Guest Blog by Sharon Anderson
If we are going to preserve our freedom and restore the Constitution, we must be informed.
This is something you won’t want to miss, so note the time of the video presentation in your time zone and mark your calendar for Thurs. night. For more info go to http://www.tellyourneighbor.com/icaucus/invite/. If you can, register with www.justin.tv/icaucus ahead of time, so the server is not overwhelmed.
The Independence Caucus
Cordially invite you to our joint Internet video-presentation:
The “Big Lie” of the Government Bailouts:
Our documented research which exposes the campaign money trails behind the Bailouts!
When: THURSDAY, MAY 7th at: 9pm Eastern, 8pm Central, 7pm Mountain, 6pm Pacific.
Where: In the comfort of your own home, on the internet at: www.justin.tv/icaucus
What: “The Big Lie” began when Congress insisted they had to approve the government bailouts or the entire national system, of over 8,500 financial institutions, would collapse. If this were true, how did only 25 of these institutions manage to end up with more than 93% of all bailout money? Our research reveals the reason: The majority of campaign donations ever received by many Congressional incumbents from both parties can be traced back to these same 25 companies! Members of Congress want you to think they are in there “fighting for you.” For a great majority of incumbent Congress members, from both parties, our research proves that is just a Big Lie. We all knew it intuitively, but until now we haven’t had the facts at our fingertips to prove it.
Now you will! This research shines the spotlight on incumbents from both parties and exposes the previously unrevealed TEN LEVELS of campaign funding that these 25 companies discretely employ to steer multiple “maximum” donations to the incumbents of their choice. This is why the Incumbents do not listen to “We The People” when we oppose by nearly 1,000 to 1 bailout and deficit spending legislation. This research gives us The Big Stick to take the next step in replacing compromised Incumbents with candidates committed to fiscal responsibility and REAL transparency.
** Please join us Thursday May 7th! **
And be one of the first to see the results of this eye-opening research!
Who: Those of us who have signed this invitation, the 357 members of “We Surround Them” and the 9-12 groups and the Nationwide Tea Parties, have joined The Independence Caucus and The912project.us to prepare and share this research. We invite you to join us on Thursday, May 7th, and ask that you share this invitation with your friends, neighbors, and family.
Russ Castleberry sent me this great letter by the Heritage Foundation last week. I thought I posted it but obviously goofed. By now it is too late since it was signed in to law today. But reading this will give us an idea of what we have just lost. Thank you to all the Republicans who stood strong against this theft of the future of our children.
An Open Letter to the Congress and the President of the United States
For the last 35 years, educators and analysts at The Heritage Foundation have been intimately involved in the nation’s great public policy debates. In all that time, we have never encountered legislation with such far-reaching and revolutionary policy implications as the American Recovery and Reinvestment Act currently before Congress. And never have we seen a bill more cloaked in secrecy or more withdrawn from open public exposure and honest debate. In addition to being the single most expensive bill ever proposed, this measure calls for a massive expansion of the federal governmental reach into the day-to-day life of virtually every citizen, business and civic organization in the nation. That, in itself, should be the subject of an extensive public conversation and thoughtful debate. Instead, we have seen Congressional leaders schedule snap votes on a 1,434-page bill that no one—repeat, no one—has had a chance to read in its entirety, much less digest and deliberate.
This bill has been advertised as an economic stimulus bill—despite the fact that the Congressional Budget Office estimates it will actually weaken our nation’s long-term economic growth. While the stimulative utility of the bill is, at best, questionable, it would unquestionably rewrite the social contract between the American people and their government. For example: The bill reverses the bipartisan and highly successful welfare reforms of 1996 and drastically expands the welfare state. For instance, it will start rewarding states for adding people to their welfare rolls, rather than for helping them find gainful employment. And contrary to long-established practice, it will entitle able-bodied adults without children to receive cash assistance. ” does extreme violence to the concept of federalism—bailing out states that have spent irresponsibly at the expense of taxpayers in states that have been fiscally prudent.
It greatly shifts the responsibility and power over health care delivery and decision making from individuals to government. Among other things, it would create a new federal health board to decide which medical services are a co-effective in America, paving the way for government effectively to overrule the clinical decisions of private physicians. It deliberately censors religious speech and worship on school campuses by prohibiting use of any stimulus funds for facilities that are used for sectarian instruction, religious worship, or a school of divinity.
The list goes on. These and similar provisions will mean fundamental changes in our society. In many instances, the bill would establish policies that directly challenge widely held American values.
We are appalled that Congress is even contemplating such profound changes with so little openness and due diligence. In the past, major policy changes in our welfare system, or health care, or trade policies, etc., were always, quite properly, preceded by extensive public conversation and full debate. That is how a democracy should make important decisions.
The failure of Congress and the Administration to allow that debate is damaging to our democracy. Both chambers of Congress suspended their budget rules to push it along. And both the President and the leaders of the House and Senate have violated their solemn promises that the bill would be available for several days of public review prior to voting, so that the American people might have a chance to learn what is in the bill and to make their views known to their elected officials…”
This reckless approach to governance can only undermine public faith in our elected officials and our government as a whole. We call on Congress and the Administration to live up to their promises and stated ideals, and give the democratic process a chance to work.
Edwin J. Feulner, Ph.D.
I received this in an email from Roy Beck of NumbersUSA. Many of you probably receive this also but I had to make sure. This issue of Illegal Aliens is going to bite us some day to the point that will take most people by surprise.
All protections for U.S. workers were stripped from the Stimulus Bill. Illegal aliens can be hired at the same rate as usual.
Obama White House were absolutely certain about one thing for the House/Senate negotiating committee on the Stimulus Bill:, Reid and the
- There was to be no special restriction to keep illegal aliens from getting new jobs created by the bill at a cost of $250,000 to $500,000 each.
The Democratic leadership of our federal government made it clear that there has been no change from eight years of a Republican White House that let the Chamber of Commerce call the shots on immigration.
Pelosi, Reid and Obama gave theexactly what it wanted — freedom for unscrupulous businesses to continue to hire illegal aliens at the same rate as in the past, and to use the hundreds of billions of Stimulus dollars to do it.
Pelosi, Reid and Obama also made sure that banks can continue to discriminate against Americans in favor of cheaper more compliant foreign workers.
The only way this type of anti-American-worker, closed-door autocracy is going to be stopped is if all of you reading this do everything possible to spread this story so that all Americans know what happened. If you don’t spread it, they won’t know because the mainstream media thus far have blacked out the news.
Thanks to Dorothy Fetherston for sending this information about Nancy Pelosi.
Speaker of the House Nancy Pelosi’s home district includes San Francisco. Star Kist Tuna’s headquarters are in San Francisco, Pelosi’s home district.
Star-Kist is owned by Del Monte Foods and is a major contributor to Pelosi.
Star-Kist is the major employer in American Samoa employing 75% of the Samoan work force.
Paul Pelosi, Nancy’s husband, owns $17 million dollars of Star-Kist stock.
In January, 2007 when the minimum wage was increased from $5.15 to $7.25, Pelosi had American Samoa exempted from the increase so Del Monte would not have to pay the higher wage. This would make Del Monte products less expensive than their competition’s.
Last week when the huge bailout bill was passed, Pelosi added an earmark to the final bill adding $33 million dollars for an
‘economic development credit in American Samoa’.
Pelosi has called the Bush Administration”CORRUPT”? How do you spell “HYPOCRISY”?
I do not agree with everything Mitt Romney says, but I do have to admit that when it comes to the economy, I listen. After reading and thinking about the situation regarding the bailout of the automakers, I have decided that I agree with Romney; they should file for bankruptcies. Their cries of collapse sound a little insincere when we look at what would happen with a chapter eleven restructuring. Fifteen billion will not begin to solve their problems and a bankruptcy will give them breathing room and force them to use wisdom and restraint.
What the government can do for the automakers is exactly what Romney was so criticized for suggesting last winter. Easing their tax burden and putting money into research and development like other countries are doing would level the international playing field enough to grease the skids for a come back.
If the government does bail them out, when will it stop? Will the newspapers be next? Also, the bailout would bring more nationalization and make no mistake about it, this is fascism.
GM, Chrysler Bankruptcies Would Cause Turmoil for U.S. Economy
By Michael McKee
Dec. 12 (Bloomberg) — A bankruptcy filing by General Motors Corp. or Chrysler LLC might send the U.S. economy into chaos within weeks if it led to a shutdown at the companies.
Industry experts and economists say the automakers would close plants, fire tens of thousands of workers and cut production. That would cause many of their suppliers to collapse, triggering more job losses, straining the cities and states where the car and parts companies operate, as well as federal safety-net programs.
It would also deliver another psychological blow to consumers and a major shock to Main Street following the crises on Wall Street.
“The auto industry is a key element in the economy,” said Bob Schnorbus, chief economist at J.D. Power & Associates in Troy, Michigan. “Anything that disrupts it is going to slow the economy down more than we have already seen.”
Economists say it’s difficult to estimate the full impact, given the large number of possible scenarios. The outcome hinges on which companies filed for bankruptcy and when, and whether they would be able to continue building cars and trucks while in reorganization — assuming they don’t go into liquidation.
“It would be unprecedented,” says Stephen Stanley, chief economist at RBS Greenwich Capital in Greenwich, Connecticut. “So it’s hard to say exactly what would happen.”
‘Cascade of Failures’
Guest Blog by Sharon Anderson
After the Paulson $700 billion bailout package passed in early October, we knew it was only a matter of time before Congress moved to use your money yet again to bail out a struggling industry.
Now, a vote to give funds to the “Big 3” auto manufactures, GM, Ford, and Chrysler, is likely to come up in the Senate today. (Thurs. Nov. 19) You might want to contact your Senator and share some of the following ideas:
Dear Senator (Name),
I urge you to oppose any bailout of the auto industry, whether by taking existing funds from TARP, revising any previous loans, or making new grants.
The auto industry is lobbying hard for taxpayer money when they should be entirely focused on restructuring their companies and recouping their losses. There is no guarantee that a government handout will have any positive effect, and that GM, Ford, and Chrysler will not be back in a few months asking for additional billions.
Since a bailout will only delay the economic consequences of the Big 3’s current predicaments, Congress should allow the market to work so that the fallout can be dealt with and overcome as quickly as possible.
Instead of handing out more of the taxpayers’ money and moving further away from the free market ideas that made America great, I ask you to:
1.) Curb regulation: The auto industry is already one of the most heavily-regulated industries, and a bailout will bring more government regulation and additional costs. Alleviating even a little of the red tape would free up resources for them to address their financial situations, save jobs, and produce quality products to jumpstart sales.
2.) Cut taxes: Cutting corporate and individual income taxes would return much needed money to workers and consumers, strengthening their financial positions and purchasing power during these turbulent times.would give these companies immediate funds to put toward their problems. Cutting
Taking just these two steps will save the industry far more in the long run than the numbers currently being proposed for the bailout.
Consolidation of power is the name of the game. From what we can tell, a great deal of the bailout money has been used, not to free up credit as promised, but to help large corporate entities and the government buy up smaller institutions. In a word…monopoly. The turn of the twentieth century was a day of power hungry men working to establish financial empires. Anti-trust laws reigned in a lot of the excess and now we find ourselves fast returning to that unlevel playing field and much of it is now being done with taxpayer money.
Peter Anderson sent me articles including the following snippet that underscores the real purpose of the bailout:
The financial crisis is deepening, with the risk of seriously disrupting the system of international payments.
This crisis is far more serious than the Great Depression. All major sectors of the global economy are affected. …
The proposed bank “bailout” under the so-called Troubled Asset Relief Program (TARP) is not a “solution” to the crisis but the “cause” of further collapse.
The “bailout” contributes to a further process of destabilization of the financial architecture. It transfers large amounts of public money, at taxpayers expense, into the hands of private financiers. It leads to a spiraling public debt and an unprecedented centralization of banking power. Moreover, the bailout money is used by the financial giants to secure corporate acquisitions both in the financial sector and the real economy.
In turn, this unprecedented concentration of financial power spearheads entire sectors of industry and the services economy into bankruptcy, leading to the layoff of tens of thousands of workers.
The upper spheres of Wall Street overshadow the real economy. The accumulation of large amounts of money wealth by a handful of Wall Street conglomerates and their associated hedge funds is reinvested in the acquisition of real assets.
Paper wealth is transformed into the ownership and control of real productive assets, including industry, services, natural resources, infrastructure, etc.
SHUFFLING ECONOMIC DECK CHAIRS ON THE SS TITANIC
Now it’s official: the US Treasury won’t buy up toxic debt after all. Buying up bad debt was the entire rationale used to convince Congress to bailout and the big investment banks. Without it, Paulson and Bernanke proclaimed, “the US economy would likely collapse.” Paulson even went so far at the time to say that it wouldn’t do any good to inject liquidity directly into banks if these bad debts weren’t secured first. But, that’s exactly what he did after Congress gave him carte blanche powers–he loaded nine insider banks with additional billions so they would be in a position to buy up other troubled banks. Then Paulson bailed out the money market funds (funneling the money through JP Morgan), and added another $40B injection to insurance giant AIG (on top of $110B), which allowed it to keep paying out on its derivative losses for credit default swaps (promises without backing to insure debt against default). Congress kept waiting for the bad debt buyout but it never came. Neither did the promised oversight–specific reports to Congress mapping out where the money went and to whom. A few in Congress are demanding an accounting, but the Fed is refusing to answer. The US treasury has already spent $3.45 trillion on the bailout–not $700B as the public believes–and the end is nowhere in sight. It’s time for some answers before acquiescing to Paulson’s plea to “trust me” again….
NY Times reporter Joe Nocera discovered incriminating communications within JP Morgan Chase, the recipient of billions in federal money, indicating that they have no intention of loaning this money out to other banks.
“It was Oct. 17, just four days after JPMorgan Chase’s chief executive, Jamie Dimon, agreed to take a $25 billion capital injection courtesy of the United States government, when a JPMorgan employee asked this question: ‘What effect will that have on the business side and will it change our strategic lending policy?’ It came toward the end of an employee-only conference call that had been largely devoted to meshing certain divisions of JPMorgan with its new acquisition,Mutual. Which, of course, it also got thanks to the federal government [ at less than 10 cents on the dollar]. The JPMorgan executive who was moderating the employee conference call didn’t hesitate to answer a question that was pretty politically sensitive given the events of the previous few weeks… the dirty little secret of the banking industry is that it has no intention of using the money to make new loans. But this executive was the first insider who’s been indiscreet enough to say it within earshot of a journalist.(He didn’t mean to, of course, but I obtained the call-in number and listened to a recording.)
“‘What we think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.’ Read that answer as many times as you want – you are not going to find a single word in there about making loans to help the American economy.” There you have it in print–Chase is going to use the money to wait for other banks to fail and then to buy them up for pennies on the dollar.
That, dear readers, is the real reason why Paulson is not buying out bad debt. Keeping the bad debt on the banks’ books will continue to drive them into insolvency. The FDIC lists 25 banks and institutions that they have taken into receivership this year. Most have been sold off to other insider banks. The FDIC is already demonstrating that it is in full collusion with these nine largest banks to divvy out the spoils of failing banks–other banks need not apply. This is not an open bid process as it should be.
They will handle the derivatives exposure by continuing to pump money into AIG and Goldman Sachs sufficient to allow them to make the payoffs for default insurance on the mortgage packages that go bad.
Below is an excerpt from the London Times that I predict will come about. From everything I am reading, the bailouts will not stabilize the economic crisis on a long-term basis. The consequences of such action will be enormous, as we have discussed here many times. Chancellor Darling’s statement about doing whatever is necessary for financial stability shows that freedom has become secondary to the pocket book. We will only get it back at a terrible cost.
British banks face nationalisation if £400bn bailout fails
Only option if the crisis continues will be for UK Goverment to take over the banking system to stabilise economy
Senior UK sources at the IMF in Washington gave strong hints tonight that if the British Government’s £400 billion bailout fails, the only option left to stabilise the economy and financial system could be wholesale nationalisation of the UK banking system.
The gravest warning so far during the global financial crisis came after one of the worst days on stock markets since the 1987 crash as panic selling swept around the globe, wiping an estimated $831 billion from the value of banks and industrial companies world-wide…
Alistair Darling, the Chancellor, said that it was now time for the world’s financial leaders to take decisive action.
“I would have thought that the case for acting is rather obvious at the moment,” he said.
What I want to see today and tomorrow is countries committing themselves to doing whatever is necessary to ensure that we build stability and we support the financial system. I hope we will get that commitment.
“Today we will be not be the end of the story by any means, either. We need a clear commitment. It is a real test of international financial institutions as to whether they can sign up to doing something. It is really critical that we sign up to doing something and not just a piece of process.”
Mr Darling’s call came amid growing signs that other leading economies are set to follow the lead set by Britain under its radical £50 billion plan to inject new capital to underpin the UK banking system.
I beg our readers not to be naive out of fear of facing what this means. Rewriting the rules means the constitutions of the nations. It means sovereignty is gone. Those who have studied the writings of the people involved in the movement for globalization, are well aware of what is happening. It is now time for everyone to wake up and face the danger and to decide whether their god is money, or the God of freedom.
Berlusconi Says Leaders May Close World’s Markets (Update1)
By Steve Scherer
Oct. 10 (Bloomberg) — Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”
“The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.’‘
Yesterday, a man I admire tremendously, Thomas S. Monson, suggested we stop waiting for tomorrow to appreciate all we have and enjoy our most precious associations. There is still so much to be thankful for. Times are tough for many, but a quick comparison should show us that compared to many in the world, we are still okay. There is always someone who is struggling more and there is always something we can do to reach out and build bridges of unity and love. This is where we will find peace and satisfaction.
I decided to share that message because we have recently watched a power grab that will eventually bring consequences we will all feel. The Bailout was much more than a bailout. Money was already being printed and slipped into the system and that did not need congressional approval. Their nod was needed for the parts of the bill that aligned with directives of Karl Marx for establishing socialism…economic power in the hands of central government instead of the people.
We were told that in order to stabilize the slumping housing market, we had to have the bailout plan. Now we are reading that in order for the bailout plan to work, the housing market must first stabilize. As a result, we are watching the market dive this morning. The lie is already coming home to roost.
Those who are willing to give away the future freedoms of their children for the promise of security, do not fully understand the foundational principles of freedom. There is a song I heard sung by the Mormon Tabernacle Choir on Saturday that reminds me of this situation and that I wish people would take to heart:
Do what is right let the consequence follows
Battle for freedom in spirit and might
And with stout hearts look ye forth til tomorrow
God will protect you then do what is right
Fear and a feeling of desperation often starts a social downspiraling of charity. Thomas Monson also mentioned yesterday that we should reach out to others and serve our fellow man, helping the poor and downtrodden.
I am a Republican but sometimes there are those in our party who cultivate the attitude that those who are struggling brought their troubles upon themselves and should be left to deal with the consequences. As a whole, Republicans are more giving, statistically, than Democrats so there are many acceptions to this attitude but I did want to throw out a little reminder. Wall Street and some international businesses do not care about the well-being of the individual or the Constitution if it interferes with their bottom line…profits.
In his book Abraham in Egypt, Hugh Nibley told the tale of Sodom and Gommorah and the greed that existed there. According to the ancient legends, their citizens did not believe in helping the poor or looking with compassion upon those who were struggling. And all things were kept under the umbrella of the law:
For like the Nephites under the Gadianton administration, these people were careful to keep everything legal: thus they would pay a merchant good prices for his goods but refuse to sell him any food, and when he starved to death would piously confiscate all of his wares and his wealth. Of course, “the richer a man, the more was he favored before the law,” for it was wicked to encourage idleness by h elping the poor. Anyone helping the poor in Sodom got thrown into the river.
So, if we can foster generous hearts, and enjoy all of the sunshine we can find in our lives now, we can endure present and future trials with greater strength and hope.