Dick Armey Leaves FreedomWorks and Impact On The Tea Party–Videos

Posted on December 27, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Medicine, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Religion, Tax Policy, Taxes, Unemployment, Video, War, Wealth | Tags: , , , , , , , |


Tea Party Turmoil: FreedomWorks’ Dick Armey Takes $8 Million Exit Buyout After Failed

DemocracyNow.org – Former House majority leader Dick Armey attempted a coup within his own Tea Party-linked nonprofit FreedomWorks earlier this year. When that failed, he took an $8 million payout from a millionaire Republican donor to leave. The incident highlighted what is believed to be growing turmoil inside the Tea Party movement after it rose to prominence ahead of the 2010 election. We’re joined by Politico reporter Ken Vogel. “[Armey] did in fact take a hit when he decided to go all in with FreedomWorks and refashion himself as the Tea Party leader,” Vogel says. “There has always been this tug of war in the Tea Party between national groups that have deep-pocketed contributors and benefactors and the actual grassroots.”

To watch the entire weekday independent news hour, read the transcript, download the podcast, search our vast archive, or to find more information about Democracy Now! and Amy Goodman, visit http://www.democracynow.org.

Former Tea Party Leader Ridicules GOP Candidates

Dick Armey’s Armed Tea Party Coup


Dick Armey Breaks Ranks With FreedomWorks

Did Koch Brothers’ Tea Party Group Pay Republican Leader to Leave?

FreedomWorks’ Matt Kibbe on CSPAN discussing the fiscal cliff

FreedomWorks “My 2012 GOP Platform” discussion with Glenn Beck 7.25.12

Glenn Beck – What do conservatives do next?

Dick Armey: Tea Party Debt Commission on CNN’s American Morning

Book TV: Dick Armey “Give Us Liberty: A Tea Party Manifesto”

Matt Kibbe of Freedomworks Discusses the Tea Party Movement

Tea Time with Max Pappas: Matt Kibbe on Hostile Takeover, Part 1

Tea Time with Max Pappas: Matt Kibbe, Part 2

Freedomworks’ Matt Kibbe on the Hostile Takeover of The GOP

Give Us Liberty? Q&A with Dick Armey & Matt Kibbe of Freedom Works


Inside the Dick Armey, FreedomWorks split


“…Dick Armey left the deep-pocketed tea party group he helped build over a clash with a top lieutenant who Armey and others in the organization believed was using the group’s resources to pad his pockets, POLITICO has learned.

Armey received an $8 million buyout to step down as chairman of FreedomWorks at the end of last month, but the dispute between him and the group’s president, Matt Kibbe, is still straining the organization.

And the turmoil could have far-reaching implications, since FreedomWorks has been among the leading Washington, D.C., groups pressuring Republicans to take a more conservative tact on the fiscal cliff negotiations and other fiscal matters.

(Also on POLITICO: Report: Armey quits FreedomWorks)

The tensions at FreedomWorks, brewing for months, boiled over this summer when Armey balked at a deal that Kibbe struck with HarperCollins to write a book called “Hostile Takeover: Resisting Centralized Government’s Stranglehold on America,” which was released in June.

Armey was concerned that Kibbe structured the deal to personally profit from the book despite relying on FreedomWorks staff and resources to research, help write and promote it — an arrangement he and others at the group believed could jeopardize its tax-exempt status. (In 2010, Kibbe and Armey co-authored a book through HarperCollins, “Give Us Liberty: A Tea Party Manifesto,” that was written with significant help from FreedomWorks staff and all proceeds had gone to the organization.)

So Armey declined to sign a memorandum presented to him in his capacity as a member of the board of trustees stating that the book was written without significant FreedomWorks resources and clearing the way for Kibbe to personally own the rights to the book and any royalties from it, multiple sources familiar with the arrangement told POLITICO.

Asked about his refusal to sign the memorandum, Armey, a former House Republican leader, said, “What bothered me most about that was that he was asking me to lie, and it was a lie that I thought brought the organization in harm’s way.”

After Armey’s concerns came to the attention of the organization’s board at a late August meeting in Jackson Hole, Wyo., Kibbe and the group’s executive vice president, Adam Brandon, were placed on administrative leave in early September and had their cell phones taken away.

