The purpose of New Deal legislation was not, as commonly thought, to restore economic growth but rather to freeze the economy in place at a time when it seemed locked in a downward spiral...These policies did break the downward spiral. But, as Amity Shlaes points out in The Forgotten Man, they failed to restore growth.
he is frustrated that the Warren Court "didn’t break free from the essential constraints that were placed by the founding fathers in the Constitution."Here are some of the money quotes from Ezra Taft Benson, former Secretary of Agriculture and Mormon Prophet: (This ended up lots longer than I expected. Sorry. It is all worth the read though.)
- Unlike the political opportunist, the true statesman values principle above popularity, and works to create popularity for those political principles which are wise and just.
- I support the doctrine of separation of church and state as traditionally interpreted to prohibit the establishment of an official national religion. But I am opposed to the doctrine of separation of church and state as currently interpreted to divorce government from any formal recognition of God. The current trend strikes a potentially fatal blow at the concept of the divine origin of our rights, and unlocks the door for an easy entry of future tyranny.
- If "A" has no proper power to take "B's" property, can he delegate any such power to the sheriff? No. Even if everyone in the community desires that "B" give his extra horse to "A", they have no right individually or collectively to force him to do it. They cannot delegate a power they themselves do not have.
- I believe we Americans should use extreme care before lending our support to any proposed government program. We should fully recognize that government is no plaything. As George Washington warned, "Government is not reason, it is not eloquence - it is force! Like fire, it is a dangerous servant and a fearful master!" (The Red Carpet, p.142)
- It is well to remember that the states of this republic created the Federal Government. The Federal Government did not create the states.
- A category of government activity which, today, not only requires the closest scrutiny, but which also poses a grave danger to our continued freedom, is the activity NOT within the proper sphere of government. No one has the authority to grant such powers, as welfare programs, schemes for re-distributing the wealth, and activities which coerce people into acting in accordance with a prescribed code of social planning. There is one simple test. Do I as an individual have a right to use force upon my neighbor to accomplish this goal? If I do have such a right, then I may delegate that power to my government to exercise on my behalf. If I do not have that right as an individual, then I cannot delegate it to government, and I cannot ask my government to perform the act for me.These two just blew me away after the Obama quote that surfaced this week:
- [O]nce government steps over this clear line between the protective or negative role into the aggressive role of redistributing the wealth and providing so-called "benefits" for some of its citizens, it then becomes a means for what he accurately described as legalized plunder.
- [A]s history has proven, each class or special interest group competes with the others to throw the lever of governmental power in their favor, or at least to immunize itself against the effects of a previous thrust. Labor gets a minimum wage, so agriculture seeks a price support. Consumers demand price controls, and industry gets protective tariffs. In the end, no one is much further ahead, and everyone sufffers the burdens of a gigantic bureaucracy and a loss of personal freedom.
- [N]o government in the history of mankind has ever created any wealth.This one sounds a lot like where Pelosi, Reid, and Obama will take us:
- The Soviet constitution reflects this philosophy in its emphasis on security: food, clothing, housing, medical care - the same things that might be considered in a jail.
- As Henry David Thoreau explained:"This government never of itself furthered any enterprise, but by the alacrity with which it got out of its way. IT does not educate. THE CHARACTER INHERENT IN THE AMERICAN PEOPLE HAS DONE ALL THAT HAS BEEN ACCOMPLISHED; AND IT WOULD HAVE DONE SOMEWHAT MORE, IF THE GOVERNMMENT HAD NOT SOMETIMES GO IN ITS WAY. For government is an expedient by which men would fain succeed in letting one another alone; and, as has been said, when it is most expedient, the governed are most let alone by it." (Quoted by Clarence B. Carson, THE AMERICAN TRADITION, p. 100; P.P.S.N., p.171)(Caps in original)
- Economic security for all is impossible without widespread abundance. Abundance is impossible without industrious and efficient production. Such production is impossible without energetic, willing and eager labor. This is not possible without incentive.
Of all forms of incentive - the freedom to attain a reward for one's labors is the most sustaining for most people. Sometimes called THE PROFIT MOTIVE, it is simply the right to plan and to earn and to enjoy the fruits of your labor. This profit motive DIMINISHES as government controls, regulations and taxes INCREASE to deny the fruits of success to those who produce.
Therefore, any attempt THROUGH GOVERNMENTAL INTERVENTION to redistribute the material rewards of labor can only result in the eventual destruction of the productive base of society, without which real abundance and security for more than the ruling elite is quite impossible.
- On the surface this may sound heartless and insensitive to the needs of those less fortunate individuals who are found in any society, no matter how affluent. "What about the lame, the sick and the destitute? Is an often-voice question. Most other countries in the world have attempted to use the power of government to meet this need. Yet, in every case, the improvement has been marginal at best and has resulted in the long run creating more misery, more poverty, and certainly less freedom than when government first stepped in.
- In reply to the argument that a little bit of socialism is good so long as it doesn't go too far, it is tempting to say that, in like fashion, just a little bit of theft or a little bit of cancer is all right, too! History proves that the growth of the welfare state is difficult to check before it comes to its full flower of dictatorship. But let us hope that this time around, the trend can be reversed.
