Tuesday, September 30, 2008

Bailout Passes 09/29/2008

Bailout happens September 29

In case you were busy celebrating the failure of the bailout package, take note: it wasn't necessary for Congress to pass a bailout package. The legislation was already passed in 1913.

The Federal Reserve has the ability to fund a bailout without going through Congress already. The link above, if you didn't click on it, describes how they gave the banks $630 billion dollars just a few hours before Congress voted down the Bush/Paulson/Democratic Party bailout plan.

I.e., when the Fed saw that they weren't going to be able to win over the necessary ideological conservative votes, they used their existing authority to steal another $630 billion anyway.

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