Outline of the Bailout Bill

Reader Comments
Back to blog

Article I, Section 9, subsection 7 of the U.S. Constitution requires that the Department of Treasury only draw money from the Treasury as a consequence of appropriations law, and make regular accounting of its use. Paulson's initial demand violated this, even if Congress did not fully allow him to get away with it. Artile III, Section 3, Subsection 1 defines treason as "levying war against these United States." Following up on that with Black's Law definitions of levying war, mixed war, force (war), the Financial executives of the U.S. did indeed get together to engage in acts that threatened the lives and security of this nation, and they pressured Congress to act on fear of their acts of further destruction of the financial security--and military security that is all dependent upon financial security--of this county. In June, 2007, none other than the U.S. Supreme Court declared in its decision against Mr. Billing et al for attempted use of the civil courts to bring them to justice, that the financial companies' executives and numerous top managers and other employees did indeed act together in conspiracy to defraud and steal massive amounts of money from the citizens of the U.S., risking the livelihood, homes, and very lives of the citizens, as to merit the description racketeers but could not be pursued in civil courts or otherwise under the RICO act because Congress had exempted the industry from such prosecution. It declared that only the SEC had regulatory, investigative and prosecutory authority. The SEC has not acted to use any of it, since Senator Cox became Chairman. It is well documented that people can lose their lives from homelessness, lack of food, and lack of health care all dependent upon money, such as the nearly $6 trillion, and now another trillion dollars stolen from the U.S. citizens as investor-savers, and taxpayers. Our very defense also depends upon these funds, and now the military itself must compete with the greedy thieves who head our financial conglomerates and investment banks--lead by the Secretary of Treasury, a former CEO of the very company that organized and led the racket. It is time for the military to remember its SWORN obligation to uphold the Constitution of these United States and arrest the executives, former executives, and the current Secretary of the United States for Treason and try them, and if found guilty, shoot them in the normal manner prescribed for punishing this highest of crimes. As a citizen of the United States, and one who has been seriously harmed, even now enduring threats to life itself by these institutions, I call upon the military of MY country to remember its patriotic duty to the Constitution--and the people for which it stands--and its own needs--and arrest these traitors and try them--and remove this threat from our Congress and our people.
Cecilia L. Fabos-Becker, San Jose, CA

Cecilia L. Fabos-Becker of CA 4:31PM October 03, 2008

SCARE: Looks like Henny Penny is at it again saying,"The Sky is Falling, The Sky is Falling." I say, let the sky fall on their heads. Besides it's only a couple of America's financial institutions that have corrupt, greedy CEO's running them. The banks failed because of their bad "get rich quick" investment schemes.
CREDIT: I have a credit card, but I really don't need it, because I pay it in full every time the bill comes. I own my home outright. I own both my cars. "You arrogant SOB", you might say. Well, my two cars are 14 and 11 years old. My home is 24 years old. My wife and I live on a small pension & Social Security (less than $2,000 a month). Besides that, we are raising a granddaughter. We have learned to live within our means and not above our means. We believe that credit is a privelege and should not be abused. It would behoove the middle-class workers who had their mortgages forclosed. Those who think they should own million dollar homes, drive Porche's and eat steak twice a day, but can't pay their mortages or credit card bills. So, if the sky is falling for them, then let them learn what it's like to live within their means and return to the real world. These are the homeowners Bush said we would not bail out, because their optomistic greed fell back in their faces. With a bailout, they will still get to own their million dollar homes and pay a minimum mortgage payment. As a taxpayer, I don't feel like helping the greedy so & so's. Let the sky fall on them.

Tom Hays of FL 2:14PM September 30, 2008

If this was all the bill was,why didn't it pass?. This looks like a very good,doable plan, what is missing? Why was it voted down????

JJ of OK 1:44PM September 30, 2008

The original draft of this bill given to congress was 3 pages long,which appears to be the one shown here.The bill voted down had grown to 120 pages! I wonder if it was recognizable has the same bill, with just an attachment or 200...

C.Gwin Jr of WA 5:19AM September 30, 2008

I hear all about the bailout but where can you get information as to theentire bill and issues such as ACORN etc.
Bill@pentadholdings.com
Thanks

Bill Hawkins of AZ 1:06AM September 30, 2008

Just a suggestion for an additional provision to the $700 billion bail out plan would be a form of downsizing and a shuffling of the deck. It goes as follows:
Take two types of homes:
a) Homes that have already been foreclosed
b) Homes headed for certain foreclosure
A new government regulated process, with accountability and transparency, oversees the transference of a current homeowner facing foreclosure into a smaller home that is vacant due to foreclosure. This would be done only if both parties are in agreement. The homeowner’s equities would be transferred accordingly to this foreclosed property. However, said property would have to be re-appraised to current values. The homeowner would have to be re-qualified based on their abilities to meet their current debt load and the new loan payment on said foreclosed property.
The new loan should be a (proposed) 30 year loan equivalent to the current interest rate (approximately 6%), but should be fixed so there can be no surprises later. No ARMS! This allows the current homeowners to retain their credit, their assets, and their will to continue making payments on all of their debts. The loaning institutions would benefit by slowing down this tremendous foreclosure rate and by eliminating some of their foreclosed properties as well as freeing up loaning monies.
This would bolster the economy in many ways. Debtors would continue to make good on their current debts and loaning institutions would be able to continue to make new loans. Maybe with this change and a few others this $700 billion bail out would not be so large or as necessary. The tax payers would be freed from incurring this burden and our economy might be able to rebound.
Thank you, Byron

Byron in Utah of UT 12:22AM September 30, 2008

How rich people get more and more and who is the head of this.
700 billion is not going to change anything, it just will postpone the recession until our President leave. Next president won be happy when gets on his place.
700billion (taxpayers money) will be gone for few months) and then we probably have to get a loan from China. What's next? The country, which is only 200 years old will collapse.

of AK 9:49PM September 29, 2008