These two chapters concentrate on the RFC and the TVA,and their creation by Congress,even though it did not have the power to create them. The RFC was a scam the bankers ran for 24 years using the government as cover,to first bail themselves out at taxpayer expense.The TVA raises more questions that still need to be answered, seeing that the Federal government still runs in competition with private interests. Seems like a fish out of water here in America,idk....
THE RECONSTRUCTION FINANCE CORPORATION WAS CREATED BY CONGRESS WITHOUT AUTHORITY GRANTED TO IT BY THE CONSTITUTION, AND ITS OPERATIONS HAVE BEEN BEYOND THE SPHERE OF GOVERNMENT
Following the Packers and Stockyards Act of 1921, the next important venture of Congress was in creating (June 22, 1932) the Reconstruction Finance Corporation, after the panic of 1929.
It was fashioned after the War Finance Corporation of the Wilson administration. But the War Finance Corporation had been founded on the principle laid down in 1819 (4 Wheaton, 316) by Chief Justice Marshall with regard to a banking corporation. That is, to meet its own necessities: -- collecting taxes, transmitting money, issuing bonds -- the United States can create a corporation. Maryland, which was taxing the issues of the United States Bank, contended that as neither bank nor corporation is mentioned in the Constitution, it was beyond the power of Congress, to set up either.
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