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Libertarian Saturday
Author: TriSec    Date: 09/27/2008 12:57:11

Good Morning!

I hope we all enjoyed the debate last night! A pity that the third-party candidates weren't included; they're running for president, too. But since the two major parties and the M$M control who's going to be there...there was no way we'd ever hear another point of view. That didn't stop Bob Barr. According to the National Libertarian Party, there was a "live countter-debate" last night. Unfortunately, there's nothing on the YouTubes about that yet.


Of course, the other hot item this week has been the economy. The major parties have dominated the debate, but of course the LP candidate has weighed in as well.


In the name of restoring economic confidence, the Bush administration is demanding unlimited authority to implement a massive financial bailout. The Secretary of the Treasury would become an economic dictator, empowered to reengineer the economy as he sees fit. These powers fit Kim Jong-il's North Korea, not the American republic.

The economy is in trouble, but the wrong policy could make things much worse. With the public deeply divided over the proposed bailout, and the future structure of our economy at stake, Congress must stop and take a deep breath before rushing such a far-reaching plan into law.

Rep. Barney Frank, Chairman of the House Financial Services Committee, claimed: "The private sector got us into this mess, the government has to get us out of it." In other words, "Let's just put Sen. John McCain or Sen. Barack Obama in charge and everything will be fine."

This is nonsense. This is irresponsibility of the highest order.

The financial crash is not a "crisis of capitalism." It is the result of foolish federal policies manipulated by private interests--precisely how Washington always operates. Giving Washington more power is no solution.

The federal government cannot eliminate financial losses and should not attempt to do so. It can only shift the burden -- in this case from irresponsible borrowers, lenders and investors -- to taxpayers. Keeping the walking dead on economic life support will only slow down necessary adjustments. The federal government's principal responsibility at a time of financial stress should be to maintain liquidity for use by otherwise sound institutions.
.

And thanks to the wonders of the internets, the entire statement is available at the Huffington Post.



I always hesitate to post things from arch-conservative Pat Buchanan, but since he is at least friendly and professional towards Dr. Rachel Maddow, I'm willing to at least listen to what he has to say. According to "Uncle Pat"....it's Uncle Sam's Day of Reckoning...

... Consider what the "Paulson Plan" of Treasury Secretary Hank Paulson, against which Sen. Richard Shelby and the House Republicans rebelled, entails.

Since Americans save nothing and have to borrow from abroad to finance our trade and budget deficits, wars and foreign aid, what the secretary proposes is this: that Congress authorize the Treasury to spend $700 billion to buy up the toxic paper on the books not only of U.S. banks, but of foreign banks operating in the United States. According to The Washington Times, the Treasury would also be authorized to buy up securities backed by rotten auto loans, student loans and credit card debts.

Thus America would be borrowing from China, Japan and the Middle East to tidy up the balance sheets of the banks of China, Japan and the Middle East. And all the rotten paper will be offloaded onto U.S. taxpayers, who hopefully will be able to recoup some of their losses, because some of the paper will be good.

Why should we do this? Because otherwise there will be a financial panic, followed by a market collapse, wiping out pensions, 401Ks, portfolios and defined benefit plans of Middle America, forcing millions into bankruptcy and millions more to put off retirement and continue working until they drop.

In a democracy, it is said, you get the kind of government you deserve. But what did the American people do to deserve this? What did they do to deserve the quality of financial, corporate and political leadership that marched them into this mess – and that today postures as their rescuers?

Consider what this mess has already cost taxpayers: $29 billion to buy the rotten paper of Bear Stearns so J.P. Morgan would buy the investment bank; $85 billion for 80 percent of AIG to nationalize it; $150 billion in a stimulus package to flood the nation with cash; perhaps $300 billion to bail out Fannie Mae and Freddie Mac; and now $700 billion to begin taking the toxic paper off the hands of America's big banks.

And even if this is passed, say Paulson and Fed Chairman Ben Bernanke, there is no guarantee this will resolve the crisis. If the $700 billion is not provided and the toxic paper is not pulled off the books of the world's banks by U.S. taxpayers, however, we face an almost certain collapse, surging bankruptcies, rising unemployment, a shrinkage of GDP and a recession, if not worse.

Yet, the fellows who tell us we face a financial mushroom cloud over every American city if we do not act at once to provide the $700 billion did not see this coming and can make no guarantee that this will succeed and end the crisis....



Lastly this morning....we've got a column by Ron Paul checking on some of the financial realities brought on by the war in Iraq. Seems to me that the economy would be in much better shape if we weren't spending $10,000.00 every 3 seconds on the war, but that's just me.


On September 10, 2002, I asked 35 questions regarding war with Iraq. The war resolution passed on October 16, 2002. Now today, as some of my colleagues try to reestablish credentials regarding spending restraint, I want to call attention to my 18th question from six years ago:

“Are we willing to bear the economic burden of a 100 billion dollar war against Iraq, with oil prices expected to skyrocket and further rattle an already shaky American economy? How about an estimated 30-year occupation of Iraq that some have deemed necessary to "build democracy" there?”

Many scoffed at my “radical” predictions at the time, regarding them as hyperbole. Six years later, I am forced to admit that I was wrong. My “radical” predictions were in fact, not “radical” enough.

I warned of a draining 30-year occupation. Now, politicians glibly talk about a 100-year occupation as if it is no big deal. On cost, according to estimates from the Congressional Research Service, we have already burned through around $550 billion in Iraq, at a rate of about $2 billion per week. Economist Joseph Stiglitz’s estimates are even higher, at $12 billion a month. It is a total price tag quickly heading into the trillions, if we don’t stop bombing and rebuilding bridges in Iraq that lead us nowhere but bankruptcy! Bridges in this country are crumbling along with our economy, while some howl about earmarks. Earmarks are a drop in the bucket compared to war and occupation.

Yes, I was wrong about Iraq. I knew it would be bad. I didn’t know it would be this bad.

The American people deserve better. Being asked to endorse such a farce is beyond insulting. Clearly, the rosy predictions of the neo-Conservatives from before the war are not coming true. Far from it! With a straight face, one official estimated the TOTAL cost of reconstruction in Iraq would be just $1.7 billion. Turns out that we spend more than that in ONE WEEK. Our friends are not pitching in to cover the cost. Expenses are not being covered by oil from a grateful and liberated Iraqi people. Rather, big corporate interests are benefitting, the price of oil has more than quadrupled, and the American economy is on its knees and sinking fast.

No one predicted the exact course of this war before it started. But to continue to listen to the foreign policy advice of those that were the MOST off base will only lead to more foreign policy disasters. We need to keep this in mind as we think about Russia, Iran, Cuba and other countries. Keep in mind – the doomsday predictions on the Iraq War from six years ago, sound like a cakewalk today. While what leaders in the administration had predicted, reads like a fairytale. Ask yourself, when listening to the same foreign policy “experts” explaining situations around the world and suggesting policy positions: In light of the facts of today, and the predictions of yesterday, how expert have they shown themselves to be?

Passing HR 2605 to sunset authorization for the use of force in Iraq is the first step to stopping this bloody war, and the consequent bleeding of our treasuries. Serious fiscal conservatives will support it, as will those who have been paying attention to foreign policy predictions and reality.



 

21 comments (Latest Comment: 09/28/2008 06:03:28 by livingonli)
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Comment by velveeta jones on 09/27/2008 13:49:14
Ya know.......... A Ron Paul sure would have livened that Debate up!

Comment by starling310 on 09/27/2008 14:25:40
Good morning my friends.



Off the subject...extremely sad news: Paul Newman has died.



May you rest in peace Paul; one of the greats.

Comment by Mondobubba on 09/27/2008 15:55:56
Quote by starling310:

Good morning my friends.



Off the subject...extremely sad news: Paul Newman has died.



May you rest in peace Paul; one of the greats.






OMG! Fast Eddy Felson? Butch Cassidy? :cry:

Comment by Mondobubba on 09/27/2008 15:57:45
Comment by IzzyBitz on 09/27/2008 16:57:20
RIP Paul Newman. Great actor and all around good guy, especially with the charity work.



Movie alert. I've set the Tivo for Plan 9 From Outer Space by kooky Ed Wood. It's on TCM at 11 am PT. So bad, but yet so good.



