The bailout state

Illegal lending practices

Reason
by Jacob Sullum

12/17/08

Even Americans whose knowledge of the legislative process is limited to the ‘I’m Just a Bill’ episode of Schoolhouse Rock know about the veto: If Congress approves legislation the president doesn’t like, he can refuse to sign it, in which case the law can be enacted only by a two-thirds vote of each chamber. President Bush’s plan to aid the auto industry relies on a more obscure maneuver: If Congress rejects a bill the president likes, he can act as if the vote went the other way. This maneuver, unlike the veto, is illegal by definition, not to mention unconstitutional, violating the separation of powers and the rule of law. But it is business as usual for Bush, who has shown no compunction about ignoring the law when it prohibits him from doing what he considers necessary in response to what he considers an emergency...

//www.reason.com/news/show/130600.html



The bailout state

Future of Freedom Foundation
by Sheldon Richman

12/15/08

Ours is the Age of the Bailout. Bailing out failing companies is not new, but today the scale is unprecedented and the opposition is scant. The government today is committed to more than $7 trillion in various forms of stock purchases, loans, and guarantees. The Treasury secretary has been given awesome discretionary power to buy bad securities or shares in banks. The Federal Reserve now lends money to investment banks, not just commercial banks. It is also now buying securities that have no market value...

//www.fff.org/comment/com0812h.asp


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=veto
//freepage.twoday.net/search?q=separation+of+powers
//freepage.twoday.net/search?q=the+rule+of+law
//freepage.twoday.net/search?q=bailout
//freepage.twoday.net/search?q=Treasury
//freepage.twoday.net/search?q=Federal+Reserve
//freepage.twoday.net/search?q=automaker
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