Death panels for banks?

posted at 10:12 am on October 27, 2009 by Ed Morrissey

A new bill in Congress to increase financial regulation would allow the federal government to seize institutions deemed “too big to fail” if Treasury saw a large enough risk of collapse.  McClatchy reports that some on Capitol Hill have begun to refer to it as a “death panel” for banks, apparently more as a joke than a concern.  Have any of them actually read the Constitution, especially the Fifth Amendment?

Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, worked over the weekend and throughout Monday to draft the legislation. It would provide the government with first-ever authority to shut down large globally interconnected financial institutions.

Under this authority, jokingly referred to as “Death Panels for Banks,” the Federal Deposit Insurance Corp. would oversee the dismantling of large financial firms much as it does now when it intervenes in commercial banks that are at risk of insolvency.

Decisions about which institutions are so large that they pose a system-wide risk and must be monitored would be made by a Council of Regulators, comprised of leaders from the Fed, the Treasury Department, the FDIC, and other bank-oversight agencies.

This marks a shift, since Obama wanted the Fed to take the lead role as a “systemic risk regulator.” However, lawmakers in the House of Representatives and the Senate are wary of that, not least because the Fed didn’t foresee the gathering storm in mortgage finance that led to a near meltdown of the global financial order last year.

The FDIC has the power to seize banks as part of their voluntary association with the insurer.  No one forces banks to use the FDIC; they know, however, that federal guarantees will make people a lot more likely to deposit their savings with them than a competitor without it.  In exchange, the bank gives the FDIC the authority to seize the institution if it becomes insolvent or unstable.

This looks less like a voluntary association and more like a government takeover of the financial industry.  Investors do not get guarantees when they give their money to firms like Goldman Sachs.  They put their money into these accounts because of the risk and potential reward, not with an expectation of instant liquidity and safety.  These are calculated gambles, intended to generate higher profits than savings accounts.

That doesn’t mean that the government has no role in regulating investor activities, perhaps especially on derivatives.  But there is a big difference between sensible and productive regulation to sustain investor confidence and the outright seizure of firms from their owners for nothing more than incompetence.   Incompetence in business has a solution — bankruptcy, and the freeing of resources for other efforts.  It should not be the job of government “death panels” to decide when to seize a private business from its owners — and the Constitution made that plain enough 220 years ago.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

and the Constitution made that plain enough 220 years ago.

Silly Ed, still hung up on that Constitution-thingy. Get with the program Ed, we are in the modern age, we can’t be run by some 200+ year old piece of parchment created by a bunch of old white guy.

johnsteele on October 27, 2009 at 10:17 AM

Election 2010/12, Death Panel for Democrats and RINO’s.

farright on October 27, 2009 at 10:17 AM

Do we get to call them socialists yet?

BadgerHawk on October 27, 2009 at 10:18 AM

Do we get to call them socialists yet?

BadgerHawk on October 27, 2009 at 10:18 AM

No, Marxists.

johnsteele on October 27, 2009 at 10:19 AM

Barney Frank is a corrupt incompetent who is personally responsible for the disappearance of trillions of dollars of wealth.

And he’s still in Congress.

And he’s still drafting idiotic legislation.

This government is illegitimate because worthless criminals like Frank are running it.

Why in hell am I subject to the idiocies conjured up by this cretinous little pervert?

NoDonkey on October 27, 2009 at 10:20 AM

You know the Republic is in trouble when the Barney Franks of the world are not in stocks and chains.

No, not because he is gay, because is a lying sack of pond scum who helped create the financial mess we are in.

Mr. Joe on October 27, 2009 at 10:20 AM

Glad this isnt a video…his voice would drive me right up a wall this early!

becki51758 on October 27, 2009 at 10:21 AM

“The Constitution? Are you serious?”

Akzed on October 27, 2009 at 10:21 AM

ENOUGH!!

There needs to be a VERY big push back, kids….

Non-violently…..

This time…..

REJECT THEIR PREMISES!

FLOOD THOSE PHONE-LINES!!!

