Take A Look At The Actual Bill: The Bailout Package Takes Away Your Right To Choose How To Allocate Your Own Capital and Gives It To The Treasury

I've been a fool I've been a fool
Forgivin' you each time that you've done me wrong
I've been a long time leavin' but I'll be a long time gone – Waylon Jennings

This TARP Act isn’t just about the $850 billion bill. It’s much scarier than that. It takes away all rights that you and I have as individuals to choose how to allocate our own capital.

Yup, I actually went through and read the same 499 page document yesterday that one of your Representatives said on Happy Hour that he probably wouldn’t have time to read it but one of his aides certainly would before he’d be voting on it. A complete centralization of banking authority to one person and an $850 billion bill, yet some of the people’s representatives aren’t even going to bother reading it.

Here’s some of my notes that I think underscore why so many hardworking, freedom-loving Americans are revolting against this bill and those who vote for it:

1 SEC. 2. PURPOSES.

2 The purposes of this Act are—

(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States;

and

(2) to ensure that such authority and such facilities are used in a manner that—

(A) protects home values, college funds, retirement accounts, and life savings;

(B) preserves homeownership and promotes jobs and economic growth;

(C) maximizes overall returns to the taxpayers of the United States; and

(D) provides public accountability for the exercise of such authority.

That’s an awfully huge leap to assume that any single person, much less a non-elected Secretary of the Treasury COULD restore liquidity and stability to the financial system of our country. Doesn’t liquidity and stability only come from you and me?

How can a government “protect home values, college funds, retirement accounts and life savings" from the inherent cycles in any economy? And further, what about those of us who don’t yet own a home and wouldn’t mind getting a good bargain? We’ve been saving and waiting patiently. And if we maximize overall returns to the “taxpayer”, we simply end up with a bigger government, no? Geez, glad you guys think the guy you’re granting total monetary and economic authority to in this country should try to be held accountable. Good luck with that.

(5) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’ means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.

And this is why Middle America can rightly claim that this is a bail out of the NYC and Wall Street. You really want us to believe that taking $700 billion out of the private, profit-seeking, free-will market and giving it to any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company is fair, virtuous or beneficial to those in the private, profit-seeking, free-will market?

(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—

(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and

(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing.

So those of us doing business after March 14, 2008 get nothing? That’s fair and virtuous and beneficial to the market?

And 9B is really where I blow a fuse – we’re granting two very fallible people full of wild conflicts of interest, including having tons of friends and colleagues and family at the biggest banks in the world the sole discretion to determine how to dole out $700 billion of yours and my money? You really think Ruidoso Community Bank is going to get the same shake as Goldman Sachs, where Mr. Paulson just recently came from? You really think Warren Buffett and GE and Goldman Sachs will be speaking in yours and my best interest when they get to talk to Mr. Paulson while you at home in Ruidoso get taxed to pay for it all up front?

(c) NECESSARY ACTIONS.—The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation, the following:

(1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this Act.

(2) Entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code.

(3) Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.

(4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.

(5) Issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this Act.

Yeah, on top of it all, the same banks that are going to be pawning this junk off on us taxpayers at any price Treasury decides they want to give ‘em after being lobbied and politicized are going to be making billions on fees administering this bail out.

And MOST IMPORTANTLY, do we really wanna give one non-elected dude in the US government the right to “Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required”? And the same dude can go around “Issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this Act “ Does that sound anything at all like a free country? Or more like a Communist country? You tell me!!!

SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101

And I’m all for globalization. But of the free-will kind. Not of the kind where rich bankers and politicians around the world are colluding to the “establishment of similar programs by such authorities” that grant themselves complete control of our money supply, our banking industries and our mortgage industries.

We taxpaying Americans who are talking about revolt and class warfare and populism uprising aren’t asking for anything from any of you here. We’re simply asking you to leave us alone. That’s why we know we’re in the right and those of you begging our so-called leaders are wrong. Freedom is right.