3 ms·
When banks collapse, it definitely is a federal emergency. That's the whole problem. The 2008 crisis was basically a lot of banks needing to be bailed out and p
by jillesvangurp 4y ago
When banks collapse, it definitely is a federal emergency. That's the whole problem. The 2008 crisis was basically a lot of banks needing to be bailed out and people demanding that something should be done (by the powers that be, i.e. the feds). The current banking crisis is relatively minor in comparison but a nice wake-up call that banks can and do collapse if you don't regulate them and that they can do a lot of damage when they do.
What you are stating isn't that black and white. The US constitution is only worth as much as governments and judges are willing to enforce. And where it isn't very explicit, that's mostly a very political thing. In the case of banks means that a lot of power has actually been granted to federal authorities over time. All without changing a line of text in the constitution. There's been a bit of a cycle of de-regulation followed by crisis induced new regulations happening of course historically. And you might argue things are currently leaning towards more regulation rather than less given the apparent failure of the sector to self regulate and sort things out themselves.
- 4RealFreedom 4y agoJust because people say something is an emergency, doesn't mean it's constitutional to do anything about it.
- jillesvangurp 4y agoWhether or not something is constitutional is fundamentally a political question decided by judges appointed by the senate who get to interpret what the centuries old text says and what that actually means in a modern context. And that text only means something when you get judges to act on that. Until they decide something is unconstitutional, nothing happens. And often they decide something is fine after all. That's why the political color of judges on the supreme court is so important. Because what they do is super political. And all of that is constitutional.
- 4RealFreedom 4y agoThe courts and state representatives have eroded the constitution for some time. The federal government should only be responsible for the military and disputes between states. The only option I see is to eliminate federal agencies and eroded the federal government's power. People don't give up power willingly. What's your solution?
- selimthegrim 4y agoWe have about a gazillion gazetted presidential emergency orders plus the National Emergencies Act the courts seem ok with so far.