Liberty Maven

Sure looks that way! Here’s how We the People got shafted! And the FED hires Bear Stearns’ ex-Chief of Risk to “assess the safety and soundness of domestic banking institutions”

by Jake, the Champion of the Constitution
Originally published November 4, 2008 at http://www.nolanchart.com/article5389.html

Last week, the United Steelworkers Union issued a scathing letter to Secretary Henry Paulson comparing the Goldman Sachs stock sale to Buffet with the US government’s purchase.  USW’s findings were that We the People got shafted and overpaid by 50 cents on every dollar, and shared their evidence here.  In case you missed it, Comrade Paulson was declared financial dictator of the United States back in early October when the “Paul Gladston Mental Health and Addiction Equity Act of 2007″ (otherwise known as the Paulson Bailout Plan) was passed.

The letter from USW President Leo Gerard summarized their findings:

“Now I know that you have a lot on your plate, but I am sure that someone at Treasury saw the terms of Buffett’s investment. In fact, my suspicion is that you studied it pretty closely and knew exactly what you were doing. The 50-50 deal – 50% invested and 50% as a gift – is quite consistent with the Republican version of the “spread-the-wealth-around” philosophy that seems so much in vogue.”  [The USW is pro-Obama.]

“If the result of our analysis is applied to the deals that you made at the other eight institutions – which on average most would view as being less well positioned than Goldman and therefore requiring an even greater rate of return – you paid $125 billion for securities for which a disinterested party would have paid $62.5 billion. This means that you gifted the other $62.5 billion to the shareholders of these nine institutions.”

The Treasury and Congress must explain themselves, and must be held accountable.  As The Nation notes, if Gerard’s claim holds true for the rest of Paulson’s $700+ billion bailout fund, this is a robbery of $350 billion from the American taxpayers “to reward the institutions that have driven our nation and it now appears the whole world into its most serious economic crisis in 75 years.”

If I lived in a true constitutional republic, I would demand that my representatives in Congress remove Paulson by executing Article II, Section 4 of the United States Constitution which reads: “all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors.”  In fact, since it only took a couple of minutes, I still sent them a note using DownsizeDC.org’s letter system, and left what will become yet another unanswered voicemail on my Congresswoman’s answering machine.

Instead, I call for the immediate resignation and possible criminal proceedings against Comrade Paulson.  Even if USW’s claim is false, there are enough signs of corporate cronyism in government, particularly with Goldman Sachs.  Why bring in more investment bankers like Goldman Sachs’ Neil Kashkari to solve the problem?  If they were so smart, we would not have had this problem in the first place!  Goldman Sachs shares would be $230, Bear Stearns at whatever, Merrill Lynch at $80, and Citigroup at $50 and Peter Schiff’s predictions in 2006-7 would have been proven dead wrong, as this video so lovingly demonstrates.

I call for Congress to vote to immediately freeze all bailout funds and review all previous bailout transactions.  I hope all those who switched their bailout votes from ‘Nay’ to ‘Aye’ in Congress are voted out of office today; they have publicly demonstrated that they are corrupt and willing to accept bribery.  Same to the remainder who supported the Paulson Plan, ineptitude in economics or prior corruption is no excuse.  Same to McBama, who both supported the bailout.

<<… in other bailout news today, the Federal Reserve hired ex-Bear Stearns Chief Risk Officer Michael Alix.  His job is to “assess the safety and soundness of domestic banking institutions.” … and the Federal Reserve reports that even though banks are not lending, the total bank credit  (TOTBKCR) of all commercial banks leaped up by a whopping $500 billion from September 17 until October 22>>

For Honest Money and the Restoration of the Republic!

Jake, the Champion of the Constitution

www.CampaignForLiberty.com Photo source [Reach the Author Here!]

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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.

Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.

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Other Recommended Economic and Bailout Articles by the Author

1. NY Times Reports the Banks Say They Will Hoard their Bailout Cash-Loot
2. An Anti-Ron Paul Deflationary Economic Theory
3. FDIC Gives Alpha Bank the Axe!
4. Fight the Gestapo Tactics of our Congress, McBama, and Bush with Ron Paul and I
5. SENATE PASSES BAILOUT! And What to Do, NOW! (New Update from Vern McKinley)
6. Henry Paulson – A Quick Look at the Man
7. Blast from the Past – Vern McKinley Warned of Freddie and Fannie – in 1997!
8. Calling All Wheelbarrows: Hyperinflation in America? (Part 2/2)

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The Money Matrix Series

1. America, Were Michael Phelps’ Eight Olympic Gold Medals Worth Winning?
2. The Money Matrix – Prelude (PART 1/15)
3. The Money Matrix – What is a Dollar Bill Worth? (PART 2/15)
4. The Money Matrix – What Makes Money Money? (PART 3/15)
5. The Money Matrix – If You Don’t Know Who the Sucker Is, Then It’s You! (PART 4/15)
6. The Money Matrix Explores Seigniorage – Do not give in to evil, but proceed ever more boldly against it. (PART 5/15)
7. Save Ron Paul’s Voice – A Money Matrix Addendum
8. A Money Matrix Addendum: Citigroup and GATA Call for an End to the Suppression of the Gold Market
9. MY PROPHECY – The Federal Reserve Will End! A Money Matrix Addendum

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