Untested & Unconstitutional

This is shaping up to be one of the worst weeks ever for the US taxpayer and the US Constitution. President Bush has now given Treasury Secretary Paulson the go-ahead to prop up the feeble Fannie and Freddie duo. Think about it…..with the stroke of a pen, Mr. Bush has agreed to print sickening sums of money that will undermine the stability of the US Dollar for years to come. Whatever happened to "we the people"? Now there are reports circulating that foreign investors are holding massive amounts of Freddie and Fannie shares. Hence the reasoning for this un-precedented bailout. These are the same foreign entities that have been financing the run-away trade deficits that America has been proudly sporting for the past decade or more. These are the same foreign investors that by purchasing America's Treasury Bonds have financed the war in Iraq and the invasion of Afghanistan.

America is broken. America has now been reduced to groveling at the feet of its masters – the foreign countries who finance its trade deficits and who hold its Fannie and Freddie shares and its Treasury Bonds. America is now gutting itself and falling on its sword in order to appease its masters. "We the people" are now "we the subservient".

The analysts and soothsayers are now out in full force and the plunge protection team seems to be hard at work pumping up the Dollar much like a stranded roadside motorist trying to pump up his flat tire. It may work in the short run, but in the bigger picture this tire is not going to hold air very well.

While the financial media blows their trumpets and heralds Secretary Paulson as the financial savior, "we the subservient" should be all lamenting the latest damage to the Constitution whilst sitting on the edge of our chairs with fingers crossed hoping that this untested approach does not fail.