$700 Billion Bailout: Utah's Congressional Delegation is Up a Creek Without a Clue

Yesterday, each member of the Utah Congressional delegation told the Deseret News that they would have to wait and see whether the $700 billion bailout is good for the people of America. The scheme is clearly not good for the United States in the long term--let's just get that out of the way once and for all. For those without conflicts of interest under the current circumstances, it doesn't take long to determine that it's not good for the short term either.

When foxes that are guarding the henhouse are given the additional task of delivering the eggs, the eggs invariably get delivered to the wrong place.

How can any bailout solution possibly be

While we ride out the greatest economic turbulence since the Great Depression, Americans will have a good long opportunity to contemplate just where obeisance to the faux capitalism of the modern-day Robber Gadiantons has gotten us. Maybe those reflections will help us overcome the addiction of electing members of the Gadianton board of directors to Congress and the Imperial Presidency.

good for the general welfare of the American people when any bailout solution will be administered by the people who caused the problem allegedly requiring the bailout in the first place.

President Bush made a weak, weak case to the American people last night that we need to hurry and get this bailout package through Congress so that he can sign it. David McAlvany calls Bush's pressure tactics "the tyranny of urgency". This 'fix' is not urgent. But Utah's congressional delegation is seeing it that way.

In yesterday's Deseret News, every member of the Utah Congressional delegation demonstrated his cowardice in the face of establishment pressure by having NOT clearly expressed his opposition to a bailout package that will undoubtedly be dispensed by the greedy in government to their greedy friends in the financial sector, regardless

Congress needs to develop a backbone and tell the money changers that they'll have no part of this further fleecing of the American public. Otherwise, the irrelevance of Congress will be essentially complete.

of paeans to protection against golden parachutes.

Of Utah's five August leaders, outgoing Congressman Chris Cannon put the smallest foot in his mouth:
We need a solution to this problem, but it would be a huge mistake to craft this legislation in some backroom. The American people deserve to know what's going on...
Ron Paul, a man of growing prominence in America (in part because he is now safely out of the running for President) said recently that the market will always ultimately win out over the planners. He's right, because in every instance of economic failure in the past 100 years, including the Soviet meltdown and the emergence and spread of the US bailout virus, it is the fault of the planners for the failure. Cannon would have been better off to have said "We need a solution to this problem, and the solution is to let the planners fail and the market make its natural correction."

Senator Robert Bennett, of Fannie Mae/Freddie Mac fame, further indicated his inability to grasp the problem when he said
I agree with the need for action, because a meltdown on Wall Street would have huge repercussions on Main Street and our broader economy for years.
This is the same man who said last week that the worst was already over and that our economy would be robust in less than a year. He needs to be fired.

Similarly, Orrin Hatch has overstayed his electoral welcome in Washington, having become more enamored of the establishment than the people who voted for him. He said
Before committing my vote to the plan...I need to become satisfied that this is the best alternative...to prevent taxpayer funds from being wasted.
Note to Senator Hatch: This taxpayer used to pride himself on the 'fact' that he was out of debt. It's hard, in good conscience, however, to make this claim anymore when just this one bailout scheme will put my family of 7 further into debt by a minimum of $17,500. For being convinced before the fact that stealing more of my money is not causing "taxpayer funds [to be] wasted.", you have and deserve my profound disrespect.

An overwhelming majority of Americans oppose further taxation

Note to Senator Hatch: For being convinced before the fact that stealing more of my money is not causing "taxpayer funds [to be] wasted.", you have and deserve my profound disrespect.

to cover the sins of the few. Plan B, then, is to include credit card debts, student loans, and even car loans in the already sour pot; it is a shift of the propaganda machine into overdrive in an effort to increase the popularity of a still sinister scheme.

From the simple perspective that those who will dispense the bailout money cannot be trusted to dispense it fairly, Congress must oppose the plan. Then, while we ride out the greatest economic turbulence since the Great Depression, Americans will have a good long opportunity to contemplate just where obeisance to the faux capitalism of the modern-day Robber Baron Gadiantons has gotten us. Maybe those reflections will help us overcome the addiction of electing members of the Gadianton board of directors to Congress and the Imperial Presidency.

Integrity in government is a necessity that is far more urgent than any bailout. Congress needs to develop a backbone and tell the money changers that they'll have no part of this further fleecing of the American public. Otherwise, the irrelevance of Congress will be essentially complete.