GET IN THEIR FACES!!!

rabidamerican on October 27, 2009 at 10:21 AM

My FDIC policy:
- Preferred insurance is given to banks that are privately held (i.e., the owners personal assets are on the line).
- Publically held (i.e., stockholders) banks are elgible for FDIC if all stockholders with over 5% holding and key executives put personall assets on the lne.
- Publically held banks that do not do the above, do not qualify for FDIC insurance.

This will let people regulate the banks since regulators can never be trusted (they are human too). This system would encourage banks to remain “small.”

WashJeff on October 27, 2009 at 10:22 AM

Elmer Freaking Fudd can STFU. What an a$$. He’s so corrupt I’m amazed it doesn’t show on his face as…gee…weeping sores. Bring the inside face to the surface!

Annietxgrl on October 27, 2009 at 10:22 AM

Do we get to call them socialists yet?

BadgerHawk on October 27, 2009 at 10:18 AM

Socialism is too mild. These guys are Neo-Marxist Fascists. They are full blown totalitarians.

wildcat84 on October 27, 2009 at 10:23 AM

You know the Republic is in trouble when the Barney Franks of the world are not in stocks and chains.
Mr. Joe on October 27, 2009 at 10:20 AM

Something tells me that Bawney isn’t into stocks and chains. But ya never know.

Akzed on October 27, 2009 at 10:23 AM

When has the Constitution mattered to criminals and thugs like Barney Frank and the filthy lying coward in the White House?

highhopes on October 27, 2009 at 10:23 AM

just knowing that Timmy Geithner could make a decision like this makes me feel better. Because he doesn’t know how to pay his taxes either.

kelley in virginia on October 27, 2009 at 10:24 AM

The only way the Constitution will be honored again, is if (when?) Texas and the other red states break off from the hyper-corrupt and criminal federal government.

Secession. Every day it becomes clearer and clearer that it’s going to be the only way.

Rebar on October 27, 2009 at 10:24 AM

One question on Barney. Does he have any teeth?

Dasher on October 27, 2009 at 10:25 AM

Glad this isnt a video…his voice would drive me right up a wall this early!

becki51758 on October 27, 2009 at 10:21 AM

Actually the video of him saying this was on Glen Beck yesterday. I had to rewind it a few times to clarify what he was saying was actually coming out of his mouth!

xler8bmw on October 27, 2009 at 10:26 AM

Bank of America will probably be first. Then it will be the “true” Bank of America. It kind of sucks because that’s the bank I use out here in St. Louis.

When I was in New Hampshire 2 years ago I had to use Bank of America also. I would like to use Huntington because it’s a smaller regional bank and I used them while I was in Ohio, but they only go as far as Indianapolis.

MobileVideoEngineer on October 27, 2009 at 10:26 AM

One question on Barney. Does he have any teeth?

Dasher on October 27, 2009 at 10:25 AM

I was afraid someone would ask that…here we go…

right2bright on October 27, 2009 at 10:26 AM

If it’s madatory for law enforcement to take a constitutional law course before admission why are these tools able to run w/o some constitutional course.

THEY SHOULD BE MANDATED TO TAKE ONE BEFORE TAKING OFFICE!

xler8bmw on October 27, 2009 at 10:28 AM

What “risk”? This is set up to ensure nobody ever loses their shirt in the markets ever again. The Federal Government now guarantees the personal wealth of the upper middle.

While it can.

Chris_Balsz on October 27, 2009 at 10:28 AM

ROGUE
GOVERNMENT

Skywise on October 27, 2009 at 10:30 AM

The only way the Constitution will be honored again, is if (when?) Texas and the other red states break off from the hyper-corrupt and criminal federal government.

Secession. Every day it becomes clearer and clearer that it’s going to be the only way.

Rebar on October 27, 2009 at 10:24 AM

No, what needs to be done is throw the bums out of office and start digging deep for material for criminal prosecution. My gut feeling is that we are not going to dig far. Make them an example.

El Coqui on October 27, 2009 at 10:31 AM

The quicker they get the banks under control…they have attorneys, unions, autos, now with the banks, then insurance, they will have so much of the economy that their re-election will be all but insured.
Right now they are fighting not for control, but to keep their jobs.
They know the public is turning away, but if they can control the public’s jobs, they will get the votes.
Case in point is the teachers union…many teachers are conservatives, but they won’t vote that way because they need the government money to run the schools.
If they can get the banks and insurance, and a bit of the health care by 2012, they will have a huge voting bloc and huge amount of money…

right2bright on October 27, 2009 at 10:31 AM

If Our Institutions are to big to fail, then why did they be allowed to become that big in the first place?. and wouldn’t that be in line with Monopolizing the sector?. Why not just split them up like MaBell was back in the day?

What do you expect from the Banking Queen?.

hawkman on October 27, 2009 at 10:32 AM

Did someone invite Hugo Chavez to the US when we weren’t looking? How can anyone in their right mind see this happening and think it’s good?

Annietxgrl on October 27, 2009 at 10:32 AM

Rebar on October 27, 2009 at 10:24 AM

Don’t you understand? The Constitution was only a stop-gap measure until the arrival of the filthy lying coward. What do we need with documents when we have such a wise leader in charge. And if you don’t agree you’re a racist mmmm mmmm mmmm

highhopes on October 27, 2009 at 10:34 AM

It would provide the government with first-ever authority to shut down large globally interconnected financial institutions.

Then on to expanding the authority to shut down other businesses the Govt. doesn`t like for what ever reasons:
Power plants – global warming.
Food products – health related issues.
News organizations, blogs – Being too critical of govt.
Every business can be added to a list for any reason as determined by politicians.

albill on October 27, 2009 at 10:34 AM

Barney Frank is a corrupt incompetent who is personally responsible for the disappearance of trillions of dollars of wealth.

And he’s still in Congress.

And he’s still drafting idiotic legislation.

This government is illegitimate because worthless criminals like Frank are running it.

Why in hell am I subject to the idiocies conjured up by this cretinous little pervert?

NoDonkey on October 27, 2009 at 10:20 AM

Amen to that!

NavyMustang on October 27, 2009 at 10:35 AM

And people think Glenn Beck’s over the top. So far, can anyone prove him wrong? With each passing day, he’s proven more right. He may be a bit on the dramatic side but you can’t deny he’s been right on target with his data.

Big John on October 27, 2009 at 10:36 AM

Our Obamatized government is getting too big not too fail.

Buy Danish on October 27, 2009 at 10:37 AM

Barney Frank is a corrupt incompetent who is personally responsible for the disappearance of trillions of dollars of wealth.

And he’s still in Congress.

And he’s still drafting idiotic legislation.

This government is illegitimate because worthless criminals like Frank are running it.

Why in hell am I subject to the idiocies conjured up by this cretinous little pervert?

NoDonkey on October 27, 2009 at 10:20 AM

This is what the colonists said 233 years ago. It is getting to the point where something drastic has to be done.

J.J. Sefton on October 27, 2009 at 10:37 AM

Do we get to call them socialists yet?

BadgerHawk on October 27, 2009 at 10:18 AM

How about just plain old “enemies of the state”

Sounds about right to me.

Jerome Horwitz on October 27, 2009 at 10:41 AM

Do we get to call them socialists yet?

BadgerHawk on October 27, 2009 at 10:18 AM

The command economy is in full swing.

lorien1973 on October 27, 2009 at 10:41 AM

If there was any justice remaining in this world, slobberin’ Bawney Fwank would be two floors under the jail for his criminal role in tanking America’s economy.

Dave R. on October 27, 2009 at 10:42 AM

No, what needs to be done is throw the bums out of office and start digging deep for material for criminal prosecution. My gut feeling is that we are not going to dig far. Make them an example.

El Coqui on October 27, 2009 at 10:31 AM

And who’s going to “throw the bums out”? The same people who keep electing them? It’s not like “we the people” have a say in other states’ and Congressional districts electoral activities. Look at Al Franken. And if the criminals are in charge of the criminal investigations, who’s going to do the digging?

Big John on October 27, 2009 at 10:43 AM

The notion that Barney Frank (the root of the GLOBAL financial collapse) is anywhere NEAR a bank is surreal. The lunatics (literally) are running the asylum.

marklmail on October 27, 2009 at 10:44 AM

And who’s going to “throw the bums out”? The same people who keep electing them? It’s not like “we the people” have a say in other states’ and Congressional districts electoral activities. Look at Al Franken. And if the criminals are in charge of the criminal investigations, who’s going to do the digging?

Big John on October 27, 2009 at 10:43 AM

Exactly right.

If the blue states want to live under a crushing socialist government run by a cult of personality, let them.

Let those who want to live in freedom under the rule of law, let us go to do so. The left was all for secession when Bush won, they should have no complaint now.

Rebar on October 27, 2009 at 10:49 AM

They will take over the banks and limit exec pay since they will own them. Next the credit unions will be forced out of business. We will have to do our banking with the govt which will make it easier for them to take our money. Frank should be in jail.

Kissmygrits on October 27, 2009 at 10:49 AM

wow.. looks like the power brokers are learning a lesson from their BS midnight theft of Washington Mutual.

FACT. WAMU was solvent.
FACT. WAMU turned down JPM $8/share offer.
FACT. OTS said WAMU was well capitalized just days before seizure.
FACT. OTS siezed WAMU.
FACT. FDIC ‘bidded’ WAMU assets in a matter of hours
FACT. JPM had WAMUs books and knew their value.
FACT. WAMU was a $370 BILLION company
FACT. FDIC ‘sold’ WAMU to JPM for $1.8B
FACT. WAMU had nearly $4B in their accounts which JPM/FDIC colluded to steal as well.

This was the biggest bank robbery in world history.

Luckily, American Idol is on and Brittney had a new album and the baseball playoffs were in full swing so that the pacified American people would not be bothered with these details. So I am very happy that Barney Frank is now working with the FDIC to make sure that this messy WAMU takedown doesn’t get repeated again – all future thefts will be done in the light of day. Yay! What a great and free country we live in!

All the above is just IMHO of course.

gatorboy on October 27, 2009 at 10:51 AM

What’s this “Constitution” of which you speak?
This is good old-fashioned fascism. Not the 1940 Hitler type, but the early 1920′s Mussolini type. Which, like most cancers, then grows. . .

rbj on October 27, 2009 at 10:55 AM

If it’s madatory for law enforcement to take a constitutional law course before admission why are these tools able to run w/o some constitutional course.

THEY SHOULD BE MANDATED TO TAKE ONE BEFORE TAKING OFFICE!

xler8bmw on October 27, 2009 at 10:28 AM

Why waste the effort? They don’t honor their oath of office, why would this course make any difference?

Amendment X on October 27, 2009 at 10:55 AM

Our employers will be forced to deposit pay checks in government banks…the gov will tax and take out what is needed from each check depending on the amount.
We get to keep the balance.
If gov needs more money, they just pass a 1% increase, and it is automatically withdrawn each pay check.
All pay will be weekly so the gov will have a constant projected flow of money.
At the end of the year we fill out our taxes and hope to get some back, after we have paid and the gov has used our money all year.
Private banks will be only for the wealthy, and gov will set up the standards for those banks.

right2bright on October 27, 2009 at 10:57 AM

Let those who want to live in freedom under the rule of law, let us go to do so. The left was all for secession when Bush won, they should have no complaint now.

Rebar on October 27, 2009 at 10:49 AM

You simply cannot debate tyranny. We can leave, but tyranny will always follow. The looters must chase the producers. It always has been and always will be. Freedom requires a constant struggle against tyranny and against theft. We the People have gotten softer and softer since we decided it would be OK to use government force to steal from future generations to support our old age through Social Security. Eventually, the people who love liberty have to stand up and stop the thieves.

j_galt on October 27, 2009 at 10:59 AM

Ed, Allah, Where is the money qoute? My jaw bounced off the floor when I heard it on Beck yesterday. Forgive me here, but I’ll try my best in this paraphrase;

We are not talking about resolution (refering to non-bank financial inst’s) here, but dissolution.

Where on earth, or in the constitution for that matter, is Barney Frank authorized to execute by fiat, a whole sector of the finacial services industry?

If anyone has any doubts that the progressives are bent upon an authoritarian take over of the USofA, that statement right there ought to dispel any such notions!

The politcally attentive found here on HotAir and a few other sites see what is coming down the pike, but I fear that the bulk of our fellow citizens remain oblivious.

If, and only if, the populace were enlightened immediately to the repercussions of what is going on up on the hill and in the oval, we might yet halt this Obamanation in it’s tracks. But Fox news is not enough, too many are still going about their merry way without a care in the world.

The cold, cruel awakening in store for the apathetic will not be pretty. And when they start moaning and crying in “shock, shock I tell you..” at the loss of our liberty, I am going to get really pissed!

For months on end I’ve had to endure their Pshawing and ridicule that only recently has become more muted, as I tried to shed light on HR-this & S-that. I wish I could say that I’ll take some satisfaction from saying “I told you so”, But I’ll probably be too busy trying figure out which corner of the country to flee to.

If decisive realignment does not come to be in ’10, and Obama and his progressive minions are still in firm control of all the levers come 11/4/13, the republic will be lost. The only recourse will be to “Go Galt” as best as one can and wait for the motor of the world, to stop.

Archimedes on October 27, 2009 at 10:59 AM

I’ve had fleeting nightmares of having to find a small piece of land and try to hang out until some semblance of sanity returns. Sadly, I don’t have a clue where that would be, and keeping worthless dollars under the mattress won’t buy anything anyway.

24K lady on October 27, 2009 at 11:06 AM

The notion that Barney Frank (the root of the GLOBAL financial collapse) is anywhere NEAR a bank is surreal. The lunatics (literally) are running the asylum.

marklmail on October 27, 2009 at 10:44 AM

In a world where a tax cheat like Charles Rengel can be in charge of the Ways and Means Committee (i.e. the bastard who writes tax law) and tax cheat Tim Gietner is the ultimate boss of the IRS…… how is it so strange that Frank and Dodd are still in charge of their committees?

highhopes on October 27, 2009 at 11:08 AM

Incompetence in business has a solution — bankruptcy, and the freeing of resources for other efforts.

That’s the key point. Bankruptcy diverts money to better, self-sustaining, business models. Or in the case of Chapter Eleven forces radical restructuring of the firm which never ceases to do business. Versus the government takeover model which does for business what it does for all government programs: creates a financial black hole to be fed by taxpayers.

Beagle on October 27, 2009 at 11:12 AM

Meanwhile the Republicans look like the three monkeys, see no evil, hear no evil and speak no evil.

moonsbreath on October 27, 2009 at 11:13 AM

Let those who want to live in freedom under the rule of law, let us go to do so. The left was all for secession when Bush won, they should have no complaint now.

Rebar on October 27, 2009 at 10:49 AM

As implied in my post above, that is I fear, all that will be left to do. But where is the optimal place “..go to do so.”? Montana? Texas?

The looters will not idly stand by and allow the producers to abandon them to their lack of ability to make good on their promises of utopia. When authoritarian regimes are not able to produce the largesse they have promised, they either confiscate from, or endenture others, for fear of the “mob” they hath created.

No, do not expect that they will be so willing to let us do what you propose. Such a break-away will be every bit as difficult as that of the founders from King George, and that was a mighty close run thing that very nearly never came to be.

I look forward to input you might have as to how this may be accomplished.

Archimedes on October 27, 2009 at 11:20 AM

Council of Regulators…or Politburo?

Of course the Fed knew the meltdown was coming! My secretary knew it and sold her house. My realtor friend knew it and dumped all his properties. I knew it and stayed in my little house.

The Fed knew it and did nothing. The politicians didn’t want them to.

PattyJ on October 27, 2009 at 11:26 AM

“too big to fail”

No such animal.

Dr. Paul Craig Roberts: “The criminals are all inside the government, operating against the people … America is a failed government … The whole economic policy is being run for a handful of super-rich people.”

Rae on October 27, 2009 at 11:32 AM

Tar + feathers = Liberty

It worked before, it will work now.

