Steve G.

Posts Tagged ‘bailout’

GM plans to invest $1 billion of US bailout money in Brazil

In Congress, Economics, George Bush, Media, Nanny State, People in the news, Politics, US Government on November 21, 2008 at 3:38 am

From Latin American Herald Tribune:

By Russ Dallen
Latin American Herald Tribune staff

General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.”

“It wouldn’t be logical to withdraw the investment from where we’re growing, and our goal is to protect investments in emerging markets,” he said in a statement published by the business daily Gazeta Mercantil.

Meanwhile, he cut the company’s revenue forecast for this year by 14% to $9.5 billion from $11 billion, as the economic crisis began to cause rapid slowdowns in sales. 

GM already announced three programs of paid leave, and Ardila added that GM Brazil “is going to wait and see how the market behaves in order to know what decision to take” with regard to possible layoffs.

For Ardila, the injection in Brazil’s automobile sector of 8 billion reais ($3.51 billion) recently announced by the federal and state governments of Sao Paulo “has already begun to revive sales,” which fell by 12% in October.

The executive said that the company will operate a “conservative” scenario in 2009 with an estimated production of 2.6 million units, and another more “optimistic” that contemplates sales of 2.9 million.

This year sales will reach 2.85 million vehicles, which represents a growth of 15% over last year.

Russ Dallen with EFE in Sao Paulo

Hat tip Brad Spangler

Antiwar.com: You have a choice!

In Activism, Congress, Economics, Iraq War, Libertarian, Media, Taxation, US Government, War on November 11, 2008 at 6:53 pm

They’re Bailing Out the Banks
With Your Tax Dollars.

But you have a choice!

Nobody asked you if you wanted to bail out the banks. The powers that be in Washington, D.C., just went ahead and did it. They wrote a check for almost $1 trillion to the biggest financial institutions in the country, saving them from their own disastrous investments. Andyou get the bill.
But it doesn’t have to be a total loss. You can direct some of your tax dollars to a worthy cause. Instead of rewarding the greed and hubris of “businessmen” whose only assets seem to be their friends in Washington, you can send your tax dollars to work for peace. 
Unlike the hundreds of billions going to the banks, yourtax-deductible contribution to Antiwar.com is a good investment: it will keep you informed about the world you live in, warning you of the dangers to peace just around the bend. 
Since the mid-’90s, Antiwar.com has been the place to find out what’s really going on in hotspots around the globe. And since our beginning, we’ve depended on the generosity of our readers to keep us online.
Now hard times have hit all of us, at the very time when Antiwar.com is most essential. Our fight for a noninterventionist foreign policy is making some real gains, for the first time in years. But with charitable giving down, we are feeling the pinch. We need your help, and we need it now.
The choice is yours: would you rather give your hard-earned dollars to the big banks and the war profiteers, or to Antiwar.com?

Don’t delay.

Sorry for the interruption.
Continue to Antiwar.com

 

Contact akeaton@antiwar.com or call 323-512-7095 for more information.

Congress passes giant bipartisan screwjob of plebeians, 263-171 in the House and 75-25 in the Senate

In Constitutional Rights, Media, Personal Responsibility, Politics on October 3, 2008 at 2:46 pm

CNN reports

The measure passed by 92 votes, 263 to 171, with the plan picking up support on both sides of the aisle after going down to defeat in the House on Monday.

President Bush said he would sign the bill Friday.

“These steps represent decisive action to ease the credit crunch that is now threatening our economy,” Bush said of the provisions of the bill.

“The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses,” Ben Bernanke, chairman of the Federal Reserve, said in a statement.

From a facebook alert:

1) The American Government spends trillions of our tax dollars bailing companies out. When the CEO makes millions a year, there is no reason they need tax dollars to help them out.

