Libertarians for Ron Paul

In 1981, when Ronald Reagan and Jack Kemp proposed across the board cuts in federal income tax rates, they suggested that if people could keep more of their own money, they would work harder and the economy would grow. Democrats attacked the supply side approach as just more “Trickle-down” economics. Even now, as the Bush League Republicans support tax cuts while spending money like drunken Democrats, Sen. Obama and others still accuse them of believing in the “Trickle-down” theory.

The bail-out of big financial institutions proposed by President Bush has been supported by Sen. Obama and other Democrat leaders, who say that saving Wall Street will save Main Street. This seems to indicate that when it comes to taxpayer funded bail-outs of well-connected but otherwise incompetent financial managers, the Democrats are now OK with Trickle-down bail-outs.

On Monday, September 29, the House of Representatives defeated the proposed $700 billion bail-out for banks and financial institutions. On Friday, October 3, the House passed the Bail-Out after 33 Democrats and 25 Republicans changed their vote. Many of the Democrats came out in support after personal appeals from Sen. Obama, and many of the Republicans voted Yes because Sen. McCain urged them to.

The only Republican Congressman from Arizona to vote Yes on Friday was Rep. John Shadegg. For many years, Rep. Shadegg has introduced bills to require that when a member of Congress proposes a new law, he must state the section of the Constitution that authorizes the federal government to act. Yet, when he voted Yes, Rep. Shadegg did not explain where in the Constitution the Federal Government is authorized to bail out banks. 

I have gone to Rep. Shadegg’s website, and used the email form to ask the Congressman this:

Congressman, you have repeatedly introduced a bill that would require members of Congress to state the Constitutional provision which authorizes the government to act, when they introduce any new legislation.

What is the Constitutional Provision that authorizes the federal government to spend $700,000,000,000 to bail out well-connected but otherwise incompetent financial managers at some of our largest banks and financial institutions?

“Senator Lautenberg believes that if you throw enough money at a problem you will fix it.  That is why he supported rewarding the Big Three automakers in Detroit for their bad business judgment with a taxpayer funded bailout.  These companies are in their present state because they failed to develop fuel-efficient cars and because they successfully convinced Congress not to raise fuel efficiency standards for decades.

“For too long Senator Lautenberg has failed to effectively address the interests of New Jersey families.  New Jersey families are facing an energy crisis, an affordability crisis and a financial crisis.  Yet Senator Lautenberg is sending billions to bail out the Big Three automakers in Detroit rather than take care of New Jersey’s needs. 

Full release from Dick Zimmer, Republican for Senate @ http://www.zimmerforsenate.com/releases/98

“Yesterday taxpayers across the country were asked to hold their noses, reach into their pockets and pony up $700 billion or more to bailout Wall Street.  This on top of $200 to $300 billion to bailout Fannie Mae and Freddie Mac. 

“We are at this point because our elected officials in Washington — including Senator Frank Lautenberg — did not provide effective oversight of the marketplace. 

“These elected officials created a system of private profit and socialized risk and allowed Wall Street to run wild.  Now, thanks to politicians in Washington, Main Street is bailing out Wall Street.

Full release from Dick Zimmer, Republican for Senate @ http://www.zimmerforsenate.com/releases/99

“With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency. ”

“It’s the biggest increase under any president in U.S history.”

“On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.”

Full expose @ http://www.cbsnews.com/blogs/2008/09/29/couricandco/entry4486228.shtml

As John McCain and Barack Obama jockeyed for position in the race to appear “leader-like” over the economy and in upcoming debates, the latest update of the National Taxpayers Union Foundation’s (NTUF) candidate cost analysis project shows that despite their different styles, the major party Presidential hopefuls have one thing in common: both their agendas would add billions more to the taxpayer’s tab every year.

NTUF’s fourth and final round of assigning price tags to the candidates’ platforms since January 29 found that Sen. McCain (R-AZ) would increase yearly federal spending by $92.4 billion, compared to Sen. Obama’s (D-IL) $293.0 billion. NTUF also released a first-time analysis of Libertarian Party candidate Bob Barr, who would instead cut annual federal spending by $200.9 billion. The studies include proposals through September 19.

