Tuesday, February 3, 2009

2.3.09 IS A GOVERNMENT ECONOMIC BAILOUT CONSTITUTIONAL?

dear senator casey, 2.3.09

thank you for the detailed response to my concern about the economic bailout. therein you state that:
1. TARP (troubled assets relief program) was set up in the fall of 08.
2. on 10.3.08 EESA (emergency economic stablization act) became law and provided TARP 700 billion.
3. TARP funds were first used to purchase troubled assets from financial institutions which you report restored confidence and prompted lending.
4. secretary of treasury paulson then shifted direction injecting capital directly into financial institutions to increase liquidity and you report that disturbed you because of lack of transparency and accountability. you report 300 billion spent in TARP, i'm assuming, during president bush's remaining time in office.
5. president-elect obama requested 350 billion TARP funds be made available. he has promised that:
a. the funds will be used for the purpose outlined in #3 above.
b. he will personally oversee this distribution.
c. he will provide clear/transparent explanation of how they are being used.
d. the impact of such funds will be measured, monitored and tracked with the results shared with the people paying for this.

would you please respond to some questions this raises?
1. why did congress vote for something that resulted in an individual controlling billions of dollars of taxpayer money with no, as you say, transparency and accountability?
2. shouldn't every taxpayer dollar that is spent be spent under the direct accountability of an elected official?
3. isn't this taxation without representation?
4. do you believe that the constitution is an unchanging legal document or one that can be altered without the alteration being radified by an amendment voted by the people as stated in the constitution?
5. where does the constitution allow congress to spend taxpayer money for helping failed businesses and individuals who have engaged in taking what belongs to others, who have failed to keep their promises etc.?
6. what part of the constitution allows president obama to do what he is doing? why are you enabling him to do this if there is no constitutional basis?
7. including president bush's economic stimulus during the summer of 08, how much taxpayer money has congress authorized to be spent to bail out our failed economy?
8. do you believe in caveat emptor, personal responsibility, the inviolability of private property, the working of supply and demand to guide economic affairs?
9. doesn't every official elected to the national government swear to uphold the constitution?

thank you, senator casey, for taking the time to respond. may God be with you and help you. stephen paine

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