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The Inconveinent Truth

With all the “stimulus” (read political paybacks) floating around few talk of the incredible inflation these policies will create. And yet Obama wants to add yet trillions more in “stimulus”? The only result of the pork-filled stimulus package will be …. massive inflation.

From the St. Louis Federal Reserve:

St Louis Federal Reserve Money Supply

St Louis Federal Reserve Money Supply

You can’t create trillions of dollars without causing inflation and devaluing the currency. What’s worse, the “stimulus” won’t accomplish anything positive for the economy, it’s only goal is to spend pork — most of the spending doesn’t even happen this year. So why rush it? Only so the political operatives can pay back campaign people quickly.

Thanks to Glenn Beck for finding this chart.

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Sarah Palin Launches SarahPAC

Just as detractors hoped she’d go away, Sarah Pac is online.

Because 2012 is closer than you think.

Auto Bailout – More Taxpayer Money down the Black Hole

The best line so far about the government bailout for the auto industry – “Bringing Fannie and Freddie Style Accountability to the Auto Industry” by Newt Gingrich, who went on to say:

One of the reasons was House Financial Services Committee Chairman Barney Frank (D-Mass.). Frank fought tenaciously against the regulation that would have held Fannie and Freddie executives accountable and might have averted the financial crisis.

Now Chairman Frank wants to bring his particular style of crony capitalism to the auto industry.

On “Face the Nation” this Sunday, Chairman Frank announced that not only would he push for a taxpayer bailout of the Detroit Three during the special session of Congress this week, but he would also create a government oversight board for the three companies — in effect, a board of directors made up of predatory politicians.

I believe that it would be a mistake for the taxpayers to be forced to bail out Detroit. Companies at which union workers make $71 an hour in wages and benefits — compared to just $47 an hour at Toyota’s U.S. plants — are not going to be saved by a $25 billion government check.

So the people who brought you the Fannie/Freddie mess want to do for the auto industry what they did for the mortgage and banking industry. That guarantees bailout 2.0, 3.0, 4.0 and so on. Barney Frank not only can’t admit he failed spectacularly with Fannie and Freddie (saying they were fiscally sound right until they collapsed), he brazenly wants to do bring his failed Fannie/Freddie strategy to the auto industry. How many trillions will your failed oversight cost taxpayers, Mr. Frank?

But in January, there’s a new sheriff in town — Mr. hope-n-change rides in. Will Obama support actual change, or go along with the Democratic congress for more of the failed policies which got us into this mess in the first place? We hope Obama really does work for change, and tells Congress NO! That would take guts, and go against his own party, but we’ll quickly find out if we elected hope-n-change, or more-of-the-same. We’ve already had two years of Democratic-controlled policies, how well is that working out for you?

President-elect Obama won an historic victory two weeks ago on the promise of delivering change to the American people. Bailing out the Detroit auto dinosaurs is not change. It is crony capitalism in service of a failed status quo.

President-elect Obama should stand up to congressional Democrats and say “no” — “no” to saddling future generations of Americans with the bill for today’s crony capitalism.

That would be change we could believe in.

Crap Sandwich Bailout Bait and Switch

The classic bailout bait-and-switch. Remember how it was sold to the public (and Congress) with the idea to buy up troubled mortgage assets? Now, after the bill was signed, Secretary Paulson says he’s going to ignore what the bill said and spend the $700 billion however he wants.

This is just one problem with the bailout — it gives the Treasury Secretary unlimited power to spend $700 billion of our money any way he wants with no accountability whatsoever (can you say Freddie meltdown 2.0?). Should we thus be surprised when he decides to ignore the bill’s intentions?

This bailout disaster will end up with more corruption, payoffs, and back-room deals making the Fannie/Freddie meltdown look like childs play. And Team RePO (Reid/Pelosi/Obama) wants more bailout? Grab your walllet.

Treasury Secretary Henry Paulson said Wednesday that original plan to purchase distressed mortgage assets from Wall Street firms is not the best use of the $700 billion financial rescue package, and officials will now focus on direct capital injections into the struggling financial firms.

This comes after Paulson said buying troubled assets — the plan originally advertised to the public — would take too much time in a financial crisis that continues to test the patience of investors, government and the public.

So Paulson decides a handout (oops, “direct capital injection”) is best, and doesn’t even want to buy any assets. It’s pure handouts, and completely contradictory to what the public and Congress was told. Is it any wonder more companies and states are lining up at the federal trough for this pork-fest?

Neither party wants to investigate the financial meltdown they caused. Democrats look to take advantage of their financial creation to pass more socialist programs, while Republicans don’t want to touch it as it might uncover their shady business ties. Both parties don’t want the public to know the truth — it’s Congress’ fault (for the last two years Democratic controlled) for this mess. Simply put, Democrats forced banks to make home loans they knew would end up in default (via the Community Reinvestment Act), and Republicans saw a chance to make a buck by passing off the stinking festering pile of goo off to other (federal) banks so they could keep the profits.

The Crap Sandwich bailout — brought to you by the Democratic Congress overseeing Fannie Mae and Freddie Mac (and told you how financially sound they were right up until they collapsed) — and that worked out so well, let’s do bailout 2.0! How many trillions have already been spent by Democratic-controlled Congress without any results? And their solution — spend more!

Have no fear, citizens, Team RePO is on the job! (Hopefully, Obama won’t go along with Reid/Pelosi on more crappy bailout as he’s supposed to be for the little guy, but this remains to be seen)

When Tax Cuts Aren’t Tax Cuts

How socialist income redistribution is disguised by political candidates for votes

One of the biggest challenges facing both John McCain and Barack Obama in their commitment to provide tax relief to working-class Americans is the simple fact that millions of them already pay no personal income taxes.

According to the most recent IRS statistics for 2006, some 45.6 million tax filers — one-third of all filers — have no tax liability after taking their credits and deductions. For good or ill, this is a dramatic 57 percent increase since 2000 in the number of Americans who pay no personal income taxes.

Tax Foundation estimates show that if all of the Obama tax provisions were enacted in 2009, the number of these “nonpayers” would rise by about 16 million, to 63 million overall. If all of the McCain tax proposals were enacted in 2009, the number of nonpayers would rise by about 15 million, to a total of 62 million overall.

Most tax credits can only reduce a taxpayer’s amount due to zero, but the EITC and the child tax credit were also made refundable, meaning that taxpayers are eligible to receive a check even if they have paid no income tax during the year. Those tax returns have become, in effect, a claim form for a subsidy delivered through the tax system rather than a direct payment from a traditional government program like welfare or farm supports.

Both the McCain and Obama plans would increase this number by expanding existing tax benefits or creating new ones. Senator McCain is proposing one expanded provision — the dependent exemption — and one new credit, a $5,000 refundable health care tax credit. The Obama plan contains seven new provisions, including a new “Making Work Pay Credit,” a “Universal Mortgage Credit,” and a plan to eliminate income taxes for seniors earning under $50,000.

About one-third of tax filers pay no income tax at all. So how can Obama claim to cut taxes for “95%”? He can’t (at least honestly). Not only does his plan increase the number of people who pay no tax at all from about 1/3 to almost 1/2, but additionally gives handouts to those who pay no taxes at all. That’s welfare under a different name. But you can’t put lipstick on the pig and change the pig — welfare disguised as tax cuts is still welfare.

Both McCain’s and Obama’s plans are socialist. If someone pays zero tax, it’s mathematically impossible to cut it — yet both candidates call their Robin Hood programs “tax cuts”.

McCain had it right earlier to criticize Obama’s plans — Obama calls them “tax cuts”, but any third grader knows better (McCain was correct, but the criticism applies to his plan as well). Obama’s plan is socialist income redistribution (take money from those who earned it and give it to others — “spread the wealth around”); it has to be disguised because if Obama is honest and calls his plan what it is (a giant expansion of welfare — even Clinton knew welfare was broken, and the country should “end welfare as we know it”, not expand a broken system which encourages people to live out of the public trough), it would be rejected as the giant welfare program it is.

