By: Wayne N. Krautkramer Posted Wednesday, 15 September 2004
http://news.goldseek.com/GoldSeek/1095269452.php
Wednesday, September 24, 2008
No Bailout
Congressman Ron Paul Statement before the Joint Economic Committee - September 24, 2008 http://www.house.gov/paul/
Mr. Chairman, I believe that our economy faces a bleak future, particularly if the latest $700 billion bailout plan ends up passing. We risk committing the same errors that prolonged the misery of the Great Depression, namely keeping prices from falling. Instead of allowing overvalued financial assets to take a hit and trade on the market at a more realistic value, the government seeks to purchase overvalued or worthless assets and hold them in the unrealistic hope that at some point in the next few decades, someone might be willing to purchase them.
One of the perverse effects of this bailout proposal is that the worst-performing firms, and those who interjected themselves most deeply into mortgage-backed securities, credit default swaps, and special investment vehicles will be those who benefit the most from this bailout. As with the bailout of airlines in the aftermath of 9/11, those businesses who were the least efficient, least productive, and least concerned with serving consumers are those who will be rewarded for their mismanagement with a government handout, rather than the failure of their company that is proper to the market. This creates a dangerous moral hazard, as the precedent of bailing out reckless lending will lead to even more reckless lending and irresponsible behavior on the part of financial firms in the future.
This bailout is a slipshod proposal, slapped together haphazardly and forced on an unwilling Congress with the threat that not passing it will lead to the collapse of the financial system. Some of the proposed alternatives are no better, for instance those which propose a government equity share in bailed-out companies. That we have come to a point where outright purchases of private sector companies is not only proposed but accepted by many who claim to be defenders of free markets bodes ill for the future of American society.
As with many other government proposals, the opportunity cost of this bailout goes unmentioned. $700 billion tied up in illiquid assets is $700 billion that is not put to productive use. That amount of money in the private sector could be used to research new technologies, start small business that create thousands of jobs, or upgrade vital infrastructure. Instead, that money will be siphoned off into unproductive assets which may burden the government for years to come. The great French economist Frederic Bastiat is famous for explaining the difference between what is seen and what is unseen. In this case the bailout's proponents see the alleged benefits, while they fail to see the jobs, businesses, and technologies not created due to this utter waste of money.
The housing bubble has burst, unemployment is on the rise, and the dollar weakens every day. Unfortunately our leaders have failed to learn from the mistakes of previous generations and continue to lead us down the road toward economic ruin.
Mr. Chairman, I believe that our economy faces a bleak future, particularly if the latest $700 billion bailout plan ends up passing. We risk committing the same errors that prolonged the misery of the Great Depression, namely keeping prices from falling. Instead of allowing overvalued financial assets to take a hit and trade on the market at a more realistic value, the government seeks to purchase overvalued or worthless assets and hold them in the unrealistic hope that at some point in the next few decades, someone might be willing to purchase them.
One of the perverse effects of this bailout proposal is that the worst-performing firms, and those who interjected themselves most deeply into mortgage-backed securities, credit default swaps, and special investment vehicles will be those who benefit the most from this bailout. As with the bailout of airlines in the aftermath of 9/11, those businesses who were the least efficient, least productive, and least concerned with serving consumers are those who will be rewarded for their mismanagement with a government handout, rather than the failure of their company that is proper to the market. This creates a dangerous moral hazard, as the precedent of bailing out reckless lending will lead to even more reckless lending and irresponsible behavior on the part of financial firms in the future.
This bailout is a slipshod proposal, slapped together haphazardly and forced on an unwilling Congress with the threat that not passing it will lead to the collapse of the financial system. Some of the proposed alternatives are no better, for instance those which propose a government equity share in bailed-out companies. That we have come to a point where outright purchases of private sector companies is not only proposed but accepted by many who claim to be defenders of free markets bodes ill for the future of American society.
As with many other government proposals, the opportunity cost of this bailout goes unmentioned. $700 billion tied up in illiquid assets is $700 billion that is not put to productive use. That amount of money in the private sector could be used to research new technologies, start small business that create thousands of jobs, or upgrade vital infrastructure. Instead, that money will be siphoned off into unproductive assets which may burden the government for years to come. The great French economist Frederic Bastiat is famous for explaining the difference between what is seen and what is unseen. In this case the bailout's proponents see the alleged benefits, while they fail to see the jobs, businesses, and technologies not created due to this utter waste of money.