I didn't watch the debate last night. I don't need the aggravation. Plus I had plans that included fun. OY. I'm in a pool for the end of Sarah's VP run. Come on VP Tart. Izzy wants that 500 bucks!



Going to a beach fling today. It's getting cooler now, so we gotta catch the remaining rays of sunshine. The foggy stuff is hanging around way too much these days.



Hope everyone has a great day in spite of their debate hangovers!



Comment by m-hadley on 09/27/2008 18:01:48
Heya TriSec, Mondo, Star, Izzy & VJ,

Just chillin' here on a beee-utifull Saturday in T-town, watching college football - ugh The Hoosiers are losing to Mich. St. Spartans. I seem to have been forced by my environs to care about college football - they seem to think that it is as important as college basketball out here in Okie-ville :rolleyes:

Anywho, loved the Levi Johnston piece by Borowitz - thanks mucho Mondo. And Starling, I am bereft by the passing of dear Paul Newman. Here's a quote from Mr. Newman that I think has relevance for our times:

"If you're playing a poker game and you look around the table and and can't tell who the sucker is, it's you."

Paul Newman (Jan. 26, 1925 - Sept. 26, 2008)



Cheers,

mfaye

:gobama:

Comment by Mondobubba on 09/27/2008 18:14:31
Quote by m-hadley:

Heya TriSec, Mondo, Star, Izzy & VJ,

Just chillin' here on a beee-utifull Saturday in T-town, watching college football - ugh The Hoosiers are losing to Mich. St. Spartans. I seem to have been forced by my environs to care about college football - they seem to think that it is as important as college basketball out here in Okie-ville :rolleyes:

Anywho, loved the Levi Johnston piece by Borowitz - thanks mucho Mondo. And Starling, I am bereft by the passing of dear Paul Newman. Here's a quote from Mr. Newman that I think has relevance for our times:

"If you're playing a poker game and you look around the table and and can't tell who the sucker is, it's you."

Paul Newman (Jan. 26, 1925 - Sept. 26, 2008)



Cheers,

mfaye

:gobama:




Two things. My parents have taken to watch ECU Pirates football. :thud: It only took them 23 years to get around to this.



My mom is totally heartbroken about Newman. He was her favorite actor for a long time. Momma Mondo Paul Newman.

Comment by Scoopster on 09/27/2008 18:15:12
Wow 2008.. you've taken so many revered people from the world. :(

Comment by Shane-O on 09/27/2008 23:06:02
All I have to say (sing) ISSSS!!!:

Comment by trojanrabbit on 09/28/2008 01:01:48
Not sure when my last post was last night, but I fell asleep not long after it. Thought I'd have a few beers while watching but I was already starting to fall asleep during Countdown (very easy when you have your cat purring contentedly in your lap), so I figured I'd just watch in bed with the other cat, sans the beer.



Gramps did better than I thought he would (that is lying through his teeth without the temper tantrum), we'll just have to hope for the VP meltdown next week, if there isn't some other crisis that makes it imperative to "postpone until a later indeterminate time".

Comment by Mondobubba on 09/28/2008 01:10:22
:rofl: :rofl: :rofl: Chris Rock. :rofl: :rofl: :rofl:

Comment by Mondobubba on 09/28/2008 01:27:17
I'd quote some of Rock's jocks, but this is a family blog! This special is required viewing.

Comment by Mondobubba on 09/28/2008 01:29:11
Here's one. "Is America ready for a black president? We should be, we've had a retarded one!"

Comment by Raine on 09/28/2008 03:08:40
Comment by Raine on 09/28/2008 03:33:32
Tina Faye!!!!!!!!!!!!

Comment by livingonli on 09/28/2008 04:07:47
I guess I wasn't the only one MIA today. Damn salt mine sucked me in.

Comment by Mondobubba on 09/28/2008 04:15:03






She is always right on point!

Comment by Raine on 09/28/2008 04:18:37
SML skwewering Bill Clinton now. Raine has had beers at friends houses tonite.

Comment by Raine on 09/28/2008 04:36:50




Yeah he went there. HE said Horse Shit last nite.





Comment by Raine on 09/28/2008 04:46:53
BTW, he says it twice.

Comment by livingonli on 09/28/2008 06:03:28
Good catch there. I'm just waiting for him to really blow up.