Is it really good public policy to have half the country not support the government? How much should the “rich” pay? Do the rich pay their fair share? What happens when the majority of people pay no taxes, and in fact receive welfare payments from the Federal government?

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess from the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. [Quote attributed to several people, but commonly Sir Alex Fraser Tytler (1742-1813)]

If voters really want socialist programs and are willing to vote for them (knowing those policies will eventually cause the country to collapse — think of current mess with Fannie/Freddie multiplied hundreds of times), let’s at least be honest about it — instead of hiding the truth in attempts to fool people into supporting something they’d really be against if they knew the truth. (Corollary: Why do liberals fear being called liberals?)

At least if people have information they’ll know voting for these proposals guarantees a more serious financial meltdown later which makes current events look like child’s play — and we haven’t even begun to talk about Social security bankrupt and the ignoring of warnings about Social Security’s (and other entitlements) destructive impact on the economy of the future.

There is no free lunch — the bill for these handouts will come due, and no amount of “soak the rich” can possibly pay for it. Candidates are simply destroying the future (after they’re out of office) to buy votes today. We don’t completely blame Democrats — they don’t have the big spending reputation for nothing, after all — it’s the Republicans which continue to go along with the big-government, lets-try-a-free-lunch Democrats which guarantees we’ll have many more financial messes to deal with making the current trillion dollar bailout look like pocket change.

There is no free lunch, and promising one is dishonest.

Senate to Vote on Pork-Laden Earmarked Bailout Package

They just can’t help themselves when it comes to stuffing pork in any and all bills, with both new waste, and renewals of old waste. Is it any wonder these bozos aren’t trusted, and Congress has single-digit approval ratings? The only bipartisan agreement comes on stuffing pork and earmarks at every opportunity — the one thing both parties agree on. Disgusting — and at 451 pages long, what are the odds any of the Senators actually reading the bill?

New Tax earmarks in Bailout bill

  • Film and Television Productions (Sec. 502)
  • Wooden Arrows designed for use by children (Sec. 503)
  • 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.

  • Virgin Island and Puerto Rican Rum (Section 308)
  • American Samoa (Sec. 309)
  • Mine Rescue Teams (Sec. 310)
  • Mine Safety Equipment (Sec. 311)
  • Domestic Production Activities in Puerto Rico (Sec. 312)
  • Indian Tribes (Sec. 314, 315)
  • Railroads (Sec. 316)
  • Auto Racing Tracks (317)
  • District of Columbia (Sec. 322)
  • Wool Research (Sec. 325)

What does ANY of that have to do with saving the economy? It doesn’t. Of course, this isn’t the final bill, but which is more likely — Congress will do the right thing and strip this pork from the bill, or to guarantee its passage they’ll load it up with even more pork earmarks?

Obama supports pork and earmarks, but here’s a chance for McCain to take a stand and — at the very least — make a speech proclaiming all these earmarks, and who they’re from. It’s unlikely the Senate won’t pass this pork-fest, but at least McCain could be on record.

Let’s hope the House doesn’t pass the pork-fest as well, and the House Republicans don’t knuckle under to pressure and demand the earmarks be removed, as well as protecting taxpayers from paying the $700 billion of the bill. They have the right idea — loans not bailouts. Let’s hope the House remembers it’s backbone and opposes this disaster (which will likely be laden with even more pork by the time the Senate passes it).

Reid, Pelosi and Schumer Fail on Bailout for Economy

Harry the-war-is-lost Reid is trying to shift blame for his failure to move the “bailout” proposal forward. That might work for people who don’t realize it’s the Democrats holding the majority in both the House and Senate; Reid and Pelosi can pass whatever pork bailout bill they want, and the President will surely sign it. They don’t need any Republicans to do so. If a bill isn’t passed, it’s because the Democrats don’t want it passed. Democrats are the majority, they’re responsible for passing the bill and can do so at any time. What Reid meant was he doesn’t want to pass the bill right now, but he’s not the only blame-shifter.

