Archive for March, 2009

Even More Proof of Geithner’s Hatred of the Free Market

By Caomhin

Yet another reason he should be ousted, but he’s being politically sheltered by the most ant-free market president this nation has ever seen.  You should take a moment and read this article that appeared in The Hill today and keep bringing the picture into focus.  Here are a few excerpts that I’d like to expand upon:

“The markets will not solve it,” he said in an appearance on ABC’s “This Week.”

“The great risk for us is we do too little, not too much.”

At the heart of the matter, Geithner has faith in the free market, and as such, has no faith in individuals to tend to their own matters and to enter into contracts which are mutually beneficial to both the buyer and the seller.  The government’s interference in the marketplace caused the bubble to grow in the first place, and bubble grew as a result of government guarantees against bad loans.  Absent the backing of the Federal Government, the market on bonds that were backed by risky mortgages would certainly have not grown as it did.  These assurances limited the risk that buyers would be assuming and they paid out high rates.  From the sellers perspective, they had been encouraged by the government and in some cases coerced into making bad loans in the first place.  No one in government has yet to admit or take responsibility for this.

Another fact to keep in mind is that the free market ALWAYS self corrects.  Geithner has no grasp of economics nor history if he does not know this.  The greater risk is indeed that we do too much, as the government moves in and dumps trillions upon trillions of dollars to bailout failed industries, these responsibilities have now shifted to the American taxpayer, who never once was asked if this was acceptable use of our money.  As our hard earned dollars deteriorated in the market, we know face the double whammy of our money deteriorated in the hands of our government as well.   We are two dollars for every one that we invested in private corporations that were subject to government mandates that violated the free markets, the consequences of which we are now facing.  In private investment, you can only lose what you have invested.  In this case, we are being FORECED to lose MORE than we had chosen to invest in the first place.

None of this, of course, in Constitutional, and this is far worse than simply taxation without representation, it is an outright assault on our ability to reign in our own government’s political ambition.  It has nothing to do with, “We the People.”  It is an outright slap in the face of our rights as citizens and as free people.  Geithner cares for none of these things.

“We want to end this pattern of having booms and busts,” he said.

This, of course, is impossible.  To truly believe this, once again, he has no true understanding of economics.  You can minimize these cyclical patterns, but not eliminate them.  The intended goal should be, rather, to minimize the percentage in changes between cycle peaks and troughs, to allow for a more steady and gradual increase in GDP growth rates rather than harsh fluctuations (which of course we had seen, coincidentally in the time frame that the GOP gained control of Congress in the ‘94 elections and ended at the ‘06 election when the Democrats took over Congress).  That is clearly not what he is stating here.

Geithner said that after the crisis is over, “people are going to care less about what they make, more about what they do. What they achieve is what they make. And that will help make this country stronger.”

The thing is, he’s serious about this.  He actually believes people will not care too much about how much money they make.   Sure, the Democrats have pretty much told anyone who will listen that they’re going to increase all of their taxes for the “common good,” but does anyone honestly think that people are going to care less about how much money they make?  That somehow all your money woes and concerns will simply disappear because you’ll have a deep sense of appreciation for life because this particular recession, that the government caused (and rest assured, they will cause another one, not a naturally occurring recession, but one brought upon us by government interference in the marketplace) finally comes to close?  Or is that just it?  Maybe Geithner is saying what many people think, you’ll be lucky to even have a job once Obama and Geithner get their economic policies running full steam.

Regardless of how pessimistic this administration is and how utterly incompetent and clueless Treasury is, especially under Geithner’s leadership, we will always defend our individual freedoms.  The free market is the only system the world has ever seen in which both economic and personal freedom are maximized, and as one is assaulted, so too is the other.  We are tasked to defend each of these in order to safeguard our liberties.  As Milton Friedman has stated, capitalism and freedom are intricately intertwined (if you haven’t read Capitalism and Freedom or Free to Choose, here’s the links to the books on Amazon).  I’ll leave you with a quote from the great Freidman, “Underlying most arguments against the free market is a lack of belief in freedom itself.”

Daniel Hannan MEP

By Riss

Daniel Hannan is my new hero!

I wish one of our Congress Reps or Senators would have the melons to say this to Obama.  The UM and AH factor from our beloved President would be priceless.

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Tea Party Getting Press in NJ

By Riss

Check out the article from The Daily Record!

You can check out more information on NJ Tea Parties here and information on other state Tea Parties here.  I urge people to get involved and go to your local tea party, even if you can only go for an hour.  There is a strong need for us to be heard, so be heard. Let’s get our country back America.

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Our Teleprompter President

By Riss

Just because I have to try and find humor in our President being a complete disaster…TeleprompterTwo compliments of Twitter. A good laugh…

 

Let’s Go

By Caomhin

There are three things I want to touch on briefly in this post that further highlight the complete contempt that the Obama administration has for free markets, and as such, the freedom individuals have to engage in the marketplace and control their own destinies.  Despite the rhetoric and the cover from his flank that the mainstream media provides him, Obama is hell-bent on destroying capitalism in America.  No string of well crafted words can hide the true feelings of this administration.

First, I have repeatedly warned of the dangers of the cap-and-trade system as being nothing more than creating a new, astronomically large bureaucracy within the government, which will mandate new laws and taxes which will be passed along directly to the consumer.  Obama has now stated that he places the utmost importance on enacting this measure.  Expenditures on new technologies used in “green” energy production, and indeed anything that raises the cost of production in general inevitably results in a marked shift in production curves, as does an increase of taxes levied on entities from governments.  The effect of these increases is a new, higher, equilibrium price, which unfortunately, will most likely be at lower levels of supply coupled with a sharp increase in prices, both of which will be detrimental to American consumers, particularly lower and middle income earners.

Hidden behind the mask of “environmentalism,” this cap-and-trade scheme is nothing more than a means to inflate the size and power of government while punishing the citizens.  As an example on a much smaller scale, you can see the result of the S-CHIP bill on consumers who smoke.   The direct tax that was levied on smokers raised the price of a pack of cigarettes, not only by the amount of the tax itself, but indeed, even higher.  While non-smokers may shrug at this and believe that it does not matter, in economic terms, it absolutely does matter.  These price hikes are not simply absorbed by a company, it is passed on to the consumer, and while most Americans may not smoke, ALL Americans purchase good, consume utilities, etc.  The costs of cap-and-trade will be passed directly onto you, as dictated by government bureaucracy, which is almost always inefficient and ripe with corruption.

Second, with relation to AIG Bonus issue, we know now, with no uncertainty that Treasury knew about these bonuses for months in advance.  We know that Chris Dodd (D-CT) made sure that language was inserted into the unread Stimulus Package in order to make sure these bonuses were paid out.  Bonuses that were legally mandated by contract,  but undoubtedly were a horrible business decision from both an economic and public relations standpoint.  Cynicism seems to be something I am more inclined to be drawn to as of late, and part of me wonders if this whole thing was a charade.

I find it quite odd that Geithner, Dodd, and other Congressmen had raised this issue of AIG bonuses in the past with no public outcry being put forth.  It is no secret that in the last election cycle Obama and Dodd were the two largest recipients of contributions from AIG.  However, I do not think this was simply a matter of protecting the interests of their political donors.  Rather, I think this was merely a well thought out plan to further scapegoat financial firms and to stoke anger against them in order to increase the power and scope of the federal government and Treasury under Obama’s direction.  A bit paranoid sounding, I’m sure, but then there is the following to consider.

With the upcoming battle on Obama’s budget, one that will saddle the United States with nearly unfathomable deficits for many years and pushing the nation toward bankruptcy, he is also now seeking to expand the ability of the Federal Government to seize control of any business that the government deems to be of risk to the economy.  They are doing this with AIG as the “model” for their ambitions, but this type of power has no basis in Constitutional Law or within the free market as a whole.  Here is a brief excerpt to consider:

He said that in addition to the power to seize a company, the proposed authority would give the government rights to sell or transfer assets or liabilities of the firm and renegotiate contracts, including those with employees.

This is truly disturbing for anyone who believes in free markets and the right of self determination.  The market always self corrects and people always adapt to the conditions of the marketplace.  These types of policies are a strike at the heart of capitalism, which in turn is tied directly to our freedom as granted to us by our Constitution, and are a slap in the face of The Declaration of Independence as well.

Lost of course, in all of their discussions is the fact that people such as Barney Frank, who prevented investigations into Freddie Mac and Fannie Mae long before the housing bubble burst, have done more damage to the economy that AIG could ever do.  The housing bubble started to grow as a result of the CRA and subsequent efforts by the government, under President Clinton’s direction, to increase lending to people who normally would not have qualified for mortgages in the first place, caused a major swelling in the bubble.  As calls for investigations into the books of Fannie Mae and Freddie Mac came from the GOP, the Democrats blocked such moves.  One has to wonder what could have been prevented if the GOP were allowed to have pursued these inquiries.

The last point I will touch upon, and thank you for staying with this long post, is that we know what we are facing at this time.  We are facing an assault on free market capitalism, our rights as individuals to make decisions in the marketplace, and our ability to chase our dreams, to succeed in reaching them, or to fail trying to do so, but that pursuit is our right, win, lose, or draw.  I am asking everyone who believes in the free market, lower taxes, and the right of self determination to fight to keep our rights intact.  Donate to a cause dedicated to do so, write a letter to the editor, talk to friends and neighbors, do whatever you are capable of to defend our rights.  It’s our fight now and everyone’s a starter, there is no backups, or bench, no last line of defense.  It’s us and it’s all or nothing. Let’s go.

Dodd’s a scapegoat, maybe?

By Riss

So someone changed the Bill right before the vote and language that would have taken bonuses away from executives wasn’t in it! WHO DID IT? Dodd allegedly…not so sure if I think this mystery is solved. To be continued…

You can search by state for your Representative’s name here.  Do not settle America, let’s get OUR COUNTRY BACK! DEMAND THE REAL TRUTH!

Beyond Aggravated

By Riss

I know that the rumor on the street is that little conservative girls can’t be pissed off or state that they are pissed off, but I am completely beyond pissed off!  And I am going to vent and I don’t care who likes it or doesn’t like it. I don’t care!

Our Congress is a bunch of moronic clowns.  Absolute ass hats.  Before I go off, I want to make it completely clear that I DO NOT AND WILL NOT EVER THINK IT’S A GOOD IDEA FOR THE GOVERNMENT TO BAIL OUT ANY ENTITY! But what completely bogs my mind down, and makes my head hurt, is that now these clowns think it’s ok to tax the people in these bailout companies after they already gave them the money!  WHY WHY WHY wasn’t this stipulation in the Bill to begin with? Why is it ok for the government to come in and void pre-existing contracts that they knew were in place ? WHY? Nobody seems to be able to answer that pesky question, yet now the government is voiding contracts and voiding OUR CONSTITUTION! Scary right? Everyone wants to NOW be mad about the bailouts, including our wonderful President but a few months back, nobody had the brains to call their Congress Rep and say HELL NO! But NOW it’s a huge problem, MORONS!

Be mad at the government for the continuous bailouts, be mad that our government keeps sticking it’s nose where it doesn’t belong, be mad at President Obama and our award winning Congress and their RUSH TO SAVE AMERICA (without reading the Bills), be mad that these companies failed due to complete incompetence and be REALLY MAD when the government starts telling you when you can flush the toilet in your own damn house.  No more rights for anyone! Socialist? Oh yes, I DECLARE IT!

The ramifications of this new taxation go way beyond Uncle ObamaSam getting OUR money back, you just gave up the legality of ANY contract. Some are saying, well gee, I didn’t think of it that way and I don’t like that, well now I am saying to you, DID YOU SAY NO? DID YOU CALL YOUR HOUSE REP AND SAY NO? Anyone who sat back and didn’t say anything, can’t be mad, because you didn’t tell your elected REP what you thought! Be PROUD America! Obama voters, be insanely PROUD OF YOUR HOPE AND CHANGE, we can now officially be called a Socialist nation. You got what you wanted, don’t blame me, I voted for the old guy and don’t blame me on the bailouts, I called my Congressman, Scott Garrett on the regular. BLAME YOURSELF!

Bill 143 To impose an additional tax on bonuses received from certain TARP recipients.

Ok, so which recipients are we talking about besides AIG? I bet it will be like everything else in the HOUSE OF REP CIRCUS, they will just play it by ear.  Maybe this will include Bank of America, Wells Fargo…the list will just go on and on until WE all get taxed 80% because these CLOWNS made some really crappy decisions over the past 6 months.  Just wait, we will be paying more for this then the executives at any of the bailed out companies individually in taxes.  That’s how Obama and his cronies roll, I can’t wait. I HAVE ALWAYS WANTED TO WORK FOR THE GOVERNMENT, I NEVER THOUGHT IT COULD BE THIS EASY.  This is just so unbelievably exciting. I wonder if Michelle Obama is still proud of our country now? I wonder if President Obama is having fun making basketball brackets and hanging out with Jay Leno? It’s all a joke anyway, right America?  More like a nightmare that WE THE PEOPLE ARE ALLOWING TO HAPPEN. THINKING ON YOUR OWN IS NOW OFFICIALLY PROHIBITED. CONGRATULATIONS.