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Even Neo-Con Newt Gingrich Sees The Bailout As A Sellout!

Linked below is a late breaking story from Newsmax (no left wing mag). Even Newt smells a rat in the negotiation process. Read carefully the last few paragraphs. Treasury Secretary Paulson (former CEO of Goldman Sachs) was in a secret meeting with the present chairman of Goldman Sachs making a sweetheart deal to rescue the insurance giant A.I.G.  This is gross malfeasance on Paulson's part because Goldman Sachs had a 20 Billion dollar exposure and stood to profit when A.I.G. was bailed out.

These guys are crooks up there in Washington. The only difference is that when theives rob a bank their wear a mask. Paulson just sticks up US taxpayers and says 'give me all your money.' And this is done on the front pages of newspapers.

Stay strong and resolved.

Nick Egoroff
Orlando Campaign For Liberty Organizer

Here's the link  http://www.newsmax.com/insidecover/gingrich_fire_paulson/2008/09/30/135977.html

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

*URGENT* CALL NOW! Senate Bypassing House of Representatives, to vote on BANKSTER BAILOUT Wednesday, Stealthily Attached To Revenue Bill!!

Send to everyone you know!
*URGENT** Senate Bypassing House of Representatives, to vote on BANKSTER BAILOUT Wednesday, Stealthily Attached To Revenue Bill!!

CALL NOW: NO BAILOUT!

Please send this message out to EVERYONE, not only here but on your email list!

The Senate is ignoring the House of Representatives and will be voting tomorrow on passing the bill, as just reported by Lou Dobbs on CNN...
 

The bailout package adds new provisions - including raising the FDIC insurance cap and includes a "Mental Health Parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.

Because the bill must originate in the House, the Senate is attaching the rescue plan to a bill that deals with renewable energy tax incentives. This would allow the Senate to vote before the House.

 

CONTACT YOUR SENATOR NOW!!!
http://www.senate.gov/general/contact_information/senators_cfm.cfm?State=IL

CONGRESSMAN DEFAZIO WAS BEING INTERVIEWED BY LOU AND ADDED THAT WE SHOULD FLOOD THE CAPITOL SWITCHBOARD TOMORROW MORNING!!!

Capitol Hill Switchboard: (202) 224-3121

OR to find your Representative's number, go to http://www.house.gov/ and enter your zip code.

And why not send 'em an email while you are at it (BUT MAKE THE CALL FIRST)

"Dear Senator/Representative: You MUST reject the Paulson/Bernanke plan for bailing out and propping up reckless banks at taxpayer expense. This is madness to ask us, the taxpayers, to cover the liabilities of Wall Street. We are tired of being fleeced. If you vote to support this plan, I will do everything in my power to remove you from office before you can give away any more of our money to failed businessmen.

Thank you, [Your name]"

DON'T LET THIS BILL PASS!!!

--
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___

Dear Congressman, (or Senator)

The financial elite will propose a "new, improved" version of the bailout bill in the next couple of days. In fact they may already have proposed a newly named "Rescue Bill" which is really a MILL STONE that will sink our nation unless you Vote NO on it.

Make no mistake. This matter is not a significance of right vs. left, or republican vs. democrat, this is about something much more significant. Ir is about the huge fish eating the smaller fish. Ir is about the “have got lots”, the “robber barons” against the “have nots” “ We The People” This horrible bill is a prescription for neo-feudalism/neo-serfdom, with no middle class left in America. Here is some information against the proposal:

Paulson and Congress pretended that the first bailout bill capped the initial round of funding to $200 billion, and capped executive compensation. However, treasury officials have admitted (when they thought the public wasn't listening) that the restrictions on disbursing more than 200 big ones and CEO compensation were lies that wouldn't be enforced.

http://www.dailykos.com/storyonly/2008/9/29/19138/6703/400/614879

(you can listen to their statements yourself: here's part 1 of 5) 

http://www.youtube.com/watch?v=uXmFADm61Rc



The boys pretended that the bailout was limited to $700 billion. But that was not true  http://graphics8.nytimes.com/packages/pdf/business/20080928bailout_text.pdf (page 40). Indeed, a Bloomberg analyst says that the bailout could balloon to $5 trillion dollars.
http://www.businessandmedia.org/articles/2008/20080926110602.aspx
And remember that "in the months before the March 2003 Iraq invasion, the Bush administration estimated the Iraq war would cost no more than $50 billion", but it will end up costing at least $3 trillion dollars
http://www.usatoday.com/news/military/2007-10-23-wacosts_N.htm



