Wednesday, March 18, 2009

AIG Rage or Just a Diversion?

Do you think that the government is corrupt and that it all changed when Obama entered office? Think again. Sure, the situation has gotten worse, but the housing crisis started during Clinton's years and has had oversight through Barney Frank, encouragement through Barney Frank, and now Barney Frank is answering the American taxpayer's frustration and outrage over the AIG bonuses but is not addressing the whole housing issue that started with him. Barney Frank is the chairman of the Committee on Financial Services (or House Banking Committee). Here is what he is over.

overseeing the entire financial services industry including
housing industries
Federal Reserve
Department of the Treasury
U.S. Securities and Exchange Commission

Along with Frank, Christopher Dodd is the chairman of the Senate Banking Committee, which deals with the following:

banks and banking
price controls
deposit insurance
export promotion and controls
federal monetary policy
financial aid to commerce and industry
issuance of redemption notes
currency and coinage
public and private housing
urban development and mass transit
government contracts

Here's an interesting list for you. It's a partial list of what AIG ($165 million in bonuses) did with their bailout money...can we say "money laundering"?

What taxpayer money did AIG give and to whom?

Goldman Sacs - $13 Billion
Merrel Lynch - $7 Billion
Bank of America - $5 Billion
United Kingdom - $13 Billion
Germany - $17 Billion
France - $19 Billion
Switzerland - $5 Billion

Note: 1. About $44 Billion went to America/American companies.
2. About $62 Billion went overseas/other countries/banks in other countries.

Do you want to know why they continue to harp on the $165 Million in bonuses? Because they don't want you to pay attention to the fact that our tax money has actually gone overseas instead of "stimulating" our own economy. Is the $165 million as big of a deal after you have seen this breakdown? Not really. Plus, do we want to lose the ability to make and keep contracts without the Federal Government interfering?

Don't get me started on this issue because it shows how our government is corrupt, laundering money, destroying the constitution, and so on. Oh, and by-the-way, shouldn't there be a term limit? Both Barney Frank and Christopher Dodd have been in office since 1981.

Additionally, there seems to be a never ending chain of corruption and greed that loops its way through Washington. Not only does the greed show its way in the Committee on Financial Services and the Senate Banking Committee, but also the Committee of Ways and Means, which is chaired by Charles Rangel (elected in 1971). Here is a list of what that committee is involved in:

all taxation, tariffs and other revenue-raising measures
Social Security
unemployment benefits
enforcement of child support laws
temporary assistance for needy families (federal welfare)
foster care and adoption programs

Do you see a list of the "stimulus" in the bailout/spending bills?

It doesn't end there either. Nancy Pelosi, one of my favorite people as you may have read (who assumed office in the U.S. House of Representatives in 1987), served on the Appropriations Committee. Here is the "constitutional basis for the Appropriations Committee comes from Article one, Section nine, Clause seven of the U.S. Constitution, which states that:

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

This clearly delegated the power of appropriating money to Congress, but was vague beyond that." Wikipedia

As one of the most powerful committees, its members are seen as influential and have the power to control the federal purse strings.

"how well the member secures rewards for his or her district is one of the best indicators as to whether or not he or she will be reelected. One way to achieve popularity in one's district is to bring it federal spending, thus creating jobs and raising economic performance. This type of spending is often derided by critics as pork barrel spending, while those who engage in it generally defend it as necessary and appropriate expenditure of government funds. The members of the Appropriations committee can do this better than most, and as such the appointment is regarded as a plus. This help can also be directed towards other members, increasing the stature of committee members in the House and helping them gain support for leadership positions or other honors." This essentially is why the spending bill had around 9,000 earmarks...those who placed those earmarks want to do so to be re-elected. Isn't that insane?!!!

Who is the current chair for this committee? David Ross Obey.

I'm sure that this post could go on for days with the information I've researched but one thing is clear...too much power, too little reality, too many committees, too little accountability, too much insanity!

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