Thursday, April 30, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

President Obama First 100 Days News Conference

Posted: 29 Apr 2009 06:01 PM PDT

What questions would you have asked the President and how would you respond to his address?

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Less than 25% of voters call themselves Republicans

Posted: 29 Apr 2009 03:31 PM PDT

According to a recent Pew Research poll, just 23% of voters identify themselves as Republicans.  That’s down from 30% in 2004.    Meanwhile, 35% of voters identify themselves as Democrats, registering only a 2% jump since 2004.  Apparently, the Republican exodus is leading to more and more self-proclaimed Independents.  In the last four months alone, those who identify themselves as Independents have grown to 39%.

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Many “pundits” believe the Republican Party is facing an identity crisis.  They believe the party is splintered into three, large groups:  Libertarian Republicans, Socially Conservative Republicans, and Moderate Republicans.    When it comes to Libertarian Republicans, some Republicans like their strict, fiscal conservatism and dedication to limited government, but other Republicans feel they are too rigid with their constitutional ideology and too weak on national security.  When it comes to Socially Conservative Republicans, some Republicans like their social conservatism and hawkish views on national security, but other Republicans feel they spend too much money,  are too socially conservative, and do too much to expand the size of government.  When it comes to Moderate Republicans, some Republicans like their flexible social stances, pragmatic approach to politics, and hawkish views on national security, but other Republicans feel they compromise their conservative principles, are too socially liberal, advocate too big of government, and spend too much money.

Are Republicans on their way out?  Will the party splinter into two or more distinct parties?  Is an Independent Party in the offing, despite the electoral hurdles and media bias against 3rd parties?  Or, will the Republican Party find a way to unite based on a set of common principles?  If so, which principles, since the different factions seem to be at odds with one another?

Let’s hear your thoughts.

Read the article here.

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Read your Constitutions tonight

Posted: 29 Apr 2009 11:59 AM PDT

While President Obama gives his  prime time press conference tonight, why not take this opportunity to take out your Constitutions and have a read?  Read a few lines, a couple Articles, or the entire document.  Reconnect with our nation’s political “bible”.  Read it by yourself.  Read it with your family.  Discuss it with your children.

Until we ourselves become more constitutionally literate, we will continue to vote in the same old politicians, continue to witness the explosive expansion of government power under both major parties, and continue to base our opinions almost exlclusively on personal feelings.

The time has come to put our government to the test.  The time has come to put our politicians to the test.  The time has come to put our political parties to the test.  And it’s time to put our own beliefs to the test. How do you put these things to the test?  Line it up against the Constitution.

So, when the next big issue, debate, or headline strikes, instead of asking what your favorite network thinks, what your political party thinks, what your friends think, or even what you think, ask yourself, “What does the Constitution say?”

But, in order to discover what the Constitution says about a particular issue or policy, we must read it first.  Let’s start tonight.

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Bipartisan Letter to Budget Chairman Urges Federal Reserve Transparency

Posted: 29 Apr 2009 11:12 AM PDT

In a letter to John Spratt signed by Alan Grayson (D-Fla.), Walter Jones (R-N.C.), Peter Defazio (D-Oregon), Ron Paul (R-Texas), and Corrine Brown (D-Fla.), the House Chairman of the Budget Committee was asked for Senate language to be incorporated in the House version of the current Budget Resolution to increase transparency at the Federal Reserve:

Dear Chairman Spratt,

As you meet with fellow conferees to reconcile the House- and Senate-passed budget resolutions, we urge you to adopt the Senate provision regarding the Deficit Neutral Reserve Fund for Increased Transparency at the Federal Reserve in the final version of the resolution. This language calls for the Federal Reserve to identify banks and other financial institutions that have received more than $2.2 trillion in taxpayer-backed loans and other financial assistance since March 24, 2008.

Under Chairman Bernanke, the central banking system has opened a range of extraordinary funding facilities that are providing additional credit to banks, large financial institutions, and primary brokers, as well as guaranteeing commercial paper. All of this activity is happening in secret, with the Federal Reserve disbursing money and credit to the large financial institutions that have put our credit markets and economy at risk. The Federal Reserve has resisted FOIA requests, and will not make public even the terms of payment for the contractors it is using to run these extraordinary programs.

At the very least, Congress and the public should have knowledge about which banks are receiving taxpayer money, what they are doing with the money, and the credit risk taxpayers are taking on through the Federal Reserve. The Senate language encourages such transparency, allowing for audits and public disclosure of secret loans and financial assistance from the Federal Reserve to these large institutions.

We urge you to include the Senate language in the final Budget Resolution.

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Democrats say Republicans should be more like them

Posted: 29 Apr 2009 10:52 AM PDT

After Senator Arlen Specter’s politically expedient switch to the Democratic Party, Congressional Democrats are recommending Republicans to become more moderate.  Some believe the Republicans ran a moderate, John McCain, for President, while others believe the Republican Party needs to return to its more fiscally & politically conservative roots.  Some believe the Republican Party must adopt more moderate stances in order to compete, while others believe compromise has badly hurt the party.  Still others believe there is little difference between the two parties, as both parties pass $3 trillion budgets, add more debt, endorse huge bailouts, and increase the size & scope of the Federal Government.  What do you think?

Read the article here.

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Wednesday, April 29, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

Obama orders review of NYC flyover

Posted: 29 Apr 2009 06:45 AM PDT

After terrifying New York City residents and wasting $328,000 of taxpayer money, Obama is ordering a review of the decision to buzz the Statue of Liberty with a low-flying Air Force One and two F-16s.  The question is, how much time and money will the review waste?  It’s actually pretty simple, really.  Immediately refund the taxpayers $328,000 for this ridiculous publicity stunt, and next time, use Photoshop.

Read the article here.

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Rep. Oberstar Pushes for Mileage Tax

Posted: 28 Apr 2009 01:44 PM PDT

Rep. James Oberstar, D-Minn., said he believes the technology exists to implement a mileage tax. He said he sees no point in waiting years for the results of pilot programs since such a tax system is inevitable as federal gasoline tax revenues decline.

“Why do we need a pilot program? Why don’t we just phase it in?” said Oberstar, the House Transportation and Infrastructure Committee chairman. Oberstar is drafting a six-year transportation bill to fund highway and transit programs that is expected to total around a half trillion dollars.

The tax would entail equipping vehicles with GPS technology to determine how many miles a car has been driven and whether on interstate highways or secondary roads. The devices would also calculate the amount of tax owed.

You can contact Mr. Oberstar at one of his 5 offices listed below:

D.C. Office
2365 Rayburn HOB
Washington, D.C. 20515
(202) 225-6211
Duluth Office
231 Federal Building
Duluth, MN 55802
(218) 727-7474
Chisholm Office
City Hall, 316 Lake St.
Chisholm, MN 55719
(218) 254-5761


North Branch Office
38625 14th Ave., Ste. 300B
North Branch, MN 55056
(651) 277-1234
Brainerd Office
City Hall, 501 Laurel St.
Brainerd, MN 56401
(651) 277-1234

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Senator Arlene Spector Switches Parties, Keeps his Suit

Posted: 28 Apr 2009 12:34 PM PDT

Senator Arlene Spector, to the open arms of the Obama administration and leading Democrats, has announced that he is switching his party affiliation.

After voting in favor of the Senate’s version of the American Recovery and Reinvestment Act of 2009 (the $787 billion “Stimulus”), being in support of a “pathway to citizenship”, often referred to as amnesty, and now, leading the charge in support of The Cures Acceleration Network (CAN) Act, which would create “an independent agency dedicated to advancing science from the laboratory into practice”, Spector says his former party had strayed too far to the right (whatever “the right” means anymore).

So, what does it mean now that Spector is a Democrat, giving the party a 60 seat majority in the Senate? What does it mean that his home state of Pennsylvania has seen over 200,000 citizens change their registration from Republican to Democrat?  What does it mean now that he is viewed more favorably by Democrats than Republicans and that he has a bill asking for our tax dollars to fund another agency to be managed by an irresponsible Washington DC, all while introducing legislation to form a federally-subsidized four-year college?  You decide.

Personally, I liken his party change to changing the lapel pin on your jacket.  Still the same guy, still wearing the same suit, and he still has more faith in Washington DC than he has in you.

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The Tea Party Movement

Posted: 28 Apr 2009 10:11 AM PDT

The Independence Day Tea Party Movement is a nationwide protest forum for any and all groups and individuals dissatisfied with the current governance of the United States, regardless of ideology, partisan identity, or political affiliation.

While we may disagree on the solutions, on July 4th, 2009 we will come together as Americans to peacefully express our vigorous dissent from the current political status quo.

The American people understand our inalienable rights:

Life, Liberty, and the Pursuit of Happiness.
On July 4th, 2009, let's re-declare  them!

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Tuesday, April 28, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

Coming inflation?

Posted: 28 Apr 2009 07:06 AM PDT

At the moment, we are mired in a deflationary recession, but there is growing concern over future inflation.  After expanding its balance sheet to an unprecedented $2.2 trillion, the Federal Reserve plans to rely on interest paid on bank reserves to stem a potential bout of high inflation.  The strategy is a gamble, however.  Just last year, interest on bank reserves failed to prevent the benchmark interest rate from falling below  the policy makers’ target.  Are rising prices on the horizon for the US taxpayer?

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Here were some interesting quotes from a Bloomberg article:

“You’ve got the raw material there for a rapid monetary expansion and credit expansion,” said former St. Louis Fed President, William Poole.

Policy makers “have to be more aggressive than in the past about stopping inflation,” said Fed historian, Allan Meltzer.

Some are worried that the Fed will face a difficult quandry.  When the economy eventually recovers, unemployment will likely remain high for an extended period of time, but the Fed will have to begin raising interest rates in order to stem the tide of rising prices.  However, if it raises interest rates too high, too fast, then economic recovery may suffer, according to some economists.

Current New York Fed President, William Dudley, isn’t worried though.  He stated, “I am not worried at all that the Federal Reserve’s balance sheet will generate an inflation problem,” though he acknowledge worry by other Fed officials.  This is ironic, since the last New York Fed President didn’t predict this current economic meltdown, and now he’s the Secretary of Treasury.

On April 14, even Bernanke admitted that containing a potential bout of inflation now occupies a significant portion of Fed meetings.  Clearly, the Fed is worried.

Read the article here.

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US Treasury to borrow $361 billion this quarter

Posted: 28 Apr 2009 06:43 AM PDT

Setting yet another record, the Treasury is set to borrow $361 billion during the second quarter.  To cover the government’s intensifying borrowing needs, Congress raised the national debt limit to $12.1 trillion as part of the “stimulus” package back in February.  National debt currently stands at $11.1 trillion and is rising fast.  So, while President Obama tells Americans that we need to become a nation of savings and investment once again, the government continues to borrow and spend its way into massive debt.  It’s the old “Do what I say, not what I do approach.”

Read the article here.

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Not just the federal government

Posted: 27 Apr 2009 12:59 PM PDT

Most state governments can’t balance their budgets either.  According to this UPI article, the States are facing at least $200 billion in budget deficits.  States have cut about $40 billion in spending and may cut $62 billion more.  Only Missouri, Arkansas, North Dakota, and Wyoming are likely to avoid budget shortfalls in the upcoming fiscal year.  At least 12 states have taken steps to raise income and sales taxes, and many states have hiked “fees” on a variety of products and services in an attempt to avoid severe deficits.

What are your city councils,  reps & senators, and governors doing to balance the budget?  Are they cutting spending or just raising taxes & fees?

Who’s up for re-election in 2010, and how have they voted on fiscal matters?

Are any first-time, fiscal conservatives* running for office as political “outsiders”?  Perhaps some fresh faces are needed.

Read the article here.

*  Fiscal conservatives can be Republicans, Democrats, Independents, or Third Party

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Obama wants more money for science and technology

Posted: 27 Apr 2009 07:48 AM PDT

President Obama wants to devote 3% of GDP to scientific innovation. Obama claims his administration would double the budgets of key agencies such as the National Science Foundation and the National Institute of Standards and Technology.

Now, who can argue with science? We all agree that science, research, and technology are vital aspects of human civilization. However, several, key questions should be considered.

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Doesn’t the free market know better which research and development products consumers want and need? Or does government know better?

Couldn’t government intervention stifle private investment and competition?

Why doesn’t government cut taxes or provide other incentives to private outlets as well? Aren’t science foundations in the private sector just as worthy?

Will government sponsored science programs thwart critical analysis, objective critique, and thoughtful opposition in the name of “consensus”?

Who will police government oversight of scientific innovation?

What set of criteria will the government apply when assessing the success or failure of federally funded science programs? Will there be specific benchmarks and specific timelines?

How can government afford to increase federal funding when it’s running a nearly $2 trillion budget deficit? Will it cut other programs to make up the massive shortfall?

Is this even constitutional? Article I, Section 8 of the Constitution states that Congress has the authority to promote the progress of science and useful arts, only by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.

What are some of your thoughts and questions?

Read the article here.

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Monday, April 27, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

An Open Letter to Tea Party Supporters | An Outsider’s Commentary

Posted: 26 Apr 2009 10:56 PM PDT

The following was written by Jeremy Styron, a news editor from Northeast Georgia. Much of his critique/commentary of the Tea Party movement centers around both the perception of the movement through the media and from commentary taken from this site (which we don’t expect to necessarily reflect your personal points of view). As an individual watching the movement from the outside, he has been gracious and bold enough to address “Tea Partiers” as a guest commentator. Please feel free to provide your feedback. In doing so, we request that you provide him the same respect for his differences of opinion that he has.

Everyone,

As I’ve recently offered some rather critical comments (and here) about the tea baggers and about the various “Tea Parties” cropping up across the country, I was invited to write a guest commentary for this site. Here, I will offer my appraisal of this movement as well a suggestion or two for making it less susceptible to misunderstandings.

One of my main arguments has been that it was getting a bit hard to tell — as we on the outside attempt to sift through various online and television media coverage and literature on the reteaparty Web site — just what this movement is all about. Obviously from the mainstream media, we hear movement supporters arguing against taxes and against government overspending, as in the recently passed $787 stimulus bailout plan. But as most everyone knows by now, all types of folks seem to be cropping up at these rallies nationwide. We have seen the far right and folks who are anti-anything Obama to the core. We have seen the anti-tax bunch. We have seen the cartoonish 18th-century throw-backs, pretending they are somehow helping to enact change by resembling those who helped spur the American Revolution.

To, first, address this briefly, those who instituted the Boston Tea Party seemed to me a motley crew of somewhere between 100 or less of possible Sons of Liberty members and others who decided to take matters into their own hands in light of what they viewed as British offenses against the colonies by way of the Townshend Act and the Tea Act of 1773 and, perhaps, favoritism given to the East India Company. Regardless of which issue put them over the edge — probably a combination — the issue was, by and large, about taxes without having representation in England. Today, our taxes are levied with the understanding that we are represented, even if it’s by people we may disagree with on some issues.

Now, to the task at hand. The central problem that I find with the Tea Party movement is that of vaguaries and generalities. Of course, if the organization decides to keep their intentions and basic precepts vague, they will, by right, win the support of more people, won’t they? For, the more specific a plan becomes, the more people begin to fall off from support. Thus, in one of my posts, I suggested that this site’s “About” page was too general and needed specifics about what precisely the movement was attempting to accomplish. I was told the site makers were not wanting ostracize certain groups, make participation freely open and not segregate those who agree from others who may consider joining but haven’t made up their minds. In other words, the goal, as I understand it, was to make the movement accessible to many. That’s a reasonable goal, I suppose.

But in this case, that strategy doesn’t come without consequences, those as I discussed earlier (Folks showing up in 18th-century whigs and far-right slinging all kinds of nonsensical, proposterous claims). Take the case of religious organizations. The intention, in the case of Christianity, is to reach the most people with the good message of Christ and help them live for Christ, before he comes back, raising up (literally) those who accepted him and sending those who did not into eternal separation from God. But good intentions turn sour. A cursory examination of Christian denominations will show that we have hundreds just in America alone, all claiming the right reading of the same book. The central message is this: a series of precepts, which may be good outright, become tweaked, altered or even distorted when specifics are not given and when things are left open to interpretation. A brief look here shows humans can decide little on religion because nothing was set in stone from the outset and nearly everything, even the truth of Scriptures themselves, has been left to conjecture and interpretation. So, we have a plethora of readings of Scripture and 100s of denominations, all holding slightly different doctrines.

This is why we see so many “Tea Baggers” who show up to parties for different reasons. Everyone comes for their own set of issues, regardless of whether those reasons line up with the “quasi-official” stance of the true Tea Party. And here, I turn to the following specific points made in this well-written post, What Tea Parties Are and Are Not:

We're fed up with politicians whose only answer to our problems is to try to spend our way out of them. We're fed up with corporate fat cats who fly in individual private jets to collect billions of our dollars in bailout money. We're fed up with this notion that we have to give up our privacy and our freedoms to feel secure.

We have had it up to here with politicians and corporations trying to run every aspect of our lives for their benefit. All we ever wanted was to run our own lives for the benefit of ourselves and our families.

I suppose the poster is talking about the automakers flying into Washington on private jets, wiretapping and other possible privacy infringements by the Bush administration, but to say that politicians and corporations are attempting “to run every aspect of our lives for their benefit” is an overstatement. Automakers and bankers offer services and products that we can buy into … or not. Politicians offer ideas for solving problems that we can buy into … or not. The Obama administration has offered an idea it feels will take steps toward solving our problems. That is, to prop up the failing financial institutions and car makers in an attempt to save a number of companies, that not only hold the livelihood of their own employees in their hands, but the livelihood of many employees of “partner” companies, that, if the larger whole fails, the spiral arms of the economy twist downward as well.

Many corporations were allowed to become “too big to fail,” as Sean Haugh points out, and this by itself is one of the most caustic and overarching problems: deregulation of big business. Policies, or the lack thereof, through the last decade of more have seemed to have spurred this on. Haugh’s “let them fail,” proposal, while, in a perfect world, would have no dissenters, in this world, has many. It is not possible for the aforementioned reason. Thus, for right or wrong, we start with the “brute fact,” as philosophers like to say, that these institutions are (were), in fact, too big and important for the economy to fail. I would like nothing more than to sign on to the notion that we should let these greedy, corporate suits get what’s coming to them, but the nature of the beast is that we can’t let the beast perish. If she does, the ship may not be able to right itself. Are tea baggers proposing such notions willing to take the risk of sliding down a wormhole to another Great Depression? Visited a soup kitchen lately? If certain companies fail, that trip might be closer than some of us think.

If you are a politician of either party, then we're pretty much done listening to you. Sure, you are welcome to join us, just like any American. But don't think we're going to fall for your false promises again. The same Republican politicians talked a big game in 1994, and we all remember how that turned out.

That first sentence is a dangerous one to make. Politicians on both sides of the aisle (that includes the president), like them or not, have an enormous responsibility on their plates; they keep the plates spinning. If they all, en masse, left Washington one day and decided not to show up for work because they no longer had the support of anyone, anywhere in the U.S., the country would cascade fairly quickly into chaos.

We are not just against taxes. What we're really against is being told taxes have to be raised so the politicians can spend even more of our money. It's the spending that's the problem, even more than the taxes. We live within our means and we expect you to do the same.

This is one complaint against the new administration that I just can’t wrap my mind around. Obama has said it over and over and over and over ad nauseum that he would not institute a tax increase on those making less than 250k per year (At this link, it’s questioned whether a cigarette tax is included in his promise. I say it was not, since smoking is volunteer, hazardous to one’s health and others, is a luxury and not a base federal income or payroll-type tax.). So, many who have become the recipients of bailout money are also the recipients of tax increases, based on Obama’s plan. Do the two balance themselves out? I doubt it, but at least it can’t be argued that regular folks are getting a raw deal. Portions of the stimulus bill were over the top, I will cede that point, but the point was that the economy was in such dire circumstances in so many areas, that nothing short of a gigantic boost would be sufficient. In fact, some experts say even $800 billion isn’t going to be enough.

Further, many Americans don’t live within their means, and I can see no reason why this wouldn’t include a number of tea baggers. To claim the majority use financial frugality and common sense and don’t have substantial credit card debt or mortgages is wishful thinking.

We love it (America) because here you can say what you want, believe what you want, and live the way you want, without someone with a badge and a gun looking over your shoulder all the time.

I, of course, don’t believe this to be true. Hispanics, legal or not, and I would imagine, some black folks don’t have this luxury and don’t believe it to be true either.

Finally, allow me to comment on the demands listed at the end of the post:

Our demands to the politicians are very simple and make perfect sense to us.

Stop making the rich even richer while putting our children in debt while telling us it's necessary to save the economy.

Debt is something “our children” must learn to live with. They will no doubt acquire it themselves through credit cards or mortgages, and it’s not likely that, even without a recession, they will escape through their government.

Stop taxing us to death and then saying you have to raise taxes even more because you failed so miserably at the things you taxed us for in the first place.

This is onerous. Taxes are necessary to continue funding the many services we enjoy on a daily basis, including the Postal Service, the parks system, Medicaid and Social Security. If you want to live on some service-less frontier free from taxes, by all means have at it, but it will be a very hard life of subsistence living. I dare say that if Americans weren’t so anti-tax, our standard of living, our educational system, our technological development and our ability to treat illnesses and find cures would increase exponentially. But we will simply have none of that.

Stop spying on us and stop intruding on our fundamental rights. Give us back habeas corpus and stop even thinking secret tribunals and prisons have any place in America.

Agreed.

Open up the system and let the average citizen participate in how this government is run. Stop putting up barriers to getting on the ballot just so you can stay in office forever and stop keeping any of what you are doing secret from us.

I’m not sure I follow the point here. True, some government offices are secretive, but that’s what the Freedom of Information Act is about. Any resident, not just the media, can file a request to see any public document at any time for any reason, and that reason doesn’t have to be stated. And if the government agency does not relinquish the requested information determined to be part of the public domain, the requester has the right to sue.

Read the bills that you pass and have some kind of idea of what you are doing to us before you do it.

Agreed, but the individual lawmakers should be judged by their consituents on how they are or are not doing in leading. Implying that all lawmakers don’t read the bills they are passing or are not informed is skewed thinking.

It is time for the current crop of failed politicians to get out of the way and let the people run this country again, the way it was originally intended.

Here, let me cite Christopher Collier and James Lincoln Collier from “Decision in Philadelphia: The Constitutional Convention of 1787″:

According to the theories of the classic political thinkers, there were three basic types of government: the monarchy … the aristocracy … and the democracy, in which the people directly controlled the government. The problem with all of these forms, the theorists said, was that they all tended to run off with themselves: monarchs became despots; aristocracies divided into factions, one which gained ultimate control and formed a tyrannical oligarchy; and democracies degenerated into anarchy, which in turn gave rise to a despot.