BobMbx on October 27, 2009 at 11:49 AM

This is obviously ridiculous, but to all those who opposed TARP, should you not pull your money from these “too big to fail” institutions? People keeping their money in these institutions helps give lawmakers the justification, no matter how thin it is, to continue this type of nonsense. Take your money out and put it into smaller local banks. The more that happens the less leverage it gives these banks a chance to put a gun to our heads due to their bad investment decisions.

LevStrauss on October 27, 2009 at 11:55 AM

Is it possible to deny Barney Frank Health care? Because I’d vote for that. Is there a scale of the value someone brings to us that Dems are planning? Can we get this guy at the bottom please.

petunia on October 27, 2009 at 11:57 AM

I look forward to input you might have as to how this may be accomplished.

Archimedes on October 27, 2009 at 11:20 AM

First, the left has convinced itself that it’s the blue states that are propping up the red states, so the political will to enforce the union is shaky. If the red states secede, many in the fascist intelligentsia would welcome it. Legally, the Constitution is a contract between the states, and by any measure the federal government has violated that contract, and for the last 70 years at least. Morally, America is split between those who wish to relinquish their rights to a fascist government, and those who wish to live free under the Constitution, a split is the “fair” solution. Finding the people who are willing to die to impose fascism on secessionist states is going to be a tough sell, considering.

Strategically, the dynamic between the North and South is exactly opposite from the first war between the states, the lion’s share of population, agriculture, and industry is in the South, moreover it will be the South fighting for freedom, the North fighting for slavery. Another fact is the federal military is almost 40% Texans, the majority from red states. The federal government’s monopoly of force will be cut in more than half instantly. The new “Republic of America” will have from the get-go a large and highly experienced military. Would 0bama or other fascist start a war on such unfavorable grounds? Doubtful.

With the federal government no longer bound by constitutional limits, secession is inevitable, but violence is not. Let the blue states have their fascism, as they go bankrupt and descend into 3rd world poverty, they can apply for statehood in the new America, under the pre-progressive Constitution and laws of course. Eventually all the states will either join us or join Canada.

Rebar on October 27, 2009 at 12:01 PM

No, do not expect that they will be so willing to let us do what you propose. Such a break-away will be every bit as difficult as that of the founders from King George, and that was a mighty close run thing that very nearly never came to be.

Archimedes on October 27, 2009 at 11:20 AM

Back in 1776, the British had the world’s most powerfull army and navy. The colonies had their own guns, and experience in fighting indians.

Modern world. Most of the military bases are in the states most likely to seceed. Most members of the military have no love for the behemeth in Washington and especially for the man currently running it.
I suspect that most members of the military would either sit on their hands and refuse to fire on fellow Americans, or would join the secessionist movement. The number of active military who would fight on the behalf of Washington is small.

Beyond the active military, there is the National Guard.

The units in the secessionist states would fight on the behalf of their state. Of the remaining units, most red states, the units would stay out of the fighting. Blue states would fight on behalf of the federal govt. Problem, red states have bigger and better units.

If the Feds tried to nationalize the red state national guard units, a lot more states would quickly join the secessionist movement.

At present, much of the military is tied up over seas, and wouldn’t be available for a fight here in the homeland for weeks and months.

MarkTheGreat on October 27, 2009 at 12:04 PM

The whole economic policy is being run for a handful of super-rich people.”

Rae on October 27, 2009 at 11:32 AM

I’ve read some stupid things on this site, but this is quite clearly in the top 1% of stupid things.

So rich people secretly run the country. Have any evidence to support such a claim?

MarkTheGreat on October 27, 2009 at 12:05 PM

MarkTheGreat on October 27, 2009 at 12:05 PM

He said economic policy. Economic policy is basically decided on by the Fed, and we can see that Goldman Sachs and those associated with them seem to have a lot more say over what goes on than anyone else.

LevStrauss on October 27, 2009 at 12:11 PM

That feeling in your stomach is the tug of acceleration from our sliding yet a bit further and a bit faster into the maw of total government control.

Bit by bit they are gnawing away at freedom, individual rights, self-determination and our future as a free people.

It is happening right now, right before our eyes.

DrDeano on October 27, 2009 at 12:12 PM

Things are bleak now, there is no doubt. What are we to do? I get so pissed off by these people who want the government(i.e. taxpaying productive people) to pay for everything, provide everything and just shut up and go along already. There are places these people can go for this, but they want to force it on us. Where do we go? There is nowhere.

I can’t help but think that major thinks are coming. It makes me fearful, but hopeful too. The silent majority is silent no more.

I am heartened by the Oath Keepers, who say they will not move against the citizens of this great nation to enforce unconstitutional mandates by these fascist thugs now in control.

Jvette on October 27, 2009 at 12:14 PM

First he was on the HOUSING MARKET DEATH PANEL.
Now he wants to be on the BANKS DEATH PANEL.
This guy is obsessed with death panels.
How is it that this guy gets more than 2 votes, given that his boyfriend votes for him. His own mother in good conscience should not be voting for him.

lilium on October 27, 2009 at 12:14 PM

thinks
*things*

Just got up and already too agitated to type well.

Jvette on October 27, 2009 at 12:15 PM

Why in hell am I subject to the idiocies conjured up by this cretinous little pervert?

NoDonkey on October 27, 2009 at 10:20 AM

Ask the voters in Frank’s district. I dunno that you’ll get a cogent answer here.

gryphon202 on October 27, 2009 at 12:23 PM

The reason should be quite clear why the Fifth Amendment is there–political foes will have their financial means reduced, and friends of those in power will be rewarded with the assets of others. The Founders were deeply read in Greek and Roman history, where these things occurred, and had the example of their own heritage–British–to back up that belief that governments without restraint and oversight will not rule virtuously.

I further state that it is my heartfelt belief that politicos right now are looking at non-politicians and maneuvering to make sure they never achieve a position to oppose their plans. Collecting oppo, slander, libel, making sure business opportunities do not occur–they play for keeps.

After all, how many conservatives are there now in academia? The major media? Exactly.

Our political class has got to learn that not everything they wish to do is something they can do.

Hold the line.

Horatius on October 27, 2009 at 12:29 PM

MarkTheGreat on October 27, 2009 at 12:05 PM

That’s certainly debatable. FWIW, that was Paul Craig Roberts, who worked in Reagan’s treasury.

You could watch the video. And this one too. And this one. Or maybe read Mish, zerohedge and market-ticker if you need more convincing that we live a filthy Banksta-owned Oligarchy (kleptocracy?) If Obama’s a socialist, then he’s doing it wrong.

This government is robbing the people blind in broad daylight. 23.7 Trillion of the people’s money in the pipeline for the Bankstas, dude. Sorry you missed it.

Rae on October 27, 2009 at 12:50 PM

Rebar on October 27, 2009 at 12:01 PM

MarkTheGreat on October 27, 2009 at 12:04 PM

Both of you have some excellent points, let me address the one at a time.

Rebar/

1st, the legality issue, ie contract between states. Our last original progressive president (Wilson) had little difficulty in trotting out sedition laws for actions far less threatening thatn actual succession. The totalitarian impulse is at least as prevelent amonst the current crop of progressives as then.

2nd, I don’t find the north/south context as particularly relevent to todays red/blue state divide. Granted the southern states are traditionally more patriotic as well as martial. The south is waaaay over-represented in the military, which goes to some of Mark’s points as well.

But if you look at the electoral map, that is not how it breaks out today. I think that much of the ’08 map regrets their folly, and the ’04 map is probably a better representation. As you will notice, the split of the blue states with the divide being in red, is entirely not functional.

Another aspect is the middle is the breadbasket, especially now that the San Joquian (CA) valley has been decimated in favor of the delta smelt.

The progressives are mistaken in their ideology, but they are not absolute morons. They can see that such a situation is untenable.

Mark/

The indoctrination by our disfuntional ed-system may create more disunity amongst the ranks than you think, not overtly, but it is far from my time when in back in ’80s.
None the less it could not be effectively used against us either. Plus the fact that they are stationed far from home marginalizes any assist to successionists.

