Bailout bill also helped Chinese investment in U.S.

Robert W. Murphy
Published: November 18, 2008

As an avid supporter of constitutional government, I now look forward to seeing how President-elect Barack Obama deals with the after-math of a Bush administration, which saw the Constitution as something to be trampled upon!

For instance, who knew that the dual wars in the Mideast are being financed by perpetual trade deficits, enabling Communist China to purchase $8 to $9 billion of U.S. T-bills, month after month?

As a result, China alone now holds more than $1.4 trillion of U.S. debt backed by the mortgages on the homes and property of millions of American citizens.

Under cover of the “Emer-gency Economic Stabilization Act of 2008,” the Federal Reserve notified the China Development Bank, that they will be designated by the U.S. Secretary of the Treasury as one of the financial institution empowered by this bizarre bailout to act as law enforcement officers in the U.S. including granting them the right to evict American citizens from homes whose mortgage debt is held by China.

In the futile attempt to salvage U.S. sovereignty, Rep. Brad Sherman (D-Calif.) proposed an amendment that taxpayer’s money could only be spent to buy assets from U.S. companies.

Treasury Secretary Hank Paulson made it clear he would fight to get President George W. Bush to veto any bill that contained a clear provision that said only American-owned assets could be sold to the treasury.

Paulson wanted to kill a bill that he said was vital to save the American economy from a total meltdown, if that bill did not guarantee hundreds of billions of dollars could be spent to bailout foreign investors.

Robert W. Murphy
Unionville