"No money shall be drawn from the treasury, but in consequence of appropriations made by law..."—Article 1, Section 9, the Federal Constitution.
Petition to the 111th Congress of the United States
Whereas, the United States Congress has otherwise appropriated, committed, borrowed, and printed some $10 trillion throughout 2008 and into 2009 over and above the regular budget, and
Whereas the bulk of these funds have been used to “bailout” or otherwise subsidize banks, financial firms, delinquent homeowners, and other institutions, and
Whereas, all of this record-setting expenditure has been borrowed funds not otherwise available to the Treasury of the United States, and
Where, the conditions leading to the current financial crisis were created by government and are a direct result of 15 years of flawed fiscal, monetary and social policy,
Now therefore, we the undersigned citizens of the United States do hereby call on Congress to take the following immediate actions:
1. Insist that all funds expended or committed by any agency or authorized agent of the United States be subject to a public vote of the elected Congress.
2. Undertake an immediate investigation of exactly how all funds have been spent, to whom the Federal Reserve has issued loans and the terms of such loans, and otherwise make the entire process of the financial bailout completely transparent.
3. Block all moves by the Obama Administration to hand homeowners of mortgages in default or near default a reduction in principle of the amount of the mortgage.
4. Bring an immediate end to the bailout and subsidies for firms and individuals who have made bad decisions and allow market forces to find the appropriate price level of housing and securities to enable the market to again function.