Was “Economic Terrorism” and “Fear Mongering” Employed on Members of Congress to Pass the Bailout Bill?
Congressman Brad Sherman of California's 27th congressional district has now said some Congressional representatives were threatened with 'Martial Law' if they vote against the $700 billion bailout and the measure failed.
Congressman Sherman said "Many of us were told in private conversations, that if we didn't pass this bill on Monday, the sky would fall, the market would drop two or three thousand points, another couple thousand the second day, and a few members were even told that there would be Martial Law in America if we voted no."
According to Wikipedia: Martial law is the system of rules that takes effect when the military takes control of the normal administration of justice.
Martial law is sometimes imposed during wars or occupations in the absence of any other civil government. Examples of this form of military rule include Germany and Japan after World War II or the American South during the early stages of Reconstruction. In addition it is used by governments to enforce their rule, for example after a coup d'état (Thailand 2006), when threatened by popular protests (Tiananmen Square protests of 1989), or to crack down on the opposition (Poland 1981 ). Martial law can also be declared in cases of major natural disasters; however most countries use a different legal construct, such as a "state of emergency".
In many countries martial law imposes particular rules, one of which is curfew. Often, under this system, the administration of justice, called a court-martial . The suspension of the writ of habeas corpus is likely to occur.
Bailouts don’t work, and never have. This one won’t work either. It will have the side effects of damaging our nation’s credit, sucking up our taxpayer’s resources, and (when done with debt) weakening our currency.
So let’s go back to what we know works. After Hoover’s 1931 bailout of the banks failed, FDR did a cold reboot of the entire system, putting into place strong rules to prevent speculative abuse. And he doubled the STET tax, both producing revenue that more than funded the Securities and Exchange Commission and further prevented a repeat of the speculative bubble of the 1920s that led directly to the Republican Great Depression.
The regulations put in place since the last depression have been unraveled since Reagan. We are now again looking at the possibility of another Republican Great Depression.
Let’s also remember FDR said “So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself -- nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
FDR said this in 1933 and he was referring to the economic conditions of the time – The Republican Great Depression.