[AtLast]

Originally Posted by dreadgeek

Fact 1: The 2009 Stimulus package was $787 Billion not $3 Trillion
Fact 2: The 2009 Stimulus package was passed by both houses of Congress
Fact 3: The President is NOT empowered to spend money. Only Congress can appropriate funds:

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Fact 4: The Federal Reserve is not empowered to spend money. The Federal Reserve is statutorily limited to the following powers:

1>Conducting the nation's monetary policy by influencing monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.

2>Supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system, and protect the credit rights of consumers.

3>Maintaining stability of the financial system and containing systemic risk that may arise in financial markets.

4>Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system.

Fact 5: The 2009 Stimulus was passed by Congress on 15 February 2009.

Fact 6: The Federal Reserve do not own "all the money in the world". Each nation--well, each nation with an economy of any size--has its own central banking authority which regulates the currency and internal credit markets. The Federal Reserve is the United States central bank and no other. Now, it is true that the Fed has a disproportionate amount of power on the world stage but that is solely an artifact of the United States Dollar being the 800 lb gorilla of currency because the US is the 800 lb gorilla of economies. The dollar is, for now, the world's reserve currency and so whatever effects the dollar effects the world economy. But that is a very far cry from 'owning all the money in the world'.

I'm sorry for the derail but if I have learned *nothing* in 2 decades on the Internet it is this: if bad information is allowed to persist without full-bodied challenge it will continue to spread and spread. The only way to combat toxic memes is with beneficial memes--facts are one such meme.

Cheers
Aj

Thank you!

And as a non-geek science buff (just not my talent and horrible with math), I want to add that civics classes are needed with the content of constitutional and legislative jurisprudence- big time!! . Hell, just general and accurate knowledge of the separations of powers would be good. This is really basic stuff.

Frankly, I think that every 5 years, every US citizen should be tested about this to be able to continue to register to vote (US born and nationalized)! I would love for birthers and right-wing nuts and tea baggers to be first in line and compare how they do with foreign born citizens that took citizenship classes and go through this process! My Mexican born neighbor can recite all of the Amendments of the US Constitution verbatim- I can't!

Of course, this would most likely lead to racist applications….

Hummm, yet, we have a Senate Minority leader (Bohner/Boner-the-closeted birther) getting up in front of tea bag crowds mistaking the Preamble for the Constitution!! There is a hell of a role-model!

Even Wikipedia has a quick & easy guide to Separation of Powers-

http://en.wikipedia.org/wiki/Separat...s_Constitution
I'm not trying to put anyone down, I just get riled about simple laziness, especially in the age of the internet.. when we are having this conversation on the internet! Formal or higher education isn’t needed, self-education works just fine! My folks went to the 3rd & 8th grades and 3 of my Grandparents were functional illiterates (throw in some learning disabilities, too) - yet all 4 passed citizenship tests. One grandmother used to try and read road signs to help herself learn to read and just learn English (which at times was quite comical in terms of pronunciation). She would make my Mom drive her around to practice! Hell, horse-sense usually ends up being good sense!

And yes, I am a frustrated old history & civics teacher (that can’t spell) from a zillion years ago. I honestly think some people think Obama can just get in one of those underwater crafts and get down there and plug that hole!