I tend to believe that a country totally run by the people, without some means of checks and balances, would fall into disrepair and chaos. Our three-tiered system works to check one branch against the other. The people do, in fact, have a hand in running this country in that the people elected Obama and every other member of Congress to be our representatives. The “people” can’t run this country literally because the “people” don’t know how to run a government and are not qualified. Try putting the state of Texas in Farmer Jones’ hands and see what happens. In fact, the people were never originally intended to run it. That’s a misnomer. The people vote for elected officials, who, in turn, actually run it.

To conclude, there are some good thoughts here but many of them appear to me to be too idealistic to hold muster in this nation or any other. As I’ve said, the missions proposed on this site are a bit vague and would, in fact, likely be approved of by most reason-loving individuals. Details are missing from the “About” page, and of course, this likely sways more folks your way, not because of the accurate information they have about the organization, but because of what they have heard. Adding specific points would, perhaps, subtract people from your numbers, but at least, the movement would know who its true supporters were. After all, if and when you make it more explicit what the movement is about, and the movement still has a well-spring of support, you know you will be on to something.

Thanks very much for giving me to the opportunity to write.

Jeremy Styron

Jeremy Styron is news editor of a weekly newspaper in Northeast Georgia. He has also worked as a night editor for a five-day daily and as a sports writer. He holds a bachelor’s degree in English and a minor in history from Clemson University and enjoys Web design, photography, literature, American and British history and musical performance. More of his writing can be found on his blog at www.jeremystyron.com.

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Saturday, April 25, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

Fed: No big banks will be allowed to fail

Posted: 24 Apr 2009 12:05 PM PDT

Is this any real surprise?  Of the 19 major banks undergoing so-called government “stress tests”, none will be allowed to fail if the recession worsens.  The Fed has effectively promised to print as much money as it deems necessary to prop up the banking system. Most banks are considered to be well-capitalized, or at least claim to be, but some banking giants may be facing further deterioration due to increasing unemployment, falling GDP & home prices, surging credit defaults, and a potential commercial real estate crisis on the horizon.

The Fed has already printed, loaned, spent, and guaranteed almost $13 trillion to rescue the financial system.  Since January, the value of the US Dollar has already dropped about 1.5%.

Some claim the Fed is laying the foundation for a future surge in inflation.  Others maintain the Fed is preventing the onset of the Great Depression II.  Some believe the “too big to fail” philosophy will prevent a catastrophic meltdown.  Others hold that the “too big to fail” philosophy will merely extend the crisis.

What do you say?

Read the article here.

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Government may oust Citigroup CEO

Posted: 24 Apr 2009 08:26 AM PDT

Rumors are running rampant that the US Government may fire Citigroup’s CEO, just as it fired GM’s CEO last month.  Last year, the Bush administration injected $45 billion into Citigroup, and the Obama administration raised the federal government’s stake in Citi to a whopping 36% in February.

Some define fascism as state-controlled capitalism.  If the government fires the Citi CEO, would this be yet another example of economic fascism?

Or, since Citi accepted $45 billion of taxpayer money, does the government have the right to dictate its corporate policy?

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Obama pledges to fight credit card fraud

Posted: 24 Apr 2009 08:03 AM PDT

The Obama administration, as well as the House and Senate, is looking to enforce tougher standards on credit card companies. They seek to protect consumers from sudden fee hikes and unintelligible fine print, as well as enact stricter industry standards. The banking industry is concerned that excessive government regulation could actually hinder credit lending. On the other hand, many Americans feel government must reign in an out of control credit card industry that has bamboozled consumers for years. Some Americans cringe at the thought of more government intervention and believe citizens must take greater, personal responsibility when it comes to utilizing credit cards. Others question whether or not the federal government has the constitutional authority to intervene in such a way. What do you think?

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Friday, April 24, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

Who Are The Real Racists?

Posted: 24 Apr 2009 12:43 AM PDT

In a recent interview with Keith Olbermann, self-proclaimed intellectual, Janeane Garofalo says "let's be very honest about what this [the tea party movement] is about. It's not about bashing Democrats, its not about taxes, they have no idea what the Boston Tea Party was about. They don't know their history at all. This is about hating a black man in the white house. This is racism straight up. This is nothing but a bunch of tea bagging rednecks."

First, Janeane, you are right. This isn't about bashing Democrats. Second, Janeane, you are right. This is not about "taxes".

Now, on to everything else you are wrong about.

Janeane, in December of 1773, the British government gave special tax incentives to the East India Company. In effect, the British government created a monopoly in the tea market that local merchants could not compete with. As a reaction to British legislation, the original American patriots protested the unfair treatment by dumping several crates of tea into the Boston Harbor.

Janeane, if you read the most important historical document in our Nation's history, you would know that our Constitution was written very precisely: To restrain the power of government and protect our inalienable rights of life, liberty, and our ability to pursue happiness.

So, assuming we don't know our history, is it a mere coincidence that hundreds of thousands of people are protesting, now that we have lost habeas corpus? Is it just coincidence that most of us are protesting, now that FISA legislation allows our government to spy on us? Is it just coincidence, that we are pissed off that big banks and business are receiving the fruits of our labor, so they don't face the consequences of their own recklessness? Is it just coincidence, that we are upset that our federal taxes eat up our paycheck to support a federal government that has: a) tripled in size in the last ten years, b) run up 12 figure deficit, mortgaging the labor of "free" Americans and their posterity, and c) demands that we grant them powers designated to the united States of America, by the historical document you claim we don't know anything about?

Or, Janeane, is it possible that you are the racist, unable to see beyond your own biases. Unable to grasp that those who oppose your faith in those who give eloquent speeches may have legitimate objections. Janeane, is it possible that the real racists are those who make racism an issue, when it has nothing to do with the problem.

And Keith Olbermann, by the way, I've respected a number of wonderful Constitutional arguments you made against both Bush and Obama policies. And shame on you for not challenging Janeane, as she spewed her racist garbage.

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Paulson Threatened Bank of America CEO?

Posted: 23 Apr 2009 04:53 PM PDT

In his testimony, Bank of America CEO Ken Lewis told New York’s Attorney General that then-Treasury Secretary Henry Paulson threatened him on December 21st with the prospect of removing the management and Board of Directors of Bank of America if Lewis refused to complete the merger with Merrill Lynch even though Merrill was hemorrhaging money.

Read the Article HERE

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Audit the Fed: H.R. 1207

Posted: 23 Apr 2009 10:34 AM PDT

Look in Article I, Section 8 of the Constitution. Do you see the Federal Reserve anywhere? Does an elite, banking cartel possess the constitutional authority to dictate our monetary policy? The Constitution seems to be pretty clear. The US Congress has been given the authority to dictate fiscal and monetary policy.

However, Congress surrendered this authority when it established the Federal Reserve Act in 1913. Since then, according to some economists and politicians, the value of the US Dollar has lost about 95% of its value. For example, an item that cost $100 in 1913 would have cost $2015 in 2006. Such is the consequence of a Federal Reserve banking system that has provided cheap credit, manipulated interest rates, and printed trillions of dollars out of thin air for most of the last 96 years.  Read more.

Outrageously, in 2006, the Fed even ceased publishing M3 data, which is the nation’s total money supply. Bernanke claimed it was too expensive to collect all the data. Sure. So now, the Fed can print as much money as it wants, lend this money to whomever it wants, and purchase whatever it wants without any accountability to Congress or the American people.

This is why more and more politicians, both Republicans and Democrats, are throwing their support behind HR 1207 . HR 1207 is the bill referred to as “Audit the Fed”. It now has over 50 co-sponsors in Congress and is currently being reviewed by the House Committee on Financial Services. It could be the first big step towards reconstituting Congressional authority over monetary policy, as originally stipulated in the Constitution.

If the government can audit individuals and corporations, why can’t it audit a banking institution that operates trillion dollar balance sheets and effectively determines the value of our nation’s currency?

The time has come to open the books. The time for transparency has arrived. The time for secrecy is over. Trillions upon trillions of dollars are being printed, spent, loaned, and guaranteed by the Federal Reserve without the necessary oversight. This is completely unacceptable. It’s an insult to the American people, and it’s an affront to the Constitution.

What can you do about it?

First, check out the bill HERE. If you would like to see it passed, contact your local congressperson HERE, and tell them to support it.

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National debt and past presidents

Posted: 23 Apr 2009 09:15 AM PDT

This Wikipedia article provides a chart documenting federal debt as a percentage of GDP since World War II. Some question the validity of Wikipedia’s statistics at times, so you may want to take this chart with a grain of salt.  Read more

Here are the top 5 in increasing national debt as a percentage of GDP:

1. Ronald Reagan, Republican (Republican majority in Congress)

2. George H.W. Bush, Republican (Democratic majority in Congress)

3. George W. Bush, Republican (Republican majority in Congress)

4. Richard Nixon/Gerald Ford, Republican (Democratic majority in Congress)

President Obama, Democrat, is not yet included in this chart, though according to current budget projections, he will likely shoot to #1 on this list.

