Wednesday, September 17, 2008

Pro Libertate: Dispossession by Decree

William N. Grigg gets better with every post.
Perhaps I was too distracted to notice, but I don't recall a spontaneous outpouring of public demand for a taxpayer-financed bailout of Fannie and Freddie, the costs of which will eventually run into the trillions of dollars. In that case, however, there is an almost imperceptibly thin thread of public accountability, since Congress -- acting with the desperate haste it displays only when carrying out an errand on behalf of the Power Elite -- passed a patently unconstitutional measure "authorizing" the Secretary of the Treasury to bail out Fannie and Freddie.

This means that the electorate, which installed and tolerates Congress, shares some responsibility for this crime.

However, it's impossible to blame the electorate for the most recent act of mega-larceny, the Federal Reserve's $85 billion bailout of the American International Group. This was done by the FED -- an nominally private entity that exercises immense political and economic power without constitutional standing or accountability of any kind.
Pro Libertate: Dispossession by Decree

No comments: