Bailout Un-Constitutional

According to Article I (The Legislative Branch), Section 7 (Revenue Bills, Legislative Process, Presidential Veto) of the U.S. Constitution:
All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
Today, the Senate is set to vote on a "revised" financial industry bailout bill. The House voted down the bailout bill on Monday.

The proposed bill, although similar to the House bill (adding some items totally unrelated to the core problem), is a new bill. This bill, if passed and if it is passed to the House for a vote, would be unconstitutional.

So despite what Harry Reid, Barack Obama and John McCain think, they had better stand down.

Is this potential prophecy fulfillment?:
You will see the constitution of the United States almost destroyed. It will hang like a thread. . . . A terrible revolution will take place in the land of America . . . [T]he land will be left without a Supreme Government, . . . [The Saints] will have gathered strength, sending out Elders to gather the honest in heart . . . to stand by the Constitution of the United States. . . . In these days . . . God will set up a Kingdom, never to be thrown down. . . .[T]he whole of America will be made the Zion of God. - Joseph Smith, Jr. (May, 6, 1843)
I don't know but it is clear what the Constitution says about where revenue bills must originate.

1 comment:

B said...

I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servants. And that is necessary for the following reason:

The ’sssssss’ we are noticing with this credit crunch is just the leak before the big burst. This credit bubble has been inflated by a logorithmic base 10 scale of dollar creation.
The practice of using 90% of ‘real’ wealth for lending that can then be invested and re-deposited for recycling again and again for more and more credit probably has the same effect of simply printing more money. The difference between those two ways of creating wealth is that creating money by credit inflation redistributes wealth for the benefit of financiers. And printed money is real; not fake.

This credit bubble burst should, then, be creating a shortage of money. And the cure may be as simple as the government printing more money. The only problem with that scheme is that there would not be another bubble to burst to correct for over-inflation. Printed dollars don’t evaporate away like the ones the financiers are trying to sell taxpayers now.

And that is why those who have engineered this bubble need those new draconian bankruptcy laws. Only wage earners can turn this fake money into real wealth. And that is why the Bush administration and other supporters of the great bailout plan are adamantly against giving bankruptcy judges the right to restructure debt according to who is most responsible for making bad loans.

Bryant Arms