Immediate Repeal of Dodd-Frank
Sept. 10, 2008 (EIRNS)This release was issued on Sept. 8 by the Lyndon LaRouche Political Action Committee (LPAC).
Lyndon LaRouche today responded to the Hank Paulson illegal trillion-dollar taxpayers' bailout of the speculators holding Fannie Mae and Freddie Mac paper, by demanding the immediate repeal of the Dodd-Frank bill, which gave the Bush Administration ostensible Congressional approval to pull off this biggest swindle in Federal government history.
"This bill must be immediate ripped up," LaRouche demanded. "It flagrantly violates the U.S. Federal Constitution, which specifically defines the general welfare the law of the land. This bailout of speculators, at the expense of current and future taxpayers, is illegal. As I have warned for more than a year," LaRouche continued, "this entire global dollar-based financial system is hopelessly bankrupt. The system cannot be saved. It entered its final collapse phase in July 2007, just as I identified at the time."
LaRouche also warned that, "once the American people figure out what Paulson, Dodd, Felix Rohatyn, 'Bailout Barney' Frank and Pelosi have done, they will be out for blood. I wouldn't want to be in the shoes of any member of Congress who signed their name onto the Dodd-Frank bill, which had nothing to do with relief for homeowners facing foreclosure. It was all about the bailout that Paulson just announced. Nobody knows how big an illegal, unauthorized tax is going to be imposed on American families to bail out these swindlers and speculators, but I do know that it can very likely run into the tens of trillions of dollars."
LaRouche concluded: "I have spelled out the solution to this crisis, in my Homeowners and Bank Protection Act (HBPA) and my three-step solution. A Constitutionally viable solution is known, and available. Therefore, the authors of this swindle are not only violating the Constitution. They have committed an act that is tantamount to treason."
Lyndon LaRouche will be delivering an international webcast on Oct. 1, 2008, at 1:00 p.m. Eastern Daylight Time. It will be broadcast live at www.larouchepac.com.