Hello nationalization, good bye rule of law! Barney Frank (D-MA) has done it again. Byron York reports in the Washington Examiner that:
"...the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would go beyond the most draconian features of the original AIG bill... the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees ... of companies that have received a capital investment from the U.S. government. It would be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies."
In case any of you missed my post, "The Unconstitutional Congress," I spelled out how this type of ex-post-facto law is unconstitutional. The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: "No Bill of Attainder or ex post facto Law will be passed." Additionally, here is a lovely quote from James Madison:
Bills of attainder, ex-post-facto laws, and laws impairing the obligation of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. James Madison, Federalist 44.
Whether Congressman Frank is attempting to cover up his and fellow Democrats unbelievably incompetence relative to Freddie Mac and Fannie Mae, or they truly believe that Congress can arbitrarily revoke contracts is yet to be seen. In either case, what they are doing is a violation of the basic principals of the founding of this country! Further, if allowed to pass, it will destroy the financial foundation of the United States. Nitro-Pak.com
The United States is economically successful because of its transparency, its commitment to contracts, as well as its protection of private property and the rule of law. However, what we are seeing of this Congress and President Teleprompter is a wanton attempt to destroy the economy of this country. Special Sign Up Bonus: FREE rollover minutes. Order Today!
Allow me to issue this warning today:
Citizens of the United States, if you wish your country to remain the bastion of liberty and prosperity, act now to reign in the blatant, unconstitutional action of this Congress and President. Contact your elected representatives and regularly demand accountability, constitutional action, and an end to destruction of the rule of law. Failure to act will lead to cataclysmic consequences and the absolute destruction of liberty! Pray for our leaders and our country that this Republic will not become the home of tyranny! Great fares to India on Air France!
In case you don't think this behavior is serious, allow me to refer you to the CEO of GM, who, according to President Teleprompter, was fired by the government. Since when did the government have the authority to fire anybody from a private company?? This gross abuse of government authority must stop!