Bailout

Take Action - no bailouts for the Big 3

Drew McKissick — Thu, 11 Dec 2008 11:21:29 -0500

One more time people. The House failed to stop this thing yesterday, bowing to overwhelming support from the Democrats (surprise)...but now it's up to the Senate.

And it's up to us to let them know we oppose this boondoggle.

Detroit's Big 3 automakers - and the labor unions - want 15 billion of your tax dollars as a down-payment on a bailout that some economists say could reach over 100 billion dollars.

Tell our Senators to tell them NO.

Keep in mind, this comes after over a trillion dollars in bailouts for banks and insurance companies already this year - with the Treasury Secretary talking about another 700 billion soon.

Where does it end?!?!

Tell Congress this madness has to stop!

These companies must get their own houses in order – not beg the government to pick our pockets and get them off the hook!

Click here to tell your members of Congress to SAY NO to more bailouts!

Tell Congress NO bailouts for the Big 3

Drew McKissick — Fri, 05 Dec 2008 10:45:10 -0500

Here we go again.

The guys from Detroit's Big 3 were back on Capitol Hill yesterday with their hands out, claiming that if the government (read: taxpayers) doesn't bail them out, they'll go under.

They claim they can't use bankruptcy laws like everyone else to get their houses in order and restructure. They just need your money. Only 34 billion.

One economist testified that, under their current structure, they would likely need over 125 billion over the next year in bailout funds to stay afloat.

This comes after over a trillion dollars in bailouts for banks and insurance companies already - with the Treasury Secretary talking about another 700 billion soon.

Where does it end?!?!

Tell Congress this madness has to stop!

The government cannot get into the business of bailing out or nationalizing every company that loses money. That’s called socialism. And we’re headed there fast.

These companies must get their own houses in order – not beg the government to pick our pockets and get them off the hook!

Say NO to government incentives for failure. Demand free-market solutions!

Click here to tell your members of Congress to SAY NO to more bailouts!

Stop the Bailouts! Fax Congress Today!

Drew McKissick — Tue, 11 Nov 2008 20:52:14 -0500

Congress is at it again!

First it was almost a trillion dollars in bailouts for banks without fixing the housing policies that helped start the crisis.

Then AIG Insurance, which was bailed out to the tune of 85 BILLION dollars just a few months ago, is now getting a total package of 150 BILLION dollars. And the government has even declared that American Express is eligible for bailout funds as well.

And now, Nancy Pelosi and Harry Reid are demanding that the administration extend bailouts to Detroit’s “big three”, Ford, GM and Chrysler.

At this rate, what company wont be in line with their hands out?

Tell Congress this madness has to stop!

The government cannot get into the business of bailing out or nationalizing every company that loses money. That’s called socialism. And we’re headed there fast.

These companies must get their own houses in order – not beg the government to pick our pockets and get them off the hook!

Tell Congress to SAY NO to more bailouts!

Say NO to government incentives for failure. Demand free-market solutions!

CLICK HERE to Contact Congress today and let them know we've had enough - BEFORE they pass ANOTHER bailout!

Common sense at the Washington Post

Drew McKissick — Mon, 20 Oct 2008 16:47:27 -0400

I have no idea what they're smoking over at the Washington Post, but PLEASE, get them some more! (But it does seem like a sign of the end of times...)

Check out their take on the cause of the financial mess...

IS THIS the end of American capitalism? As financial panic spread across the globe and governments scrambled to contain the damage, reality seemed to announce the doom of U.S.-style free markets and President Bush's ideology. But this is wrong in two ways. The deregulation of U.S. financial markets did not reflect only the narrow ideology of a particular party or administration. And the problem with the U.S. economy, more than lack of regulation, has been government's failure to control systemic risks that government itself helped to create. We are not witnessing a crisis of the free market but a crisis of distorted markets.

It's true that the Bush administration has stood for light regulation of capital markets. But it did not invent this approach. By the middle of the last decade, experts across the spectrum believed that U.S. financial institutions faced outmoded restraints on their ability to innovate. Thus, the Clinton administration, supported by then-Federal Reserve Chairman Alan Greenspan, refused to tighten regulations on financial derivatives, memorably dubbed "financial weapons of mass destruction" by Warren Buffett. The 1999 repeal of the Glass-Steagall Act, a Depression-era law separating commercial banking and investment banking, passed with overwhelming bipartisan support in Congress and was signed into law by President Bill Clinton.

We'll never know how this newly liberated financial sector might have performed on a playing field designed by Adam Smith. That's because government interventions of all kinds, from the defense budget to farm supports, shaped the business environment. No subsidy would prove more fateful than the massive federal commitment to residential real estate -- from the mortgage interest tax deduction to Fannie Mae and Freddie Mac to the Federal Reserve's low interest rates under Mr. Greenspan. Unregulated derivatives known as credit-default swaps did accentuate the boom in mortgage-based investments, by allowing investors to transfer risk rather than setting aside cash reserves. But government helped make mortgages a purportedly sure thing in the first place. Home prices seemed to stand on a solid floor built by Washington.

Government support for housing was well-intentioned: Homeownership is a worthy goal. But when government favors a particular economic activity, however validly, it must seek countervailing control to ensure the sustainable use of public resources. This is why banks must meet capital requirements in return for federal deposit insurance. Congress did not apply this sound principle to Fannie Mae and Freddie Mac; they were allowed to engage in profitable but increasingly risky activities with an implicit government guarantee. The result was that taxpayers had to assume more than $5 trillion of their obligations. ...

The new capitalist model that emerges from this crisis must operate according to more consistent principles. The Fed should set interest rates with the long-run value of the dollar in mind. Government must be more selective about manipulating markets; over the long term, business works best when it is subject to market discipline alone. In those cases -- and there will and should be some -- in which government intervenes on behalf of social goals, its support must be counterbalanced with taxpayer protections and regulation. Government-sponsored, upside-only capitalism is the kind that's in crisis today, and we say: Good riddance.

Amazing. The only thing wrong with this piece is that it took them until two weeks before the election to write it.

Exit question: Since this actually appeared in the Washington Post, will the rest of the folks in the media pick up on it? Doubtful.

Liberal housing policy chickens coming home to roost

Drew McKissick — Mon, 06 Oct 2008 15:01:25 -0400

Let's get one thing straight. The government and its misguided housing policies caused our current financial mess. And, as a result, the government should help fix it.

That said, exactly "what" should have been fixed, "how" and for "how much" are the right places to focus our attention. But that doesn't mean we shouldn't make sure everyone knows exactly how we got in this mess.

The origins lie in the Clinton Administration's misguided attempt to raise the percentage of homeowners in America by forcing banks to give loans to people with, shall we say, less than stellar credit, (those "sub-prime" mortgages you keep hearing about).

Stock market down

Drew McKissick — Thu, 02 Oct 2008 16:04:05 -0400

This is just too rich. Remember how we were told that the market tanked 777 points the day after the House voted "no" on the bailout this week? And how they blamed (primarily) House Republicans for killing the deal...and erasing a trillion dollars worth of wealth... (More than the bailout would have cost us, we were told).

Well, the day after the Senate voted to approve an even more costly version of the bailout, the market has gone down 359 points.

So will we now hear that the Senate's action helped drive the market down? That the market went down because the bill was so overloaded woth pork??

Yeah, right.

The point is that you cannot and should not do this kind of legislation under the gun, let alone allowing your actions to be dictated by daily tick-tock of the emotion driven stock market.

Tell Congress "NO" on the bailout!

Drew McKissick — Thu, 02 Oct 2008 12:25:07 -0400

Last week, conservatives all across America flooded Congress with the demand that they oppose the bailout, and the House complied. But now the Senate has "rescued" the bailout...and the pressure is on the House again.

The Senate let conservatives down yesterday...voting 3 to 1 in favor of what has now ballooned to a 451 page bill. Does anyone seriously believe that, given the rush to do this "now!", and with no hearings at all, that they all know just exactly "what" is in this monstrosity? Doubtful. (check out a copy of what they probably haven't read here).

