Steve G.

Posts Tagged ‘ripoff’

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.

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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

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