News Diet

I've been taking a break from the news. Nothing. No web sites. No radio news. No TV for sure. Amazing how much better I feel. Sticking my head in the sand? Perhaps. The economy clearly isn't as bad now as the news makes it seem. I still believe that the tax our borrow and spend politicians are placing on our children is despicable and that tax is going to be paid for in lower standard of living and lower opportunities for posterity...in other words, tomorrow is shaping up to be much worse. However, I am expecting to be in a better frame of mind and therefor in a better position to help fix the mess.

Failure to Communicate

Well, I voted against it, what else could I do?!?

Dear Mr. Tokyem:

Thank you for contacting me about efforts to stimulate the economy. I appreciate having the benefit of your comments on this important matter.

As you know, Congress recently passed—and President Barack Obama signed into law—the American Recovery and Reinvestment Act of 2009 (P.L. 111–5) along partisan lines. I could not support this legislation, which increases the size and scope of the federal government, adds over $1 trillion to the federal deficit, and fails to reduce the tax burden on all working families and small businesses. In fact, this legislation will increase Texans share of the national debt by almost $90 billion and according to the non-partisan Congressional Budget Office, will have a negative impact on economic growth over the next ten years.

Nonetheless, I remain committed to finding real solutions that will have an immediate, positive impact on the economy. During the Senate’s debate of P.L. 111–5, I supported an amendment that would have helped address the struggling housing market. The Fix Housing First Amendment (S.Amdt. 353) would have made 4 to 4.5 percent mortgages available to every creditworthy American in an effort to ease the pressure on family budgets. Millions of Texans would have qualified for this refinancing option—translating into an average $300 reduction in the monthly mortgage payments of middle-class families. Additionally, this amendment would have created a $15,000 homebuyer tax credit for the purchase of any principle residence and would have encouraged lenders to modify privately held mortgages, a provision that would have helped stem the number of foreclosures. Finally, S.Amdt. 353 would have put in place a number of critical tax incentives, aimed at creating jobs and spurring small business investment. Unfortunately, S.Amdt. 353 was not included in the final version of P.L. 111–5.

Furthermore, excessive taxation hinders job creation for small businesses and overburdens taxpayers during difficult economic times. According to the Tax Foundation, taxpayers worked almost four months last year to pay for government operations. This is more than what they worked to pay for food, clothing and housing combined. As such, I offered an amendment to P.L. 111–5 that would have lowered the 10 percent tax bracket to 5 percent. This proposal would have provided tax relief to every Texan who pays the federal income tax. Hard-working Texans deserve to keep more of their own money to spend, save, and invest how they see fit. Although the Senate failed to adopt my amendment, I will continue working to provide broad-based tax relief to all Americans.

Finally, I understand the frustration of American taxpayers regarding Congress' inability to restrain spending—the primary factor contributing to the budget deficit and our national debt. Like you, I am concerned about the long term effects of excessive government spending, often on wasteful, ineffective government programs. In an effort to be a better steward of tax dollars, Congress must eliminate government waste and fraud and restrain runaway spending. Although P.L. 111–5 included some meritorious funding initiatives, I believe that any programmatic funding should be openly debated during the annual appropriations process. While I am not a member of the Senate Appropriations Committee, which has primary jurisdiction over the annual appropriations bills that allocate federal spending, I will continue to work with my colleagues to ensure that all Texans are well served.

I appreciate having the opportunity to represent the interests of Texans in the United States Senate, and as a member of the Senate Finance Committee, you may be certain that I will keep your views in mind should relevant legislation be considered during the 111th Congress. Thank you for taking the time to contact me.

Sincerely,

JOHN CORNYN
United States Senator

How to get your message across

Most of the population is so caught up in Obamamania that you can't say anything negative about him without losing the thread of a conversation. Say something negative about Obmamassiah and you're immediately a Bush lover. (Let me say it again here: GWB was a failure of HISTORIC proportions). Below is a quote lifted from a Reason online article that gives an important talking point that may, may, give you a chance to have a complete conversation with someone outside your realm of thinking. Remember: to make an impact politically you must change opinions of others...

"Market fundamentalism" (a catchy insult popularized by armchair philosopher George Soros after he developed the world's most expensive case of winner's remorse) was buried by the modern Republican Party in 1999, when the presidential primary process winnowed the field down to two candidates running explicitly against that concept: John "National Greatness Conservatism" McCain, and George "Compassionate Conservatism" Bush. The 43rd president didn't come into office championing the "amoral exaltation of individual success," but rather a big new federal program to (ostensibly) improve public education in order to provide better opportunities for minorities and the poor. Bush's budgets, as readers here have heard ad nauseum, demonstrated more philosophical affinity to Lyndon Johnson than Ayn Rand. If Republicans have belatedly rediscovered the joys of limited government and capitalism, it's a sure sign they're no longer in power.

Tax Day Tea Party

Check out www.thepeoplescube.com

This article in particular hit a chord with me...

http://thepeoplescube.com/red/viewtopic.php?t=2859

Also, check out Tax Day Tea Party on Facebook or the web.

Joe Biden to the rescue

Or, is it Joe Biden the Stimulator?

According to Fox News:

President Obama has turned to his own vice president to oversee implementation of the $787 billion economic stimulus package, part of which will be available this week for state Medicaid programs.

Vice President Joe Biden, in his new role, would meet regularly with key members of the Cabinet, governors and mayor to make sure their efforts are speedy and effective. He is expected to make regular reports to the president that will be posted online at www.recovery.gov.

Pay your neighbor's mortgage!

I have an idea. Just take a check to your neighbor. Every month. Why not? Ok. You're right. It is surely better to coerce all of your other neighbors to chip in--lowering your contribution and avoiding that uncomfortable moment of handing over the check.

Or, you could come to Chicago on July 4th...Rick Santelli from CNBC finally speaks up:

http://www.cnbc.com/id/15840232?video=1039849853

After a failed response from the holy press secretary

http://www.cnbc.com/id/15840232?video=1041856849&play=1

US obligations exceed world GDP?

Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?

---

Posted: February 13, 2009
11:35 pm Eastern

By Jerome R. Corsi
© 2009 WorldNetDaily

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

The difference between the $455 billion "official" budget deficit numbers and the $5.1 trillion budget deficit cited by "2008 Financial Report of the United States Government" is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.

Up Thine, Sire

This is classic. The bit I pasted below also reminds me of Hillary saying she was going to outlaw those bad guys in OPEC.

http://bighollywood.breitbart.com/sright/2009/02/12/pippin-the-original-obama/

FIELD MARSHALL:
Sire, it is my duty to inform you that the Infidel hun has attacked in the East. He has destroyed three villages, raped hundreds of women. Tortured and murdered thousands of your royal subjects.

PIPPIN:
Can he do that?

FIELD MARSHALL:
He has. But he will withdraw:on one condition.

PIPPIN:
Well, that’s very reasonable. I’m certainly willing to make any small concession. What’s the condition?

FIELD MARSHALL:
He demands your head on a pike staff.

like a junkie trying to "get well" by doing more and more heroin

Apost from a forum on Reason Online:

Warren | February 12, 2009, 9:44am | #

...

The FEDs role in getting us here was minimal. Indeed there's plenty of blame to go around. We got here because we tried (and we're getting in deeper because we're still trying) to run the economy on debt.

We've got too much debt. Our government is too deep in debt. Our corporations are carrying too much. And our households put to much on the plastic.

To get out of this, we need to pay down our debt. But that's just the opposite of what we're doing. We're like a junkie trying to "get well" by doing more and more heroin. That strategy leads to a very predictable outcome.

The case against socialized medicine

Came across this in YouTube. Amazing:

http://www.youtube.com/watch?v=IJjhEr9tT0I&NR=1

LEND, Damn You!

Headline from the Wall Street Journal Online:

Bankers Tell Panel
They Are Lending

Bank executives including J.P. Morgan's Dimon, Bank of America's Lewis and Citigroup's Pandit told Congress they are lending despite economic headwinds.

Congress to Bankers: Don't worry that making bad loans when the world was awash in liquidity is the fire that so recently burned us. Just make some damned loans. If you screw up the taxpayers grandchildren will pay for it. Don't worry!

Tyrants and Despots

Wow. The internet has shown me that there are actually people out there with brains. So, then, how in the hell are we letting this all happen?!?

"Tyrants and despots can only come to power through the pretense of crisis."

More lucid arguments against rushing into a stimulus package that doesn't address the causes of our current mess:

http://bighollywood.breitbart.com/ggraham/2009/02/10/the-seduction-of-insanity/

Amen, Brother!

Blame the government? Me? I know it comes as no surprise that I think the government is to blame for our current mess. While I will agree that is my knee-jerk reaction to many issues, I am glad to find others coming to the same conclusion with respect to our current economic downturn.

http://online.wsj.com/article/SB123414310280561945.html

Mr Taylor finds loose monetary policy at the root of the current mess--loose money drove the housing boom. It was made worse by policy decisions that date back to Clinton (force the banks to loan money to people that can't afford the house or the mortgage).