Brandon said the board was made aware of the book project months earlier, and Kibbe maintains that the leave didn’t stem from questions about the book deal.

Rather, he said “there was a dispute” with Armey over “competing visions for what FreedomWorks should become and ultimately, the board decided that we fit the vision of the organization.” …”

Read more: http://www.politico.com/story/2012/12/dick-armey-freedomworks-president-clashed-over-book-deal-84599.html#ixzz2GIqWB2fh

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Tea Party Impact on Republican Party Platform–Videos

Posted on August 21, 2012. Filed under: Blogroll, Business, College, Communications, Economics, Education, Federal Government Budget, Fiscal Policy, Monetary Policy, Tax Policy | Tags: , , , , , , , |

FreedomWorks “My 2012 GOP Platform” discussion with Glenn Beck 7.25.12

As the 2012 election shifts into high gear and the Republican party continues to develop its official platform, the voice of the right and center-right grassroots activists must be included.
FreedomWorks has created the “My 2012 GOP Platform” poll that gauges such support using a unique “run-off” matchup model. It is designed to elicit deeper preferences from voters and make it much more difficult for well-organized campaigns to “game” the system. The results below are for the last 30 days and reflect the percentage of times an issue was preferred in a head-to-head “run-off” against other issues. We also suspect they more accurately reflect the true pulse of the this community than those cited by the GOP establishment or the mainstream media.

GOP Platform Supports Voter ID Laws 

GOP Platform: Monetary Policy 

GOP Platform Debate: Foreign Aid 

Mitt Romney Rejects the Republican Party Platform 

Full Show 8/21/12: FDR Calls Out Romney & Ryan

RNC’s Platform Cmte. Preps for Upcoming Convention

“…The Republican National Convention (RNC) Platform Committee met Monday and Tuesday to decide the policy issues that will be addressed during the GOP’s National Convention.

The committee drafted and recommended a proposed national platform to the RNC to be voted on by all of the RNC delegates on the first day of the convention, Monday August 27th.

The Republican National Convention (RNC) adopts a new national platform every four years, which is an official statement of the Republican Party’s position on a variety of issues.

Sections on the Economy; Jobs and Debt; and Energy, Agriculture and the Environment were amended and approved by the committee on Monday. On Tuesday, delegates amended and approved the Foreign Policy and Defense, Government Reform, Restoring Constitutional Government and Healthcare, Education and Crime subcommittees’ reports.

The Platform Committee is responsible for drafting and recommending a proposed national platform to the RNC for approval by its delegates.

The meetings were chaired by Virginia Governor Bob McDonnell. Sen. John Hoeven of North Dakota and Representative Marsha Blackburn of Tennessee served as Co-Chairmen. …”


Tea party influences GOP platform talks in Tampa

By Michael Van Sickler, Times Staff Writer
Michael Van SicklerTampa Bay Times In Print: Tuesday, August 21, 2012


TAMPA — When Republicans nominated John McCain for president in 2008, conservative groups associated with the tea party had yet to form.

Four years later, these groups say they are practically writing the party platform ahead of the Republican National Convention here next week.

“We’re extremely happy that the tea party can have this type of influence,” said Ryan Hecker, a legal adviser for FreedomWorks, the conservative advocacy group founded by Dick Armey. “We’ve definitely taken over the Republican Party.”

More than 100 delegates met Monday at the Marriott Waterside to draft the Republican platform in a sneak peek of the Aug. 27-30 convention. The platform is a 50-page document that provides policy statements that will guide Mitt Romney’s presidential campaign from here on out.

Weeks ago, FreedomWorks had 30 ideas posted on its website so members could log on and vote for the ones they wanted Republicans to include in the platform. Hecker said that after 1.2 million votes, 12 ideas were selected.

The ideas include repealing Obamacare, scrapping the tax code and replacing it with a flat tax, reining in federal regulation while eliminating government jobs and auditing the Federal Reserve. He said Republicans were lobbied by his group to include these ideas.

Although the platform hasn’t been released, Hecker said that he has seen much of the draft and that 10 of the 12 ideas have been included nearly word-for-word from how they were written by FreedomWorks. Parts of the remaining two are in there, as well, he said.

“Everyone is expecting Romney to move to the center,” said Debbie Wilson, an Apollo Beach resident who is a member of Tampa 912 and a state coordinator for FreedomWorks. “But I’m pleased to see that so far, the platform is very much to the right.”

GOP platforms since at least 1996 have been conservative in nature, said Al Cardenas, the chairman of the American Conservative Union, a volunteer post.

By now, about 80 percent of the work on the platform is done. This week will be a matter of tweaking language here and there, inserting or deleting clauses. The 112 delegates voting on the platform will approve a draft tonight that will be submitted for a vote on Monday by the full convention.

But Cardenas said he was impressed so far with how well the platform is getting done, calling it unusually well-written with little disagreement.

“I’m delighted; it’s one of the best drafts I’ve seen,” Cardenas said.

Monday’s discussion about the platform revealed an interesting quirk about the tea party. Although members of their groups say they hail from the working class, many support policies that could hurt them.

Take the one tax cut that isn’t guaranteed in a Romney presidency: the mortgage interest deduction. It makes ownership affordable to millions of middle-class Americans. A motion was made Monday to include its protection in the platform.

“This is the last vestige of why people want to buy a home,” said April Newland, a Virgin Islands delegate and a Realtor. “It sends a message not just to Realtors, but also to homeowners. It should be included because it would be so widespread.”

But it was defeated after pushback from delegates like Kevin Erickson, a pastor from Minnesota who calls himself a “Ron Paul Republican,” after the maverick Texas congressman.

Including the protection of the mortgage deduction would ruin tax-reform efforts, Erickson said.

“(The mortgage deduction) is why we can’t talk about tax reform,” Erickson said. “Everyone has their pet deduction.”

This year’s platform was the result of greater participation among voters than ever, said one of the platform committee’s co-chairs. U.S. Rep. Marsha Blackburn, R-Tenn., said the GOP website got 30,000 votes on various policies to be included.

Asked if the tea party played any special role, Blackburn said only that people in general had better access to party officials as they wrote the platform during the past two months.

“We’ve heard from thousands of people and we’ve had meetings with groups all across the country,” she said. “I don’t think any one group has had a special say. Everybody has had special access, through snail mail and social media like Facebook and Twitter.”

Platform chairman Bob McDonnell, the governor of Virginia, said the tea party didn’t have an exaggerated influence on the rightward tilt.

“We’re a conservative party,” he said.

But many of the delegates credited the tea party with setting the tone of the platform.

“They started the main conversation that we’re having now about the economy and the deficit,” said Cam Ward, an Alabama state senator who said tea party groups are very powerful in his district. “It’s a good debate, and I’m glad they’ve had the impact that they’ve had.” …”


Republican Party approves strict anti-abortion platform, earning rebuke from Scott Brown

By Glen Johnson and Noah Bierman, Globe Staff

“…The 110-member platform panel, meeting today in Tampa, Fla., passed a so-called Human Life Amendment that calls for a ban on abortion, without mention of the more common exceptions for victims of rape or incest.

“Faithful to the ‘self-evident’ truths enshrined in the Declaration of Independence, we assert the sanctity of human life and affirm that the unborn child has a fundamental individual right to life which cannot be infringed,” said platform language obtained by CNN. “We support a human life amendment to the Constitution and endorse legislation to make clear that the Fourteenth Amendment’s protections apply to unborn children.”

It is similar to language included in the GOP platform in both 2004 and 2008 but it has become even more politically loaded since Akin, a US House member from Missouri, was criticized for the answer he gave when asked if abortion were legitimate in cases of rape.

“If it’s a legitimate rape, the female body has ways to try to shut the whole thing down,” Akin said during a television interview aired on Sunday.

The differentiation between forms of rape prompted a swift rebuke not just from his Democratic opponent, Senator Claire McCaskill, but presumptive Republican presidential nominee Mitt Romney and his running mate, Paul Ryan. Romney initially urged Akin to spend 24 hours reconsidering his continued candidacy.

In a statement today, Romney said he now agreed with former Missouri Senators John Ashcroft, Kit Bond, John Danforth, and Jim Talent that Akin should quit the race.

