Thoughts on the Financial Crisis
Posted by Richard Adams
The invaluable Megan McCardle has some interesting reflections.
8:53 PM / September 16, 2008
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Setting aside economic theory, let's talk about constitutional government here.
How in the world can the Federal Reserve -- an elite insulated from the voters and even the president -- decide, in barely three weeks time, to dispose of $900 billion of taxpayer money?!? Is no one in politics or the press aware of Article I of the Constitution, which presents such niggling conditions for government as: Congress alone has legislative powers; Congress alone has the power to appropriate federal revenue; and no money shall be drawn from the treasury except according to appropriations made by law?
Is constitutional champion Bobby Byrd too busy larding West Virginia to notice?
Isn't this Constitution Day?!?
Pardon my vernacular, but WTF??
That's the old constitution. We've had an organic constitution for some time, now. We are allowed to honor the old one, but we live with what is necessary and proper for the general welfare as our governmental reality. Congress delegated that power of the purse for practical political reasons. You have got a lot of nerve asking your questions.