Earlier this week I was writing a post about George Soros. That research led to some articles on TARP and then-Bush-Secretary of Treasury, Hank Paulson. We all remember Hank Paulson towering over the ever-shrinking-last-days of George W. Bush, and both of them telling us we needed a Troubled Asset Relief Program (TARP) to buy-up the toxic assets of financial institutions, mainly failed home mortgages. In the videos below you will hear that Congress was told without TARP there would be civil unrest and martial law. More – Senator Jim Inhofe (R-OK) talks of the insanity of giving $700 Billion dollars to one man.
That was the plan, but the plan was a bait-and-switch according to many. Instead of buying up the toxic assets, enormous sums of money were given directly to an assortment of institutions – simply an injection of capital: According to Senator John McCain in 2008 (thanks to Prison Planet for the quote and the first video below):
“They decided to stablize the Wall Street institutions, bail out AIG, bail out Chrysler, bail out General Motors…
Remember not long after the shocking news of TARP broke, we heard that Hank Paulson had total authority over the funds and his decisions were the law-of-the-land. That was even more shocking than the $700 Billion funding the bailouts. How could we give one man that kind of authority?
Naked Capitalism documented transferring the authority of these hundreds of billions of dollars to Paulson, and the safety net built-in, with no protection for the taxpayer. This text was found within the legislation titled “Treasury Authority to Purchase Mortgage-Related Assets (which did not happen) (The final legislation was in the form of House Resolution 1424, which GovTrack says became “Public Law No: 110-343.”
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Naked Capitalism’s article is well-worth reading, even today, a couple of years later. We must not forget the depths to which our government will stoop to do their will, against the will of the people. The article is written just two months after the announcement of TARP, and the link to the text of the legislation is there.
PrisonPlanet (see the link above) asks if that clause “non-reviewable…may not be reviewed by any court of law…, would save Paulson from the lies he knew he was telling in a court room today?
In retrospect, Congress felt bullied by Mr. Paulson last year. Many of them fervently believed they should not prop up the banks that had led us to this crisis — yet they were pushed by Mr. Paulson and Mr. Bernanke into passing the $700 billion TARP, which was then used to bail out those very banks.
I’m finally getting to Jim Inhofe and the first video dated September 19th, 2008. Inhofe says he was told by Paulson, the depression to come would be worse than the 1930’s, with civil unrest and martial law. The second video is Senator Inhofe at his best. Still talking about the known lie of TARP, and what he proposed to do about it.
Jim Inhofe: TARP, Martial Law and Henry Paulson (video)
Jim Inhofe on TARP, Henry Paulson and the Lie of TARP (video)