The snake oil salesmen said the bailout was needed to save the economy. But most experts who have looked at the bailout said it wasn't needed, wouldn't have worked, and would actually have made the economic crisis worse 
http://georgewashington2.blogspot.com/2008/09/dallas-federal-reserve-bank-president.html
The proven lies by the proponents of the original bailout monster argued loudly that the liars cannot be believed, and that the fruit of the poisonous tree is itself poisonous.
You must vote NO on this bill, or We The People will unseat you in November.



Sincerely,



"Politicians and diapers should be changed often - and for the same reason."

http://www.FireCongress.Meetup.com 


NO INCUMBENTS - NO MERCY - NO EXCEPTIONS!

http://www.FireCongress.org

"Push the OTHER button. FIRE YOUR Congressman!"
http://www.FireCongress.Meetup.com/1

 

"TIME for some REAL CHANGE- Kick Them ALL Out in November!"
http://www.KickThemAllOut.com 

JOIN the Campaign for LIBERTY! http://www.CampaignforLiberty.com

___

*URGENT* CALL NOW! Senate Bypassing House of Representatives, to vote on BANKSTER BAILOUT Wednesday, Stealthily Attached To Revenue Bill!! (tekgnosis.typepad.com)

submitted 7 hours ago by pc9323


monkeyman114   2 hours ago[-]

They can do anything they want, and they know the president will rush to sign it.

terrymr   6 hours ago[-]

Bypassing ?!

It's still going to have to pass the house.

starbork   7 hours ago* [-]

___


----------------- Bulletin Message -----------------
From: The Ron Paul Campaign For Liberty (Official News)
From: Orwellian Bob
Date: Sep 30, 2008 8:58 PM


The United States Senate will be taking up the bailout plan tomorrow. The following Senators are considered key votes on this bailout. Please take a moment to call these Senators and urge them to cast their every vote against this dangerous legislation. And please, call your two U.S. Senators and urge them vote no as well..

Elizabeth Dole (NC) -

D.C..: Phone: (202) 224-6342 Fax: (202) 224-1100
Raleigh: Phone: (919) 856-4630 Fax: (919) 856-4053
Norm Coleman (MN) -

D.C..: Phone: (202) 224-5641 Fax: (202) 224-1152
St.. Paul: Phone: (651) 645-0323 Fax: (651) 645-3110
St.. Paul Office:
2550 University Avenue West, Suite 100N
St.. Paul, Minnesota 55114
Phone: (651) 645-0323
Fax: (651) 645-3110Mankato Office:
12 Civic Center Plaza, Suite 2167
Mankato, Minnesota 56001
Phone: (507) 625-6800
Fax: (507) 625-9427

Grand Rapids Office:
200 Northbank Center 206B, Northeast 3rd Street
Grand Rapids, Minnesota 55744
Phone: (218) 327-9333
Fax: (218) 327-8637

Moorehead Office:
810 4th Avenue South, Suite 203
Moorehead, Minnesota 56560
Phone:
Fax:

Roger Wicker (MS) -

D.C..: Phone: (202) 224-6253 Fax: (202) 228-0378
Jackson: Phone: (601) 965-4644 Fax: (601) 965-4007
Gordon Smith (OR) -

D.C..: Phone: (202) 224-3753 Fax: (202) 228-3997
Portland: Phone: (503) 326-3386 Fax: (503) 326-2900
Lyndsey Graham (SC) -

D.C..: Phone: (202) 224-5972 Fax: (202) 224-3808
Greenville: Phone: (864) 250-1417 Fax: (864) 250-4322
Ted Stevens (AK) -

D.C..: Phone: (202) 224-3004 Fax: (202) 224-2354
Anchorage: Phone: (907) 271-5915 Fax: (907) 258-9305