“As I said [Monday], Todd Akin’s comments were offensive and wrong and he should very seriously consider what course would be in the best interest of our country. Today, his fellow Missourians urged him to step aside, and I think he should accept their counsel and exit the Senate race,” Romney said.

Brown was among the first Republicans to call for Akin to drop out of the race, doing so in a statement on Monday morning.

Brown supports abortion rights, while Romney and Ryan oppose them. Romney would make an exception for rape and incest, but Ryan would do so only when the health of a mother would be jeopardized by a continued pregnancy.

The reelection committee for Obama, an abortion rights supporter, pounced on the platform vote.

“Several Romney supporters and advisers were present and stood silently while this vote took place. This should come as no surprise, as Mitt Romney supported this exact language in the 2004 and 2008 Republican platforms and Paul Ryan fought to ban abortion even in cases of rape,” Obama spokeswoman Lis Smith said in a statement.

“Women across this country should take note of the Republican Party’s position, and not trust any of the false promises made by Mitt Romney and Paul Ryan on the campaign trail,” Smith added.

Virginia Governor Bob McDonnell, chairman of the RNC’s platform committee and an abortion opponent, thanked the committee for “affirming our respect for human life” today before moving onto other platform issues.

The platform will come up for a vote of the convention delegates on Monday


AP sources: GOP platform draft at odds with Romney

“…Republican Party leaders decided to include that position during a party meeting Tuesday, two GOP officials confirmed to The Associated Press. The language is the same as it’s been since 1984, and the platform is set to be officially adopted Monday. But this year, it comes as GOP officials are calling on Missouri Rep. Todd Akin to quit his Senate bid after he made inflammatory comments about rape. Akin, asked in a local TV interview aired Sunday if he opposes abortion in cases of rape, said a woman’s body is able to prevent pregnancy in what he called “a legitimate rape.”

In a Sunday statement condemning Akin’s remarks, Romney said his administration would not oppose abortion in cases of rape. That puts him at odds with his party’s official line.

Romney is set to be nominated for president at the Republican National Convention that kicks off Aug. 27.

“The details of some of these things, like an exception for rape or life of the mother, these are not uncommon differences that candidates have and don’t share some of the detail on those exceptions,” RNC Chairman Reince Priebus said Tuesday on MSNBC. “But as far as our platform is concerned, I mean, this is the platform of the Republican Party. It is not the platform of Mitt Romney.”

The party’s platform says members of the GOP “assert the sanctity of human life and affirm that the unborn child has a fundamental individual right to life which cannot be infringed. We support a human life amendment to the Constitution.”

Romney’s position on the question is also at odds with his running mate, Wisconsin Rep. Paul Ryan, who opposes abortion except in instances where the life of the mother is at risk. That’s closer in line with the Republican Party’s official position.

A Ryan aide downplayed the difference. “He knows he is joining the Romney ticket and the Romney administration will reflect the views of the nominee,” Ryan spokesman Michael Steel told reporters traveling with Romney’s no. 2 from Pittsburgh to Philadelphia.

Ryan has voted for legislation that has included exceptions for rape, incest and the life of the mother, another spokesman said.

The decision might have passed with little notice if not for Akin, whose weekend comments drew intense criticism and quick calls for him to step aside.

“It seems to me, from what I understand from doctors, that’s really rare,” Akin said when asked about abortion in cases of rape. “If it’s a legitimate rape, the female body has ways to try to shut that whole thing down.”

Romney did not call for Akin to leave the race until about two hours before a state-imposed deadline for him to drop out without going to court. Akin was still in the race at 6 p.m. EDT Tuesday, and now has until Sept. 25 to seek a court order to take his name off the ballot. After that date, there is no way for Akin to leave the race.

Virginia Gov. Bob McDonnell, who RNC’s Platform Committee, called it a “document that transcends time.”

“Current events regarding who said what at any given time don’t affect this document,” McDonnell said.

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Change You Can Count On: The 2,000,000,000 Health Care Plan Requires Massive Tax Increases and Huge Cuts In Medicare Reimbursement for Doctors and Hospitals!

