The Fed announced Wednesday that it had approved GMAC Financial Services’ request to become a bank holding company. That designation makes GMAC eligible to receive a portion of the bailout fund and get emergency loans directly from the Fed.
What?!
How can a private corporation have that kind of power?
Is this how we want our money handled? Our elected officials in the Executive and Legislative branches have allocated $700B of the sovereign's, the people's, our, future property to be distributed by the will of a private corporation, The Federal Reserve, to another corporation.
The company is 51 percent owned by Cerberus Capital Management, the investment fund that also owns Chrysler. GM owns the remaining 49 percent of the company.
Under the Fed’s order, Cerberus and GM, whose businesses are mainly outside banking, would both have to significantly reduce their ownership stakes in GMAC. GM has committed to reducing its ownership in GMAC to less than 10 percent. Cerberus was ordered to reduce its stake to 33 percent of total equity in the company.
Under the Fed's ORDER! Who's running our country? Who's giving orders? Is this capitalism? Is this a free market economy? Is this what Thomas Jefferson and John Adam's envisioned? Who's giving order's to the Fed? Or, can the Fed do whatever it pleases? Is this a violation of our constitution? I don't think so? Not one corporation manipulating another corporation. And for what?GM's ownership is being reduced from 49% to 9% and Cerberus's ownership is being reduced from 51% to 33%. Together they previously owned 100% of GMAC; that is being reduced to a combined ownership of 42%. Who will own the remaining, controlling 58%? The Fed? The government? The people?
Why?
Why not sell GMAC outright and be done with it. It's a failing company! Who would want it? I don't! So why is my property being used for some bad corporate investment? What's in it for me? And, what about the government that gave the Fed my property to waste and abuse? Now that must be unconstitutional; if not it should be! We should take away from our government the power to give the people's taxed property over to a corporation!
I just read through our constitution and I could not find in section 8 of article 1, where congress has any power to use taxes to buy corporations, nor give them any money from the treasury, nor transfer any such power to a corporation.
Why not let GMAC exercise the bankruptcy laws that Congress constitutionally established according to section 8 of article 1?
It seems to me that the Fed is obstructing the course designed by congress to be taken to rectify this type of corporate business failure and promote the general welfare.
Now, who is going to stop the Fed? Is that the job of our government?
Who is going to hold our government accountable for the constitutional violation of assuming powers that it does not have; that we have not granted it.
We must hold accountable those fellow countrymen that we have elected to serve us under oath to honor and uphold our national constitutional laws.
They have usurped their enumerated powers. This is but one case.
Is our liberty, property, and ability to pursue happiness being protected or infringed upon here?
It's one or the other and I say that our natural rights that we established our government to protect and uphold are being infringed upon.
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