Friday, September 19, 2008

Is the USA still ruled by law?

The London Banker gives the US a magisterial damning, citing many instances of the Executive acting in ways he considers ultra vires in the financial arena.

This sort of talk from someone who generally appears to be a sobersides, echoing the volatile but technically savvy Karl Denninger, really does alter the tone of the debate. Read it yourself, and judge.


Jesse, too:

... Men sneer that outmoded laws and useless principles must fall to vital expediency so that we might be saved. The will to power begins to erode and overthrow justice and the rule of law.

And at certain times in history, in their fears and insensible numbness, people concede first the discretionary choices, then their moral outrage, then the weak, then their wealth, their freedom, and finally comes madness, and then the deluge.

And Tyler:

I'm afraid to say, we're facing much more regulation.

And much more government.

And much less willingness to trust markets.

We're in the Slough.

This is a sad, keening chorus of responsible bloggers.


Nick Drew said...

Enron-esque is an important coinage

laws ... disapplied by signing statements and secret legal opinions describes it well

there is a (Texas) law firm that some day may prove to be a common factor here ...

dearieme said...

As I've opined to you before, the USA is not governed by The Constitution, but by a constitution. The former influences the latter, but does not define it. As a rule, The Constitution is ignored whenever matters are deemed important. Important to whom? To the deemers, of course.

matt said...

What terrifies me is that Congress intends to pass this within a week. My guess is that without healthy debate, this will be a disaster just like the Patriot Act.

I wonder how many Congress-critters we will hear saying things like, "I didn't have time to read the bill," or "I don't even understand what was in the bill."

dearieme said...

You're interested in American History, Sackers. Here's something I've just come across about Jefferson.


@DM: I'm reading it now. The NYRB's prose style is up its own backside a bit, isn't it? I can feel the merciless grip of the sock suspenders.


Well, I've scanned the turgid current and come to the conclusion that Americans must miss the skill of precis as much as we do.

Jefferson's notion of the government buying up the source of a vast problem wholesale and shipping it off to somewhere else, seems to be most relevant to the events of the last couple of days.


ND: teasing again. Say more, to enlighten my tortoise brain.

Matt: the ignorance, stupidity and biddability of legislators on both sides the Atlantic is truly disturbing.

Nick Drew said...

durst not

dearieme said...

That chap Baker who used to be around a lot; he wasn't anything to do with a Texan law firm, was he?