Archive for the ‘Nancy Pelosi’ Category
Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies — including a $737 million loan guarantee to a company known as SolarReserve:
3/4 of a billion dollars. And who’s the #2 at one of the “investment partners”? None other than the brother in-law of Nancy Pelosi.
It sure pays well to be related to these crooks in DC, doesn’t it? Oh yeah, that’s your money they’re handing out, all the while telling us that we’re not paying enough in taxes.
Posted by Karl Denninger
I know you’re not going to listen to me.
I’m going to say it anyway, because as a concerned citizen of The United States of America, I must.
You are making a grave, perhaps nation-ending mistake.
Attempting to “deem” the Health Care bill passed when it has not actually been voted on is not Constitutional. Article 1, Section 7:
All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
Every Bill which shall have passed the House of Representatives and the Senate, shall, before it become a Law, be presented to the President of the United States; If he approve he shall sign it, but if not he shall return it, with his Objections to that House in which it shall have originated, who shall enter the Objections at large on their Journal, and proceed to reconsider it. If after such Reconsideration two thirds of that House shall agree to pass the Bill, it shall be sent, together with the Objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a Law. But in all such Cases the Votes of both Houses shall be determined by Yeas and Nays, and the Names of the Persons voting for and against the Bill shall be entered on the Journal of each House respectively. If any Bill shall not be returned by the President within ten Days (Sundays excepted) after it shall have been presented to him, the Same shall be a Law, in like Manner as if he had signed it, unless the Congress by their Adjournment prevent its Return, in which Case it shall not be a Law.
This is the black-letter law of the land.
There are millions of Americans who are extraordinarily pissed off right now. Some of them, like me, write scathing columns on The Internet or we rant on Talk Radio and Television (such as Judge Napolitano)
But some just smolder. Some remember the other founding document of our Republic, The Declaration of Indpendence, which says, in part:
That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
That doesn’t sound so good. What has tempered these people is largely what always has in all nations, that is:
Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed.
Neither you or I know where the line is for that cross-section of the citizens in this land. I cannot speak for them, for I am not inclined toward the sort of actions that they are, nor do I countenance them. As such I’m not exactly on those folks’ ”A list”.
In fact I fear the day they decide to express their disgust, for while in singular number those expressions are horrifying, as a group such actions harken to a time I hope we would never revisit in this nation.
But I do understand, and see, that they are seething in anger at what has befallen this once-great country.
They have watched as thirty years of corruption in Washington DC has turned our economy and government into a bad joke.
They have watched their jobs go overseas to a Communist Nation for the benefit of a handful of corporate oligarchs, while Washington chortles.
They have watched banksters do everything in their power to imprison them in debt, including bribing Congress to remove usury laws, “reform” bankruptcy so as to render a significant percentage of the population under effective indentured servitude (allegedly prohibited by the Constitution) while the very same banksters declare bankruptcy at the drop of a hat and stick lenders with losses, and while these very same banksters peddle fraudulent securities, cook their balance sheets and generally defraud everyone in the nation – then force the taxpayers, at gunpoint (quite literally, if you remember the fall of 2008 – you were in the room with Bernanke and Paulson when they threatened tanks in the streets) to bail them out.
Finally, they have watched Health Care turn into a monstrous mess, with cost increases of 10, 20 even 30% or more a year. These costs are expanding at that rate because ambulance chasers like former Presidential Candidate John Edwards make millions while Congress has passed laws forcing Americans to eat the development expense for every advanced medical technology over the last 30 years. Congress has refused to demand that medical practitioners bill everyone the same price for the same procedures and drugs. Congress has passed laws exempting medical providers and insurers from anti-trust law, so those aggrieved cannot sue in private causes of action for these abuses. And finally, Congress has forced all of us to eat the cost of care for illegal invaders who commit their first crime with their first step over our national boundary. All of these abuses and more could be addressed, but none of them are in the bill you wish to advance, and that, Madame Speaker, is intentional.
But all of this, while it has been outrageous and even criminal, has been, for the most part, Constitutional. It may be the stuff of a Banana Republic, and it may violate equal protection of the law (a founding principle and in fact a guaranteed right), but Congress has never cared about any of that in my 47 years on this planet.
Witness all the laws you, Madame Speaker and the rest of the Government (including this Health Care plan) do not have to obey while the rest of us do under pain of fine or even imprisonment.
What you propose to do now, however, is not Constitutional.
Rather than negotiate, advance and pass something like my four-point plan that would, along with dropping anti-trust protections and ending the practice of preventing reimportation of drugs and devices, attack the problem at the source, you instead are putting forward the Senate’s 2200-page monstrosity.
You are doing so because this bill is not about Health Care at all. It is about revenue, and you know it. It is about the fact that The Federal Government is running into a wall at warp speed trying to furiously cover up all the fraud and scams in the financial system while at the same time spending over $1.5 trillion we do not have to replace collapsed consumer demand.
