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dmbfan
Joined: 09 Mar 2006
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 Posted: Fri Jan 16, 2009 9:14 pm Post subject: TARP Bailout is unconstitutional, says conservatives..... |
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http://www.newsmax.com/insidecover/tarp_unconstitutional/2009/01/16/172168.html?s=al&promo_code=77CE-1
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Conservatives: TARP Is Unconstitutional
Friday, January 16, 2009 1:55 PM
By: Jim Meyers Article Font Size
Conservatives are arguing that the $700 billion federal bailout plan is unconstitutional because it violates principles that limit the amount of power lawmakers can delegate to the executive branch.
They also maintain that the Troubled Assets Relief Program (TARP) has illegally grown beyond its original intent to bail out the financial services industry to include a bailout of the auto industry.
Robert Levy, chairman of the Cato Institute, told The New York Times that the delegation of power to the executive branch was appropriate if Congress laid down �an intelligible principle� providing clear guidelines for an agency or regulator.
�There�s no intelligible principle that I could discern,� he said.
The conservative FreedomWorks Foundation � whose chairman is former Republican House Majority Leader Dick Armey � says it plans to file a lawsuit against the bailout program.
A memorandum distributed by the group on Thursday maintained that �when Congress delegates so much authority to the executive branch with so few rules to guide its discretion, Congress unconstitutionally transfers its lawmaking power to the executive.�
The sheer size of the bailout takes it beyond other delegations of authority by Congress that have been found constitutional, according to the memorandum.
Some conservatives also believe the auto industry bailout violated the Emergency Economic Stabilization Act of 2008, which created TARP.
When the Act was passed in October, Section 102 dictated that it was specifically designed to rescue �financial institutions.�
Then on Dec. 11, the Senate struck down a deal to provide U.S. automakers with $14 billion in bridge loans.
But the administration made an end run around the Senate action when President Bush used executive authority to allocate TARP funds for the automaker bailout.
That can be seen as a violation of Article 1, Section 9 of the Constitution, which states: �No money shall be drawn from the treasury, but in consequence of appropriations made by law.�
Wayne T. Brough, FreedomWorks� vice president for research, acknowledged that the $700 billion allocated for TARP was likely to have been spent before a challenge could make its way through the courts.
But further economic interventions were likely, he told The Times, and when they occur �it�s important that you can point to something and say, �Hey, guys, what you did last time was wrong.� |
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TexasPete
Joined: 24 May 2006
Location: Koreatown
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| Posted: Fri Jan 16, 2009 11:46 pm Post subject: |
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| Oh, NOW conservatives are worried about the constitution....ugh |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat Jan 17, 2009 8:10 am Post subject: |
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| Haha. Now these cynical fuckers can say they opposed TARP before Obama was president. 3-4 days before. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat Jan 17, 2009 12:38 pm Post subject: |
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FDR's new deal (which might not have been a great deal) was called unconstitutional. It was going to go to the supreme court but FDR threatened to use his powers to add additional judges to ensure it would get passed.
Reminds me a bit of the Canadian senate. If the senate ever looks like it might actually block legislation, the PM can simply expand the senate, adding enough yes men to make sure it gets passed. |
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