Samuel Adams noted, 'It does not take a majority to prevail ... but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.'
Do something to Restore the Republic- Sign up for 'The Campaign 4 Liberty' at: www.campaignforliberty.com www.owens2008.com www.baldwin2008.com www.downsizedc.org www.ohiofreedom.com





Get involved in the REVOLUTION!!!
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Justifying conscription to promote the cause of liberty is one of the most bizarre notions ever conceived by man! Forced servitude, with the risk of death and serious injury as a price to live free, makes no sense.
Ron Paul

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

Loss of Freedom & Bailout the Billionair Club - or NOT

I think that our members have worked so very hard at calling and writing our congressman and Senators that we should take a moment and reflect. We have narrowly lost our Freedom and the Liberty of not just ourselves but generations to come. Thanks to the relentless efforts YOU have taken along with thousands of others this Social Bailout of Wall street and the Banks both domestic and Foreign will not control the future of man kind.

We know the fight is far from over... We know they are relentless and expect to rule the world through our pocket books, we know they will attempt to dry up the cash flow as well as credit unless we give them everything. But What is FREEDOM worth to you?

I am asking each and every one of you to call the Congressman Young or Bilarakus... Whichever district you live in or maybe both of them and THANK them for voting NO to the Bailout. Let them know how much his vote meant to our future and how important it is for them to stand strong and resist the temptation to succumb to this evil. Please take the time to appreciate their efforts. This is just as important as your original calls... asking them to vote No and stand up for our Liberty.

Congressman Bill C.W. Young
394-6950
893-3191
Bill.young@mail.house.gov

Thanks for all that you do!!!
Dan Tucker
In FREEDOM & Liberty

___

From: Scott Rush

I already have called his office and thanked him. Tomorrow, I am going to hand deliver a thank you letter to his office in St. Pete.  It would be great if he were there, and I could bend his ear for a moment. Here is a copy of the letter I plan on delivering to his office.

Congressman Young,

I applaud your decision to listen to your heart, and to your constituent?s wishes.  You voted against the bailout, and are deserving of praise!  A victory for Liberty was won, but the war goes on.  You will be assailed from all sides in the future, and asked to vote for another bailout. You must hold fast in your belief in the free market, and reject all unconstitutional calls for a bailout.

Do you realize that while you were casting your vote, the Federal Reserve was enacting a bailout of its own? The Fed snubbed its nose at the American People by launching their own bailout to the tune of a $640 Billion "liquidity injection".  Congressman, just where did the Fed come up with the $640 Billion?  I'll tell you where.  The Fed clicked their magic mouse button on their computer, and wished $640 Billion into existence.  A monetary amount about a fourth the size of the annual US budget was created in a snap.  What sort of ramification is this going to have for the dollar?  This has the potential of setting off a hyper-inflation the likes of which the world has never seen.

The inflationary policies of the Fed must not be allowed to continue.  By their own admission, the Fed caused the Great Depression.  Congressman, you must do everything in your power to ensure the Fed does not cause the next Great Depression.  I am asking you to co-sponsor HR2755, The Federal Reserve Board Abolition Act.  This bill must be passed immediately.  It is time for Congress to take back their Constitutional mandate of coining the country's money. Do not let the private banking cartel a.k.a. The Fed continue to destroy our currency.

In Liberty ,

Scott Rush

___

Dear Congressman, (or Senator)

The financial elite will propose a "new, improved" version of the bailout bill in the next couple of days. In fact they may already have proposed a newly named "Rescue Bill" which is really a MILL STONE that will sink our nation unless you Vote NO on it.

Make no mistake. This matter is not a significance of right vs. left, or republican vs. democrat, this is about something much more significant. Ir is about the huge fish eating the smaller fish. Ir is about the “have got lots”, the “robber barons” against the “have nots” “ We The People” This horrible bill is a prescription for neo-feudalism/neo-serfdom, with no middle class left in America. Here is some information against the proposal:

Paulson and Congress pretended that the first bailout bill capped the initial round of funding to $200 billion, and capped executive compensation. However, treasury officials have admitted (when they thought the public wasn't listening) that the restrictions on disbursing more than 200 big ones and CEO compensation were lies that wouldn't be enforced.

http://www.dailykos.com/storyonly/2008/9/29/19138/6703/400/614879

(you can listen to their statements yourself: here's part 1 of 5) 

http://www.youtube.com/watch?v=uXmFADm61Rc



The boys pretended that the bailout was limited to $700 billion. But that was not true  http://graphics8.nytimes.com/packages/pdf/business/20080928bailout_text.pdf (page 40). Indeed, a Bloomberg analyst says that the bailout could balloon to $5 trillion dollars.
http://www.businessandmedia.org/articles/2008/20080926110602.aspx
And remember that "in the months before the March 2003 Iraq invasion, the Bush administration estimated the Iraq war would cost no more than $50 billion", but it will end up costing at least $3 trillion dollars
http://www.usatoday.com/news/military/2007-10-23-wacosts_N.htm



The snake oil salesmen said the bailout was needed to save the economy. But most experts who have looked at the bailout said it wasn't needed, wouldn't have worked, and would actually have made the economic crisis worse 
http://georgewashington2.blogspot.com/2008/09/dallas-federal-reserve-bank-president.html
The proven lies by the proponents of the original bailout monster argued loudly that the liars cannot be believed, and that the fruit of the poisonous tree is itself poisonous.
You must vote NO on this bill, or We The People will unseat you in November.



Sincerely,



"Politicians and diapers should be changed often - and for the same reason."

http://www.FireCongress.Meetup.com 


NO INCUMBENTS - NO MERCY - NO EXCEPTIONS!

http://www.FireCongress.org

"Push the OTHER button. FIRE YOUR Congressman!"
http://www.FireCongress.Meetup.com/1

 

"TIME for some REAL CHANGE- Kick Them ALL Out in November!"
http://www.KickThemAllOut.com 

JOIN the Campaign for LIBERTY! http://www.CampaignforLiberty.com

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

Vehicle Reimbursement Service Of Note

I talked to an acquaintance who had gone to work for another company and they were traveling all over the state fixing electronic billboards and doing computer / network support, etc. One of the great things about the job in regards to having to travel around all the time is that you are getting reimbursed for all of ones fuel and mileage expenses. So in my interest I looked up vehicle reimbursement on the net and found that not only do companies have their in-house accounting in this regard but that more and more companies are going with other companies to take care of this kind of company business. One such company I found that is Corporate Reimbursement Services (CRS), Inc. They are a management consulting company that provide services in area of vehicle reimbursement programs for the traveling employees. As with many services nowadays they can be custom tailored to fit a particular companies needs. I learned that some of the benefits to the employer of having drivers enrolled in their Vehicle Reimbursement program is that CRS follows the IRS Tax-Free "FAVR" (Fixed And Variable Rate reimbursement) methodology outlined by the IRS which is a specific calculation method that when followed allows the employer reimbursement to the employee to be made entirely tax-free. Consequently this also obviates the employers having to file W2 forms, the FICA taxes, as well as keeps them from having to apply federal, state, and local withholding taxes. If you have a company with mobile employees you should check them out. Sounds like a good way to save money.

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

165 economists rip bailout plan Contend administration proposal has 3 pitfalls

Posted: September 25, 2008
7:08 pm Eastern

© 2008 WorldNetDaily

At least 165 economists have signed a letter to Congress members warning of three pitfalls in the Bush administration's $700 billion proposal to deal with the Wall Street crisis.

The economists say they are well aware of the current financial situation and agree there's a need for bold action but ask Congress "not to rush."

They urge lawmakers to hold appropriate hearings and "to carefully consider the right course of action."

The three problems with the plan proposed by Treasury Secretary Henry Paulson, the economists say, are its fairness, ambiguity and long-term effects.

President Bush was joined today by presidential candidates John McCain and Barack Obama at an emergency White House meeting on the plan. Key members of Congress said this morning they had struck a deal in principle, but the outcome of the proposal is unclear. Participants in the White House meeting called it extremely contentious.

The proposal allows the government to buy the faulty mortgage-based assets of severely weakened financial institutions to prevent them from collapsing and setting off a chain of events that would affect citizens, including depletion of retirement accounts, rising home foreclosures, bankrupt businesses and lost jobs.

The economists contend the plan is unfair, because it's a "subsidy to investors at taxpayers' expense."

"Investors who took risks to earn profits must also bear the losses," the economists say in their letter. "Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise."

The plan is ambiguous, they contend, as neither "the mission of the new agency nor its oversight are clear."

"If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards," the letter states.

If the plan is enacted, the economists argue further, "its effects will be with us for a generation."

"For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity," they say. "Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted."

The signatories as of this morning were:

Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J.(UCLA)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Guadalupe Maria (Columbia University)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Linnainmaa Juhani (University of Chicago)
Lucas Robert (University of Chicago - Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro Andrea (Vanderbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
Muralidharan Karthik (UC San Diego)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
Papanikolaou Dimitris (Northwestern University)
Paul Evans (Ohio State University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Piskorski Tomasz (Columbia University)
Rampini Adriano (Duke University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Sandbu Martin E. (University of Pennsylvania)
Sapienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(Chapman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spiegel Matthew (Yale University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk Andrew (University of Chicago)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Zingales Luigi (University of Chicago)

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

BAILOUT: Plundering By Wall Street

The wall street bailout of 700B and the missing 2.3 trillion.
http://www.youtube.com/watch?v=Ww3UEoTgmmo

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

No to the Bailout: We Can’t Let Bankers Try to Blackmail America

No to the Bailout: We Can’t Let Bankers Try to Blackmail America

“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

Today I turn over my space to Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832:

“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

The issue back then was the Bank of the United States, a federally chartered institution—sort of a predecessor to the Federal Reserve—that Jackson, ever the populist, strongly opposed. Today, most people agree that a national bank is necessary, but as today’s vote demonstrates, there is no national consensus on transferring wealth from the middle to the top. Good! Let’s hope that principle holds true for a while longer.

Today, the same as back then, big bankers attempt to blackmail America: If you don’t do things our way, exactly as we tell you, then the roof will cave in.

No sovereign nation should allow itself to be pushed around by finance like that. If it does, the same blackmail threat will be made again, and again, and again. The time has come to say “No!” And to make it stick.

There are plenty of other ideas for helping Main Street, including a plan advanced here last week, not Wall Street; now it’s up to the American people to insist that those ideas get a full hearing. Because otherwise, we know what will happen: The Republican-Democratic elite will combine with Wall Street to worsen the economic situation, as a way of teaching the American people a harsh lesson, and ultimately bringing us to heel.

But maybe this time, we will not be moved.

September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

Bankruptcy, not bailout, is the right answer

Ahhhhhhh some sanity amidst the "chaos".

This guy lays it out clearly, cleanly, in language everyone can understand.

Jake

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html

 

Commentary: Bankruptcy, not bailout, is the right answer

By Jeffrey A. Miron
Special to CNN

Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.

Economist Jeffrey Miron says the bailout plan presented to Congress was the wrong solution to the crisis

Economist Jeffrey Miron says the bailout plan presented to Congress was the wrong solution to the crisis

 CAMBRIDGE, Massachusetts (CNN) -- Congress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown.

This bailout was a terrible idea. Here's why.

The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.

Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.

This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.

Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets.

The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.

The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.

Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.

Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.

Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.

Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.

The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.

If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.

The bailout has more problems. The final legislation will probably include numerous side conditions and special dealings that reward Washington lobbyists and their clients.

Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.

So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.

The right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.

 

 
Hope For America 
**************************
 
"For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst, and provide for it." ~  ~ ~ Patrick Henry       


September 30, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

Bailout: Kick Out The 205 House Representatives

Two Hundred and Five Traitorous Bastards that need to be kicked out of Office, and charged with:

Conspiracy to Defraud America!

NO CASH FOR TRASH!

STOP TAXPAYER FUNDED HAILOUTS

Sign up at No Trash For Cash dot Org
http://nocashfortrash.org/?signup


Supporting the Wall Street Banker's Bail Out were:
http://clerk.house.gov/evs/2008/roll674.xml

Ackerman
Allen
Andrews
Arcuri
Bachus
Baird
Baldwin
Bean
Berman
Berry
Bishop (GA)
Bishop (NY)
Blunt
Boehner
Bonner
Bono Mack
Boozman
Boren
Boswell
Boucher
Boyd (FL)
Brady (PA)
Brady (TX)
Brown (SC)
Brown, Corrine

Calvert
Camp (MI)
Campbell (CA)
Cannon
Cantor
Capps
Capuano
Cardoza
Carnahan
Castle
Clarke
Clyburn
Cohen
Cole (OK)
Cooper
Costa
Cramer
Crenshaw
Crowley
Cubin
Davis (AL)
Davis (CA)
Davis (IL)
Davis, Tom
DeGette
DeLauro
Dicks
Dingell
Donnelly
Doyle
Dreier

Edwards (TX)
Ehlers
Ellison
Ellsworth
Emanuel
Emerson
Engel
Eshoo
Etheridge
Everett
Farr
Fattah
Ferguson
Fossella
Foster
Frank (MA)
Gilchrest
Gonzalez
Gordon
Granger
Gutierrez

Hall (NY)
Hare
Harman
Hastings (FL)
Herger
Higgins
Hinojosa
Hobson
Holt
Honda
Hooley
Hoyer
Inglis (SC)
Israel
Johnson, E. B.
Kanjorski
Kennedy
Kildee
Kind
King (NY)
Kirk
Klein (FL)
Kline (MN)

LaHood
Langevin
Larsen (WA)
Larson (CT)
Levin
Lewis (CA)
Lewis (KY)
Loebsack
Lofgren, Zoe
Lowey
Lungren, Daniel E.
Mahoney (FL)
Maloney (NY)
Markey
Marshall
Matsui
McCarthy (NY)
McCollum (MN)
McCrery
McDermott
McGovern
McHugh
McKeon
McNerney
McNulty
Meek (FL)
Meeks (NY)
Melancon
Miller (NC)
Miller, Gary
Miller, George
Mollohan
Moore (KS)
Moore (WI)
Moran (VA)
Murphy (CT)
Murphy, Patrick
Murtha
Nadler
Neal (MA)

Oberstar
Obey
Olver
Pallone
Pelosi
Perlmutter
Peterson (PA)
Pickering
Pomeroy
Porter
Price (NC)
Pryce (OH)
Putnam
Radanovich
Rahall
Rangel
Regula
Reyes
Reynolds
Richardson
Rogers (AL)
Rogers (KY)
Ross
Ruppersberger
Ryan (OH)
Ryan (WI)
Sarbanes
Saxton
Schakowsky
Schwartz
Sessions
Sestak
Shays
Simpson
Sires
Skelton
Slaughter
Smith (TX)
Smith (WA)
Snyder
Souder
Space
Speier
Spratt

Tancredo
Tanner
Tauscher
Towns
Tsongas
Upton
Van Hollen
Velázquez
Walden (OR)
Walsh (NY)
Wasserman Schultz
Waters
Watt
Waxman
Weiner
Weldon (FL)
Wexler
Wilson (NM)
Wilson (OH)
Wilson (SC)
Wolf






Leviticus 19:36; Deuteronomy 25:15-16
I John 4:6

CAMPAIGN FOR LIBERTY!
Or Accept what is otherwise Deserved!

Wisdom is the principal thing; Therefore get wisdom. And in all your
getting, Get understanding. Proverbs 4:7

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September 29, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack

Need Credit Report? Get Free Credit Report.

It was just the other day that I was in dire need of getting my credit report to check out exactly what was going on with my many and various credit card accounts. And it was that very evening during a conversation over cell phone, speaking to my friend Troy, that he referenced the search engines and found just for me some links that touched upon my line of inquiry - the Credit Nexus 3-in-1 Credit Report. When I was able to apply for the credit report and then secured the ability to log in to see the said credit report, I was surprised to get the information I could not even get from my bank. So along this line It did help and was very informative to see my credit rating. I did thank my friend Troy for searching around the internet and finding me these links to getting a free credit report. I was happy because I was willing to spend some money to get it but I was especially pleased because, well, I was interested in not having to pay for it since it was free at that point - so why the heck not eh? What is more the Credit Nexus 3-in1 Credit Report was able to provide not only all of the credit information sought but they were also offering the service of providing the ability to get credit repair and protection from identity and other credit thieves as well. So it was not only about my credit history ratings but very much more. If seeking your credit report you might do well to click on the hyperlinks in this blog post and be directed to their helpful, informative site and service. Which reminds me I need to call my friend Troy to thank him again for his help.

September 29, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack