Newsmax reports that:
"Iranian President Mahmoud Ahmadinejad was feted on Thursday night by left-wing U.S. religious leaders and self-styled pacifists at a gala reception at New York’s Hyatt hotel — which is owned by the family of the Obama campaign’s national finance chairperson, Penny Pritzker.
"Several thousand protesters gathered on 42nd street, directly across from the hotel, late Thursday afternoon, including Beth Gilinsky, president of the Jewish Action Alliance; Frank Gaffney, president of the Center for Security Policy; and the Rev. Keith Roderick, the Episcopal canon to persecuted Christians.
"Ahmadinejad arrived at 8:45 p.m., nearly three hours late, and was protected by the Secret Service and Iranian security guards, Newsmax correspondent Kenneth R. Timmerman reported.
"Inside, the Iranian president was given a warm welcome by John Brademas, a former congressman from Indiana who rose to become Democratic whip in the House from 1977-1981.
"Also welcoming him was Nihad Awad, executive director of the Council on American-Islamic Relations (CAIR), which was named as an “unindicted co-conspirator” in an alleged criminal conspiracy to fund the Palestinian terrorist organization Hamas...
"Barack Obama has made negotiations with Ahmadinejad and other dictators a cornerstone of his foreign policy approach, in contrast to John McCain, who believes that the U.S. must spearhead an international coalition to prevent Iran from going nuclear...
"Obama has said that he is ready to sit down with Ahmadinejad “without preconditions” to negotiate a sweeping security agreement with his regime. McCain has dismissed this as 'reckless,'".
Monday, September 29, 2008
Republican Liberty Caucus Opposes Bailout Plan
I'm on the New York State board of the Republican Liberty Caucus. The national RLC chairman, Bill Westmiller, has issued the following press release opposing the bailout. Despite the Bush administration's creation of this plan, there are many Republican Congressmen who oppose it. The trouble is that John McCain chose to identify himself with it. Bill's press release is excellent, but I would go further. There needs to be a de-nationalization of banking regulation and monetary policy. The current system is an abject failure. The problems go far deeper than the current socialization of banking. The banking system has not been creating value for decades. It depends on the money-creation powers of the Fed. Yet, this irresponsible institution has permitted bankers to extract large salaries. The public subsidization of Wall Street and banking occurs through the Federal Reserve. It is time to end this boondoggle and re-establish a gold standard.
Date: 09/28/2008
Release: Immediate
Contact: Westmiller (805) 493-4332
"NO Bailout for Failure, NO Rescue from Risk," says Republican Group"
Thousand Oaks, CA - A national caucus of Republican activists has urged GOP legislators to stand firm against the "Paulson Bailout" of a corrupt financial regulatory system. "This proposal is a government takeover of the entire U.S. economy," says Republican Liberty Caucus Chairman William Westmiller, "whose only purpose is to rescue those who made risky bets on bad mortgages." The Caucus [www.RLC.org] opposes any taxpayer payoff to rescue those who made bad investments in any sector of the economy. "The problem is not a lack of government control," says Westmiller, "but rather the decades of market distortions imposed by Congress through subsidies, mandates, guarantees, and constraints on free-enterprise mortgage offerings."
The Paulson proposal grants the Secretary of the Treasury total control over all mortgage-related financial instruments, nearly a trillion-dollars in discretionary funds, and the power to nationalize or deputize every financial institution in the nation. "This isn't a rescue plan," says Westmiller, "it is an economic police state."
Over the past five years, Congress has refused - on multiple occasions - to impose standard accounting practices on "Government Sponsored Enterprises", maintained an implicit taxpayer guarantee against all of their losses, and expanded the discretion of federal agencies to allocate new national debt to failed investments and insurance brokers. "This is not free enterprise, nor anything even remotely associated with the American Dream," says Westmiller, "it is pure and simply corporatism, designed by oligarchs, suitable for a Weimar Republic or Soviet Union, not the United States of America."
The RLC favors clear legislation protecting individuals against fraud, misrepresentation, and theft. It opposes any law that benefits one class of Americans at the expense of another, including any form of financial guarantee or subsidy that rewards failure or encourages foolish investments.
"The worst aspect of all the proposals now pending in Congress," says Westmiller, "is the destructive craving to save a system of patronage, political favors, and class benefits that has brought us the current crisis. More of the same is no solution.”
"The 'Pelosi Compromise' is a fruitless exercise of battling against the most extreme Democratic proposals," says Westmiller, "adding new layers of bureaucracy, prolonged studies of alernative interventions, and phased-in destruction of the dollar is not progress, it is more, much more, of the same failed policies." The RLC applauds the stamina and fortitude of multiple Republican Senators and Congressmen who have opposed any corporate bailout, expansions of government fiscal power, new burdens on taxpayers, or any further assaults on the value of the dollar through inflation. The RLC is a political membership organization working within the Republican Party in support of individual rights, limited government, and free enterprise. The Caucus has members in all 50 states and 20 chartered state chapters. The RLC has urged all of its members to communicate to their representatives in Congress their total opposition to any bailout.
Date: 09/28/2008
Release: Immediate
Contact: Westmiller (805) 493-4332
"NO Bailout for Failure, NO Rescue from Risk," says Republican Group"
Thousand Oaks, CA - A national caucus of Republican activists has urged GOP legislators to stand firm against the "Paulson Bailout" of a corrupt financial regulatory system. "This proposal is a government takeover of the entire U.S. economy," says Republican Liberty Caucus Chairman William Westmiller, "whose only purpose is to rescue those who made risky bets on bad mortgages." The Caucus [www.RLC.org] opposes any taxpayer payoff to rescue those who made bad investments in any sector of the economy. "The problem is not a lack of government control," says Westmiller, "but rather the decades of market distortions imposed by Congress through subsidies, mandates, guarantees, and constraints on free-enterprise mortgage offerings."
The Paulson proposal grants the Secretary of the Treasury total control over all mortgage-related financial instruments, nearly a trillion-dollars in discretionary funds, and the power to nationalize or deputize every financial institution in the nation. "This isn't a rescue plan," says Westmiller, "it is an economic police state."
Over the past five years, Congress has refused - on multiple occasions - to impose standard accounting practices on "Government Sponsored Enterprises", maintained an implicit taxpayer guarantee against all of their losses, and expanded the discretion of federal agencies to allocate new national debt to failed investments and insurance brokers. "This is not free enterprise, nor anything even remotely associated with the American Dream," says Westmiller, "it is pure and simply corporatism, designed by oligarchs, suitable for a Weimar Republic or Soviet Union, not the United States of America."
The RLC favors clear legislation protecting individuals against fraud, misrepresentation, and theft. It opposes any law that benefits one class of Americans at the expense of another, including any form of financial guarantee or subsidy that rewards failure or encourages foolish investments.
"The worst aspect of all the proposals now pending in Congress," says Westmiller, "is the destructive craving to save a system of patronage, political favors, and class benefits that has brought us the current crisis. More of the same is no solution.”
"The 'Pelosi Compromise' is a fruitless exercise of battling against the most extreme Democratic proposals," says Westmiller, "adding new layers of bureaucracy, prolonged studies of alernative interventions, and phased-in destruction of the dollar is not progress, it is more, much more, of the same failed policies." The RLC applauds the stamina and fortitude of multiple Republican Senators and Congressmen who have opposed any corporate bailout, expansions of government fiscal power, new burdens on taxpayers, or any further assaults on the value of the dollar through inflation. The RLC is a political membership organization working within the Republican Party in support of individual rights, limited government, and free enterprise. The Caucus has members in all 50 states and 20 chartered state chapters. The RLC has urged all of its members to communicate to their representatives in Congress their total opposition to any bailout.
Welfare Check Day for Wall Street
(H/t Larwyn.) Mark Hemingway of National Review Online blogs that a "deal" has been reach with respect to the bailout scheme and that Henry Paulson has been given a free hand to spend $350 billion, with another $350 billion available in the future. According to the Wall Street Journal:
"The bill leaves many mechanics of the operation up to the Treasury. Among these are the crucial issues of how the U.S. government would decide which assets it will buy and how it would decide what to pay for them. The legislation leaves the Treasury 45 days to issue guidelines on those procedures. The bill awaits votes in Congress starting on Monday.
"From big Wall Street houses to small community banks, executives have expressed an interest in signing up for the bailout. But some have said the extent of their involvement will depend on critical details."
"At the bill's core is Mr. Paulson's concept of buying impaired mortgage-related assets from financial firms -- giving them cash to replace the toxic debts that have put them in danger or dissuaded them from lending. The plan is to help the firms restore their capital bases as well as the trust that enables them to borrow and lend at reasonable terms. Without this, officials worry that the credit markets, the lifeblood of the economy, would grind to a halt.
"Sellers of assets could include a broad range of financial entities -- not just banks but also credit unions and pension funds. The assets offered to the government must have been originated or issued on or before March 14, 2008."
"Support from House Republicans, who staged an 11th-hour revolt on Thursday, is still uncertain. Asked about the outcome of the House vote, Rep. Christopher Shays, a Connecticut Republican, said, "I think it's up in the air. This is what we call a legacy vote."
JustOneMinute links to C-Span's website that carries the draft bill. JustOne Minute notes:
"Section 113 starting on page 33 is the place to look. At a quick glance it appears that the Treasury Secretary is exhorted but not obliged to buy warrants giving the taxpayer some upside participation - the Dodd formulas have disappeared, thank heaven. But at second glance, it appears that *any* purchase by Treasury must be accompanied by warrants of some type; earlier reports suggested that auction purchases would be exempt. The Secretary has broad flexibility in setting terms but I suppose he would be evading the spirit of the bill if he set an absurdly high exercise price with the idea of making the warrants meaningless. Paulson was worried that healthy firms would stay away from the auctions rather than deliver warrants. I guess we'll see if he's right."
I'm a little confused why Paulson would be rescuing healthy firms. I'm even more confused why incompetently managed firms deserve a $700 billion dollar subsidy to keep them afloat in order to continue being incompetent so that they can waste even more money, allowing conservatives to blame the Democrats and Democrats to blame capitalism. Only in the United Socialist States of America.
The majority of Americans did not favor a bail out. But Americans continue to support the two party system despite indifference to the public interest. This is probably because of the mental incapacity of the electorate to grasp problems that progressivism has demanded they resolve. The result is that progressives reach exploitive and incompetently thought through solutions that harm the public. The banking system is one of the biggest examples. It produces no value; it extracts enormous value; and it impoverishes the public. Yet, the public is not able to discern the issue. Progressivism has killed democracy by expanding the required information set because it vastly expanded government. America is no longer much of a democracy. This is accentuated by the bailout's permitting government to take direct ownership of banks. We are moving to a true socialist state accompanied with the economic decline concomitant to one.
"The bill leaves many mechanics of the operation up to the Treasury. Among these are the crucial issues of how the U.S. government would decide which assets it will buy and how it would decide what to pay for them. The legislation leaves the Treasury 45 days to issue guidelines on those procedures. The bill awaits votes in Congress starting on Monday.
"From big Wall Street houses to small community banks, executives have expressed an interest in signing up for the bailout. But some have said the extent of their involvement will depend on critical details."
"At the bill's core is Mr. Paulson's concept of buying impaired mortgage-related assets from financial firms -- giving them cash to replace the toxic debts that have put them in danger or dissuaded them from lending. The plan is to help the firms restore their capital bases as well as the trust that enables them to borrow and lend at reasonable terms. Without this, officials worry that the credit markets, the lifeblood of the economy, would grind to a halt.
"Sellers of assets could include a broad range of financial entities -- not just banks but also credit unions and pension funds. The assets offered to the government must have been originated or issued on or before March 14, 2008."
