F. George McDuffee wrote:
On Thu, 13 Nov 2008 22:42:41 -0800, "Calif Bill"
wrote:

snipped
You are definately confused as to how the Federal Government runs. The
Congress is the only group who can pass a spending bill, the only ones who
can say we spend this money. The Executive Branch can approve or veto the
bill with their Check and Balance part of government. But it is only
Congress who can first say lets spend money and tell the rest of government
to spend money and how much they can spend. And the Democrats have been in
control of the checkbook for nearly 2 years. Bush and the Republicans sux.
But so does the Democrats and Pelosi, expecially Pelosi, and Reid.

-------------
From a theoretical standpoint you are correct, and I wish that
this was the way it worked in the real world.


It's not theory, it's the law.


In several cases, for example the Federal Reserve Bank, the
Federal Deposit Insurance Corporation, and the Pension Benefit
Guarantee Corporation and several others, *PRIVATE*
organizations, ==backed with the full faith and credit of the US
[i.e. the taxpayers],== are burning through money at a truly
amazing rate, with nomimal to no oversight.

In one instance the FRB is refusing to say which banks [and most
major American financial organizations are now banks or are
becoming "banks" such as American Express, GE Capital, Merrill
Lynch, Goldman, and CIT] have borrowed, how much they have
borrowed, and ==what securities or other collateral they have
pledged.== {can you say "toxic securities?" Can your say
"pig-in-a-polk"}

The insurance companies are not far behind. Several majors have
just applied to become S&Ls, thus qualifying for the FDIC "tit".


We have a Congress which has abdicated it's obligations and
responsibilities.

We have an illegitimate government.


----------
Insurers Mull S&L Status; Request Could Come Today (Update1)

By Andrew Frye

Nov. 14 (Bloomberg) -- Several U.S. insurers have asked
regulators about applying for status as savings and loan
institutions, a step that could give them access to Treasury
funding.
snip
-----------
for complete article see
http://www.bloomberg.com/apps/news?p...BaY&refer=home

In less than 3 months, over 5 trillion dollars has been
"injected" into the market. The exact amount cannot be
determined.
for complete article click on
http://www.forbes.com/home/2008/11/1...12bailout.html


To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN
SLIGHTLY OVER TWO MONTHS WITH NO END IN SIGHT, AND NO
ACCOUNTABILITY.

There are several other mechanisms that bypass Congressional
control and oversight of governmental spending, but currently
this is the major money leak.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).


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