And from the bailout proposal:
2) Section 5: Rights; Management; Sale of Mortgage-Related Assets.
(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

3) Section 8: Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

4) Section 10: Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

5) Section 8 prohibits the constitutional right to petition the government. This legislation will be in violation of the US Constitution and many State Constitutions.

‘Fair and Balanced’ (Fascist) Financial Media Attacks Heroic Jim Rogers

In Libertarian on October 2, 2008 at 6:42 pm

Truth is treason in the Empire of Lies:

Libertarian Vice Presidential candidate Wayne Root: Just Say No to trillion dollar bailout

In Libertarian, Libertarian Party-US, Politics on October 1, 2008 at 9:29 pm

Posted at Root For America

I’ve stated for months now on hundreds of talk radio shows across the USA that Republicans and Democrats have morphed into the same party- I call them big and bigger, dumb and dumber. McCain and Obama offer the same ideas- just with a slightly different right or left tilt. They both stand for corporate interests. You think only Republicans stand for Wall Street? Check the facts. Obama has gotten millions of dollars in contributions from corporate welfare queens like Bear Stearns, Lehman Brothers, AIG, Fannie Mae and Freddie Mac. You think Obama stands for change? When Obama is done with America, all we’ll have left is change.

The reality is that Obama TALKS about change. Just like McCain talks about being a fiscal conservative who believes in smaller government and lower taxes. It’s all just the usual talk at election time. I call it the “November political con game.”

Read the rest

Schansberg encourages Hill to stand firm against bail-out

In Libertarian, Libertarian Party-US, Politics on October 1, 2008 at 12:55 pm

September 29, 2008

FOR IMMEDIATE RELEASE

Schansberg encourages Hill to stand firm against bail-out

Dr. Eric Schansberg, an economics professor and the Libertarian candidate for the U.S. Congress in Indiana’s 9th District, responded to the House defeat of the proposed $700 billion bail-out in the financial sector—and praised Rep. Baron Hill for voting against it.

Asked about Hill’s vote, Dr. Schansberg said, “It’s clear that Baron is not categorically opposed to another bail-out. And he’s not a fiscal conservative by any objective measure. So, I don’t know the reasons for his vote today. Maybe it’s the right vote for the wrong reasons. In any case, I’m thankful that he took a stand today for fiscal conservatism. Hopefully, he’ll continue to have a strong enough spine to hold that position.”

On fiscal conservatism in general and the bail-out in particular, Schansberg said: “At some point, we have to rely on markets again. And we can’t afford to borrow money to bail out industries and try to artificially boost the economy. All of our spending and debt threatens to devalue our dollar further and drive our economy into a ditch.”

On potential policy changes, Schansberg applauded Mike Sodrel’s proposal to suspend the capital gains tax and to revisit “mark-to-market” accounting rules: “From what I’ve read, ‘mark-to-market’ accounting rules are the most underrated cause of the current problems. Certainly, the sub-prime mortgage mess and government involvement in Fannie Mae and Freddie Mac are at the top of that list. But ‘mark-to-market’ combined with aspects of Sarbanes-Oxley seems to be a major contributor.”

For more information on the campaign, see: www.SchansbergForCongress.com

. To schedule an interview, contact Eric Schansberg at (812) 218-0443, Melanie Hughes at (502) 432-1930, or send an email to SchansbergForCongress@gmail.com.

Massachusetts Libertarian U.S. Senate Candidate Bob Underwood Blasts Bailout

In Libertarian, Libertarian Party-US, Politics on October 1, 2008 at 11:58 am

Sept. 29

Springfield, MA. Libertarian U.S. Senate Candidate Bob Underwood today blasted the Paulson bank bailout. “The one group sure to lose is the American worker. That includes Americans who wish they were working. They’re struggling with their own mortgages, blamed if they’re not competitive on world markets, and now they get a bonus: Not only must they pay for their own housing, they must pick up the tab for someone else’s.

“The Donkey-Elephant dance went to bail out bankers, not to help the average American,” Underwood explained. “Some mortgage companies gave no-document loans, not even asking tax forms as evidence of income. Compare that with the grilling that most of us got when we applied for a mortgage. Under the bailout system, the executives who threw away their investors’ money will keep their mansions. Americans who could never qualify for a mortgage will be taxed to pay for homes for people who did qualify.

“Some people want to blame the person who just wanted a place to live. Borrowers just played their part in a bigger picture. For years bankers bet on inflation. As time went on, mortgage payments were supposed to get easier, because inflation drives up wages. The crisis came when outsourcing made salaries level. Borrowers couldn’t afford their mortgages.

“If you want more of the same, more ripoffs of taxpayers, just keep voting for Democrats and Republicans. For real change, vote Libertarian,” Underwood urged.

–30–

The mortgage crisis is part of a big picture discussed at
www.electbobunderwood.org

For more on why the bailout is a terrible idea, note economist-bloggers
Mike Shedlock http://globaleconomicanalysis.blogspot.com/

Bonddad
http://bonddad.blogspot.com/index.html

To contact the candidate:

Robert Joseph Underwood
83 Cherrelyn St.
Springfield, MA 01104-2441

rjunderwood2000@yahoo.com

Help stop the trillion dollar ripoff

In Personal Responsibility, Politics on October 1, 2008 at 11:40 am

Via Campaign For Liberty

The following Senators are considered key votes. Please take a moment to call these Senators and urge them to cast their vote against this dangerous legislation. And please, call your two U.S. Senators and urge them to 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

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

The rest of ’em

Libertarian Party of Alabama Chair Stephen Gordon speaks out about gas price gouging laws, gas shortages, and the Wall Street bailout proposal

In Libertarian, Libertarian Party-US, Libertarian Politics, Media, Politics on October 1, 2008 at 1:37 am

In a pair of press releases, Libertarian Party of Alabama chair Stephen Gordon addresses the Wall Street bailout proposal that was narrowly defeated yesterday in Congress, as well as the gas shortages currently taking place in Georgia and several Southeastern states.

Gordon blames gas shortages on anti-price gouging laws which several states have passed, pointing out that neighboring states which have not passed such laws have no gasoline shortages.

In the second press release, Gordon points out that Libertarian Party Presidential candidate Bob Barr accurately predicted that more bailout proposals would follow the Fannie Mae and Freddie Mac bailouts.

Atlanta – For the last couple of weeks, the availability of gasoline has dominated the news in the Southeast. Georgia, which has stricter laws against “price gouging” than Alabama does, is suffering from long gas lines at the few service stations which have a remaining supply of petroleum.

Today’s Montgomery Advertiser calls for additional government intervention into the natural process of supply and demand.

“Some other Southeastern states take a different approach, and it would be wise for Alabama legislators to take a look at these laws,” the paper declared. “Georgia, Mississippi and Tennessee prohibit any price increases that are not related to increased costs. A gas station may pass along to customers the higher costs it incurs for fuel, for example, but may not raise prices beyond that level.”

“As I live in Morgan County but work in Atlanta, I see the impact of government intervention into the retail gasoline market on a daily basis,” said Libertarian Party of Alabama Chairman Stephen Gordon. “I bought gas last night in Calhoun County, Alabama, but by the time I made it to Cobb County, Georgia, there was no gas anywhere to be found.”

“Consumers have no incentive to conserve gasoline when the prices are artificially low,” Gordon continued. “If the cost was higher, they would be driving less or using more efficient vehicles. Additionally, when gas prices become high enough, there is an increased motivation for gas station owners and operators to truck fuel in from greater distances – passing the additional cost on to consumers.”

An Associated Press article also published today anecdotally highlighted this point. “Right now, I’ll pay anything for gas,” construction worker Larry Jenkins said. “I don’t care if it’s $5 or $6 a gallon. I need it.”

“Alabamians should be proud that we beat Georgia on the football field over the weekend,” Gordon said. “We should also be proud that we have better public policy pertaining to price gouging than Georgia. Or would the Montgomery Advertiser prefer that we limit our football scores to no more than one touchdown per quarter?”

As evidenced by recent debate pertaining to federal bailouts, the Libertarian Party is the only political party in America opposed to government intervention in the marketplace.

Birmingham, AL – The U.S House of Representatives failed to pass the $700 billion bailout measure earlier today by margin of 205 to 228. Of the Alabama congressional delegation, Congressman Aderholt was the only person to vote against the bill.

“While I often find myself at odds with Congressman Aderholt, his vote today should be certainly be applauded,” said Libertarian Party of Alabama Chairman Stephen Gordon. “Unlike the two major parties, Libertarians support fiscal responsibility and oppose government intervention into the marketplace. Public opinion polling shows that an overwhelming majority of Americans agree with the libertarian position on this and many other issues.”

Today, the New York Times stated that “a majority of the House voted along with Bob Barr, the Libertarian who said, ‘We need to make Wall Street take the hit for its irresponsible investment decisions.'” Previously, Politico indicated that former Congressman Barr, who is running for President on the Libertarian Party ticket, had earned the bragging rights to say “I told you so” about the general bailout situation.

Barr accurately predicted that once the bailout floodgate is opened for Fannie Mae and Freddie Mac, it will be difficult to stop the process for other corporate or government entities. On Neil Cavuto’s Fox News program, Barr referred to the Fannie Mae and Freddie Mac intervention as “a BOFH. This is a bailout from hell.”

“Barr is consistently and courageously battling on principle for the rights of the common man — unlike most of our state congressional delegation, leaders from both parties on the Hill, as well as McCain and Obama,” said Gordon. “Obama claims to offer change, while he’s picking the pocket of the taxpayer to enrich major corporations. McCain’s claim of being a maverick is disingenuous at best, as his statements on the bailout place him in league with the president and the rest of the senior GOP leadership. The only presidential candidate supporting a constitutional limited role of government is Congressman Barr.”

The Libertarian Party of Alabama urges all Alabama voters to continue to contact their elected representatives and demand that they vote “no” on any current or future bailout proposal.

Stephen Gordon serves as the Chairman of the Libertarian Party of Alabama, Chair of the Libertarian State Leadership Alliance (national organization of LP state chairs) and as the eCampaign Manager for the Bob Barr 2008 Presidential Campaign.

Bob Barr in Reason Magazine counter-debate, Fox News, American Spectator, Politico Gameday and New York Times

In Libertarian, Libertarian Party-US, Libertarian Politics, Media, Politics, Presidential Candidates on October 1, 2008 at 1:31 am

Bob Barr blog reports that video of the Reason magazine counter-debate with Libertarian Party presidential nominee Bob Barr is now available.

In other Barr news, the blog has video of the candidate on the Fox program Your World with Neil Cavuto:

Barr had five campaign stops in the Charleston, SC area today, and has been given credit by the American Spectator, Politico Gamedayand the New York Times for helping to stop the Wall Street bailout.

His next campaign swing will be through Illinois and Indiana on Oct. 2-4.

Bob Barr blasts bailout in new campaign video

In Libertarian, Libertarian Party-US, Politics on October 1, 2008 at 1:26 am

Posted at Bob Barr blog

Bob (Barr) talks about the bailout plan and wonders why the Feds are just now trying to take on the issue when they’ve know about the problem for years.

Bob says it makes no sense to give them $1 trillion to do create the same problem all over again. He adds that Republican and Democrats are both guilty for the problem and the “bogus solution” they presented.

Trillion dollar ripoff is dead…for now

In Congress, Economics, Libertarian, Personal Responsibility, Politics, Republican, Taxation, Terrorism, Torture, US Government on September 29, 2008 at 7:26 pm

The House version of the Congressional wall street bankers bailout ripoff is dead. Conservative Republicans united with liberal Democrats in a narrow victory against the muddled middle, but the fight is not over.

Terra Eclipse has united a diverse group of interests, including MoveOn, Downsize DC, True Majority, Campaign for Liberty, United Liberty, FreedomWorks and the National Taxpayers Union to oppose and track no votes in the Senate and possible future votes in the House.

pdsa reports at IPR:

Republicans blamed Pelosi’s scathing speech near the close of the debate — which attacked Bush’s economic policies and a “right-wing ideology of anything goes, no supervision, no discipline, no regulation” of financial markets — for the vote’s failure.

“We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House,” Minority Leader John Boehner said. Pelosi’s words, the Ohio Republican said, “poisoned our conference, caused a number of members that we thought we could get, to go south.”

Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi’s speech changed the minds of a dozen Republicans who might otherwise have supported the plan.

Julie Hirschfeld Davis, “Stunning defeat for economy bailout; stocks plunge“, Associated Press, September 29, 2008

Libertarian Presidential candidate Bob Barr on the ‘debate that wasn’t’

In Barack Obama, John McCain, Libertarian, Libertarian Party-US, Libertarian Politics, Politics, Presidential Candidates, Press Release on September 27, 2008 at 3:21 pm

Writing in Huffington Post, Bob Barr says

There’s not a dime’s worth of difference between Senator McCain and Senator Obama. The viewers of this first presidential “debate” missed the opportunity for a true debate because the viewpoints I represent were not raised.

This was clearly a debate between big government and bigger government. The proposals for spending taxpayers’ hard-earned money for everything from bailing out Wall Street to bailing out Georgia (theirs, not ours) are simply irresponsible.

We, the United States, are living way beyond our means, and in this debate, there was not a single recognition–let alone an alarm cry–for the runaway spending of our government.

Barr denounces the “mad dash” to pass a trillion dollar “bailout” of Wall Street, calls for a Justice Department investigation of fraud and other criminal behavior at financial institutions, and stop the US from acting as the world’s policeman and occupying numerous foreign countries.

He concludes,

The debate tonight convinced me that neither McCain nor Obama want to, or can, change the direction of our country. With roughly 80 percent of all Americans saying our country is headed in the wrong direction, I am the only candidate who embodies their hope for true change.

The Washington establishment doesn’t want to face up to the challenges next administration will inherit. If you’re part of the 55 percent or more of voters who think the debates would be enriched by having me in them, let the news media know your feelings. The establishment will respond if public opinion is strongly in favor of my inclusion in the next two presidential debates.

Bob Barr’s contribution top $1 million

In Libertarian, Libertarian Party-US, Politics on September 26, 2008 at 9:17 pm

The contribution countdown ticker at BobBarr2008.com has topped $1 million for the first time.

This caps off what deputy campaign manager Shane Cory describes as a wild week

Earlier this week, we received word that our case in Texas — where both John McCain and Barack Obama failed to certify their place on the ballot by the deadline — was denied.

The Texas Supreme Court denied it without comment. The order simply read, “The following petition for Writ of Mandamus is denied.”

The court did not even bother to make an argument as to why it’s acceptable for the two major parties to ignore the law.

If that’s not evidence of a double standard, I’m not sure what is.

Given our limited financial resources and limited time, we cannot appeal the decision at this time.

But here’s some great news!

Earlier this week, we won our substitution case in Massachusetts and will be on the ballot in the Bay State.

The following day, word came out of Baton Rouge that we won our case in Louisiana and will be on the ballot there as well!

We’re now on the ballot in 46 states and are awaiting word and action in Maine, Connecticut and Oklahoma.

Cory goes on to describe the future plans of the campaign:

Today, we’re kicking off our radio campaign in targeted states! Click here to listen to the first ad.

Next week, we begin our national television campaign.

We’re getting a heck of a deal on our radio spots and paying about $2 per spot.

Barr has recently published pieces asking to be included in the bailout discussions, as well as an op-ed in USA today asking to be included in the debates. He has called on the bailout to be rejected and offered to take McCain’s place in a debate with Obama.

If Obama does not accept, Barr will appear tonight in a live “counter-debate” at Reason magazine:

Please join reason, either in person or online, for a live counter-debate on Friday, Sept. 26, with Libertarian Party nominee Bob Barr, who will respond to John McCain, Barack Obama and moderator Jim Lehrer in real time. We will be live-blogging Barr’s responses at Hit & Run, and videotaping the whole proceedings, which will include a brief post-debate Q&A with reason staffers, bloggers, and other interested parties. The fun begins at 8:00 PM, the debate starts at 9:00 sharp, and the drinks will be provided by the Distilled Spirits Council of the United States. In a year rich with libertarian politics, the only place you’ll hear a candidate talking libertarian ideas will be in reason’s Washington headquarters.

What: Bob Barr debates the presidential debaters

When: Friday, September 26, 8:00 PM to 10:30 PM

Where: Reason HQ, 1747 Connecticut Avenue NW (near S Street)

RSVPs: A must. Send e-mail to events@reason.com, or call 310.391.2245.

Latest George Phillies media appearances

In Libertarian, Libertarian Party-US, Politics on September 26, 2008 at 9:09 pm

George Phillies, a Libertarian Presidential candidate currently on the ballot in NH, will be on TV — broadcast is Sunday

http://nhcaptv.com/episode/37

George Phillies interviewed by Todd Andrew Barnett and James Landrith 6PM Friday

http://www.nowlive.com/libertycaptalklive

In the eighty-eighth episode, Todd and Jim asks panelists LP presidential candidate George Phillies, LP activist Lidia Seebeck and her husband blogger Michael Seebeck, and The Liberty Conspiracy talk radio show host Gardner Goldsmith on topics such as Gard’s firing from 107.7 WPTL The Pulse, Bob Barr’s declining candidacy, the fall of the LP, the domestic and worldwide financial crisis (including the bailouts), and the never-ending McCain/Obama saga. In the second half of the second hour, Todd and Jim talk about AP News of the Day.

Bear with us: another proposed petition about the bailout

In Libertarian on September 25, 2008 at 12:08 pm

This is a proposed petition. You can suggest draft changes at Brad Spangler’s blog.

To President Medvedev and Prime Minister Putin of the Russian Federation,

Thank you for the opportunity to address you in this petition.

The Russian News and Information Agency (RIA Novosti) recently published an opinion article written by British historian and political analyst John Laughland. Laughland suggested that the Russian government consider making the rouble convertible into gold. The article can be found here:

http://en.rian.ru/analysis/20080924/117072937.html

We ask that you please consider Laughland’s proposal.

All factions of the political leadership of the United States government appear determined to wreck the value of the U.S. dollar. We are not optimistic that U.S. political leaders will adopt a wise monetary policy. Not only is this bad for the people of the United States, but because the U.S. dollar is so widely used it is bad for the people of the world.

We believe the Russian government has an opportunity to provide stability for the world economy during this time of crisis created by the U.S. government. We believe potential Russian adoption of a gold standard supports such efforts.

We ask this also on behalf of our own selves and all Americans who truly wish to prosper. You will recall, gentlemen, that the U.S. dollar once served as a stable currency for the informal economy in the Soviet Union. You may recall that this so-called “black market” did perhaps more to make life bearable for the ordinary Russian than the official economy did. We ask that the Russian government now return the favor by adopting a gold standard, creating a currency that can undisputably be trusted within the U.S. informal economy that must grow as the emerging U.S. police state grows in power.

Tell Congress: Just Say No to Donkey Punch Bailout Plan!

In Activism, Congress, Corruption, Economics, Fraud, George Phillies, Libertarian, US Government on September 25, 2008 at 11:46 am

Petition from the desk of George Phillies, but don’t blame him for the headline

http://www.ipetitions.com/petition/nobailouts/

petition urging Congress to reject the bailout

Let’s send Congress and the press the message. The text of the petition:

Respecting that many people have worked very hard to get a Congressional majority for their party, ‘we will vote against you’ covers the 2010 primaries as well as the general election.

Congress: Reject Paulson’s Bailout!

We call upon Congress to reject bank bailouts. We urge every Senator and Representative to vote against the plan. We urge every Senator to filibuster any bank bailout bill.

Congressmen: We mean it! If you vote for the bailout, we will vote against you, this Fall or in your next primary.

To pay for Treasury Secretary Henry Paulson’ plans, Uncle Sam will borrow trillions of dollars. That’s trillions of dollars out of our pockets and into the pockets of Paulson’s cronies. Congress should reject the Paulson plan and leave our money in our pockets.

Paulson’s plan will bankrupt the American taxpayer so Paulson’s banker friends can avoid suffering. Paulson wants to save his banker buddies by throwing our money at them. Instead of throwing money at bankers, Congress should throw the Paulson plan–and Paulson himself–into the wastebasket of history.

Americans believe in personal responsibility. If your neighbor borrows more money than he can repay, the penalty should fall on him, not on prudent working men and women like us who chose to live within their means. That goes for our neighbors, and it goes double for bankers and financiers, who are supposed to know how to invest money.

Congressional regulations make sure: When you sign a mortgage, the numbers you will pay were right in front of you. The Paulson plan to buy up mortgages rewards irresponsible people at the expense of the people who believed in the American way of thrift and frugality.

The Federal government should not stop banks from failing. That’s selective Federal intervention to aid the incompetent. That is just plain backwards. Congress should insist: If a bank wants to turn its assets over to Uncle Sam and go out of business, it should turn over absolutely all its assets, not just its bad assets. That includes funds reserved for executive buy-outs.

Congress should make sure: Foreign banks should get nothing from Uncle Sam. If foreign banks are unhappy with their investments, they should ask foreign taxpayers to pay them off. American working men and women should not pay through the nose because foreign bankers are too lazy to check out their investments and too incompetent to tell their investments cannot possibly be good.

Paulson proposes that his decisions should not be subject to review by the courts. Who does he think he is, King George III against whom George Washington revolted? Paulson would give himself powers that the King of England lacked. Americans would have no protections from Paulson’s bad judgement, no matter how grievous their injuries. That’s unconstitutional and immoral.

Congress should ask itself: Should we trust Paulson’s judgement? The record is clear: Paulson and Fed Reserve Bank Chair Bernanke got us into our mess. Paulson was completely wrong then, and there’s no reason to suspect he’s gotten smarter since. Congress has trusted Paulson for far too long. It should stop doing so.

Having said that, in these economically disorderly times some Americans through no fault of their own are momentarily unable to keep current on their mortgages. A program of modest loans with paybacks that could be re-scheduled, covering part of mortgage expenses for a limited time, would be far cheaper than the Paulson plan. To protect the taxpayer, such loans should not be voided by bankruptcy.

Most urgent private message

In Children, Corruption, Crazy Claims, Economics, Fraud, Human Rights Abuses, Humor, Lies and the lying liars who tell them, Media, People in the news, Personal Responsibility, Politics, Taxation, Terrorism, US Government on September 25, 2008 at 1:00 am

H/T Delaware Libertarian

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had a crisis that has caused the need for a large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Franklin Raines, who will be my replacement as Ministry of the Treasury in January. You may know him as the Chief Economic Advisor for Senator Obama’s presidential campaign, and the former head of Fannie Mae from 1999 to 2006.

Let me assure you that this transaction is 100% safe. Mr. Raines is completely trustworthy with your money. His record speaks for itself.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of friend so the funds can be transferred. Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully

Henry “Hank” Paulson

Minister of Treasury