Top Banks Want More of Our Tax Dollars!

As if a quarter of a trillion were not enough, at least 4 of the nation's largest banks claim they need multi-billions more in taxpayer bailout funds.

And what should we say to these bumbling, befuddled, bottomless pits of financial buffoonery?

That, my friend, is discussed in my column today at Columbia Conservative Examiner.

Give it a read and tell a friend. Thanks!

FEDS TAKE CONTROL OF BANK OF AMERICA

Ominous news hit the financial world on Friday as the U.S. Government took controlling interest of the embattled Bank of America.

This is nationalization of industry, which fits the definition of 'socialism.' And yes, my dear little dumbed down lame-brains of the public schools, socialism is BAD.

In order to address a crisis of its own making, the U.S. Government has abandoned the capitalism that made this country great and embarked on a failed course of government control of business and industry.

I have had great concern about the Bank of America for quite some time anyway over its policy of providing financial services to illegal aliens and its liberal, haphazard lending practices.

If it can't survive on its own with its own business plan, then it should be allowed to fail.

But the government is so concerned about protecting the necks of the few on the backs of the many (the taxpayers) that it is willing to forsake every sacred principle this country has always stood for.

And, as usual, people blame Bush. But Congressional Democrats created this mess, and the President-elect supports not only a modest bailout Bush has embraced but is proposing to add nearly a trillion more to it, which we are already being told is not enough.

When IS enough really enough?

Wall St. Fraud: And We Bailed Out THIS?!

In the biggest fraud scandal ever to hit Wall Street, billions of dollars simply vanished into thin air as a hedge fund 'ponzi' scheme duped some major investors into pouring their millions into a false haven set up by Bernard Madoff.

At least some of Wall Street's woes can be traced to the scheme, the result of which was a loss of upwards of $50 billion dollars.

Madoff's investors included some of the biggest heavy-weights in the world of investments, which of course means that everything from universities, endowments, and foundations were negatively effected.

Even foreign entities are reeling from the losses they sustained in the scheme.

And the tax-payers helped bail THIS out?

It is true enough that bailout money did not go directly to the Madoff firm. But our tax money most assuredly DID go to entities that were duped into investing in what amounted to nothing.

Either way, we were screwed, and there is not much we can do about it.

And to those who still support a government bailout of the auto industry, just go ahead and drop 'em, bend over, and grab 'em. You are willingly submitting to yet another reaming.

Second Amendment News Roundup for 11/24/08

Focusing on guns, politics, and news of interest, here is today's Second Amendment News Roundup:

Gateway Pundit has explosive news on a confidential witness who will testify at Congressional confirmation hearings for Hillary Clinton and Eric Holder. The witness has information that will blow to smithereens any chances the 2 have for confirmation.

From Mike McCarville:
*New poll shows Internet most trusted news source
*Expert says mainstream media's performance 'disgusting'

From Codrea's War on Guns:
*Sipsy Street Neighborhood Watch
*How Many Blogs Does the World Need?
*Unauthorized Journalists and Lobbyists Beware!

Gun Rights Examiner has Codrea's latest column on the Cleveland gun buy-back program.

JR posts a must-read entitled, 'A Fire Is Lit.'

From Armed and Safe:
*Gun rights are never in danger, unless they are privileges and not rights
*Police in New Mexico have an interesting reaction to spike in gun sales

Sebastian provides an update on the proposed New Jersey .50 caliber ban.

Robb Allen posts the quote of the day, via Tam.

Gun Pundit presents a list of news stories in local media across the country concerning the spike in gun sales.

Roberta X fisks an 'expert' who says capitalism must be saved from itself by 'The Chairman.'

Alphecca reports that Minnesota gun permit holders are not renewing their permits.

Dark Blog posts some interesting commentary on something I wrote here last week on the practice of 'crisis manufacturing' by government as an excuse to seize more power.

Syd at Front Sight, Press provides some good political humor.

Mindful Musings has a great read from L. Neil Smith.

Nicki reports that more bailouts are on the way from our Nanny-state.

Western Rifle Shooters Association has Vanderboegh's 'A Common Language of Resistance.'

Michelle Malkin posts 'The Obamamobile--Drive as I Say and Not as I Drive.'

Days of Our Trailers reports that crimes is still spiking in Chicago.

Texas Fred has an intriguing must-read on the prospects of Texas seceding from the Union.

The Rustmeister has a few quick-links for a Monday.

Live From the (Upper) Texas Gulf Coast provides good reading entitled, 'I Got Yer Ambiguity Right Here, Sparky.'

An Ol' Broad's Ramblings has today's edition of 'Obamarama.' Take a look for a good laugh.

Bailout Protest--An Arkansas Congressman Replies

Many citizens have protested the federal government's bailout of Wall Street. Even more appear to be protesting the current desire, particularly among Democrats, to bail out automakers, liberal newspapers, and credit card companies that are now designated as 'banks' in order to qualify for a Washington handout.

One citizen in particular took his protest directly to his local U.S. Congressman.

Paul W. Davis of Fayetteville wrote a stern letter to Arkansas Republican and 3rd District U.S. Congressman John Boozman, castigating him over his support of the bailout.

Here is Paul's letter to Boozman:

Dear Rep. Boozman,

Due to your stand on the Bailout, I did not vote for you in this most recent election. I consider your approval of the ill-conceived Bailout plan to be grounded in a total lack of foresight and ignorance of economics. You had to know that sitting a proverbial "pot of gold" in front of those who had demonstrated irresponsibility in operating and managing their respective companies would only lead to throwing money down the proverbial "rat hole." In short, you bailed out those who where known to be irresponsible and undeserving of anything other than a jail term for fraud. Moreover, you gave control of it to a man that is a habitual liar - Henry Paulson, Sect. of the Treasury. Just what did you expect the result of the Bailout to be?

When you have finished destroying this country through your nonsense and poor judgment, don't expect anyone to appreciate you. I certainly don't, and will not unless and until you demonstrate to me that you have obtained some common sense from somewhere.

Sincerely,

Paul W. Davis

Doing one's duty as a citizen to keep government in check involves much more than merely participating in a poll, opinion survey, or writing a letter to the editor in a local newspaper. Sometimes we must take our concerns directly to those who were elected to represent us.

Boozman, who is in his 4th term in Congress, made this reply to Paul's letter:

Dear Mr. Davis,

Thanks so much for your email voicing concerns about the economic recovery plan. I have had many views, both positive and negative, and very good suggestions concerning the plan. We have and will continue compiling this information to use and to pass along.

As you know, the financial market worldwide has and is experiencing chaos, with many huge banks and institutions failing and creating a domino effect. The economy and the stock market are now in crisis. American families are beginning to face great difficulty in getting loans to purchase a home, buy a family car or finance a child's education and small businesses are unable to attract the credit they need to keep and create jobs. If the government didn't act, there was fear of an international meltdown of the financial industry and this plan was an effort to cushion the blow. My concern is and has always been to protect the taxpayer first by ensuring that 401(k)'s, Individual Retirement Accounts (IRA's), and pensions are safe and to prevent further layoffs and loss of jobs.

I have been very disappointed in the lack of oversight so far and will help to change that in the future. I have also been angry over reports that institutions who have received taxpayer money are using that money for executive bonuses and lavish trips and will work to make sure that is not the case and I support the appointment of a special prosecutor to indict those that are responsible for causing this mess. I also have real concerns with further bailouts for troubled industries and a huge additional stimulus package and I look forward to working with my colleagues on both sides of the aisle in the coming months to further address our country's economic situation. Thanks again for the input. Please be sure to visit my website at www.boozman.house.gov for further updates.

Sincerely,
John Boozman
Member of Congress

So, has the Congressman seen the light or not?

GOP Senators Say Paulson Misled Them on Bailout

Stating that Treasury Secretary Hank Paulson misled them by unilaterally changing the agreed-upon terms of the federal government's bailout of Wall Street, 3 GOP Senators sent a letter to Paulson protesting his decision on Thursday to renege on his pledge to buy up bad debt.

Senators Coburn, Burr, and Vitter are upset that Paulson nixed what they claim is the very heart of the program to get money flowing back into the housing, banking, and mortgage markets.

The GOP had problems with the entire plan from the beginning, but were cajoled to join Democrats in a bi-partisan plan that pleased Nancy Pelosi, Harry Reid, Barack Obama, and John McCain.

However, since that original agreement was made, Paulson has unilaterally decided to purchase a government stake in bank ownership (fascism)--all with the support of Congressional Democrats and Barack Obama--and drop plans to buy out the bad debt which led to the financial crisis to begin with.

The 3 GOP Senators are protesting that decision, stating that the entire agreement is at stake unless Paulson adheres to the original terms.

3 TRILLION DOLLARS AND COUNTING

First, it was the bailout of large banking and mortgage firms on Wall Street in order to 'stabilize the economy.' Then, it was the government forcing large banking firms to accept the Federal Government as part owner of those firms.

Then, it was the bailout of the 'average homeowners on Main Street who are about to default on their mortgages.'

But even that wasn't enough.

Next, the government was informed that the auto industry needed tax dollars just like the banking and mortgage firms. Commissar Nancy Pelosi is all for it as is 'The Chairman.'

And then yesterday we learned that American Express has been thrown a tax-dollar lifeline. This required that the definition of the type of business American Express does had to be changed.

So, with a wave of the magic wand, the Federal Government now considers American Express to be a 'bank holding company' that is eligible for millions of dollars of bailout money from the taxpayers.

And let's not forget that Hollywood, insurance companies, and even China, all have their stake in the loot.

But guess who's making noises about wanting some of the taypayer-provided loot now? Big liberal newspapers that are on the brink of bankruptcy due to plummeting subscriptions.

Look for the New York Times and others to go begging the government for a handout.

The total cost of all of this to the taxpayers? 3 TRILLION DOLLARS and counting.

Explaining the Unexplainable

Nearly every major economist in the United States warned that the massive bailout plan for Wall Street was a big mistake.

Yet our elected representatives in Congress voted in favor of it.

Granted, most of our elected officials are not economists. But would that not carry the presumption that one would consult the experts in a field about which one knows very little?

Apparently not if you are in Congress...which is not quite fair to say since many in the House voted against the measure, but not enough to prevent the Pelosi-Bush pork-laden bill to pass.

Defying the wisdom of economists across the spectrum in a broad sampling of colleges and universities, and think-tanks, the Congress voted to grant a pass to the worst offenders in the economic entanglement on Wall Street and essentially reward bad behavior on the part of FannieMae and FreddieMac.

The markets reacted by sliding downward, not upward. That is not unexpected, folks.

This is the America we live in today. If you are a small business owner on Main Street, nobody comes around from Washington to forgive all of your bad decisions, investment mistakes, and bad debt. But if you are a big wig on Wall Street, commit fraud and exhibit the most bumbling, befuddled, boneheaded decision-making on the planet, you get rewarded for it by Congress in the form of more money.

We have the likes of Barney Frank, Chris Dodd, Nancy Pelosi, Hillary Clinton, Joe Biden, and Charles Rangel to thank for creating a culture in which this nightmarish scenario was likely to happen.

When the government begins using its own entities such as FannieMae and FreddieMac to pressure lending institutions to give loans to people who cannot even begin to pay back what they borrow, it is simply asking for a crash down the line.

This is why we are experiencing the present problem.

Democrats in Congress, along with Bill Clinton, treated the lending industry as a social program for the poor beginning in the 1990s. No matter that you laden the poor with a financial burden that they will never get out of short of bankruptcy. We can pat ourselves on the back because, 'We enabled the less fortunate to buy homes.'

That's great as long as they can afford to pay back the mortgage. But when you lend $300,000 to a family that can only afford $100,000, what does any smart person know will happen down the line?

But the bozos in Washington wanted to pretend that what would happen down the line is of no major consequence. What matters is getting the poor into those homes at any cost.

Thus, the advent of predatory lending that took advantage of people with no means to pay.

And now, instead of reigning in this insanity, the insane who run the asylum have decided to reward the insanity by creating more insanity.

This, my friends, is the way Congress works when we elect goons and incompetents to office.

BAILOUT AGREEMENT: WHAT'S IN IT?

Congressional Democrats and Republicans have apparently reached an agreement on a bailout of Wall Street that deletes the most objectionable portions of the original proposal while retaining language on which both sides can agree.

At first glance it appears that House Republicans succeeded in getting nixed the Democrat/Bush administration proposal that focused solely on grants or giveaways of taxpayers' money rather than insurance.

The latest proposal includes an insurance program that the troubled financial institutions will pay to be part of. No taxpayer money at all will be used for this. We have House Republicans
and John McCain to thank for this concession.

The compromise plan also limits any salary boosts or bonus benefits for the CEO's of corporations that participate in the plan.

There will be no money included in the bill for ACORN--a corrupt liberal Democrat lobbying outfit that supports Barack Obama. The Dems had originally slipped this into the bill until House Republicans cried foul.

It goes without saying that the GOP had to make some concessions to get a compromise deal. Thus, the latest proposed plan includes an immediate infusion of 250 billion into Wall Street from the federal government, but this is greatly reduced from the original 700 billion proposed by Democrats and the Bush administration.

There are, of course, many more provisions in this bill that are too numerous to mention here, but there are 2 sources of detailed information.

For a complete summary of the main provisions, click HERE.
For the complete text of the bill itself, click HERE.

Needless to say, I still object to 250 billion dollars of taxpayers' money being given to Wall Street failures. But with Democrats in control of Congress, what can we honestly expect? Taxpayer money to them is like Santa Claus on Christmas. It rains millions all over the place, just waiting for them to spend.

NO DEAL...YET

The President, the Congress, candidates McCain and Obama, and members of the government have not reached a deal on a Wall Street bailout at this hour...yet.

House Republicans have reportedly balked at the idea of a 700 billion dollar taxpayer bailout of Washington's mistakes.

And yes, I say Washington's mistakes deliberately.

Washington, particularly the Congress, created this mess with the maze of senseless regulations they have imposed upon free-market capitalism. The major players in this fiasco? Schumer, Reid, Pelosi, Obama, Dodd, and other Democrats who not only support government meddling in free enterprise but kept their hands in the lucrative cookie jar to boot.

Some of these people should be jailed.

The problem, however, is the massive debt the U.S. has amassed, which has been bought up by China and other foreign countries which, at any moment, could call for all the money from a country that's flat broke (that means us).

And that scenario, my friends, could well mean the spread of a Wall Street problem to Main Street and our local banks.

As Senator Jim DeMint, R-South Carolina, stated so eloquently, 'The government had no business going into the mortgage business with FannieMae and FreddieMac.'

This was the step that started it all.

Very true, Senator, and now that we know our government did that very thing so that it could push lenders to give money and mortgages to people who could not afford to pay it back, the question becomes, what do we do now?

Our government has created a gigantic mess that has the potential of hurting millions of innocent Americans who have paid their bills on time, paid their taxes, and been model citizens.

Bailing out Wall Street will potentially hurt those citizens through their taxes. But we know without doubt that if Wall Street and our entire financial system fails under the weight of our government's mistakes, those model citizens will be hurt infinitely worse.

What is needed is not more regulation but less and more prudent regulation so that the playing field is level. And businesses should not have to compete with government-chartered entities which immediately have a built-in advantage.

I don't know if 700 billion is needed, but I do think that we are going to have to cough up some dough for Wall Street to keep Main Street from going under...and as a means of taking the first step toward financial solvency, a balanced budget, and reducing the national debt in order to keep America's creditors such as China off of our backs.

Yes, supporting such a measure for me goes against every fiber of my being. But if we as the citizens do not fix the problem the only way we can through the money and the principles of free market capitalism (at least once the problem is fixed), then who will?

Even Reagan supported the Savings and Loan bailout in the 1980s because the economy depended upon it. We may need to do the same now.

Remember, free market capitalism did not create this mess. Government did. And now government must fix the mess it created.

Quote of the Day on the Wall Street Bailout

From Mark Krikorian at National Review:

"I have no way of judging whether the Wall Street bailout is a necessary evil or an impending disaster. But we're in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people."

H/t to Glenn Reynolds.

Read the whole article by clicking on the author's name.

Second Amendment News Roundup for 9/23/08

Focusing on guns, politics, and news of interest, here is today's Second Amendment News Roundup:

From Codrea's War on Guns:
*David gives us an update on the latest shenanigans of the JBTs and their changing the definition of 'pistol.'
*Barack Obama opened his mouth and spouted gibberish in Jacksonville, Florida.
*Here is a guy who bursts a few bubbles.

Sebastian follows up on the reclassification issue concerning the term 'pistol' that David mentioned above.

JR posts 'Concealed Carry on College Campuses.'

Breda does an excellent job in exposing young minds to the 'reasonable-ness' of firearms.

Mike McCarville posts 'Obama Struggles to Win Clinton Voters.'

Ahab gives us a preview of tonight's radio show 'Gun Nuts--The Next Generation.' Go over there and see the very interesting topic that he and Breda will be discussing. Sounds like a good one!

Squeaks did a guest-blogging gig over at Marko's. It's great to see Squeaks is still writing.

Nicki has some thought-provoking comments about 'the bailout bonanza.'

