. As Sen. Jim Bunning, R-Ky., said, “This massive bailout is not a solution. It is financial socialism and it’s un-American.” In fact properly defined, one could label it “national socialism,” otherwise known as fascism.
As professor of economics at New York University Nouriel Roubini framed it, welcome to the United Socialist States of America and “the most radical regime change in global economic and financial affairs in decades”.
The plan was drawn up months ago, lying in wait for the right crisis to see it enacted, just as the Patriot Act was prepared well in advance of 9/11.
The Treasury’s fact sheet about the bailout states, “The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets.”
This gives the government and the Federal Reserve carte blanche to do whatever they want to long as it is done in the name of stabilizing financial markets, they can nationalize any company or industry and use taxpayer money, above and beyond the initial $700 billion, for whatever purpose is deemed necessary, without any oversight. Paulson’s bailout plan is also unreviewable by any court, it will remain in perpetuity.
Paulson’s dr aft bailout plans says: “The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.”
As Chris Martenson writes, “This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.”
“The bill would bar courts from reviewing actions taken under its authority,” reports Bloomberg.
The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”
“It sounds lik e Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon.
Reporter Larisa Alexandrovna calls it “the final stages of the coup,” noting, “This manufactured crisis is now to be remedied, if the fiscal fascists get their way, with the total transfer of Congressional powers (the few that still remain) to the Executive Branch and the total transfer of public funds into corporate (via government as intermediary) hands.”
The legislation would provide billions to foreign central banks in addition to private foreign banks.
The proposed move represents a total shift of U.S. taxpayers’ funds into the hands of powerful private interests, some of which do not even represent American companies.
The bailout bill represents the most fascist centralization of power in America since 9/11 and the Patriot Act – and many would argue that it even trumps that. The fiscal terrorists hope to ram through their agenda by appealing to people’s fears about the economy, their jobs, their houses and their pensio ns. But the temporary pain brought on by a Wall Street crash and a severe recession would be nothing compared to the long term death knell that the bailout bill would mean to the free market and economic liberty in America.
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