The Democrats have adopted the behavior of George Bush with the Big Spending/Corporate Welfare Bill being rushed through congress. George W. Bush used 911 to increase executive power and to immensely increase the size government. Now Barack Obama is using the same tactics with the financial crisis. I at one time had hope for Obama. Boy was I wrong.
George W. Bush made the same mistakes as Herbert Hoover, and Obama is making the same mistakes as Roosevelt. During Obama's speech last night he clearly believes that Rooselvelt's New Deal worked. Nothing could be further from the truth.
The Myth of the Laissez-Faire Bush Years
By Anthony Gregory
One of the most pernicious misconceptions of our time is that the Bush administration represented an era of free-market capitalism. By wrongly blaming the financial crisis and economic woes associated with Bush on his alleged devotion to laissez-faire, many in the mainstream press, academia and political life are misdiagnosing the problem and prescribing the wrong solution: More government, which will in reality only make things worse.
Published on FreedomWorks.org:
By: Matt Kibbe
When you get beyond the rhetoric of change, it is astonishing how close President Barack Obama is following his predecessor in economic policy. Just as George W. Bush attempted to jump-start the economy with a jolt of hundreds of billions of dollars, Obama is doubling down on the bailout bets. In the Troubled Assets Relief Program process, the legislative branch is authorizing nearly a trillion dollars in spending.
But isn’t this backward? Doesn’t Congress have the sole power to authorize executive branch spending, and the president, the power to veto congressional spending authorizations?
Published on townhall.com
The U.S. Securities and Exchange Commission, or SEC, was set up to combat fraudulent practices. The SEC's website explains that "Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s." It goes on to say, "Decades later, the Ponzi scheme continues to work on the 'rob-Peter-to-pay-Paul' principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses." That is how the SEC described the recent Bernard Madoff $50 billion Ponzi scheme, "a stunning fraud that appears to be of epic proportions."
A Ponzi scheme does not generate any wealth whatsoever; that is why it ultimately collapses. As Circuit Judge Anderson said in the 1922 Lowell v. Brown case, the Ponzi scheme was "simply the old fraud of paying the earlier comers out of the contributions of the later comers." So long as the number of late comers – you might call them suckers – grows, the fraudulent scheme has life.
Originally published at http://lp.org
The Wall Street Journal's Daniel Henninger doesn't point out congressional Republican voted against the stimulus, not out of opposition to Big Government, but in spite of it. They simply wanted their pork included.
But Henninger does ask the question no one on Capitol Hill wants offered -- if this $1.2 trillion Frankenstein's monster of wealth transfers and exploding spending is supposed to create jobs and help families, why then does it do more for Pennsylvania Avenue than for Main Street? And he takes Senate Republican leader Mitch McConnell to task for playing along with Obama's dreams of exponentially-expanding government.
I recently received a message from the New Jersey Republican Party urging me to lobby my Senators to vote against the so-called "stimulus plan". While I certainly oppose this legislation, I found their position so obviously hypocritical that I was insulted. Here is my reply to them.
Originally published at Campaign For Liberty
Dear pro-Obama friends,
I got a call from one of you the day after the election. You were so happy. You had "not been so proud to be an American for... decades!" You're living overseas, and you told me about watching the results in a bar with other Americans and how you were all hugging and crying you were so happy. As I hung up the phone, I found that I felt happy for you too.
Most of you know that I supported neither McCain nor Obama, that I view them as equally opposed to peace and freedom and equally ignorant of sound economic principles. I wasn't going to be happy with the election results no matter who won, so I can at least be glad that some of my friends are happy, and I am. And after his first few days in office, even I have to admit that Obama has done some very good things for which he is receiving well-deserved praise. It is not my intention to dismiss these accomplishments, nor is it my intent to rain on anyone's parade. But I do want to ask you all a big favor.
Originally published at http://lp.org
Syndicated columnist Paul Mulshine of the Newark Star-Ledger expresses his surprise today over reports the Republican Party has discovered fiscal conservatism again.
As Mulshine points out, the Libertarian Party and its 2008 presidential nominee, former congressman Bob Barr, opposed taxpayer-funded bailouts and explosive government growth back when the GOP was espousing it as bedrock principle.
More than a little miffed about Republicans suddenly painting themselves as fiscally responsible, Mulshine decided to give Congressman Barr's office a call:
From Donny Ferguson's Blog: 2008 Libertarian vice-presidential candidate Wayne Root discusses job growth, economic recovery and Obama's government expansion plan with Neil Cavuto.
ANDOVER TWP. -- Andover Township is expected to be the latest municipality to make its government records more financially accessible to the public.
The Township Committee unanimously introduced an ordinance Monday night significantly lowering costs of all paper documents and audio recordings of meetings.
Paper copies will cost 7 cents per page, and CD audio recordings of meetings will cost 40 cents each, if the ordinance is approved.
Andover Township also added another layer of transparency to its meetings, by explaining the individual topics of their executive session to the public Monday evening. A general rundown of those privileged topics, which often involve personnel issues or litigation, is a goal of many open government advocates such as O'Shea and John Paff, who chairs the New Jersey Libertarian Party's Open Government Advocacy Project.
"The government is bailing out the banks...but who's going to bail out the government?" asks Texas cotton farmer Ken Gallaway, a vocal critic of agricultural subsidies that cost U.S. taxpayers and consumers billions of dollars a year in direct payments and higher prices for farm goods.
Agricultural subsidies were put in place in the 1930s during the Great Depression, when 25 percent of Americans lived on farms. At the time, Secretary of Agriculture Henry Wallace called them "a temporary solution to deal with an emergency." Those programs are still in place today, even though less than 1 percent of Americans currently live on farms that are larger, more efficient, and more productive than ever before.
Recently a reporter contacted me to ask what President Obama's top priorities should be. I, being lazy and not having time to answer myself, passed the question on to several NJ Libertarian activists. Below is a sample of the responses I received:
From NJ Tax Revolution:
The American Recovery and Reinvestment Bill of 2009 is perhaps the most appalling piece of proposed legislation I have ever seen. The stated purpose of the bill is to jumpstart the economy and create jobs. The bill itself claims that there are no earmarks in this bill. That is one of the most comical claims I have seen as this entire bill is an earmark that will be shoved down the throat of taxpayers with little or no debate.
Not everybody is pumped about Obama's $825 billion stimulus plans, especially the part that includes billions of taxpayer dollars being spent by the government in the hopes of jump-starting the economy. Here's what we've said about it:
- If Obama's Plan Doesn't Seem to Make Sense, it's Because it Doesn't
- We're Not Going to Spend Our Way to Economic Recovery
- Is Cutting Taxes Really Raising Taxes?
- Keynesian Economics Explained
- The LP Goes to Harvard
- Obama's new "Raw Deal"
But don't just take our word for it: There is a growing number of economists speaking out against the logic behind Obama's stimulus package. Harvard economics professor Greg Mankiw (who've we've mentioned on here a few times before) has been recording these economists' statements against the stimulus plan. This is some of what Mankiw has compiled: