Friday, October 3, 2008
“Well, Doctor, what have we got—a Republic or a Monarchy?”
“A Republic, if you can keep it.”
ATTRIBUTION: The response is attributed to BENJAMIN FRANKLIN—at the close of the Constitutional Convention of 1787, when queried as he left Independence Hall on the final day of deliberation—in the notes of Dr. James McHenry, one of Maryland’s delegates to the Convention.
Thursday, October 2, 2008
The problem is not HOW the government is spending this money; it’s the fact that the government is spending this money. We don’t have it. We are already nearly $10 trillion in debt, not including unfunded liabilities. We already spend about $1 trillion a year we don’t have on our overseas empire. Now nearly $1 trillion more is somehow supposed to magically appear and solve all our problems! No – creating more money might delay the inevitable for some well-connected banks on Wall Street, but in a few weeks we will find ourselves right back in this same position, but much poorer.
Maybe, just maybe, some that voted "Yea" last time, will change to a "Nay".
Keep the pressure on, even if your Congresscritter was a previous "Yea-er".
Zach Wamp (R-TN) is one who is intending to become a "Yea-er".
Wamp said that the time has come for Congress to take immediate action.
“I don’t want next week to be the worst economic week in this country since September the 11th, one of the worst ever,” he said.
“The time has come to act and if some of us don’t change our vote, tomorrow’s gonna be an ugly day in America; and I don’t want to be a part of that.”
Keep the Pressure on EVERYBODY.
Here is my letter to Wamp:
Switching your vote to support the Senate Economic Stabilization bill, stuffed with wild expenditures and the most rotten of all governmental policies – nationalizing the financial institutions – is traitorous.
You talk of an ‘ugly day for America’, but it is terrible government policies like the whole Bailout scheme that have brought ugly to our doorstep.
Keep your courage Mr. Wamp! You had it right on Monday. Be a Republican! Not a Bushbot. Stand with Dr. Paul (R-TX) and fight the Washington and Wall Street elitists. Fight FOR us, not against us.
We still remember the Congress that betrayed us on the 1994 Assault Weapons Ban. And we remember how we voted them out. If you vote for this Senate bill, you will be voted out just like them.
(IF it passes.)
The Senate passed the Wall Street bailout bill, by a 3:1 majority. Some sweeteners like tax cuts and raising the limit to $250k on individual accounts for bank depositors helped. Some people might think that finally the banking system can at last receive some meaningful fixes. Call me a killjoy, but this will accomplish next to nothing as a banking system remedy. It is more a paper seal to Wall Street corruption than to ANY solution. If passed by the House, as is likely, it puts an epitaph on the American badge of legitimacy.
Michael S. Rozeff @ LewRockwell.com on the Bailout Bill
The bailout bill means total financial dictatorship. This bill gives the death penalty to capital markets. The execution will, if this passes, begin immediately and be stretched out over succeeding years.
It includes such nooses as:
1. The Secretary of the Treasury (Finance Czar) gets complete power to buy up any mortgage-related assets he decides on. No questions asked.
2. The Finance Czar (Secretary) and the Fed Chairman get power to buy ANY FINANCIAL ASSET (wow!). They need only inform Congress in writing what they are up to.
3. The Czar can buy troubled assets of ANY financial institution he decides on.
The power grab here is not one but several quantum leaps beyond even the New Deal. It is at a minimum in that Big League.
The discrimination inherent in this bill is totally inconsistent with any kind of even-handed rule of law.
The precedent set here, if this bill passes, is extremely damaging. In the future, Congress will be far more likely to grant such powers to financial czars who will then have direct control over all the capital markets, money markets, and loan markets, and over all financial intermediaries.
How about Carbon Tax provisions?
The New York Post found the following -
* Manufacturers of kids' wooden arrows - $6 million.
* Puerto Rican and Virgin Is- lands rum producers - $192 million.
* Wool research.
* Auto-racing tracks - $128 million.
* Corporations operating in American Samoa - $33 million.
* Small- to medium-budget film and television productions - $10 million.
Biden held his own.
Not that it matters of course.
Palin gave lip service to smaller government.
Biden didn't even do that.
And of course there was the pink elephant again.
The most disturbing thing was the continued lip service to freedom.
Hey lady, if the House votes for the bill Biden just voted for, we will officially have none.
The Daily Paul has a great thread that captured live commentary during the debate.
Wednesday, October 1, 2008
Senator Clinton Criticizes Proposed Changes to Community Reinvestment Act
Senator Hillary Rodham Clinton called on the Administration to rethink proposed changes to the Community Reinvestment Act (CRA), the federal law that requires banks to make investments in low and moderate income communities.
"The Community Reinvestment Act is essential to ensure that banks and other financial institutions provide access to capital to everyone -- from small business loans to low-income mortgages. Access to financial capital for low and moderate income families is critical to the future of our communities and our economy," Senator Clinton said.
Let's See. How did Sen. Clinton vote on the Bailout?
Clinton (D-NY), Yea
74 other traitors in the Senate also voted "Yea".
Sen. McCaskill is quoted on television as saying "the bill stinks, but she would hold her nose and vote yes".
Jesus, George and Thomas Jefferson wept.
The Bailout is a Bad Idea.
If you had a market economy and then if you had a market-adjusted FDIC, where insurance was based on the strength of the bank, this would have happened on a daily basis. But instead, we insure everybody, no matter what the bank is doing, and we do it, either we overkill -- we give you too much credit on bad investments -- and then we make changes all of a sudden, and they're drastic, to what they have done.
So, it's impossible. It's either too little or too much. And what you need is insurance of, FDIC type of insurance, has to be driven by the marketplace to measure the viability of a bank.
Roberts: So what do you think?
Paul: This adds to all the moral hazard that we have in the system.
Roberts: So what do you then think of this idea of raising the limit on [FDIC] insurance to $250,000, from its current cap of $100,000?
Paul: Well, on the short run it will calm the markets. People will feel better. I might even personally feel better for a week or two.
But I know that long term, it's the wrong thing to do. I opposed this in the early '80s when they went from 30 [thousand dollars] to 100 [thousand dollars], saying it would lead to more problems like this with malinvestment. It would cover over the mistakes. And the same thing will happen.
But if we raise it to 250 [thousand dollars], people are going to feel better, then it will keep the bubble going for a little while longer and putting more pressure on the dollar. If the dollar lasts longer, then finally the world will give up on the dollar -- and then we will have a big problem that nobody has even really begun to think about.
Yup. Ron Paul for Federal Reserve Chairman.
"We've had our first death threat and in one phone call I was called both a communist and a fascist," said one shell-shocked aide to another Democrat who eventually voted no.
That caller wasn't far off. Few people realize the Fascists were really extreme left-wingers.
And the bailout is socialism, or communism. (call it worse if you like, but call it like it is).
Bailout marks Karl Marx's comeback.
In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”
Far from castigating the 228, they should be getting a ticker tape parade.
They are heroes. A fact somehow clearer in Britain than it is here.
It was a humiliating defeat, even for a lame duck president – and its unexpectedness revealed a political class in Washington dangerously out of touch with the American heartland.
But House members, who have to be re-elected every two years, pride themselves on representing the views of their constituents. On this occasion, they did just that.
What the votes of Mr Miller and his ilk will do to the global economy will be hotly debated for months and perhaps years to come.
But many Americans – from coast to coast and border to border in places as nice as Niceville and in other places not so nice – feel that, for once, their Congress has listened to them and done the right thing.
The American people eventually learned the truth, and it was not surprising then that pro-ban votes cost—by Bill Clinton’s count—at least 20 Democrats their seats in the next election. Nor was is surprising that less than two years after its passage, the House of Representatives voted 239 to 173 to repeal the Clinton gun ban.
Your Congressmen remember. When you call/fax/write/email them tonight/tomorrow AND Friday, remind them what happens to politicians that ignore their constituents.
Die before their eyes,
And known it was happening?
Do you feel lucky, punk?
After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Never give up. Never surrender.