Posted on 09/28/2008 2:09:16 PM PDT by icwhatudo
It seems the "Myth vs Fact" sheet sent to Ed Morrissey over at HotAir.com by "A source close to House Republicans" contains a big myth itself.
It reads:
"Myth: Blank check for $700 billion with little accountability.
Fact: In general, the Treasury Secretary is limited to purchasing up to $250 billion outstanding at any one time. If the Treasury needs to use another $100 billion, the President must certify this action and report to Congress. Further spending requires Congressional action."
As can be seen from the bill itself this is simply not true:
"12 (c) FAST TRACK CONSIDERATION.— 13 (1) IN GENERAL.—Notwithstanding any other 14 provision of this section, the Secretary may not exer15 cise any authority to make purchases under this Act 16 with regard to any amount in excess of 17 $350,000,000,000 previously obligated, as described 18 in this section if, within 10 calendar days after the 19 date on which Congress receives a report of the Sec20 retary described in subsection (a)(3), Congress en21 acts a joint resolution disapproving the plan of the 22 Secretary with respect to such additional amount."
Translation: As long as congress doesn't specifically schedule and have a vote (great Pelosi trick on so many issues) against expansion in 10 days after they go above the 350 billion, it just happens. No "yes" vote to do it needed, in fact-no action of any kind is needed- no accountability. Folks, this is a key point-NO ACCOUNTABILITY FOR IT TO GO TO 700 Billion! Everyone can claim they never voted to "approve" the increase. Its on autopilot!
“Translation: As long as congress doesn’t specifically schedule and have a vote (great Pelosi trick on so many issues) against expansion in 10 days after they go above the 350 billion, it just happens.”
When everyone is out campaigning.
It’s another trick, like the “option” of insurance, and option already rejected by Paulson, and which he will naturally reject again.
Another thing researchers might look into,
in another article it is claimed that the Treasury was working on such a bill for months,
if so, this means Paulson collaborated with Bush to time this just before Congress adjourned, using the pressure of the need to campaign. Also, when they didn’t get consent right away, Bush used scare tactics.
Paulson and Bush will do anything to buy a semblance of no downturn for their last days in office. “Legacy.”
It becomes plain to everybody who reads the bills, and compares them with the rhetoric, that both major political parties are comprised chiefly of charlatans. They count on the public not reading the law, and buying the rhetoric. It's a perfectly safe approach. Very few people bother to read the laws or follow the liars.
I used to follow bills closely, recently quit because 1) it doesn't matter, they do what they want to anyway on the "if at first you don't succeed" principle, and 2) the country is pretty much lost anyway. I'm ready to sit out on the sidelines and watch with disgust.
do YOU THINK Obama will stop the rest of the money?
i’m still hoping for a bush legacy of bringing down the democratic party and the main stream media by exposing them as a party to this injustice to american homeowners and a free press...
i can dream
t
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