- The abundance which is ours, the carefree existence which we have come to accept as a matter of course, CAN BE TOPPLED BY THESE FOOLISH EXPERIMENTERS AND POWER SEEKERS.This republic seems ready to implode economically. I have supported Bush overall when he has done things that I felt were wrong (farm bills, prescription drugs, NCLB, profligate spending, etc.), but these bailouts have set a dangerous precedent. If Obama wins, as it looks like he will, there will be nothing to stop the destruction of the American Entrepreneurial Spirit. It will not die overnight, but the best and brightest will seek greener pastures. At least I don't live in a blue state to be oppressed by the state AND federal governments. And Obama's teacher union controlled educational policy will prevent the development of a new generation of the best and brightest.
The gentleman who started the ball rolling made four donations under the names "John Galt", "Saddam Hussein", "Osama bin Laden", and "William Ayers", all using the same credit card number.If Obama supporters can make thousands of small donations and still fly under the radar, this election is meaningless. Between fake voters registered by ACORN and massive fundraising fraud, there is no chance McCain could win this election.
...right now, you are consenting to or actively promoting a big fat lie -- that the housing crisis should somehow be blamed on Bush, McCain, and the Republicans. You have trained the American people to blame everything bad -- even bad weather -- on Bush, and they are responding as you have taught them to.Sadly, there is no honor in journalism today.
If you had any personal honor, each reporter and editor would be insisting on telling the truth -- even if it hurts the election chances of your favorite candidate.
Then there's Lake County, Indiana, which has already found more than 2,100 bogus applications among the 5,000 Acorn dumped right before the deadline. "All the signatures looked exactly the same," said Ruthann Hoagland, of the county election board. Bridgeport, Connecticut estimates about 20% of Acorn's registrations were faulty. As of July, the city of Houston had rejected or put on hold about 40% of the 27,000 registration cards submitted by Acorn.and
The Justice Department needs to treat these fraud reports as something larger than a few local violators. The question is whether Acorn is systematically subverting U.S. election law -- on the taxpayer's dime.All I can conclude is that community organizing is a fancy phrase for breaking the law and stealing elections.
As a general proposition, when told by unanimous elites that a particular course of action is urgent and necessary to avoid disaster, there's a lot to be said for going fishing.Just look at the recent results on global temperatures:
The four major agencies tracking Earth’s temperature, including NASA’s Goddard Institute, report that the Earth cooled 0.7 degree Celsius in 2007, the fastest decline in the age of instrumentation, putting us back to where the Earth was in 1930.Global warming hype was far overblown. It was only useful insofar as people and businesses increased their energy efficiency in cost effective ways.
When the assets are worked out over time — as they will be once housing and the economy recover — taxpayers will actually make money on the deal.This isn't some speculative venture either. It has been done before.
This is similar to the RTC story twenty years ago, when Bill Seidman presided over similar asset sales from bankrupt S&Ls and wound up making money for Uncle Sam and his taxpayers.
Before D.C. Gets Our Money, It Owes Us Some Answers
Watching Washington rush to throw taxpayer money at Wall Street has been sobering and a little frightening.
We are being told Treasury Secretary Henry Paulson has a plan which will shift $700 billion in obligations from private companies to the taxpayer.
We are being warned that this $700 billion bailout is the only answer to a crisis.
We are being reassured that we can trust Secretary Paulson "because he knows what he is doing".
Congress had better ask a lot of questions before it shifts this much burden to the taxpayer and shifts this much power to a Washington bureaucracy.
Imagine that the political balance of power in Washington were different.
If this were a Democratic administration the Republicans in the House and Senate would be demanding answers and would be organizing for a “no” vote.
If a Democratic administration were proposing this plan, Republicans would realize that having Connecticut Democratic senator Chris Dodd (the largest recipient of political funds from Fannie Mae and Freddie Mac) as chairman of the Banking Committee guarantees that the Obama-Reid-Pelosi-Paulson plan that will emerge will be much worse as legislation than it started out as the Paulson proposal.
If this were a Democratic proposal, Republicans would remember that the Democrats wrote a grotesque housing bailout bill this summer that paid off their left-wing allies with taxpayer money, which despite its price tag of $300 billion has apparently failed as of last week, and could expect even more damage in this bill.
But because this gigantic power shift to Washington and this avalanche of taxpayer money is being proposed by a Republican administration, the normal conservative voices have been silent or confused.
It’s time to end the silence and clear up the confusion.
Congress has an obligation to protect the taxpayer.
Congress has an obligation to limit the executive branch to the rule of law.
Congress has an obligation to perform oversight.
Congress was designed by the Founding Fathers to move slowly, precisely to avoid the sudden panic of a one-week solution that becomes a 20-year mess.
There are four major questions that have to be answered before Congress adopts a new $700 billion burden for the American taxpayer. On each of these questions, I believe Congress’s answer will be “no” if it slows down long enough to examine the facts.
Question One: Is the current financial crisis the only crisis affecting the economy?
