{"id":776,"date":"2008-10-15T12:50:20","date_gmt":"2008-10-15T16:50:20","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=776"},"modified":"2008-10-15T12:59:59","modified_gmt":"2008-10-15T16:59:59","slug":"dick-armey-bush-plan-to-buy-bank-stocks-should-face-constitutional-challenge","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/15\/dick-armey-bush-plan-to-buy-bank-stocks-should-face-constitutional-challenge\/","title":{"rendered":"Dick Armey: Bush Plan to Buy Bank Stocks Should Face Constitutional Challenge"},"content":{"rendered":"

Via CNSNews.com<\/a>:<\/p>\n

<\/strong>Former House Majority Leader Dick Armey (R-Texas) said that the Bush administration\u2019s plan to buy $250 billion in stock in U.S. banks should be challenged in federal court as unconstitutional.<\/p>\n

\u201cI think that it is subject to a serious constitutional challenge,\u201d Armey said in a conference call with reporters on Tuesday. \u201cIt is very important that this challenge be made. We had challenges of this nature against Roosevelt. I think it is extremely healthy that we challenge this, and it should be challenged.\u201d<\/p>\n

Freedom Works, the organization headed by Armey, is researching the possibility of a challenge to the plan.<\/p>\n

President Bush announced Tuesday that the Treasury Department will utilize a little-known provision of the $700 billion bailout package approved last week by Congress to spend $250 billion to buy non-voting shares of stock (equity stakes) in nine of the country’s largest banks.<\/p><\/blockquote>\n

Never mind President Bush’s plan to buy bank stocks… What about the whole $700 billion Bush\/Bernanke\/Paulson bailout plan… Is it Constitutional?<\/p>\n

One of the things that bothered me about the rush to ram that crap sandwich down taxpayers throats was the lack of debate. We never got answers to the most fundamental question is this plan Constitutional?<\/p>\n

Update:<\/strong> from the Washington Post<\/a>…<\/p>\n

Smaller Banks Resist Federal Cash Infusions<\/strong><\/p>\n

By Binyamin Appelbaum
\nWashington Post Staff Writer
\nWednesday, October 15, 2008; Page A01<\/p>\n

Community banking executives around the country responded with anger yesterday to the Bush administration’s strategy of investing $250 billion in financial firms, saying they don’t need the money, resent the intrusion and feel it’s unfair to rescue companies from their own mistakes.<\/p>\n

But regulators said some banks will be pressed to take the taxpayer dollars anyway. Others banks judged too sick to save will be allowed to fail.<\/p>\n

The government also said yesterday that it will guarantee up to $1.4 trillion of private investment in banks. The combination of public and private investment is intended to refill coffers emptied by losses on real estate lending. With the additional money, the government expects, banks would be able to start making additional loans, boosting the economy.<\/p><\/blockquote>\n

H\/T: Hot Air<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Via CNSNews.com: Former House Majority Leader Dick Armey (R-Texas) said that the Bush administration\u2019s plan to buy $250 billion in stock in U.S. banks should be challenged in federal court as unconstitutional. \u201cI think that it is subject to a serious constitutional challenge,\u201d Armey said in a conference call with reporters on Tuesday. \u201cIt is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[20,7],"tags":[236,159,235,123,158,177],"class_list":{"0":"post-776","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-money-and-investing","7":"category-politics","8":"tag-bank-stocks","9":"tag-ben-bernanke","10":"tag-dick-armey","11":"tag-george-w-bush","12":"tag-henry-paulson","13":"tag-treasury-department","14":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-cw","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":93,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/05\/16\/health-care-and-the-state-of-the-union\/","url_meta":{"origin":776,"position":0},"title":"Health Care and the State of the Union","author":"Jeff","date":"May 16, 2008","format":false,"excerpt":"Here are two great columns from The Wall Street Journal. If you haven't already read them you should. The first, The Republican Health-Care Surrender by Dick Armey details one of the biggest problems Republicans are facing... Their complete surrender on health care. I don't want government run health care I\u2026","rel":"","context":"In "Life"","block_context":{"text":"Life","link":"https:\/\/www.jasetaro.com\/blog\/category\/life\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1141,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/19\/son-of-a-bailout-bush-gives-auto-makers-174-billion\/","url_meta":{"origin":776,"position":1},"title":"Son of a Bailout – Bush Gives Auto Makers $17.4 Billion","author":"Jeff","date":"December 19, 2008","format":false,"excerpt":"President Bush this morning morning announced a $17.4 billion bailout plan for auto makers. Under the terms of the plan GM and Chrysler would receive $13.4 billion in loans in December and January, with another $4 billion likely available in February. The deal is contingent on the companies' showing that\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1049,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/24\/here-we-go-again-feds-agree-to-citibank-bailout\/","url_meta":{"origin":776,"position":2},"title":"Here We Go Again: Feds Agree to Citibank Bailout","author":"Jeff","date":"November 24, 2008","format":false,"excerpt":"From the Wall Street Journal: The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1104,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/12\/treasury-throws-auto-industry-a-life-line\/","url_meta":{"origin":776,"position":3},"title":"Treasury Throws Auto Industry a Life Line???","author":"Jeff","date":"December 12, 2008","format":false,"excerpt":"Damn! What is it with the Bush administration? Senate Republicans rightly stopped the auto industry bail last night and today the Bush Administration decides to use TARP funds to throw a life line to GM and Chrysler. From FoxBusiness: Despite the abrupt death last night of bailout legislation in Congress,\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":596,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/03\/crap-sandwich-20-passes-the-house-263-171\/","url_meta":{"origin":776,"position":4},"title":"Crap Sandwich 2.0 Passes The House 263-171","author":"Jeff","date":"October 3, 2008","format":false,"excerpt":"The Wall Street Journal has the details: WASHINGTON -- U.S. House of Representatives lawmakers wary of growing signs of the nation's economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1860,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/04\/01\/holder-overrules-doj-ruling-saying-dc-vote-bill-is-unconstitutional\/","url_meta":{"origin":776,"position":5},"title":"Holder Overrules DOJ Ruling Saying D.C. Vote Bill Is Unconstitutional","author":"Jeff","date":"April 1, 2009","format":false,"excerpt":"The Washington Post reports in today's edition that Attorney General Eric Holder overruled lawyers in the Justice Department's Office of Legal Counsel who ruled that the DC voting rights bill violates the Constitution: Justice Department lawyers concluded in an unpublished opinion earlier this year that the historic D.C. voting rights\u2026","rel":"","context":"In "Law"","block_context":{"text":"Law","link":"https:\/\/www.jasetaro.com\/blog\/category\/law\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=776"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/776\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}