"Support from House Republicans, who staged an 11th-hour revolt on Thursday, is still uncertain. Asked about the outcome of the House vote, Rep. Christopher Shays, a Connecticut Republican, said, "I think it's up in the air. This is what we call a legacy vote."
JustOneMinute links to C-Span's website that carries the draft bill. JustOne Minute notes:
"Section 113 starting on page 33 is the place to look. At a quick glance it appears that the Treasury Secretary is exhorted but not obliged to buy warrants giving the taxpayer some upside participation - the Dodd formulas have disappeared, thank heaven. But at second glance, it appears that *any* purchase by Treasury must be accompanied by warrants of some type; earlier reports suggested that auction purchases would be exempt. The Secretary has broad flexibility in setting terms but I suppose he would be evading the spirit of the bill if he set an absurdly high exercise price with the idea of making the warrants meaningless. Paulson was worried that healthy firms would stay away from the auctions rather than deliver warrants. I guess we'll see if he's right."
I'm a little confused why Paulson would be rescuing healthy firms. I'm even more confused why incompetently managed firms deserve a $700 billion dollar subsidy to keep them afloat in order to continue being incompetent so that they can waste even more money, allowing conservatives to blame the Democrats and Democrats to blame capitalism. Only in the United Socialist States of America.
The majority of Americans did not favor a bail out. But Americans continue to support the two party system despite indifference to the public interest. This is probably because of the mental incapacity of the electorate to grasp problems that progressivism has demanded they resolve. The result is that progressives reach exploitive and incompetently thought through solutions that harm the public. The banking system is one of the biggest examples. It produces no value; it extracts enormous value; and it impoverishes the public. Yet, the public is not able to discern the issue. Progressivism has killed democracy by expanding the required information set because it vastly expanded government. America is no longer much of a democracy. This is accentuated by the bailout's permitting government to take direct ownership of banks. We are moving to a true socialist state accompanied with the economic decline concomitant to one.
Steve From Washington Does Obama Inquiry
Steve wrote:
> Mitchell,
> Thank you for the great work you are doing. I tried to follow the FOI blog and was hoping to see the result of the requests to the Hawaii officials regarding the COLB. What happened? I was going to launch my own when I saw that others had already done so. I have also been in contact with the Washington Secretary of State regarding verification of the Candidates qualifications for Office and am working with an attorney to request proof by original or certified documents.
> Also, beyond the Certificate of Live birth issue, do we know for sure what hospital he was claimed to have been born in? Is the hospital record available but not disclosed?
> Steve Marquis
> peoplesvoice@peoplespassions.org
> http://www
My response:
Thanks for your kind words and thank for your work in Washington. I am sorry to say that none of the government agencies have responded to my inquiries. Only the NY State Bd. of Elections even acknowledged receiving my letter. One more example of government incompetence and indifference to democracy. I do not think even the name of the hospital is known with certainty. I have heard that Obama himself has mentioned two different hospitals, and that people have inquired and the secrecy level in Hawaii is so high that no one is willing to talk.
> Mitchell,
> Thank you for the great work you are doing. I tried to follow the FOI blog and was hoping to see the result of the requests to the Hawaii officials regarding the COLB. What happened? I was going to launch my own when I saw that others had already done so. I have also been in contact with the Washington Secretary of State regarding verification of the Candidates qualifications for Office and am working with an attorney to request proof by original or certified documents.
> Also, beyond the Certificate of Live birth issue, do we know for sure what hospital he was claimed to have been born in? Is the hospital record available but not disclosed?
> Steve Marquis
> peoplesvoice@peoplespassions.org
> http://www
My response:
Thanks for your kind words and thank for your work in Washington. I am sorry to say that none of the government agencies have responded to my inquiries. Only the NY State Bd. of Elections even acknowledged receiving my letter. One more example of government incompetence and indifference to democracy. I do not think even the name of the hospital is known with certainty. I have heard that Obama himself has mentioned two different hospitals, and that people have inquired and the secrecy level in Hawaii is so high that no one is willing to talk.
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