The housing bubble has burst, unemployment is on the rise, and the dollar weakens every day. Unfortunately our leaders have failed to learn from the mistakes of previous generations and continue to lead us down the road toward economic ruin.
Monday, September 15, 2008
Black Monday 9/15/08
Today I had some surprises, on my way home from a business meeting, I turned on my car radio, surfed the AM channels and just happened to hear a familiar voice and it was Mike Huckabee on the Neal Boortz Show. I had never listened to the show before. The Gov has a gift of presenting view points with an air of ease, it was a really good program.
Then this evening I listened in on the Michael Savage Show talking about today being a new Black Monday and few are paying attention as We The People are losing the economy. We're bombarded with junk news while going through a financial Tsunami from 9/11 to 9/15. In 2004 investment bankers were allowed to pull out all the stops with very little regulation and plunder the hard working American people through bad loans.
His question is who is responsible and shouldn’t they be punished?
To listen live http://michaelsavage.wnd.com/
It's very informative, causing us to think deeper. We are in dire times. Alan Greenspan the man who's been holding our economy together for many years, said "U.S. in 'once-in-a-century' financial crisis". The last century was the Great Depression.
For those of us who know God, we can certainly understand Him pulling away His hand of blessings, as our Nation as a whole has told Him to stay out of our public affairs. I suppose now that we've lost much and are ruled by tyrannical laws, we'll cry out to God like the backslidden people of Israel in the Bible, and that is a bright light in this Black cloud, because God always sent deliverance.
Then the NY Post reported a piece of good news, that many NY Democratic women are throwing their vote to John McCain. As a woman, if I were a Democrat I would also heed Senator Obama's arrogance to spare him the phony outrage along with my vote. The unapologetic perceived offending lipstick comment cost him more than he realizes.
And I'm so glad Democratic women are looking at the Palin Family and seeing their success with quality careers and they get to keep their many children too.
For women it's even more important that we fight to keep America's Christian heritage and fight for the life of our children, born or pre-born. Because the Bible says God hears the blood crying from the land, as He told Cain when he killed his innocent brother Abel.
And if we as women and the men who love us, don't turn around but continue to rebuke God and His laws we will not have anymore laws to protect us. Just as America's mother nation, Great Britain, is now allowing Sharia Law Courts, which have the legal right to punish women for extreme offenses such as being alone in the company of an unrelated male.
It looks like this may be the deciding year that women will have a real Choice in how we're going to clean up our act. If we don’t choose pro-life and family leaders, there may be a time really soon that we'll be forced to, and there will be no more talk of Abortion or Homosexuality which Sharia Law doesn’t permit.
Then this evening I listened in on the Michael Savage Show talking about today being a new Black Monday and few are paying attention as We The People are losing the economy. We're bombarded with junk news while going through a financial Tsunami from 9/11 to 9/15. In 2004 investment bankers were allowed to pull out all the stops with very little regulation and plunder the hard working American people through bad loans.
His question is who is responsible and shouldn’t they be punished?
To listen live http://michaelsavage.wnd.com/
It's very informative, causing us to think deeper. We are in dire times. Alan Greenspan the man who's been holding our economy together for many years, said "U.S. in 'once-in-a-century' financial crisis". The last century was the Great Depression.
For those of us who know God, we can certainly understand Him pulling away His hand of blessings, as our Nation as a whole has told Him to stay out of our public affairs. I suppose now that we've lost much and are ruled by tyrannical laws, we'll cry out to God like the backslidden people of Israel in the Bible, and that is a bright light in this Black cloud, because God always sent deliverance.
Then the NY Post reported a piece of good news, that many NY Democratic women are throwing their vote to John McCain. As a woman, if I were a Democrat I would also heed Senator Obama's arrogance to spare him the phony outrage along with my vote. The unapologetic perceived offending lipstick comment cost him more than he realizes.
And I'm so glad Democratic women are looking at the Palin Family and seeing their success with quality careers and they get to keep their many children too.
For women it's even more important that we fight to keep America's Christian heritage and fight for the life of our children, born or pre-born. Because the Bible says God hears the blood crying from the land, as He told Cain when he killed his innocent brother Abel.
