Theft
From International Herald Tribune:
The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, each was handed a one-page document that said they agreed to sell shares to the government. Then Treasury Secretary Henry Paulson Jr. said they had to sign it before leaving.
The chairman of Wells Fargo, Richard Kovacevich, protested strongly that, unlike his New York rivals, his bank was not in trouble because of investments in exotic mortgages and did not need a bailout.
But by 6:30, all nine chief executives had signed.
Make no mistake: this act is not only unconstitutional, it does not even have a color of law. No law passed by Congress can give the Federal Government the right to force sales or extort property, because the constitution specifically prohibits such impairment of contracts. Article 1, section 10, clause 1 of the U.S. Constitution says: “No State shall . . . pass any . . . ex post facto Law or Law impairing the Obligation of Contracts.” Neither can this possibly be excused as eminent domain, or any other public interest motive. It is merely theft.
This is naked, open, unexcused robbery. I am surprised that the state and local authorities have not simply arrested Mr. Paulson and led him away in chains. It is the biggest theft in history, and it is happening on the national stage, before the eyes of the world.
This massive expropriation is simply a pusch. You do not think any future banks will escape from this degree of oversight and control, do you? You do not think the Feds, once they control the banking industry, will permit competition to enter the field, or allow banks to operate in any fashion other than what is dictated by political expediency?
Whether the emergency is real or not or caused by the government or not is beside the issue. If the emergency was not engineering in order to excuse this theft, then Paulson is in the same moral posture as a man who exploits the confusion of a burning building to mug residents as they try to flee the flames.
Those of you who are fans of Ayn Rand will recognize a similar scene in ATLAS SHRUGGED, where the captains of industry are blackmailed into signing over all rights to their inventions and companies to an un-elected political appointee named Wesley Mouch. Paulson is Mouch.
Where is the outrage? Where are the screams of wrath from my allegedly conservative comrades on the Right? The banking system was just Sovietized, and I hear of no protest, no lawsuits, no editorials, no marches, no tumults to oppose it.
Did someone tell me once I insufficiently condemned the Republicans when they act wrongly? I condemn this absolutely and with utmost ire.
I assume it is not in keeping with the Christian religion to pray that God will damn to hell Mr. Bush, Secretary Paulson, this administration, and every crook, brigand, and pirate who cooperated with this generation of vipers in this abominable crime
Or perhaps it is in keeping.
My soul doth magnify the Lord.
And my spirit hath rejoiced in God my Saviour.
[…] He hath shewed might in his arm: he hath scattered the proud in the conceit of their heart.
He hath put down the mighty from their seat, and hath exalted the humble.
He hath filled the hungry with good things; and the rich he hath sent empty away.
Surely gentle Jesus, meek and mild, would not curse to perdition those who give into the vice of avarice! I mean, we all want to make money, right? And using the power of government, entrusted by people who trusted you, betraying the people, and robbing the rich, is legitimate, if done during a bank panic, right?
I mean, Jesus never stood on the Mount of Olives and cursed anyone, did He? Oh, wait…
But woe unto you that are rich! For ye have received your consolation.
The theft is done before our eyes, and we can do nothing. May this gang of thieves burn forever in darkest hell, this flesh melting in blisters from their scalded bones, and may they cry for a drop of water from heaven, and be refused.
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UPDATE: We can see, unfortunately, how sin leads to sin. My little outburst of wrath not only means I have to go to confession, it also tempted some folks in the comments section to blaspheme. So i not only moved away from the light, I encouraged others to step deeper into the darkness. Sin leads to sin.
I will leave the shameful comments I wrote here above as a reminder.
About John C Wright
John C. Wright is a practicing philosopher, a retired attorney, newspaperman, and newspaper editor, and a published author of science fiction. Once a Houyhnhnm, he was expelled from the august ranks of purely rational beings when he fell in love; but retains an honorary title.
