In part 1 of Meet the FFB, we discovered how Congress had created their own mafia-style loan sharking Federal Financing Bank where designated Congressional committees have had little to zero oversight in billions of dollars in “loans” where taxpayers lose huge amounts of money. ( think Solyndra here ) Meanwhile, politicians are stuffing their campaign coffers, crony-capitalists, union bed-pals, friends,and relatives wallets, through mafia-style influence peddling. The political appointees of the Treasury dept.’s ‘head nod’ is all that is required for billions of taxpayer dollars to be doled out, sometimes at little to zero interest. The Treasury believes that the FFB loan-sharking and political influence-peddling is strictly legal according to the FFB’s charter, but that false belief comes from the fact that Congress just decided to give themselves the power to ignore the United States Constitution when they created their own loan sharking and influence-peddling bank.
The creation of the FFB was illegal according to the U.S. Constitution and therefore should be abolished immediately, and all it takes is a summary look at what our Constitution mandates. relative to the U.S. Congress authorizing the spending of tax dollars. Before one dime of taxpayer’s money is spent, it must be drawn up as a bill, go through relative committees in the U.S. House of Representatives, be debated, ( with possible amendments voted upon) and in passing by a majority a vote, be sent to the U.S Senate for consideration. If the Senate authorizes the spending in the bill and passes it, it is then sent to the President for his signature of authorization to spend said amounts of taxpayer dollars. ( That’s the short version, and yes, there are also other factors and legislative procedures involved in spending legislation that are simply too numerous to mention here, for all the nit-picking, tax-dodging felons of the world posing as lawyers such as current Treasury Secretary Timmy Geitner, who might want to cry about it )
No where in our constitution does it even come close to implying that Congress has the authority to bypass congressional spending legislation by creating their own loan-sharking, graft, bribery and influence-peddling bank as they did in creating the FFB in 1973. That fact alone proves the FFB to be more in line with a mafia-style loansharking criminal enterprise, as opposed to the fairy tale that it is legal to loan out the people’s money at near zero percent interest rates to friends, relatives, Unions, and campaign-donor-crony-capitalists simply because the tyrants of Congress said it was within their power to do so. Congress over-stepped their authority and the FBB should be shut down immediately. Like so many pieces of legislation over the years, Congress starts out with apparently good intentions only to have the people suffer at the hands of an over-reaching big government expansion of power. Now we shall provide our readers with a few examples just how Congress has been using the FFB to give away our tax dollars to political bed-pals, Unions, friends, and relatives, while also enacting the Marxist wealth redistribution agenda that is so heavily embedded in the Liberal ideology of Barack Obama and the fake Democratic Party of today.
The now famous Solyndra scandal where taxpayers lost over half a billion dollars due to the FBB loan sharking program, is largely responsible in bringing this fraud upon the taxpaying public into the sunlight. This episode in Congressional connivance contains all the elements of the Liberal Democratic agenda that we have seen come out of the closet, so to speak , during the past five years. First it contains a heavy dose of Marxist wealth redistribution at it’s very roots in the fact that it picks and chooses just who gets near zero interest rate loans, how much they get, and then even goes so far as to forgive “colleges of color” interest due on already handed out loans.
Since when is it legal for the U.S. Government to favor a black college over say a historically Asian college in America? Well, with the election of a half-black POTUS in 2008, this seems to be standard operating procedure more and more every day. From Part 1 of Meet the FFB: The bank also lets the General Services Administration [GSA], as well as “Historically Black Colleges and Universities,” and the Veteran Administration slide on interest costs on their loans, too. The bank lets them defer interest costs “on their loans until future periods,” the KMPG report say. Either give every college in the United States equal loans and then forgive the interest until a later date on said loans to all of them, or get out of the college loan business all together! That is a classic case of race-based discrimination 101, and FYI, it is against Federal law! That example is also a form of stealth wealth redistribution in which taxpayer dollars are being used to give an unfair financing advantage to “colleges of color.” When we talk about the wealth redistribution inherent in the loan sharking bank of congress called the FFB, we also see political favoritism as to who gets what green energy loans. First, the majority of the cash is sent directly to mostly Democratic Party/Obama supporters out in Liberal la-la land, California. Nothing to see here folks, just move along. The Daily Caller exposes the proof here:More solar companies led by Democratic donors received federal loan guarantees.
Weekend update: From TheHill.com, Energy Department approves $4.7 billion in solar loans. ( last minute cash grab before deadline cuts it off)
The Energy Department finalized Friday more than $4.7 billion in loan guarantees for four solar projects, bringing an embattled stimulus-law program aimed at financing renewable energy projects to a close.
This Congressional loan sharking scheme appears to be coming to a close, as far as the FBB dishing out green energy loans for Democratic campaign contributions goes… for now. We must keep an eye on the FBB Congressional slush fund bank from here on out.
In Meet the FFB part 3, we shall follow the money trail of billions of dollars of taxpayer dollars flowing into campaign coffers. Guess which politicians are filling their campaign coffers with the newest form of D.C. “green” cash?