And if we as women and the men who love us, don't turn around but continue to rebuke God and His laws we will not have anymore laws to protect us. Just as America's mother nation, Great Britain, is now allowing Sharia Law Courts, which have the legal right to punish women for extreme offenses such as being alone in the company of an unrelated male.
It looks like this may be the deciding year that women will have a real Choice in how we're going to clean up our act. If we don’t choose pro-life and family leaders, there may be a time really soon that we'll be forced to, and there will be no more talk of Abortion or Homosexuality which Sharia Law doesn’t permit.
Olga Hermann
Wednesday, September 10, 2008
Lipstick on a Pig
A few days ago, Senator Obama used the term which has caused such a stir, with Sarah Palin supporters viewing this as an insult to her, because of her reference to lipstick. Obviously there is a much deeper divide and it has offended many. When others offended Obama supporters, they immediately apologized and put the issue to rest.
Senator Obama has immediately shifted the blame to the McCain team, saying "spare me the phony outrage", adding fuel to the fire. Many women have faced years of discrimination and abuse in all areas of life, even more so than racial prejudice. Intimidation, emotional, physical, and financial abuse is rampant and thousands of American women still die at the hands of men every year. Single mothers still make up the bulk of families in poverty.
Sarah Palin represents a new era for women, the same as Barack Obama represents a new era for the African American people and minority races. Both these issues have been very sensitive because they’re new for us and hidden wounds have been coming to the surface.
These blowouts are probably what our nation needs to deal with the root issues of our problems which has been our lack of understanding and respect for one another. A house divided cannot stand, no matter what great ideas either party comes up with, the other party will do it’s best to sabotage them as we can see in our governments stalemate year after year.
This is Obama’s first test in Presidential diplomacy and he hasn’t handled it well. An apology for a perceived offense would have been so easy. But pride comes before a fall, and already he’s sliding in the polls and a lot of the slide is female votes. Let’s hope the McCain/Palin Team will learn from Gov. Huckabee to keep politics vertical and build bridges to unite Americans.
Olga Hermann
Senator Obama has immediately shifted the blame to the McCain team, saying "spare me the phony outrage", adding fuel to the fire. Many women have faced years of discrimination and abuse in all areas of life, even more so than racial prejudice. Intimidation, emotional, physical, and financial abuse is rampant and thousands of American women still die at the hands of men every year. Single mothers still make up the bulk of families in poverty.
Sarah Palin represents a new era for women, the same as Barack Obama represents a new era for the African American people and minority races. Both these issues have been very sensitive because they’re new for us and hidden wounds have been coming to the surface.
These blowouts are probably what our nation needs to deal with the root issues of our problems which has been our lack of understanding and respect for one another. A house divided cannot stand, no matter what great ideas either party comes up with, the other party will do it’s best to sabotage them as we can see in our governments stalemate year after year.
This is Obama’s first test in Presidential diplomacy and he hasn’t handled it well. An apology for a perceived offense would have been so easy. But pride comes before a fall, and already he’s sliding in the polls and a lot of the slide is female votes. Let’s hope the McCain/Palin Team will learn from Gov. Huckabee to keep politics vertical and build bridges to unite Americans.
Olga Hermann
Thursday, September 4, 2008
John McCains Nomination Acceptance Speech RNC - (last part)
I fell in love with my country when I was a prisoner in someone else’s. I loved it not just for the many comforts of life here. I loved it for its decency; for its faith in the wisdom, justice and goodness of its people. I loved it because it was not just a place, but an idea, a cause worth fighting for. I was never the same again. I wasn’t my own man anymore. I was my country’s.
I’m not running for president because I think I’m blessed with such personal greatness that history has anointed me to save our country in its hour of need. My country saved me. My country saved me, and I cannot forget it. And I will fight for her for as long as I draw breath, so help me God.
If you find faults with our country, make it a better one. If you’re disappointed with the mistakes of government, join its ranks and work to correct them. Enlist in our Armed Forces. Become a teacher. Enter the ministry. Run for public office. Feed a hungry child. Teach an illiterate adult to read. Comfort the afflicted. Defend the rights of the oppressed. Our country will be the better, and you will be the happier. Because nothing brings greater happiness in life than to serve a cause greater than yourself.
