12-05-2008, 01:52 AM
I heard a segment with Judge Napolitano on Fox News while driving today. It was hard to pay attention with the kiddo singing in the backseat so I figured I'd look it up on Youtube and Fox when I got home. I couldn't find the exact video, this seems to be an older one with a similar theme but not the one I heard. The part I'm referencing starts at 2:44.
http://www.youtube.com/watch?v=bWbWaZLPQ_s
To paraphrase a little that I heard today:
- Regarding the Big Three, Judge Napolitano said it's illegal for the government to nationalize the Big Three, or to receive stock in exchange for money.
- Regarding the original bailout he said it's illegal for the government to give money to businesses the way they did. Money can only be given when it benefits all, not a select few. The government overstepped it's bounds by picking and choosing which companies were to survive (CitiGroup) and fail (Lehman.)
- And lastly, he said if the Big 3 accepts Federal funding and they go bankrupt that is fraud and they can be prosecuted.
Again, it's paraphrased and I may have misheard. If anyone knows of a link with this, or a transcript, I'd like to hear/read it again so I can clarify what he said and do some fact checking of my own. I'm not trying to debate over this, I'd just like to know more about it.
Thanks.
EDIT: Illegal=Unconstitutional
http://www.youtube.com/watch?v=bWbWaZLPQ_s
To paraphrase a little that I heard today:
- Regarding the Big Three, Judge Napolitano said it's illegal for the government to nationalize the Big Three, or to receive stock in exchange for money.
- Regarding the original bailout he said it's illegal for the government to give money to businesses the way they did. Money can only be given when it benefits all, not a select few. The government overstepped it's bounds by picking and choosing which companies were to survive (CitiGroup) and fail (Lehman.)
- And lastly, he said if the Big 3 accepts Federal funding and they go bankrupt that is fraud and they can be prosecuted.
Again, it's paraphrased and I may have misheard. If anyone knows of a link with this, or a transcript, I'd like to hear/read it again so I can clarify what he said and do some fact checking of my own. I'm not trying to debate over this, I'd just like to know more about it.
Thanks.
EDIT: Illegal=Unconstitutional