Posted on October 14, 2009. Filed under: Blogroll, Communications, Economics, Energy, Fiscal Policy, government spending, Health Care, Immigration, Law, liberty, Life, Links, media, Medicine, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Video, Wisdom | Tags: , , , , , |


“Truth will ultimately prevail where there is pains to bring it to light.”

~Geroge Washington


Breaking Down the Baucus Bill

Dick Armey On Cavuto – The Dems Hide Behind The Curtain


PricewaterhouseCoopers (PWC) for America’s Health Insurance Plans (AHIP)


Glenn Beck-10-14-09-A


Glenn Beck-10-14-09-B


Glenn Beck-10-14-09-C


Glenn Beck-10-14-09-D


Glenn Beck-10-14-09-E


The American people do not want higher taxes and premiums for health care insurance, electricity, gasoline, or other goods and services.

The American people will be targeting  for defeat any Democratic or Republican politican that votes for the health care tax, cap and trade energy tax, and the criminal alien amnesty and citizenship bill so-called comprehensive immigration reform bills.

“I must study politics and war that my sons may have liberty to study mathematics and philosophy. My sons ought to study mathematics and philosophy, geography, natural history, naval architecture, navigation, commerce and agriculture in order to give their children a right to study painting, poetry, music, architecture, statuary, tapestry, and porcelain.”

~John Adams


Background Articles and Videos



Democratic Leaders Go After Health Insurance Companies In Congress


Health Care Reform Cost Visualization



Comments on Public Option and Medicare Cuts


LeMieux Discusses Health Care Reform


Bernard Whitman on the Cost of the Health Care Reform – Fox Business, 10.13.2009


No American Should Have to Choose Between Health Insurance and Getting Drunk



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President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Posted on February 9, 2009. Filed under: Blogroll, Books, Communications, Cult, Economics, Employment, Investments, People, Politics, Quotations, Rants, Raves, Regulations, Strategy, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , , |

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

~John Maynard Keynes

President Obama’s ignorance of economics and business history is stunning and is only matched by his arrogance in recommending a stimulus package and bailouts that will not work and will within two years lead to inflation rates from 25%-50%. 

President Obama is destined to be a repeat of the Carter years, only much worse.

Any Democrat or Republican that votes for the stimulus package and future bailouts of banks, businesses, and states will rue the day that they failed to listen to those warning them that you do not know what you are doing–wrecking the US economy and destroying  jobs.

If that is the real agenda of the FDRs  they may succeed for a while.

The American people will remember in 2010 and 2012 and will vote out of office all those Democrats and Republicans that voted for this so-called stimulus package and future bailout bills.

The unemployment rate will hit 10% by July 2009.

Employment Situation Summary

“…Both the number of unemployed persons (11.6 million) and the unemployment rate (7.6 percent) rose in January.  Over the past 12 months, the number of un-employed persons has increased by 4.1 million and the unemployment rate has risen by 2.7 percentage points.  (See table A-1.) …”


With over 14 million American unemployed in July, President Obama and the Congressional FDRs will then own the recession–Depression Obama Arrives–DOA!

The Affirmative Action Radical President (AARP) changes his tune from hope and change to doom and panic in three weeks.

Looks like the stress of the job is already getting to him.

What did you expect from one of the least experienced and qualified President elected in 100 years?

It is the typical policy of après nous le déluge. Lord Keynes, the champion of this policy, says: In the long run we are all dead. But unfortunately nearly all of us outlive the short run. We are destined to spend decades paying for the easy money orgy of a few years.

~Ludwig von Mises

Omnipotent Government, page 252

It was [Keynes’] revival of this underconsumptionist approach [long preached by cranks and radicals] which made his theories so attractive to the Left.