“Both the McCain and Obama campaigns have tried to keep pace with the political issues of the day — largely by responding with proposals for new programs and regulations that could reach deeper and deeper into taxpayers’ pockets,” NTUF Senior Policy Analyst Demian Brady said. “On the other side of the spectrum, Bob Barr’s Libertarian philosophy is strongly reflected in a platform that is built upon cutting programs and slashing spending.”

Full Statement @ http://www.ntu.org/main/press.php?PressID=1048&org_name=NTUF

Just minutes after the House of Representatives voted to pass legislation containing a $700 billion financial industry bailout, the 362,000-member National Taxpayers Union (NTU) — which has led opposition to the package — announced a new effort to minimize the damage the package threatens to inflict on taxpayers, the economy, and accountable government. NTU Vice President for Policy and Communications Pete Sepp provided the following comments:

“In the worst misreading of public opinion in recent history, the House and Senate proudly proclaimed they ended ‘business as usual’ by voting for … business as usual. The few worthy tax relief provisions of the bill, such as the Alternative Minimum Tax patch, should have been passed as stand-alone legislation. Instead, leaders cynically attached narrow tax and spending provisions designed to bribe the rank-and-file into submission. Funny, that doesn’t seem like a break from past legislative behavior.

Any lawmaker who now claims he or she ‘had no choice’ but to vote for the bailout bill is lying to the American people. Self-styled ‘free-market’ Republicans who made such an argument should be especially ashamed for not sticking with principled colleagues such as Sen. Jim DeMint and Rep. Jeb Hensarling, who consistently offered more thoughtful approaches.

Full Statement @ http://www.ntu.org/main/press.php?PressID=1055&org_name=NTU

“Presidential contenders Barack Obama and John McCain helped House leaders round up votes for Friday’s passage of a $700 billion financial rescue plan, and Obama’s role seemed particularly energetic, Democrats said.”

“Several lawmakers described receiving calls from Obama, who told them that, if elected, he would help hard-pressed homeowners keep their houses.”

“For nearly two weeks, Obama had kept more distance from the costly and contentious plan than had McCain, the Republican nominee. But when House leaders began their all-out push to convert members who had voted “no” on Monday, Obama called several wavering Democrats who ended up voting “yes” on Friday.”

“McCain had played a more visible role in negotiations last week. He temporarily suspended his campaign to return to Washington and asked for a White House summit meeting, which turned into near chaos.”

“On Friday, the McCain campaign and House GOP leaders said McCain called several Republican lawmakers this week, urging them to back the legislative package after the Senate reworked it.”

full AP Story @ http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/10/03/politics/p145408D49.DTL

FreedomWorks, the national grassroots organization, today sharply criticized the House of Representatives for voting to pass a $700 billion bailout of failed investment banks on Wall Street and around the world.

FreedomWorks organized an aggressive grassroots campaign against the Dodd-Frank-Paulson plan that included launching the web site NoWallStreetBailout.com, which gathered 60,000 signatures against the bill in little over a week’s time. FreedomWorks members across the country made phone calls, sent emails, and made office visits opposing the bill.

FreedomWorks President Matt Kibbe commented, “This legislation that will fundamentally alter the face of American capitalism for at least a generation. Allowing investment banks to dump $700 billion in ‘troubled assets’ on the taxpayer is akin to inviting a vampire into the house. If you live, you certainly won’t be the same person when you wake up the next morning.”

Full Statement @ http://www.freedomworks.org/newsroom/press_template.php?press_id=2645

“Justice demands that an accused criminal be given the right of “habeas corpus,” the ability to challenge the legality of his detention, but this right is being steadily eroded.”

“Rogue public officials consolidating a police state dispatch jack-booted thugs to arrest dissidents. Their victims defend themselves with firearms. Those who are captured are branded “enemy combatants,” and held indefinitely, incommunicado, without any specific charges brought against them, with no access to an attorney or hope of a fair trial.”

 ”A scenario from Stalin’s Russia, contemporary Communist China, or some Third World dictatorship? That, surely. But it could also happen here, in the not-so-distant future.”

“Too many individuals already in high public office, or who aspire to it, would eagerly embrace a direct route to “social control” by removing or punishing refractory individuals without such bothersome legal technicalities as indictments and trials by jury.”

full colum by Edwin Vieira,Jr @ http://www.thenewamerican.com/history/american/403-hazards-for-habeas-corpus