Here are the top 5 in decreasing national debt as a percentage of GDP:

1. Franklin Roosevelt/Harry Truman, Democrat (Democratic majority in Congress). However, it must be noted that Roosevelt ballooned national debt during his “New Deal” and World War II.

2. Harry Truman, Democrat (Democratic majority in Congress)

3. Dwight Eisenhower, Republican (Democratic majority in Congress)

4. John F. Kennedy/Lyndon Johnson, Democrat (Democratic majority in Congress)

5. Bill Clinton, Democrat (Republican majority in Congress)

See the chart here.

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Thursday, April 23, 2009

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

A sign of things to come?

Posted: 22 Apr 2009 09:58 AM PDT

The UK, like the US, is attempting to spend an unprecedented amount of money to recover from the Great Recession. This morning, the UK finance minister informed British citizens that taxes will be raised on a host of items in order to fund the government’s titanic deficit spending. Here’s a short list:

The top income rate will be hiked to 50% next year

Alcohol taxes will increase 2%

Tobacco taxes will rise 2%

Fuel taxes will begin rising in September

As a result of the immense government spending, UK national debt, as a percentage of GDP, will be 59% this year, 68% next year, and 74% in 2011-12.

When a nation accrues ungodly amounts of debt and runs earth shattering budget deficits, it can adopt three measures to make up the difference.   Correction, make that four.  The first three are standard government procedure.  First, it can raise taxes on everything that moves.  Second, it can borrow from foreign nations. Third, it can print money out of thin air. The first measure punishes hardworking taxpayers and destroys prosperity. The second measure adds more debt and makes one a slave to foreign influence. The third measure devalues the currency and erodes consumer purchasing power.

Sound familiar? The Federal Government has already raised the cigarette tax and is proposing a number of new taxes in the next couple of years. At least ten states are planning on raising both income and sales taxes as well. China owns $1-$2 trillion of our national debt. And in the last eight years, the US Dollar has lost close to 30% of its value.

Now, what about that fourth measure?

There’s a great scene in the Dark Knight where a gathering of Gotham City crime lords discusses how best to restore their supremacy in a city beginning to clean up its act with Batman’s help.  At first, they’re considering some sort of covert operation.  The Joker enters the room and calls them out on their cowardice, then one of the criminals asks the Joker, “What do you propose?”  The Joker responds, “It’s simple, we kill the Batman”, at which point the group begins laughing at such a simplistic answer.  But, you get the feeling they all realize he’s right.  They just don’t have the guts to do the obvious.

Our situation is much the same.  We don’t need creative government solutions, fiscal gymnastics, or PhD formulas.  The solution is actually quite simple.  Stop spending so much money!

Read the articles here and here.

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Read the bills before you vote

Posted: 22 Apr 2009 07:51 AM PDT

A number of well-informed readers have raised the valid concern that Congress is not reading legislative bills before casting a vote.  Here are just a few examples:

The Patriot Act was over 300 pages long, yet not one single member of Congress even read it.  The bill wasn’t even available to Congress until 15 minutes before the actual vote.

TARP, or the $700 billion bank bailout, grew to over 450 pages, after the initial Treasury draft was only about 3 pages.

The $787 billion stimulus package reached 1,100 pages and Congress had less than a day to review it before voting.

No matter what one’s opinion may be of these three particular bills, each bill was rushed through legislation under threat of some type of imminent collapse.  For the Patriot Act, it was to prevent a catastrophic terror attack after 9/11.  For TARP, it was to prevent a cataclysmic banking collapse.  For the stimulus package, it was to prevent the onset of the second Great Depression.

Much can be justified in the name of drastically expanding the size, scope, and power of the Federal Government during “emergency” situations.  But, it is at these moments that mental clarity and attention to detail are most crucial.  As is often the case, federal legislation that is written in unreadable “legalese”, hundreds or thousands of pages long, and rushed through in highly emotional circumstances can carry with it a number of unintended consequences.

Going forward, perhaps We the People could demand the following from our Congress:

1.  The Constitution is about 20 pages long.  It’s one of the shortest constitutions in the entire world.  Why on earth are we drafting bills 300 or 1100 pages long?  What if the maximum length of every future bill was no longer than the Constitution?  Then our Senators and Reps could actually read and carefully analyze each bill under consideration.

2.  Each bill should cite chapter and verse in the Constitution for its authority.  No more legal gymnastics and carefully crafted lingo that can be interpreted a million different ways.

3.  Let the American people read the bill before it comes to a vote.  With more intelligible and concise bills, the American people will be able to participate in the legislative process, learn more about the Constitution, and holds its political representatives accountable.

What do you think?

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