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Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'
Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'
Suspend the Constitution? You're a complete idiot.
Ok Kreskin
Alright, prove me wrong. What WOULD BE the effects of a banking system collapse all over the world?
How so??
The power is not specifically granted in the constitution..
And please.. before you make an ass out of yourself.. no citing Article 1 Section 8 and leaving off everything after the word 'welfare'
You really don't understand the Constitution or how it works, do you?
Let me be brief: Congress has the Constitutional power to pass any law it so chooses, so long as that law does not violate the Constitution. Congress long ago gave the Executive branch the authority to do what it did with AIG.
That makes it Constitutional.
No.. it does NOT.. see article 1 section 8.... the powers of congress are LIMITED and SPECIFIC.... and if they do something not specifically listed, it is in direct violation of the constitution... please see the 10th amendment
The executive branch's powers are also SPECIFICALLY listed...
Go educate yourself
Idiot
Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'
Define the suspension of the Constitution.
Describe what you would have done instead. AIG was in collapse, and did not have the capital to pay off around a trillion dollars in credit default swaps. If they didn't, a literal chain reaction would have taken place in banks across the country and around the world, all of whom held that paper.
Thanks.
.
Ok Kreskin
Alright, prove me wrong. What WOULD BE the effects of a banking system collapse all over the world?
Sure.. just as soon as you prove that that was the result that was going to happen....
You really don't understand the Constitution or how it works, do you?
Let me be brief: Congress has the Constitutional power to pass any law it so chooses, so long as that law does not violate the Constitution. Congress long ago gave the Executive branch the authority to do what it did with AIG.
That makes it Constitutional.
No.. it does NOT.. see article 1 section 8.... the powers of congress are LIMITED and SPECIFIC.... and if they do something not specifically listed, it is in direct violation of the constitution... please see the 10th amendment
The executive branch's powers are also SPECIFICALLY listed...
Go educate yourself
Idiot
It's obvious you are no Constitutional scholar, so I won't bother explaining the importance of amendments and court rulings on the literal wording of the Constitution. You wouldn't get it anyhow.
Alright, prove me wrong. What WOULD BE the effects of a banking system collapse all over the world?
Sure.. just as soon as you prove that that was the result that was going to happen....
Best evidence is way over your pointy little head.
You really don't understand the Constitution or how it works, do you?
Let me be brief: Congress has the Constitutional power to pass any law it so chooses, so long as that law does not violate the Constitution. Congress long ago gave the Executive branch the authority to do what it did with AIG.
That makes it Constitutional.
No.. it does NOT.. see article 1 section 8.... the powers of congress are LIMITED and SPECIFIC.... and if they do something not specifically listed, it is in direct violation of the constitution... please see the 10th amendment
The executive branch's powers are also SPECIFICALLY listed...
Go educate yourself
Idiot
You're a fucking moron. Where in TARP did the executive branch usurp any States rights?
Define the suspension of the Constitution.
Describe what you would have done instead. AIG was in collapse, and did not have the capital to pay off around a trillion dollars in credit default swaps. If they didn't, a literal chain reaction would have taken place in banks across the country and around the world.
Thanks.
.
Where does the Constitution authorize the federal government to use our tax dollars to rescue failed companies?
You also say it "had to be done." Why? You assume that propping up a failed company and stopping it from going under is a good thing. In the short term, that may be true with less people losing their jobs, etc., but what about the long term effects? We'll never know which new company or existing may have been risen up to fill the hole left by AIG with a better business model. The government's actions also sent a message to company executives everywhere that if you screw up and you're "too big to fail" don't worry about it, we'll be here to bail you out.
This set a very bad precedent.
We'll never know what company might have risen from the ashes of failure, but one thing we DO know is that the entire economy did not collapse, sparing millions upon millions of people from abject poverty and literal starvation.
And, make no mistake: That is PRECISELY what would have happened if the whole worlds banking system would have collapsed.
Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'It looks like we were all wrong. The taxpayers will make a profit off the AIG bailout after all.
"Taxpayers will soon shed their last holdings in the American International Group, more than four years after a rescue by the federal government during the most chaotic days of the financial crisis .
..At the time, critics feared that the company would be forced into a fire sale of assets to repay those loans, a sale that would deeply shortchange taxpayers.
Instead, the federal government has said that it expects to walk away from A.I.G. with a profit about $15.1 billion to date, by the Treasury Departments reckoning. That has followed both a steady stream of stock sales over the last two years and a resurgence in the insurers core operations .."
Bailout Over, U.S. Treasury Plans to Sell A.I.G. Shares - NYTimes.com
It looks like we were all wrong. The taxpayers will make a profit off the AIG bailout after all.
"Taxpayers will soon shed their last holdings in the American International Group, more than four years after a rescue by the federal government during the most chaotic days of the financial crisis….
…..At the time, critics feared that the company would be forced into a fire sale of assets to repay those loans, a sale that would deeply shortchange taxpayers.
Instead, the federal government has said that it expects to walk away from A.I.G. with a profit — about $15.1 billion to date, by the Treasury Department’s reckoning. That has followed both a steady stream of stock sales over the last two years and a resurgence in the insurer’s core operations….."
Bailout Over, U.S. Treasury Plans to Sell A.I.G. Shares - NYTimes.com
No.. it does NOT.. see article 1 section 8.... the powers of congress are LIMITED and SPECIFIC.... and if they do something not specifically listed, it is in direct violation of the constitution... please see the 10th amendment
The executive branch's powers are also SPECIFICALLY listed...
Go educate yourself
Idiot
It's obvious you are no Constitutional scholar, so I won't bother explaining the importance of amendments and court rulings on the literal wording of the Constitution. You wouldn't get it anyhow.
SHOW THE FUCKING POWER GRANTED....... It is that fucking simple..... Here is the link to the full text
The United States Constitution - The U.S. Constitution Online - USConstitution.net
Show me WHERE it is granted.... I can easily show you the list of limited and enumerated powers granted to congress... I can show you the specific powers granted to the executive.. .I can show you where it clearly shows that any power not granted to the government by the constitution is reserved for the states and/or the people respectively....
And while you are at it.. show me in the powers granted to the judicial branch where they have the power to rule on the wording of the constitution... I'll be waiting
You are the one who is obviously no constitutional scholar... and you have pretty much shown you do not have even a general knowledge of the constitution
No.. it does NOT.. see article 1 section 8.... the powers of congress are LIMITED and SPECIFIC.... and if they do something not specifically listed, it is in direct violation of the constitution... please see the 10th amendment
The executive branch's powers are also SPECIFICALLY listed...
Go educate yourself
Idiot
You're a fucking moron. Where in TARP did the executive branch usurp any States rights?
The minute it took upon itself a power that is not specifically granted to the federal government via the constitution... any power not specifically granted that is taken or used by the fed, is in direct violation of the 10th amendment
Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'It looks like we were all wrong. The taxpayers will make a profit off the AIG bailout after all.
"Taxpayers will soon shed their last holdings in the American International Group, more than four years after a rescue by the federal government during the most chaotic days of the financial crisis .
..At the time, critics feared that the company would be forced into a fire sale of assets to repay those loans, a sale that would deeply shortchange taxpayers.
Instead, the federal government has said that it expects to walk away from A.I.G. with a profit about $15.1 billion to date, by the Treasury Departments reckoning. That has followed both a steady stream of stock sales over the last two years and a resurgence in the insurers core operations .."
Bailout Over, U.S. Treasury Plans to Sell A.I.G. Shares - NYTimes.com
What....you're some kind o' anti-capitali$tic communist???!!!
It's obvious you are no Constitutional scholar, so I won't bother explaining the importance of amendments and court rulings on the literal wording of the Constitution. You wouldn't get it anyhow.
SHOW THE FUCKING POWER GRANTED....... It is that fucking simple..... Here is the link to the full text
The United States Constitution - The U.S. Constitution Online - USConstitution.net
Show me WHERE it is granted.... I can easily show you the list of limited and enumerated powers granted to congress... I can show you the specific powers granted to the executive.. .I can show you where it clearly shows that any power not granted to the government by the constitution is reserved for the states and/or the people respectively....
And while you are at it.. show me in the powers granted to the judicial branch where they have the power to rule on the wording of the constitution... I'll be waiting
You are the one who is obviously no constitutional scholar... and you have pretty much shown you do not have even a general knowledge of the constitution
Commerce Clause.
Since allowing these companies to fail would have impacted commerce across the entire US the Commerce Clause is where they have the authority. At least, that's how it will be interpreted. If it worked for Obamacare it can work for this too.
Ok Kreskin
Alright, prove me wrong. What WOULD BE the effects of a banking system collapse all over the world?
Yes.. by all means.. suspend the constitution whenever you 'feel' 'desperate'
Define the suspension of the Constitution.
Describe what you would have done instead. AIG was in collapse, and did not have the capital to pay off around a trillion dollars in credit default swaps. If they didn't, a literal chain reaction would have taken place in banks across the country and around the world, all of whom held that paper.
Thanks.
.
If a business is not allowed to fail, that is not capitalism.
Not only did Wall Street get to be rescued from their failures, they were given trillions in cash with no strings attached. No repercussions. No fraudsters in prison. No changes in their practices.
AIG should have been propped up long enough to wind it down in an orderly fashion and shutter its doors.
Don't worry. A much better managed company would have come along to replace them. That's how real capitalism works.
And that CDS paper of which you speak? The holders of that paper received 100 cents on the dollar. Not the slightest haircut was given to them for their recklessness.
And guess who was one of the biggest holders of that paper? Goldman Sachs. Which is where Hank Paulson came from as CEO before he became SecTreas and bailed their asses out 100 percent.
Total Wall Street Bailout Cost
.