We will have a little more big brother if the housing bill gets passed by the senate intact. We have lost more of our constitutional rights during the bush administration that we have sum total since the constitution was written. Altho I dislike what the bush presidency has done to us, it has continued during a democrat controlled congress that could have put the kabash on everything. We need real heroes to get washington under control. Note the last item in this shortened version of the housing bill.
Ron Paul on the Housing Bill 7/23/08 - "The Mother of All Bailouts" [video]
By: Dr. Ron Paul, U.S. Congressman
-- Posted Thursday, 24 July 2008 | Digg This ArticleDigg It! | Source: GoldSeek.com
"The Mother of All Bailouts"
Details of today’s housing bill by Dr. Ron Paul:
- $2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”
o UNLIMITED – Treasury now allowed to buy all ‘F & F’ housing securities
o Congress no longer involved in appropriating funds (Treasury now does)
- National Debt Ceiling Moved up $800 BILLION (buried in the bill)
- Treasury Bills being exchanged for unwanted ‘F & F’ securities
o This is the asset which “backs up our currency”
o Value of these assets are depreciating
o Treasuries have replaced gold and silver to back US Dollar
- Solution breeds inflation
o Places pressure on the US Dollar
- Mortgage industry workers “will now have to be fingerprinted.”
- All credit card transactions will now be reported to the IRS.
........al