Comments

  1. Correct observations. But the most striking in all this ordeal is not that our government, or our representatives are against their electorate but the ultimate impotence of the same electorate. While claiming to have started and practicing the first democracy in the world it is essential to notice that the positions of our representatives to the congress or the senate (recently even presidency) are mostly hereditary. How can we claim after all that we still practice democracy. It is rather feudalism. I used the term gatiantonism in my yesterday's remark only for the Mormon audience. What we have in our country seems pure feudalism. Whatever the feudals (corporations) do will go unpunished by the king (the president. Eventually the serfs (the working class people, the taxpayers) will suffer by carrying the burden of fixing the consequences of the actions of the feudals.

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  2. I agree the bailout is a horrible idea and will have long lasting, disastrous consequences. I received an email today that is worth quoting. To me, his plan is much more viable than the one spoken of by President Bush. Here is what he said:

    "Birk Economic Recovery Plan

    I’m not sure how accurate these numbers are, but it’s a staggering thought.

    Hi Pals,

    I'm against the $85,000,000,000.00 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

    To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
    So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

    My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay 127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family?

    Pay off your mortgage - housing risis solved.

    Repay college loans - what a great boost to new grads

    Put away money for college - it'll be there

    Save in a bank - create money to loan to entrepreneurs.

    Buy a new car - create jobs

    Invest in the market - capital drives growth

    Pay for your parent's medical insurance - health care improves

    Enable Deadbeat Dads to come clean - or else

    Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

    If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ("vote buy")economic incentive that is being proposed by one of our candidates for President.

    If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

    As for AIG - liquidate it. Sell off its parts.

    Let American General go back to being American General.

    Sell off the real estate.

    Let the private sector bargain hunters cut it up and clean it up.

    Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party!

    How do you spell Economic Boom?

    I trust my fellow adult Americans to know how to use the $85 Billion

    We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .

    And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

    Ahhh...I feel so much better getting that off my chest.

    Kindest personal regards,
    Birk
    T. J. Birkenmeier,
    A Creative Guy & Citizen of
    the Republic"

    We need to give back to the people! Thank you to all who are speaking out!

    M Rogers--Ogden, UT

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  3. "the most striking in all this ordeal is not that our government, or our representatives are against their electorate but the ultimate impotence of the same electorate."

    I have been thinking these same thoughts all week long.

    As for our politicians, let's all wake up and realize that politicians rarely act according to what is best for their constituents. Rather, they act according to the incentives that exist within the political microcosm in which they operate.

    I'm not saying they are essentially immoral; I am saying that they act primarily in what they perceive to be their best interests. This is simply an observable fact of organizational behavior. This is why we need to reduce (rather than increase) the scope of what politicians can control.

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  4. To M Rogers
    The calculations are extremely inaccurate. It comes to only $425 rather than $425,000. So there is no much room to rejoice.

    Another thing. By intentionally ruining certain banks (like they did causing the great depression)they save those who are part of them. Thus eventually aiming to monopolize the banking system nationally and internationally. It will bring them to more control over the economy and eventually to more consolidation of power in the hands of those very few. Consequences? The poor will grow poorer while the rich will grow richer, consequently more powerful to oppress and suppress, to tax and extort. Unfortunately there always will be traitors among us who would choose to serve those guys for money. This is true moreover in scarce, not prosperous times, which are surely coming.

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  5. *


    Recently an insurance company nearly wind up....


    A bank is nearly bankrupt......filing chapter 11 protection.


    How it affect you? Did you buy insurance? Did you buy mini note or bonds?



    Who fault?


    They bailout trouble finance company, but they will not bail out your credit card bills……And the bill out of company is still not enough yet…….You got no choice, and no point pointing finger but you can prevent similar things from happen again……


    The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check…… And they are still spend big money on hotel stay and luxury function……..

    Meanwhile if company was being acquired, there will be a great movement in terms of staff……eventually staff suffer also.

    Are you a partisan?

    Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to not just comment on this, and what regulations they are going to commit and implementation the regulation, I believe should vote for the one who come suggest good implementation and let’s see who back up, which don’t implement after just mentioning in the election campaign.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...

    Blog
    http://remindmyselfinstock.blogspot.com/

    Facebook, come and join as a friend and share with your friends…..
    Remind.myself@yahoo.com

    ReplyDelete

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