~Friederich A. Hayek

 Collected Works, Vol. 9. p. 249


Cargo Cult


Big Government Is Not Stimulus: Why Keynes Was Wrong (The Condensed Version)


Obama’s So-Called Stimulus: Good For Government, Bad For the Economy


The Battle Between Keynes and Monetarism in the UK part 1


The Battle Between Keynes and Monetarism in the UK part 2


Dick Armey and Ron Paul Discuss Obama Stimulus Plans


Ron Paul: U.S. spends $1 trillion to maintain empire 


GOP senators ‘caved in’ on stimulus, Dr. Paul says 2/7/2009


RNC Chairman – Government Jobs Aren’t Jobs


Vintage pro-inflation propaganda


Walter E Williams – Economics of Liberty



The Matrix “The choice of the the truth”


Background Articles and Videos


Keynesian Economics

“In economics Keynesianism (pronounced /ˈkeɪnziən/, also Keynesian economics and Keynesian Theory), is based on the ideas of twentieth-century British economist John Maynard Keynes. According to Keynesian economics the state should stimulate economic growth and improve stability in the private sector — through, for example, adjusting interest rates and taxation and funding public projects.

The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936.

In Keynes’s theory, some micro-level actions of individuals and firms can lead to aggregate macroeconomic outcomes in which the economy operates below its potential output and growth. Many classical economists had believed in Say’s Law, that supply creates its own demand, so that a “general glut” would therefore be impossible. Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output. Keynes argued that government policies could be used to increase aggregate demand, thus increasing economic activity and reducing high unemployment and deflation.

Keynes argued that the solution to depression was to stimulate the economy (“inducement to invest”) through some combination of two approaches :

  • a reduction in interest rates.
  • Government investment in infrastructure – the injection of income results in more spending in the general economy, which in turn stimulates more production and investment involving still more income and spending and so forth. The initial stimulation starts a cascade of events, whose total increase in economic activity is a multiple of the original investment.[1]

A central conclusion of Keynesian economics is that in some situations, no strong automatic mechanism moves output and employment towards full employment levels. This conclusion conflicts with economic approaches that assume a general tendency towards an equilibrium. In the ‘neoclassical synthesis’, which combines Keynesian macro concepts with a micro foundation, the conditions of General equilibrium allow for price adjustment to achieve this goal.

The New classical macroeconomics movement, which began in the late 1960s and early 1970s, criticized Keynesian theories, while New Keynesian economics have sought to base Keynes’s idea on more rigorous theoretical foundations.





Fascism is an authoritarian nationalist ideology focused on solving economic, political, and social problems that its supporters see as causing national decline or decadence.[1][2][3][4] Fascists aim to create a single-party state in which the government is led by a dictator who seeks unity by requiring individuals to subordinate self-interest to the collective interest of the nation or a race.[5][6][7] Fascist governments permanently forbid and suppress all criticism and opposition to the government and the fascist movement.[8]

Fascist movements oppose any ideology or political system that gives direct political power to people as individuals rather than as a collective through the state (liberalism, democracy, individualism); that is deemed detrimental to national identity and unity (class conflict, communism, internationalism, laissez-faire capitalism); that protects and enhances the power of “weak” people rather than promoting “strong” people (egalitarianism); that may oppose major changes to institutions and cultural values that it proposes (conservatism) and that undermine the military strength and military ambitions of the nation (pacifism).[9][10][11] [12][13][14][15][16][17][18]

Fascist movements promote violent conflict between nations, political factions, races, and other groups of people as part of a social Darwinist and militarist view that conflict is a natural process and a part of evolution.[19][20]

Following the defeat of the Axis powers in World War II, the term fascist has been used as a pejorative word. [21]



Burning the midnight oil: The Sellout Amendment is here

By Michelle Malkin

“…The full, cave-in “compromise” porkulus amendment of GOP Sens. Collins, Specter, and Snowe finally arrived in my inbox tonight at 11:14pm Eastern.

So, your representatives of the “most deliberative body in the world” have barely a day to digest and debate the 778-page legislative text before rushing to vote on cloture Monday evening.

Like Dave Ramsey says: “Desperate always reap stupid.”

I’m uploading the whole thing for you so you can see it, too.

Click here for PDF file.

Get out your hip-waders.

Highlights coming. …”



Jim Rogers – Super-inflation to come worldwide



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Defeat the Cram Down Bullshit Bailout Bill: Emergency Economic Stabilization Act of 2008

Posted on October 2, 2008. Filed under: Blogroll, Comedy, Economics, Investments, Life, Links, Music, People, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , |

I am still urging all conservatives and libertarians in Congress, Democrats and Republicans, to defeat the Bailout Bill now known as the Emergency Economic Stabilization Act of 2008. 