“We need to get the president to get the Republican House in order,” Sen. Charles Schumer, D-N.Y., added while on the Senate floor. “Without Republican cooperation, we cannot pass this bill.”

Totally false, plain and simple. Democrats hold majorities in both houses, they don’t need any Republican support to pass this bill, other than the President (who will support it). The only possibility (and a remote one) is a possible Senate filibuster (Pelosi can pass it whenever she wants), which won’t happen. Even if it does, they’d only need a handful of fiscally irresponsible Republicans to go along (which they’d get).

Why won’t Democrats act? What are they waiting for? Could it be they’re posturing for political reasons? Or do Reid/Pelosi simply don’t know they hold the majority, and don’t realize they can pass anything they want? Is it possible Reid/Pelosi/Schumer know the majority of Americans are against the bailout, and want to spread the blame around come November?

Schumer/Read/Pelosi don’t need Republicans to pass the bill, they need them for cover for the upcoming election (so in a sense, Schumer is right, they can’t pass the bill without the cover of Republicans for their pork — they can pass it without Republicans votes, but they’re hoping the blame game works. Politics as usual).

It’s interesting as Obama tries to paint McCain as agreeing with Bush, it’s Obama and the Democrats who walk in lockstep with the President to give $700 Billion of your money to Wall Street (tax and spend yielding to tax and giveaway). Is that what you want? Do you agree with Obama in giving handouts of $700 billion of your money to failing companies? Is Obama correct in taking your money and giving it to corporations who bungled their management? If you’re paying your mortgage on time, do you agree with Obama those exercising fiscal irresponsibility should be rewarded?

It’s McCain and a minority of Republicans who want something different (along with most of the American people). Will Democrats team up with the President to ram a pork bill through? Or will sanity reign and a reasonable approach (loans instead of bailouts and rewards which leave the taxpayer footing the bill) supported by others have a chance?

We’ll see what happens, but don’t buy the lie Reid and Pelosi need any Republicans to go along. They do not as they’re the majority (even if they fail to act like it). Since Obama aligns with Reid 95% of the time, is this the leadership the country looks forward to in an Obama administration? Do you want politics put first? Or country first?

In Washington, it’s a showdown between the representatives of Wall Street and the representatives of Main Street. But have you noticed that the old partisan alliances are reversed? It’s the Democrats who are now the Wall Street Party. And Republicans — with the conspicuous exception of President Bush — are now the Main Street Party.

Consider: President Bush proposed the $700 billion plan; after days of hiding behind the Secretary of Goldman Sachs, Henry Paulson, Bush finally emerged from the sidelines Wednesday night to tout the plan in prime time. Just this morning, he spoke again in favor of his plan, while again taking no questions from pesky reporters.

But the Congressional Democrats, who mostly despise Bush, are also mostly for the Bush plan. Sure, they made some cosmetic changes in the bailout proposal, but they have never wavered in their basic endorsement.

So who’s against the plan? It’s Congressional Republicans who are getting in the way. They are the heroes of the hour. Although outnumbered, these brave Capitol Hill GOPers have stopped official Washington in its tracks.

Why? Because the Democratic majority, supporting the bailout, doesn’t actually dare to vote for it unless they know that most Republicans will vote for it, too. And that’s because the Democrats fear that this bailout legislation is deeply unpopular with the country. So the only way that Democrats can vote for the bill and be safe this November is if Republicans also put their names on the legislative dotted line. Not a profile in courage for Democrats, of course, but it’s smart practical politics for them to demand some ‘cover.’

Reid/Pelosi know they can pass the bill anytime they want. They’re hoping first nobody realizes that, and second, they can stall long enough to cover their collective #!&$ for a bill the American people don’t want.