Harold P. Boushell wrote:

> The Fed has added 28% to the national debt in a DAY by
> this take over the $5.5 trillion obligations of the two
> giant government-sponsored mortgage lenders, with a
> $200 billion down payment to re-capitalize them will not
> work. Soon it will be discovered in coming months that
> 87% of that $5.5 trillion is bad-paper, and that salvage
> value is only 715 billion dollars is the final residual.

Silly wabbit, the US constitution grants CONGRESS the power to contract
debts (art 1 sec 8), and it prohibits the treasury from paying anyone
anything unless through an act of congress (art 1 sec 9). So what you're
saying is legally impossible... For if it did happen, then the people
would rebel against the government for being tyranical (lawless). Since
the people aren't rebelling, then it can't be happening. ;)


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