Tuesday, September 23, 2008

Paulson's Plenary Proposal Must be Rejected!

Frank J. Ranelli


This is not the time for petty partisanship, nor is the time for rushed decisions. The Treasury Department’s proposed bail out is an obscene nod toward the largest transfer of wealth in human history; it is also a leap into Robber Baron-style tyranny. Rewarding bad behavior on Wall Street, by theft of money obtained through taxpayers on Main Street, is more than perverse it is an insidious act of vile turpitude.

I refer you to these extreme portions of Treasury Department’s proposed bail out:

SEC. 2. PURCHASES OF MORTGAGE-RELATED ASSETS

"(b) 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”

SEC. 8. REVIEW

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

NO ONE in our government should be allowed this much power with this little oversight.

This is a dangerous power grab by the Executive Branch and simply legislative-approved despotism. Congress must reject this absolutist, radical proposal outright. True patriotism and real humanity must begin with each of us helping one another for the greater good of the nation. It is not bailing out irresponsible and reckless, colossal-sized corporate institutions that have insatiability fed at the trough of unregulated greed and avarice.

Rewarding shocking and irresponsible behavior is a formula that emboldens, not condemns, more of the same financial plunder and excessive negligence.

I implore every American to reject this dangerous, plenary proposal – to slow the legislative process down – and to invoke prudence, not haste, during this economic crisis. It took us years to get this deep into our now-financial abyss; hence, we must be vigilant and exercise sound judgment getting out.

This is not a time for rapid-fire, extemporaneous reactions to a boiling-over pot that has been slowly simmering toward disaster for years.

It’s time we, as a people and a nation, put people, and our nation, over the profits of Wall Street moguls and plutocrats. This enormous theft of taxpayer’s dollars is an unparalleled sinister crime, with real victims – homeowners and working-class families.

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