Conservatives have to get in touch with their House members and let them know we want them to VOTE NO on this bailout.

We have to let them know that we want REAL solutions based on FREE-MARKET PRINCIPLES. That we want REAL REFORM of the policies and agencies (Fannie Mae and Freddie Mac) that caused this problem to begin with.

Let them know that you view any bill that does not have those reforms as a complete waste of tax-payer money...and that you'll hold them accountable at the ballot box in November.

The House email system has been overwhelmed, but you can still get through via fax.

Click here and send your members of Congress a personalized fax message today - before they vote tomorrow.

***

Michelle Malkin has a list of the GOP House members (with phone numbers) who voted "no" the first time. Give them a call.

Stock market closes UP almost 500 points

Drew McKissick — Tue, 30 Sep 2008 16:33:23 -0400

Well, well, well. Congress refuses to pass a massive tax-payer bailout of Wall Street and politicians and the media lose their minds... The market goes down 777 points. The media tells us this is the single worst loss in Wall Street history. But what they DIDN'T say was 777 points in 2008 ain't the same thing as twenty years ago.

In other words, the market was only down in real terms about 6 1/2 percent...or the 17th "worst" day in market history.

We were told, "See, see! The market's down by a record...over 1 trillion dollars of wealth was eliminated...more than the bailout would cost...because we didn't pass it!" Well.

So what happens the day after the "panic"? The bargain hunters ruled the roost and the market closed UP almost 500 points. I wonder if they will tell us that today's gain was the THIRD best ever, (judging by the same standard as they reported yesterday's loss)...or just that it was up 4 1/2 percent.

So will we now hear on the evening news that over 3/4's of a trillion dollars of "wealth" was regained today??

I'm holding my breath. Call E.M.S.

Demand REAL solutions to the "crisis"

Drew McKissick — Tue, 30 Sep 2008 14:19:23 -0400

Conservatives all across America flooded Congress with the demand that they say NO to the $700 billion dollar bailout.

They felt the heat and they rejected the bill.

But conservatives can’t quit now! We have to let Congress know that any new bill actually fixes the problem that caused the mess to begin with.We have to demand FREE MARKET solutions.

Now we have an opportunity for REAL REFORM that actually abides by conservative principles and addresses the root causes of the problem, (such as privatization of Fannie Mae and Freddie Mac).

By standing up for conservative principles, Republicans on Capitol Hill – and even John McCain – can put themselves on the side of the American people and win credit at the ballot box.

But they have to be pushed.

Tell them you want them to take a stand for conservative, free-market principles.

Contact your members of Congress and let them know how you feel today!

Click here and fill out the form to send a personalized fax to members of Congress.

The Root Cause of the Financial Crisis... In Ten Minutes or Less

Gary Gore — Tue, 30 Sep 2008 12:16:41 -0400

This clip from Youtube is about the most clear, direct, and concise explanation I've seen to date that details exactly what has led to the financial meltdown we've been witnessing over the past several years, leading up to the point we find ourselves in right now, requiring the federal government to step in and infuse $700 Billion of our money into the system to salvage our economy.

What has led to this huge crisis has been the continued going-along that has been done in Congress, incrementally getting away from conservative principals of free-market capitalism.

Until Congress creates a package that addresses the underlying problems and causes that have actually led to this mess we're in and gets our nation back to those pure, conservative ideals of free-market capitalism and lessened government involvment and experimentation within the process that we had in place before we witnessed this avalanche, we need to continue to be in opposition to any further attempts by the federal government to taking over such vast control of our financial sector!

Until Congress decides to show us that they are serious about getting back to our conservative roots financially with any futher package they may propose to us, please go to our 'Demand REAL Solutions!' campaign page and send a fax to Congress telling them to demand accountability, to immediately cease from using our financial sector as a vast liberal social experiment, and to strongly oppose giving away billions of our tax dollars to bailout Wall Street.