Ahrcanum

CBO –Congetional Budget Office on October 1, 2008 issued its analysis of the financial rescue legislation —aka the Bailout released by the Senate.  The legislation includes the rescue package considered by the house earlier this week, a temporary increase in deposit insurance, and certain tax provisions including an extension of Alternative Minimum Tax (AMT) relief. The pdf of the analysis is posted here. .

“…the Secretary would have the authority—if deemed necessary to promote stability in the financial markets—to purchase any financial asset at any price and to sell that asset for any price at any future date. That lack of specificity regarding how the authority would be implemented and even what types of assets would be purchased makes it impossible at this point to provide a meaningful estimate of the ultimate impact on the federal budget from enacting this legislation.”

OMG, ANY ASSET???  ANY ASSET?  Assets like my house, my business, my car, my bank accounts, my securities, etc.?  SHAME.  SHAME.

Maybe the Senate better re-write that.  Don’t ya think?  Maybe that’s the whole purpose- that in the event that your and my assets (not to mention asses) are deemed necessary to promote stability and avoid chaos, the government can take it away and sell any asset.  Maybe for a penny, maybe for an Amero, all as it deems appropriate.  Executive Order 11921 already allows FEMA control over in part, the flow of money in US financial institutions in any unidentified national emergency.  

I don’t seriously suggest that the government had this in mind when writing these provisions but dammit anyways, there certainly is an increasingly squeezing of not just our pocketbooks, but those inalienable rights. Rights guaranteed, I was taught and still believe and trust in.   

You may be deceived if you trust too much, but you will live in torment if you don’t trust enough.

    Frank Crane