I’m going to fight for my cause every day as your President. I’m going to fight to make sure every American has every reason to thank God, as I thank Him: that I’m an American, a proud citizen of the greatest country on earth, and with hard work, strong faith and a little courage, great things are always within our reach. Fight with me. Fight with me.
Fight for what’s right for our country.
Fight for the ideals and character of a free people.
Fight for our children’s future.
Fight for justice and opportunity for all.
Stand up to defend our country from its enemies.
Stand up for each other; for beautiful, blessed, bountiful America.
Stand up, stand up, stand up and fight. Nothing is inevitable here. We’re Americans, and we never give up. We never quit. We never hide from history. We make history.
Thank you, and God Bless you.
I’m not running for president because I think I’m blessed with such personal greatness that history has anointed me to save our country in its hour of need. My country saved me. My country saved me, and I cannot forget it. And I will fight for her for as long as I draw breath, so help me God.
If you find faults with our country, make it a better one. If you’re disappointed with the mistakes of government, join its ranks and work to correct them. Enlist in our Armed Forces. Become a teacher. Enter the ministry. Run for public office. Feed a hungry child. Teach an illiterate adult to read. Comfort the afflicted. Defend the rights of the oppressed. Our country will be the better, and you will be the happier. Because nothing brings greater happiness in life than to serve a cause greater than yourself.
I’m going to fight for my cause every day as your President. I’m going to fight to make sure every American has every reason to thank God, as I thank Him: that I’m an American, a proud citizen of the greatest country on earth, and with hard work, strong faith and a little courage, great things are always within our reach. Fight with me. Fight with me.
Fight for what’s right for our country.
Fight for the ideals and character of a free people.
Fight for our children’s future.
Fight for justice and opportunity for all.
Stand up to defend our country from its enemies.
Stand up for each other; for beautiful, blessed, bountiful America.
Stand up, stand up, stand up and fight. Nothing is inevitable here. We’re Americans, and we never give up. We never quit. We never hide from history. We make history.
Thank you, and God Bless you.
Tuesday, September 2, 2008
The Republican National Convention
Fred Thompson actually gave a powerful historical account on John McCains life and time as a war hero and the tortures he endured during his 5.5 years at the Hanoi Hilton. Something McCain has not been able to talk about himself. I'm so glad I heard that, because my own father was a POW during WWII, also in the Pacific, and other members of my family were as well. And he was never able to talk about it much.
I was deeply moved by the story of Senator McCain as a true American Hero and all he went through. After being so grieved listening to John Kerry's testimonies about our men being killers and cowards.
Today we got to hear about a Vietnam hero, bringing long overdue honor to all those who served, suffered and died there.
The whole theme of "Service, putting others first" was amazing, there has never been a Convention quite like this one and should shift the country to do what's right, that Mike Huckabee has been speaking out on from the beginning.
It seems like God keeps bringing out all sorts of truths for old wounds to be healed in our Nation. Mike Huckabee's time will come, it just isn't yet as President. It may be that where our country is headed we need a strong military leader who won't back down, nomatter what the personal cost.
Now I see why the Gov. shows such great respect for incoming President John McCain. Listening to the stories told by Fred Thompson and the others has really humbled me.
God bless Senator McCain and all who serve our country. God bless America!
Olga Hermann
I was deeply moved by the story of Senator McCain as a true American Hero and all he went through. After being so grieved listening to John Kerry's testimonies about our men being killers and cowards.
Today we got to hear about a Vietnam hero, bringing long overdue honor to all those who served, suffered and died there.
The whole theme of "Service, putting others first" was amazing, there has never been a Convention quite like this one and should shift the country to do what's right, that Mike Huckabee has been speaking out on from the beginning.
It seems like God keeps bringing out all sorts of truths for old wounds to be healed in our Nation. Mike Huckabee's time will come, it just isn't yet as President. It may be that where our country is headed we need a strong military leader who won't back down, nomatter what the personal cost.
Now I see why the Gov. shows such great respect for incoming President John McCain. Listening to the stories told by Fred Thompson and the others has really humbled me.
God bless Senator McCain and all who serve our country. God bless America!
Olga Hermann
Subscribe to:
Posts (Atom)
