Rep. Bachmann Goes To-To-Toe With Tim Geithner
Wednesday’s hearing in the House Financial Services Committee produced some fireworks when Michele Bachmann went to-to-toe with embattled Treasury Secretary Tim Geithner.
Here’s the transcript from the confrontation:
REP. BACHMANN: Mr. Chairman, thank you for this opportunity. These truly are extraordinary times in our financial service sector, since one year ago, the federal reserve opened the fed’s discount window in the amount of 29 billion for bear stearns. The american people are looking at the actions of both the federal reserve and the treasury secretary and they are wondering if their government is making a historic shift, jetsonning the free market capitalism in favor of centralized government economic planning. I wonder, Mr. Secretary, if you would comment on that?
SECRETARY GEITHNER: I do not believe that concern is justified. I understand have people would be worried about this, but what we’re doing is using authority that congress gave us, authority a was designed to help protect the american economy.
REP. BACHMANN: Reclaiming my time, Mr. Secretary. What provision in the Constitution could you point to to give authority for the actions that have been taken by the treasury since march of ‘08?
SECRETARY GEITHNER: Oh, well, the congress, legislative, in the emergency economic stabilization act, a range of very important new authorities.
REP. BACHMANN: Where in the constitution? What in the constitution could you point to to give authority to the treasury for the extraordinary actions that have been taken?
SECRETARY GEITHNER: Every action that the Treasury, Fed and FDIC has been using authority granted by this body by the congress.
REP. BACHMANN: And in the constitution, what could you point to?
SECRETARY GEITHNER: The laws of the land, of course.
I’m guessing that Rep. Bachmann is pointing out that the bill granting such authority isn’t constitutional. Rep. Bachmann isn’t alone in thinking that it’s unconstitutional.
Here’s the video of the exchange:
That wasn’t the only testy moment during the hearing. Here’s another:
“Do you realize how radical your proposal is?” Rep. Donald Manzullo (R-Il) asked.
“It’s not radical…” Geither began, before Manzullo interrupted him.
“You’re talking about seizing private businesses and you don’t consider that radical?” Manzullo replied, his voice rising.
Manzullo is trying to get Geithner to give details of the plan…that’s where Geithner got stung before…but Geithner doesn’t have them yet.
If the plan were not radical, Manzullo said to Geithner, “you would have answers to some of my questions, such as, what size business would be subject to this?”
Secretary Geithner is being grilled like this because he’s either being secretive or he doesn’t have a plan for this takeover. He’s essentially telling Congress “Trust me.” Following the original TARP legislation, that won’t happen.
What this reveals is that the administration’s purpose for pushing this takeover legislation is nationalization of financial institutions. It isn’t about stabilizing the economy or preventing crises. It’s just another of this administration’s power grabs.
Technorati Tags: Bailouts, Constitution, Michele Bachmann, Donald Manzullo, Tim Geithner, Corporations
Cross-posted at LetFreedomRingBlog
March 27th, 2009 at 6:48 am
Gosh, Mr. Commerce Secretary, could you point to where in the Constitution the federal government is allowed to regulate the amount of water used in each flush of a toilet?
Mr. Secretary, could you tell me where in the Constitution it allows a government entity to seize a piece of private property, only to sell it to another private party because the taxes will go up on that property?
As Secretary of the Interior, you’re telling me it is specifically stated in the Constitution of the United States of America that you are allowed to keep millions of square miles of land from use by citizens of this country simply because animals live on that land? Considering that the federal government is supposedly “We, the people,” whose land is it to deny its use to any citizen?
Questions like these could be asked for probably 90% of what our elected representatives and senators do every day, and close to 100% of what His Hollowness is trying to accomplish.
March 27th, 2009 at 7:44 am
Either he doesn’t know what he’s talking about, or he does. If he doesn’t he’s trying to blow smoke up the wrong ass, if he does, his obfuscation is so obvious, its pathetic.
This administration doesnt give a fat rats ass about the consutiutution. And why should it? Over half the sitting federal judges and Federal Attorneys we have nowadays don’t either.
March 27th, 2009 at 7:47 am
It’s mind numbing what Geithner and the Administration is seeking to accomplish as far as more government control of every sector of life. Add into that the majority of folk in Congress while I’m at it.
Did you see this article:
UN panel touts new global currency reserve system
http://www.breitbart.com/article.php?id=CNG.18e9e5692442aa61d7510553b5ffc14e.8b1&show_article=1
You know our government is at least considering the idea. When Geithner slipped the other day and said he was open to the idea and then backtracked it was just evidence to me that the idea is floating around in discussion. The foreign countries can’t afford to bail us out any more and the piper is going to ask he due.
A side note: I was watching gold with the widget http://www.learcapital.com/exactprice when Geithner made his slip. The price rocketed like someone lit a fuse to a rocket. Then when he clarified it the price came back down. Just proves to me how much unease and fear there really is in the markets.