Happy to hear “libertarian” mentioned regarding the bailout defeat

by Rossputin | 8:36 am, September 30, 2008

It does my heart good to read/hear multiple sources describe a surge of libertarian sentiment (even if not knowingly so) from voters, and to hear a fairly important TV business commentator suggest that Libertarian candidate Bob Barr might gain a little traction because of his opposition to the bailout plan.

No, I am not suggesting Barr has any chance of winning. But it would make me happy to see more people listening to his message and learning about libertarian views, regardless of party affiliation.

So, here’s an article relating to this topic:
Libertarian Populism, Robert Stacy McCain, American Spectator, 9/30/2008
http://www.spectator.org/dsp_article.asp?art_id=13966

And Bob Barr talking with Neil Cavuto just as the House was voting down the bailout:

I Debated an Empty Chair and Lost

by Jon Caldara | 8:22 am, September 30, 2008

When Jess Knox decided to cop out at the last minute, I was forced to duel with an empty chair, Raj Chohan, and Kevin Flynn on KBDI Channel 12’s “Colorado Decides Ballot Issue Debate.” I basically sat there and instead of having just one person (Jess Knox), I had two people peppering me with [...]

Freaky Video Surfaces… Cult Kids Sing “Yes We Can” Indoctrination Song

by Gateway Pundit | 6:50 am, September 30, 2008

IT’S NOW OFFICIAL… IT’S A FREAKING CULT!
Children sing “Yes We Can” song about change for Dear Leader:

Video via Drudge

It’s a cult.

It’s like that Texas cult but they wear blue hope T-shirts instead.
Can you say, “Indoctrination?”
Somebody rescue these kids!

More reaction at Founding Bloggers.

American election choices: theocrat or socialist?

by Brian T. Schwartz | 11:55 pm, September 29, 2008

Writes Ari Armstrong on why Libby Szabo lost his vote for Colorado’s State Senate District 19:
In races across the country, voters face terrible choices, with theocrats on one side, socialists on the other.
Nearly a year ago, I sent a letter to various candidates asking them to endorse the separation of church and state. While I [...]

“I am going out of business if Amendment 56 passes”

by Brian T. Schwartz | 11:01 pm, September 29, 2008

So writes Karen Kristopeit-Parker, in a letter to the Denver Post: 
I have owned the Fresh Fish Company in Denver for four years. I was able to put the money together to buy this restaurant after working there for 15 years. It gives me a great sense of pride that I was able to work my way up [...]

Ritter Campaigns Against Amendment 46

by zombiehunter | 10:00 pm, September 29, 2008

Today Governor Ritter held a press conference to campaign against Amendment 46: Civil Rights Initiative.  People’s Press Collective has the 4 minute video: Here are some of the highlights: “but Amendment 46 undercuts Colorado and destroys years of progress in education, in health care, in workforce development.  All efforts that are important to Colorado’s hardworking [...]

Read of the day – How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable

by Mr. Bob | 3:57 pm, September 29, 2008

One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market?
Fannie Mae and Freddie Mac, even into the early 1990s, weren’t the juggernauts they’d later be.
While President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, it was Clinton who supercharged the process. After entering office in 1993, he extensively rewrote Fannie’s and Freddie’s rules.

Read the rest …in the MSM!!!!

Democrat Caused Problem -

by Mr. Bob | 2:27 pm, September 29, 2008

Republicans TRIED to stop it. Democrats pull the race card to keep Fannie and Freddie giving out loans to people based on their COLOR…not their ability to pay. This video record PROVES it.

HT - CDR Salamander

The House got it right: No Socialization of Failed Businesses

by David K. Williams, Jr. | 1:16 pm, September 29, 2008

At least for today.

Congratulations to the House for killing the bailout.

This article is telling. It shows some of the wrong-headed ideas behind the bailout in the first place.

To wit:

“Clearly something needs to be done, and the market dropping 400 points in
10 minutes is telling you that,” said Chris Johnson president of Johnson
Research Group.

Yes, Mr. Johnson, something needs to be done. That something is the unemployment of the bankers that made bad loans. While we are at it, the worthless loans can be written off and any salvageable loans can be sold at market value. It’s quite simple.

The value of the failed private businesses – and thus the stock market – has been artificially propped up by government regulation (Fannie Mae and Freddie Mac were government creations designed to issue sub-prime loans the market would not provide) and bad business judgment. Perhaps if Mr. Johnson’s research group had been a little better at its job, he could have seen this coming and done something before running to Congress asking for taxpayer money to prop up worthless assets.

William Kaye, managing partner of the Great Asia Hedge Fund in Hong Kong, has it right.

He asked

“Why not let them go broke?” he said. “People who do stupid things should get
punished.” He said the Paulson bailout reminds him of the piecemeal way Japan
let a banking crisis drag on throughout the 1990s by periodically rescuing banks
instead of allowing them to go out of business.

Artificially propping up the credit market will only prolong the agony. The market has to adjust. Short term pain is preferable to long term systemic failure.

Thankfully the House understands that.

House rejects bailout plan

by Rossputin | 12:58 pm, September 29, 2008

The House of Representatives defeated the Administration’s proposed bailout/buyout plan by 205-228.

In the few minutes after the vote, the Dow Jones Industrial Average fell 700 points. It’s down 530 points as a type this at 12:30 PM Mountain Time.

You can bet that the talking heads on TV, Democrats everywhere, and even some Republicans will try to blame House Republicans for putting politics over the well-being of the American public. But the truth is just the opposite.

The House Republicans understand that taxpayers are not as stupid as the rest of our government thinks. Yes, the average person may believe incorrectly that this is a bailout of Wall Street, which it isn’t. But he or she also knows that this is the biggest, most expensive expansion of the government into our economy since the New Deal.

In my view, despite what the market is doing now, the House Republicans are heroes…so far. It’s just a question of what gets done next.

My guess is that the House Republicans extract some substantial changes to the plan, making the outlay of taxpayer money smaller, and focusing more on rule and structural changes, trying to let the market work rather than just adding taxpayer money on top of a massive failure of GOVERNMENT, not of the market.

The Democrats have given us proof as to why this measure should not be passed. They tried to include funding for a corrupt socialist organization in the original bill. They tried to get money and power to unions indirectly that same way.

The Democrats sent 8 negotiators to a meeting with Paulson when he explicitly asked for two members of each party. The Republicans sent one Senator and one Representative.

In one of the most stupid moves of her political career, Nancy Pelosi called Republicans “unpatriotic” for not going to meetings when even a House Democrat said that House Republicans were not consulted enough in the process.

The House Republicans are heroes today. Now they must make sure to defend themselves against the slings and arrows of ignorant or biased (or most likely both) media reports and Democrat press conferences.

They will probably look to enact substantial changes in the bill, changes which will make the bailout smarter, smaller, more effective, and much better for America and Americans in the long run.

Congratulations to the House GOP for standing up against this massive increase in the size, cost, and intrusiveness of government.

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