Posted on 07/02/2011 7:08:07 AM PDT by opentalk
This morning we speculated that Treasury Secretary Tim Geithner was seriously considering just ignoring the statutory debt limit by claiming it was superseded by section Four of the 14th amendment. Sen. Chuck Schumer, D-N.Y., confirmed that that course of action has been considered by the White House. Talking Points Memos Brian Beutler reports on a conference call with Schumer today:
I asked Schumer, a lawyer, whether, in his view, the administration had the power to continue issuing new debt even if Congress fails to raise the debt limit. He acknowledged that the questions been discussed, but said the White House probably shouldnt go there just yet.[emphasis mine] Considering the ease with which Obama has violated bankruptcy law, refused to enforce voter fraud laws, and ignored the War Powers Act, what is stopping him from ignoring the debt ceiling.
You are so right on! This whole Obama/Soros scheme and scam has to do with bringing down the money of the US....Soros “gets off” on destroying economies....it is a game for him that brings him power and wealth and that is all he cares about....he wants to control the world’s money....he could give a hang about any of the people or their “needs”....only as it allows him to control the purse strings of every citizen and government.
I will never believe anything other than Obama was discovered and programmed for many years just for this opportunity....he appears intelligent and articulate but is actually a stupid, empty man who is so ego weak that he can be easily led by someone like Soros (et all).
This next year will be devastating to the US....as we struggle with deciding who should be the next President...Soros via Obama and gang will be looting the people....and it won’t matter if Obama loses because the deed will have been completed because we have a bunch of idiots in office in Washington that have the insight and knowledge of a gnat....(not to mean to slander the gnat)
As we look at candidates that can “beat” Obama we will lose focus on what is really going on....already dissention and diversion has been started to get “us” arguing against one another as the media plays its part in allowing the destruction of our economy to be completed. We will fall prey to their scheme of keeping us off balance as they attack the candidates, one by one, pushing us away from the reality of what our government is up to...really up to as we shift this way and that way deciding on the “perfect” candidate.
I am a Palinista....have been since before she came on the scene in 2008.....I have not swayed...will not be swayed and will not look at other options being poked down my throat. If you truly support a candidate...then stand by them. The final decision will be the primaries and that is when the candidate will be chosen by the people who no longer want Obama in the WH.
In the mean time, in between time, I am looking at what is happening in Washington....and I suggest you do the same...because that is where the real story is...!
We are being raped and have been hit with date rape drugs via the media....we have been numbed out not dumbed out...time to shake off the tom foolery and get serious. Our “enemies” work in Congress, the WH and the Supreme Court....we have few friends in government....time to figure out who is who and get rid of them!!
Why do you assert that a “recent” impeachment precludes another for “at least a generation”?
All things equal, I think a recent impeachment makes another _more_ likely...
... just sayin’...
His party is nothing without entitlements. That is what defines them. Without it, they are nothing and they might as well close up shop and go home.
The Constitution grants Congress, AND ONLY CONGRESS, the authority to borrow on the credit of the United States. Therefore, anything allegedly borrowed outside of the approval of Congress does not qualify as what the 14th Amendment refers to as public debt of the United States, authorized by law which shall not be questioned.
Key phrase: authorized by law. Only Congress makes law.
Consequently, if the US decided to default on any new debt borrowed beyond the limit, the creditors would not have any legal recourse in US courts to force repayment. Who would lend to the US under such conditions?
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.
He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation....
Sounds familiar, doesn't it...?
I see this potential move by Obama and his cadre of anti American bureaucrats as a positive in that it should bring an open viewing to the real intentions and goals of the whole progressive democrat party. They will do what they want in any case so if they can be lured into finally going that one step too far of publicly giving our constitution and the American people the middle finger it will be the catalyst needed to finally dent the skulls of our elected leaders who are still loyal to this country. Also, Obama ignoring the law so blatantly should inspire all state governors to do likewise with the energy regs and begin immediately to go after whatever is available in their states to tap into their own energy resources. If Obama can go it alone with impunity, so can the rest of the country. I agree with those who believe that Obama is basically a puppet, and that he is quite correct when he talks about being above his pay grade because he has been from get go. Obama was hired to do what he is so good at, shucking and jiving, while the powers behind him are working feverishly to bring down this Republic.
It comes down to our different perspectives, of course, but the way I view the politics of it, no political party wants to be seen as the ones who abuse impeachments and recalls to do end runs around election results. Some people on both sides of the political equation are too eager to do just that. Lose an election, but have legislative power? Squander it with increasingly ugly tactics.
Hope you are right,but do not think the rinos
have enough intestinal fortitude.
>>Consequently, if the US decided to default on any new debt borrowed beyond the limit, the creditors would not have any legal recourse in US courts to force repayment. Who would lend to the US under such conditions?<<
Correct.
And to ensure that the prospective purchasers of any illegally issued debt are on notice of the risk, the Republican House Republicans should issue a formal resolution that all debt issued, but not authorized by Congress, will be repudiated at the first opportunity. Hopefully that opportunity would come following the 2012 elections.
Anything borrowed illegally would be free money. In fact, when I think of it that way, I actually hope he gets as much as he can from as many suckers as he can find.
And the first people he should sell it to are his Dem friends who think this is all good and legal to consider doing. Load ‘em up. Heck, promise them a 10% yield to boot. Just make sure the debt matures in 2013 or later.
Realistically, though, none of this is going to happen. The House has the upper hand on the debt issue. Obama, however, gets to decide who to hurt in a shutdown...that’s another matter entirely. Polls taken in Minnesota over the next month might give a clue how it’s going to go if it happens nationally.
Impeachment and conviction is difficult. It is much easier, and probably quicker, to just make sure he doesn’t win another term.
Seems like that pitchfork tar and feather moment is coming sooner than we thought.
If that law can be ignored, then any law can be ignored.
There, fixed!
Regards,
GtG
Thanks for sharing that pov - i do understand it.
In case you missed it...A Great Quote.
The fact that we are here today to debate raising America s debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Governments reckless fiscal policies.
Increasing America s debt weakens us domestically and internationally. Leadership means that the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and Grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
SENATOR BARACK H. OBAMA, MARCH 2006
~~~~~~~~~~
Why aren’t we seeing that quote everywhere? too damning...
Do you have a link to go with it?
Schumer seems to have a knack for telegraphing the democrat’s next move. Look to see treasuries sink Monday.
LLS
Here is the Fourteenth Amendment, Section 4 (ratified in 1868, three years following the end of the Civil War):
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of debts and bounties for services in suppression of insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Seems like if Geithner wishes to spend in excess of the debt limit, he would be provoking yet another constitutional crisis.
So how 'bout we pay the bondholders and lay off the bureaucracy?
ML/NJ
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.