The real problem is the militarization of law enforcement over the last 30yrs or so. It is a libertarian’s worst nightmare! It has gotten so out of hand, that few would even beleive its extent. The military may be one thing, but the abuse of power by LE so engrained and so common-place that we no longer even bat a lash at it anymore. Which side LE comes down on, even despite “Oath-Keepers”, I am not so confident of.

If you doubt the severity of this situation, I highly reccommend you peruse this report from CATO:

http://www.cato.org/pub_display.php?pub_id=6476

The Nat’l Gaurd, despite being heavily populated by LE would break out better in our favor than the active-duty, that and the likely loyalty from Gov’s would help our cause. But a 5th column element may arise from LE in the ranks.

What ever happens it will not be a cake-walk, and should we descend into such chaos, our external foes may very well capitalize on it. I’d bet on it myself. Pro or Con succession, the peril to the nation is quite real which ever way it goes. It is a sad, sad day my friends.

Archimedes on October 27, 2009 at 12:56 PM

Are you aware that this photo of Bawney Fwank is lewd? He’s exposing his sex instrument!

Cybergeezer on October 27, 2009 at 1:17 PM

That’s certainly debatable. FWIW, that was Paul Craig Roberts, who worked in Reagan’s treasury.

You could watch the video. And this one too. And this one. Or maybe read Mish, zerohedge and market-ticker if you need more convincing that we live a filthy Banksta-owned Oligarchy (kleptocracy?) If Obama’s a socialist, then he’s doing it wrong.

This government is robbing the people blind in broad daylight. 23.7 Trillion of the people’s money in the pipeline for the Bankstas, dude. Sorry you missed it.

Rae on October 27, 2009 at 12:50 PM

Socialism is merely the piffle they sell to the masses to attain power. This demonstrated repeatedly in history. Whatever the label de lour, collectivists always revert to totalitarianism.

Whatever ism you want to asign it, authoritarians always gravitate to the money, and the rich always make a deal to protect themselves. The political class “in” then join their ranks and they mutually benefit. Be it within a declining over-all death-spiral or not for rest.

Until, “the motor of the world” collapses under its own weight, and stops.

What I think we are witnessing, as Twain stated-”History does not repeat itself, but it does rhyme” i s the replay of the decline and fall of fall of Rome, ala-Gibbons. And now, as then, we are most probably in for a period of biblical “great gnashing of teeth” that will last centuries.

When the global cop of the era is no longer able or willing to maintain the order that allows commerce, science and culture to prosper. Everything hithero-to taken for granted comes to an end, and life returns to “being nasty, brutish and short.”

The last time of which we gave the moniker of “The Dark Ages”. Pessimistic I know, but the parallels are too many and all too real.

Archimedes on October 27, 2009 at 1:25 PM

Do we get to call them socialists yet?
BadgerHawk on October 27, 2009 at 10:18 AM

National Socialist Democrat Party

Mad Max3 on October 27, 2009 at 1:31 PM

Not in favor of banks going wild but this is too much government control. Barack Chavez and his buds are too much. Can’t wait until they’re gone. And Frank of all people, the guy who was behind much of this whole mess in the first place. Maybe we could all benefit from a law monitoring him?

jeanie on October 27, 2009 at 1:44 PM

Why isn’t this clown indicted and facing trial for his aiding and abetting the Fannie Mae / Freddie Mac scams?

ya2daup on October 27, 2009 at 1:45 PM

Why isn’t this clown indicted and facing trial for his aiding and abetting of the Fannie Mae / Freddie Mac scams?

ya2daup on October 27, 2009 at 1:46 PM

Oh, the hearings in 2011 will be DELICIOUS!

marklmail on October 27, 2009 at 1:51 PM

Ed, your so silly. Don’t you know that the Constitution is passe’?

GarandFan on October 27, 2009 at 3:32 PM

This guy is unbelievable! What a big govt hound! Hey Barney…..Can we have LESS of the same crap sandwhich with big government? By the way, when are you going to retire?? A: NOT SOON ENOUGH!!!!

shawno on October 27, 2009 at 3:48 PM

I don’t know how I still continue to be shocked by what comes out of these Communists’ mouths.

Dr. ZhivBlago on October 27, 2009 at 4:55 PM