From Gateway Pundit:
*The case of the Palin email hacker attack has gone to the Grand Jury. David Kernell (son of Tennessee Democrat Mike Kernell, D-Memphis) and his 3 roommates will face the Grand Jury, with each facing a possible 2 years in prison for the felony.
*Barack Obama and terrorist William Ayers tried to push subversive radicalism on the schools.
*The Democrats blocked an oil deal between the U.S. and Iraq right in the middle of our oil crisis. And that's not all they blocked...
*Democrat billionaire operative George Soros says he is the one who got Sarah Palin uninvited to a rally against Iran President Mahmoud Ahmadinejad at the U.N.

The Times Online reports that Russia has sent a warship to the Caribbean.

Western Rifle Shooters Association says that there is a peasants with pitchforks revolt brewing against the trillion-dollar Wall Street bailout plan proposed by Democrats and Bush's czar, Henry Paulson.

Freedom Sight adds his protest to the bailout here.

Syd has a MUST-read on survival in light of his recent experience of living through some pretty awful conditions in the wake of the recent Hurricane to hit the Gulf coast.

The 'ole broad' of 'An Ol' Broad's Ramblings' is having knee surgery today. We can surely offer up our thoughts and prayers for her and for a speedy recovery.

Insight on Freedom offers insight on TWO potential 'October Surprises' just prior to the November election.

West, By God provides essential reading on children and gun safety.

Second Amendment News Roundup for 9/22/08

Focusing on guns, politics, and news of interest, here is today's Second Amendment News Roundup:

From Codrea's War on Guns:
*'The Race for the Presidency'--good reading here!
*'The "Founders' View" Update'--from David E. Young
*'Canadian Gun Rights Up in Smoke?'

Armed and Safe has an interesting read on gun stats.

From Nicki at The Liberty Zone:
*'But It Worked So Well in Great Britain'
*'Some Economic Realities'--a MUST-read!

Mike McCarville reports that the addition of Palin to the ticket has given the California GOP a boost.

Sebastian highlights another example of ineptitude on the part of the 'authorized journalists.'

Breda provides us with an awesome range report.

Roberta X gives us some good reading on the proposed bailout of Wall Street.

Traction Control offers an alternative plan for the GOP to support instead of a bailout.

Alphecca says that CCW in Florida is on the rise.

Bear on a Bicycle says 'Aye likes me some Colt...'

Cap'n Bob and the Damsel post their range report from yesterday.

Robb Allen blogs on getting a new car, bumper stickers, and the NRA.

Say Uncle says the NRA is going on the offensive against Barack Obama with some key ads.

Apparently it's good weather for some mayhem in Chicago. Days of our Trailers has the story.

Texas Fred has a VERY intriguing read on the rumor that Joe Biden will step aside and Hillary Clinton will be his replacement on the Obama ticket.

The Rustmeister gives us a good chuckle in his MUST-read of the day, entitled, 'Obama Supporters in One Act.'

Western Rifle Shooters Association, as always, provides highly intriguing reading, this time on the proposed bailout of Wall Street. Read it all.

Michelle Malkin posts 'On the Palin email hacker trail...'

Gateway Pundit reports that the Washington Post published a shameful cartoon attack on Sarah Palin's religion. Funny they never do this with Muslims or Jews.

'Stubborn Ignorance'

Dr. Walter E. Williams is Professor of Economics at George Mason University and a major syndicated columnist, author, and lecturer.

In light of today's massive bailout of Wall Street, which the Congress and the President have been hammering out over the weekend, I thought it fitting to post these words of Dr. Williams on government and economics:

Here's what the U.S. Constitution says: "All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills." How many times have we heard politicians, pundits and guardians of our news media say that President Bush cut taxes, or Obama is going to raise taxes? The fact of the matter is that presidents have no power to raise or lower taxes. They can propose tax measures or veto them but it is Congress that has the ultimate power to raise or lower taxes since they can, with a two-thirds vote, override a presidential veto. The same principle applies to spending. Presidents cannot be held responsible for budget deficits or surpluses. A president cannot spend a dime that Congress does not first appropriate. Given these plain facts, are politicians, pundits and media people -- who persist in talking about a president cutting or raising taxes, or creating a budget deficit -- ignorant, stupid or deceptive?

Dr. Williams goes on to state that the mess which Congress has created in the markets is not the taxpayers' doing, yet it is the taxpayers who will surely pay the costs of bailing out Wall Street.

The article is a MUST-read, and it is entitled, 'Stubborn Ignorance.'

Dr. Williams does an excellent job in shedding light on the problems the nation faces in the markets and the wrong-headed notion of a massive, taxpayer-funded bailout.