Monetary policy was too loose so what is the cure? Extra-loose monetary policy financed by borrowing on an unprecedented scale. In the end, I can only see inflation as a way for the government to cover the debt. That, or default. Time to buy Gold...

Lessons from Japan

I can attest that the Japanese have paved a huge amount of their country with un-used roads and bridges since their bubble burst in 1989. I had no idea it was $6 TRILLION worth. What is clear is that the spending helped keep the same party in power while it was going on AND it helped to centralize power to an un-heard of level.

Our Treasury secretary has already laid the groundwork for his boss' excuses later: spending was way too small and too spread out to be effective. "If only we had spent more, we would have turned things around."

http://www.reason.com/blog/show/131581.html

John Galt Vs. Mr. Thompson (aka ObamaBush)

Galt________________Thompson/Obama/Bush

Justice____________________Mercy
Independence_______________Unity (i.e. Collectivism)
Reason____________________Faith (i.e. coerced charity)
Wealth____________________Need
Self Esteem_________________Self-Denial
Happiness__________________Duty

More good news, really

January 23, 2009

Dear Mr. Tokyem,

Thank you for contacting me regarding the Troubled Asset Relief Program (TARP).

I voted against H.R. 384, the TARP Reform and Accountability Act, which passed the House 260 to 166 on January 21, 2009. The legislation will place taxpayers on the hook for an additional $350 billion investment for a Treasury program that has been managed with little transparency, no accountability, and in a way inconsistent with how it was sold to Congress.

Signed into law last fall, TARP funds were intended to buy "toxic assets" to help unlock the credit markets at the center of the financial crisis. Instead, the Treasury Department utilized funds to help financial institutions acquire other banks, additional funds went to the auto companies, and still more taxpayer money is unaccounted for.

The time for bailouts is over. This money doesn't belong to the government - it's pried from the pockets of the American people and has been used in an unacceptable spendthrift manner.

I believe the better solution is to support families through tax relief and provide economic relief for American businesses and entrepreneurs who create jobs and spur economic growth. The United States of America did not tax, spend and borrow its way into becoming the largest most successful economy in the history of the world. Rather, the American people created this success because they have been free to reap the rewards of their own hard work and ingenuity.

Be assured that I will keep your comments in mind as I continue to monitor this situation.

For more information about my work in Congress or to send me an electronic message, please visit the 21st District's website, http://lamarsmith.house.gov.

Sincerely,

Lamar Smith
Member of Congress

Katie, bar the doors! (or, welcome to the People's Republic of America)

A couple of recent notes from my lawyer updating me on new legislation:

"In a move designed to promote Congress's aggressive pro-labor/pro-employee
agenda, last week the House leadership introduced into the "American
Recovery and Reinvestment Act of 2009" stimulus bill a number of pro-labor
provisions."

And, perhaps more frightening:

EFCA: Four Letters, One Huge Employment Law Change:

"The Employee Free Choice Act will make successful union organizing, even in Texas, the rule and not the exception. The bill passed overwhelmingly in the House last year, but fell a few votes short of passage in the Senate. It may well become law in the first 100 days of the new 2009 Congress; it has been designated as a high priority for passage by the congressional leadership.

I ask my Right Honorable Friends from the Left, how will these changes help to make American more productive? If, as those friends claim to agree, domestic production combined with competitive exports are key to (re-) building our nation's wealth, how will these two bills help? Will they promote domestic production (vs. outsourcing)? Will they encourage employers to hire workers here in America? Will these bills reduce costs of domestically produced goods to better compete with China?

First draft of history

I've been thinking about a prediction for Obama's legacy. Something to give my daughters so they have an understanding of how things were before the biggest cult of personality I have ever witnessed. Behind the scenes are pure back-to-the-bad-old-ways of pre-Thatcher Britain or pre-Reagan US. Leave it to Dick Morris to get it done before me...

http://thehill.com/dick-morris/the-obama-presidency--here-comes-socialism-2009-01-20.html

Some Optimism from Reason

The Libertarian Moment
http://www.reason.com/news/show/129993.html

Bush Legacy

"This does ensure that President Bush will have a legacy," laughed Competitive Enterprise Institute president Fred Smith after that Americans for Tax Reform meeting. "It's a legacy that will set back the concept of economic liberty by a century. The free market, for all intents and purposes, is dead in America."

Some interesting reading:

Atlas Blinked: http://www.reason.com/news/show/129941.html