You must raise revenues, and you know it – or this ship called “The USS Treasury” sinks beneath the waves, and the first sacrifices to go overboard will be all the Seniors on Medicare and Social Security – not by choice, but by force of fiscal insolvency.
In short, this is just another Washington scam.
But this time you’re going too far, and you’re taking a horrific risk.
You must not, Madame Speaker.
You must instead face this nation and tell the truth.
We cannot fund the scams and frauds any more. Those who committed them must go to prison, even if they’re campaign contributors.
We cannot borrow 10% of our GDP and spend it forward, as the CBO projects we will try, in a futile and permanent attempt to replace consumer demand.
If we do not stop this idiocy we will soon be unable to fund Social Security, Medicare and Welfare in all its forms, leading to an immediate and critical breakdown of our society.
The mad reach for revenue, Madame Speaker, is why you’re in such a hurry – and you know damn well I’m right.
If you succeed, we will get your tax bill now and the promised health care never.
That’s a fact.
There is a bright white line for every person in this country who has taken an oath to uphold our Constitution. It is in different places for each of those individuals, but you had better believe it exists.
For some it will be crossed if you try to disarm Americans, as was attempted after Katrina.
For some it will be crossed if you try to occupy their homes.
And for some, it may be crossed if you attempt to “deem” this bill passed, when The House has not actually passed it.
I pray this evening I am wrong, and that for no material number of people – indeed, for no one person – that is where their personal line is.
But I am reasonably certain that this prayer will be offered in vain.
Therefore, the choice is yours, not mine, for all I can do in furtherance of my hopes (and abeyance of my fears) is pray.
You, Madame Speaker, on the other hand, can act to quell this idiocy.
Or you may tempt fate, you may tempt the millions of people who have swore an oath to defend and uphold The Constitution and, having done so, went to war throughout our history. Many of those people, along with millions more who never wore a uniform stand today in defense of that “quaint” old piece of parchment – but not in defense of you, nor any other person.
You may also provoke States to assert their long-dormant 10th Amendment rights for real, not in some quaint “one off” regarding intra-state weapons manufacturing. That, Madame Speaker, harkens back to a time I’d rather not revisit as well.
You will almost certainly lose your Speaker’s Gavel come November, as the mortal sin against the Constitution of deeming a bill passed without actually voting on it is so inimical to a republican form of government and displays such gross arrogance that you have forfeited your right to wield that gavel by mere contemplation of the act.
I am quite certain that I stand with millions of other Americans who are willing to put forth whatever effort is necessary to see that occurs come November – at the ballot box – whether you proceed with your abhorrent plan or not.
But what I pray for this evening, as I complete my day and offer homage to God before retiring, is that your office, and those of your fellow Democrats who are about to violate your sacred oaths willfully, intentionally, and with malice aforethought – is all you lose.
Treasury Department Releases Text of Letter from Secretary Geithner
to Hill Leadership on Administration’s Exit Strategy for TARP
WASHINGTON – The U.S. Department of the Treasury released the
text of identical letters sent today from Secretary Tim Geithner to
Speaker Nancy Pelosi and Senator Harry Reid outlining the
Administration’s exit strategy for the Troubled Asset Relief Program
(TARP) established by the Emergency Economic Stabilization Act of 2008
(EESA). The text of the letter to Speaker Pelosi follows.
December 9, 2009
The Honorable Nancy Pelosi
U.S. House of Representatives
Washington, DC 20515
Dear Madam Speaker:
I am writing to update you on the status of the Obama
Administration’s financial policies, including programs initiated under
the Troubled Asset Relief Program (TARP) established by the Emergency
Economic Stabilization Act of 2008 (EESA), the results they have
achieved, the challenges ahead, and our plan for exiting TARP.
These policies are working. When the Obama Administration took
office, the financial system was extremely fragile and the economy was
contracting sharply. The Administration’s financial and economic
policies have helped to shore up confidence in our financial system.
Credit is starting to flow again to consumers and businesses, and the
economy is growing. Further, private capital is replacing public
capital in our major institutions.
As a result of improved financial conditions and careful stewardship
of the program, losses on TARP investments are likely to be
significantly lower than previously expected. We now expect a positive
return from the government’s investments in banks. These banks will
soon have repaid nearly half of the TARP funds they received. We also
expect to recover all but $42 billion of the $364 billion in TARP funds
disbursed in FY2009. Further, we plan to use significantly less than
the full $700 billion in EESA authority. As a result, we expect that
TARP will cost taxpayers at least $200 billion less than was projected
in the August Mid-Session Review of the President’s Budget.
But significant challenges remain. Too many American families,
homeowners, and small businesses still face severe financial pressure.
Although the economy is recovering, foreclosures are increasing, and
unemployment is unacceptably high. Businesses are still cautious in
the face of uncertainty about the strength of the recovery, and many
small businesses face very difficult credit conditions. Although bank
lending standards are starting to ease, many categories of bank lending
continue to contract. This contraction has hit small businesses very
hard because they rely heavily on such lending, and do not have the
ability to substitute credit from securities issuance. Commercial real
estate losses also weigh heavily on many small banks, impairing their
ability to extend new loans.
Further, the recovery of our financial system remains incomplete.
And near-term shocks to that system could undermine the economic
recovery we have seen to date.
Exit Strategy for TARP
Our exit strategy for TARP balances the mandate of EESA to address
these challenges with the need to exercise fiscal discipline and reduce
the burden on current and future taxpayers. There are four broad
elements to our strategy.
First, we will continue terminating and winding down many of the
government programs put in place last fall. In September, Treasury
ended its Money Market Fund Guarantee Program, which guaranteed at its
peak over $3 trillion of assets. The program incurred no losses, and
generated $1.2 billion in fees. The Capital Purchase Program, through
which the majority of TARP investments in banks have been made, is
effectively closed. Before this Administration took office, nearly
$240 billion in TARP funds had been committed to banks. Since January
20, we have committed about $7 billion to banks, much of which went to
small institutions. Major U.S. banks subject to the “stress test”
conducted last spring have raised over $110 billion in high-quality
capital from the private sector. And banks will soon have repaid $116
billion of TARP funds
Second, we will limit new commitments in 2010 to three areas.
- We will continue to mitigate foreclosure for responsible American
homeowners as we take the steps necessary to stabilize our housing
- We recently launched initiatives to provide capital to small
and community banks, which are important sources of credit for small
businesses. We are also reserving funds for additional efforts to
facilitate small business lending.
- Finally, we may increase our commitment to the Term
Asset-Backed Securities Loan Facility (TALF), which is improving
securitization markets that facilitate consumer and small business
loans, as well as commercial mortgage loans. We expect that increasing
our commitment to TALF would not result in additional cost to taxpayers.
Beyond these limited new commitments, we will not use remaining EESA
funds unless necessary to respond to an immediate and substantial
threat to the economy stemming from financial instability. As a nation
we must maintain capacity to respond to such a threat. Banks are still
experiencing significant new credit losses, and the pace of bank
failures, which tend to lag economic cycles, remains elevated. At the
same time, many of the Federal Reserve and FDIC programs that have
complemented TARP investments are ending. This creates a financial
environment in which new shocks could have an outsized effect –
especially if an adequate financial stability reserve is not
maintained. As we wind down many of the government programs launched
initially to address the crisis, it is imperative that we maintain this
capacity to respond if financial conditions worsen and threaten our
economy. However, before using EESA funds to respond to new financial
threats, I would consult with the President and Chairman of the Federal
Reserve Board and submit written notification to the Congress. This
capacity will bolster confidence and improve financial stability,
thereby decreasing the probability that it will need to be used. This
is the third element of our exit strategy.
In order to accomplish these goals, pursuant to Section 120(b) of
EESA, I certify that I am hereby extending the authority provided under
the Act to October 3, 2010. This extension is necessary to assist
American families and stabilize financial markets because it will,
among other things, enable us to continue to implement programs that
address housing markets and the needs of small businesses, and to
maintain the capacity to respond to unforeseen threats, as described
While we are extending the $700 billion program, we do not expect to
deploy more than $550 billion. We also expect up to $175 billion in
repayments by the end of next year, and substantial additional
repayments thereafter. The combination of the reduced scale of TARP
commitments and substantial repayments should allow us to commit
significant resources to pay down the federal debt over time and slow
its growth rate.
Even with this extension, we expect that TARP will cost taxpayers at
least $200 billion less than was projected in the August Mid-Session
Review of the President’s Budget, including $25 billion in potential
costs from new TARP commitments in 2010. We expect that the vast
majority of these potential costs would come from mitigating
foreclosure for responsible American homeowners as we take the steps
necessary to stabilize our housing market.
The final element to our exit strategy is how we manage equity
investments acquired through EESA while protecting taxpayers. We will
continue to manage those investments in a commercial manner and seek to
dispose of them as soon as practicable. We will exercise our voting
rights only on core issues such as election of directors, and we will
not interfere in the day-to-day management of individual companies. In
addition, as the steward of taxpayers’ funds, Treasury will continue to
manage investments in a manner that ensures accountability,
transparency and oversight. And we will work with recipients of EESA
funds and their supervisors to accelerate repayment where appropriate.
We want to see the capital base of our financial system return to
private hands as quickly as possible, while preserving financial
stability and promoting economic recovery.
History suggests that exiting prematurely from policies designed to
contain a financial crisis can significantly prolong an economic
downturn. We must not waver in our resolve to ensure the stability of
the financial system and to support the nascent recovery that the
Administration and the Congress have worked so hard to achieve.
Improvements in the financial performance of EESA programs put us in a
better position to address the economic and financial challenges many
Americans still face. I look forward to continuing to work with you to
Timothy F. Geithner
Identical copy of this letter sent to:
The Honorable Harry Reid
cc: The Honorable Barney Frank
The Honorable Spencer Bachus
The Honorable David Obey
The Honorable Jerry Lewis