Please go over and wake up Henry Paulson.
Do whatever you must, BUT WAKE HIM UP!
When you have his attention, please remind him that his name is Henry, not Hugo.
He is in America, not Venezuela.
We have a Constitution, although those of you in Washington seem to have momentarily forgotten this fact.
Article I, Section 9 of that Constitution says, in easy to understand language:
“ NO MONEY SHALL BE DRAWN FROM THE TREASURY, BUT IN CONSEQUENCE OF APPROPRIATIONS MADE BY LAW; AND A REGULAR STATEMENT AND ACCOUNT OF THE RECEIPTS AND EXPENDITURES OF ALL PUBLIC MONEY SHALL BE PUBLISHED FROM TIME TO TIME.”
I frankly do not understand what is so difficult to understand about this. I was surprised to hear on the news Sunday afternoon that Henry had decided to give the big three automakers $25 billion in exchange for equity in their companies. Just a few days ago I heard Nancy Pelosi declare no funds would be given the automakers until they produced a business plan suitable to Congress. Did I miss something? Did Congress have a rare weekend session?
Even if they did, I cannot find anything in my copy of the Constitution authorizing Congress to use Treasury funds to purchase private enterprises or to shore up failing ones.
Article I, Section 8 makes it clear what tax money is allowed to be used for. PURCHASING EQUITY POSITIONS IN PRIVATE COMPANIES, INCLUDING BANKS AND CAR COMPANIES, IS NOT ONE OF THEM.
Is everyone on Capital Hill off their meds? Or, am I losing my mind. At this point I am not sure which. Please find a copy of the Constitution and you and Henry retire to a quiet corner where you can read it together. You might also invite Nancy and Harry to join you. We would all benefit from your doing so.