This week, as the American economy continued to suffer the effects of big government, the House attempted to pass two multibillion dollar “emergency” spending bills, one for continued spending on the war in Iraq , and one increasing spending on domestic and international welfare programs.Â The plan was to pass these two bills and then send them to the president as one package.
Even though the House failed to pass the war spending bill, opponents of the war should not be fooled into believing this vote signals a long term change in policy.Â At the end of the day, those favoring continued military occupation of IraqÂ will receive every penny they are requesting and more as long as they agree to dramatically increase domestic and international welfare spending as well.
More memos recently have surfaced that were written early in the Bush administration by John C. Yoo from the Justice Department’s Office of Legal Counsel — the man who gave us the administration’s horrifyingly narrow definition of torture. As difficult as it is to believe, the recently released memos are even scarier than the original torture memo.
Yoo boldly asserts that the president’s power during wartime is nearly unlimited. For example, he argues that Congress has no right to pass laws governing the interrogations of enemy combatants and the commander-in-chief can ignore such laws if passed, and can, without constraint, seize oceangoing ships.
The House passed two bills attempting to rehabilitate the housing and mortgage market this week.Â There doesn’t seem to be any shortage of criticism and blame for the bad decisions, and rightly so.
Lenders and banks do share much of the blame for the overheated market.Â Lending standards were relaxed, or even abandoned altogether, creating an exaggerated pool of homebuyers that led to ballooning home prices that many, especially real estate investors, expected to continue forever.Â Now that the bubble has burst, the losses are staggering.