Unconstitutionality of TARP and Its Delegation of Legislative Power
Friday, March 27th, 2009Some calls are tough. The bailout is not one of them. Essentially, it reallocates resources from taxpayers to individuals and businesses which incurred excessive risks and made bad decisions; it substitutes politicians for shareholders in running financial institutions; it prevents capitalism from performing its periodic restorative function, which is to purge inefficient businesses; and it plants the seeds for an inflation such as we’ve never experienced. That’s important stuff; and the Secretary’s discretion is nearly total. TARP is manifestly an unconstitutional delegation of legislative power.