The Government-Made Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
by Thomas J. DiLorenzo
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The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make terrible loans to un-creditworthy borrowers. The policy in [...]

"I travel all over the country for business and stick up for Detroit and the Huge Three, but people I meet are just not supportive. So the companies need to have an ad blitz and educate the American people and Washington — and quick! They need to point out what they have done that is [...]

Are Obama’s ever growing number of “czars” constitutional?

“Article II. Section 2. “He (the President) shall have power, by and with the advice and consent of the Senate, to make treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the advice and consent of the Senate, shall appoint ambassadors, other public ministers and consults, judges of the Supreme Court, and all other officers of the United States, whose appointments are not herein provided for, and which shall be established by law; but the Congress may by law vest the appointment of such inferior officers, as they think proper, in the President alone, in the courts of law, or in the heads of departments.”

As I read it, the Constitution is very specific about whom the President may appoint and he can do so only within parameters “established by law” and this applies specifically to the “heads of departments.”

I interpret this to mean Cabinet Secretaries, all of whom must be vetted and approved for their positions by the Senate.

The Republican National Committee’s conservative caucus recently passed a resolution expressing their concern noting that “The U.S. Constitution explicitly states government officers with significant authority (called ‘principal officers’) must be nominated by the President and are subject to a vote of the U.S. Senate.”

Obama’s appointments are clearly “principal officers” though it will be argued that they are only advisors to the office of the President.

Clearly, Obama’s appointments are not heads of departments, but they appear to have been granted an unknown degree of influence and control as regards their responsibilities. They function “in the dark.”

For example, since we have a Department of Labor why do we need an “Auto Recovery” czar, Ed Montgomery, who reports to Larry Summers, the President’s top economic advisor? What can he do to effect recovery?
And, constitutionally speaking is it lawful for the United States to have “ownership” of General Motors? Or any other private enterprise? I think not.

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Feldman Law Center – News by Feldman Law Center — The U.S. Senate, as well as the California State Senate, are both at work to help homeowners avoid bankruptcy and foreclosure. The U.S. Senate and the California State Senate are also both at work to make lenders pleased, balance budgets, and do any number of [...]