Answer: There are actually multiple crises hurting the economy.
There is an immediate crisis of liquidity on Wall Street.
There is a longer time crisis of a bad energy policy transferring $700 billion a year to foreign countries (so foreign sovereign capital funds are now using our energy payments to buy our companies).
There is a longer term crisis of Sarbanes-Oxley (the last "crisis"-inspired congressional disaster) crippling entrepreneurial start ups, driving public companies private, driving smart business people off public boards, and driving offerings from New York to London.
There is a long term crisis of a high corporate tax rate driving business out of the United States.
No solution to the immediate liquidity crisis should further cripple the American economy for the long run. Instead, the liquidity solution should be designed to strengthen the economy for competition in the world market.
Question Two: Is a big bureaucracy solution the only answer?
Answer: There is a non-bureaucratic solution that would stop the liquidity crisis almost overnight and do it using private capital rather than taxpayer money.
Four reform steps will have capital flowing with no government bureaucracy and no taxpayer burden.
First, suspend the mark-to-market rule which is insanely driving companies to unnecessary bankruptcy. If short selling can be suspended on 799 stocks (an arbitrary number and a warning of the rule by bureaucrats which is coming under the Paulson plan), the mark-to-market rule can be suspended for six months and then replaced with a more accurate three year rolling average mark-to-market.
Second, repeal Sarbanes-Oxley. It failed with Freddy Mac. It failed with Fannie Mae. It failed with Bear Stearns. It failed with Lehman Brothers. It failed with AIG. It is crippling our entrepreneurial economy. I spent three days this week in Silicon Valley. Everyone agreed Sarbanes-Oxley was crippling the economy. One firm told me they would bring more than 20 companies public in the next year if the law was repealed. Its Sarbanes-Oxley’s $3 million per startup annual accounting fee that is keeping these companies private.
Third, match our competitors in China and Singapore by going to a zero capital gains tax. Private capital will flood into Wall Street with zero capital gains and it will come at no cost to the taxpayer. Even if you believe in a static analytical model in which lower capital gains taxes mean lower revenues for the Treasury, a zero capital gains tax costs much less than the Paulson plan. And if you believe in a historic model (as I do), a zero capital gains tax would lead to a dramatic increase in federal revenue through a larger, more competitive and more prosperous economy.
Fourth, immediately pass an “all of the above” energy plan designed to bring home $500 billion of the $700 billion a year we are sending overseas. With that much energy income the American economy would boom and government revenues would grow.
Question Three: Will the Paulson plan be implemented with transparency and oversight?
Answer: Implementation of the Paulson plan is going to be a mess. It is going to be a great opportunity for lobbyists and lawyers to make a lot of money. Who are the financial magicians Paulson is going to hire? Are they from Wall Street? If they’re from Wall Street, aren't they the very people we are saving? And doesn’t that mean that we’re using the taxpayers’ money to hire people to save their friends with even more taxpayer money? Won't this inevitably lead to crony capitalism? Who is going to do oversight? How much transparency is there going to be? We still haven't seen the report which led to bailing out Fannie Mae and Freddie Mac. It is "secret". Is our $700 billion going to be spent in "secret" too? In practical terms, will a bill be written in public so people can analyze it? Or will it be written in a closed room by the very people who have been collecting money from the institutions they are now going to use our money to bail out?
Question Four: In two months we will have an election and then there will be a new administration. Is this plan something we want to trust to a post-Paulson Treasury?
Answer: We don’t know who will inherit this plan.
The balance of power on election day will shift to either McCain or Obama. Who will they pick for Treasury Secretary? What will their allies want done? We are about to give the next administration a level of detailed control over big companies on a scale even FDR did not exercise during the Great Depression. Is this really wise?
For these reasons I hope Congress will slow down and have an open debate.
And in the course of that debate, I hope someone will introduce an economic recovery act that makes America a better place to grow jobs. I hope the details will be made public before the vote.
For more details on my action plan for getting the American economy back on track and building long-term economic prosperity, you can read this message recorded yesterday to American Solutions members.
This is a very important week for the integrity of the Congress.
This is a very important week for the future of America.
If Washington wants our money, then it owes us some answers.
Loved something a senior politician told us in Minnesota: It’s hard to run against the Democrats. Because they’re the party that proposes to give people free stuff. And it’s very, very hard to run against people promising free stuff. You have to say, “We, by contrast, will give you the opportunity to make your own way, while keeping a net under you lest you fall too far.”
It is nonsensical and counterproductive for Democrats to imagine that pro-life values can be defeated by maliciously destroying their proponents. And it is equally foolish to expect that feminism must for all time be inextricably wed to the pro-choice agenda. There is plenty of room in modern thought for a pro-life feminism -- one in fact that would have far more appeal to third-world cultures where motherhood is still honored and where the Western model of the hard-driving, self-absorbed career woman is less admired.From the rest of the article, it is apparent that I would agree with Camille Pagila on very little in the political world. But (as least in this one article) she seems like the kind of opponent where you can state policy preferences, disagree, and let the people decide.