 Any Senator or Representative that votes for this should be defeated in November.

The bill is just business as usual.

Instead of focusing on the immediate financial crisis, the American elites in Washington have added a long list of provisions that have absolutely nothing whatsoever to do with the financial crisis.

Our so called “leaders ” in Washington are simply not leveling with the American people, shame on them.

Instead of focusing on what the American people will accept, they simply ignore their constituents–the arrogance of incumbency.

Bailout Bill vs. Rescue Economy American People (REAP) Law

They do so at their peril.

Just say no!

If they have time to lard up the bailout bill with earmarks, then we have the time to place the blame on those who really caused the problem–the defenders and protectors of Fannie Mae and Freddie Mac in Congress.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis


Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae


Obama and Democrats are Responsible: Fannie Mae/Freddie Mac






Empty Words


Time for the FBI to arrest those at Fannie Mae and Freddie Mac that committed fraud and offer some of them deals if they know of any members of Congress that accepted bribes in exchange for their support.

Vote the bastards out of office in Novmember.

The American elites of both political parties shafted the American people once again.

Shame on them!

Any Republican or Democrat that voted for this bill will not be getting my vote.

Time for a revolt and a third party.

The Great American Sell-out (More on the BIG BAILOUT plan)

No Bailout for Jobs hit hard by trade deficit (Lou Dobbs)

Lou Dobbs – Lobbyist Using Scare Tactics to push bailout!

Lou Dobbs – Big Bailout Boondoggle




Subprime crisis explanation by The Long Johns


Let Wall Street Burn…


Government BAILOUT….


Background Articles and Videos

Senate bailout bill keeps growing

“…To calm voters fearful of bank failures, the $100,000 cap on federal insurance for deposits would also be raised to $250,000—a concession backed by both parties but also aimed at community banks who can be helpful in building small town support for the larger bill.

With each permutation, the bill has steadily grown in size. Treasury’s initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute now runs over 450 pages. And tucked away in the tax provisions is a landmark health care provision demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses.

Really a bill onto itself, the mental health parity measure has been a bipartisan priority for top lawmakers in both chambers but has stalled because of disagreements again over how to pay for its estimated $3.8 billion five-year cost. In the current climate, that seems to be no longer a stumbling block, and if the Treasury plan becomes law, it will also. …” 



List of Earmarks, etc…   [Rich Lowry]

…apparently in the bailout bill (based on a list going around). Pretty outrageous. Isn’t this in John McCain’s wheelhouse?

New Tax earmarks in Bailout bill

– Film and Television Productions (Sec. 502)

– Wooden Arrows designed for use by children (Sec. 503)

– 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)      

Tax earmark “extenders” in the bailout bill.

– Virgin Island and Puerto Rican Rum (Section 308)

– American Samoa (Sec. 309)

– Mine Rescue Teams (Sec. 310)

– Mine Safety Equipment (Sec. 311)

– Domestic Production Activities in Puerto Rico (Sec. 312)

– Indian Tribes (Sec. 314, 315)

– Railroads (Sec. 316)

– Auto Racing Tracks (317)

– District of Columbia  (Sec. 322)

– Wool Research (Sec. 325)


McCain will support earmark-stuffed Senate Crap Sandwich; Obama: Me, too!

By Michelle Malkin
“…McCain has made his battle against earmarks the hallmark of his campaign. He couldn’t stop talking about them for the first half of the last week’s first presidential debate.The Senate bill is stuffed with earmarks to grease its passage. I repeat:

– Film and Television Productions (Sec. 502)

– Wooden Arrows designed for use by children (Sec. 503)

– 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.

– Virgin Island and Puerto Rican Rum (Section 308)

– American Samoa (Sec. 309)

– Mine Rescue Teams (Sec. 310)

– Mine Safety Equipment (Sec. 311)

– Domestic Production Activities in Puerto Rico (Sec. 312)

– Indian Tribes (Sec. 314, 315)

– Railroads (Sec. 316)

– Auto Racing Tracks (317)

– District of Columbia (Sec. 322)

– Wool Research (Sec. 325)

McCain supports them all.

Business as usual.

No earmark left behind. …”

Why I Oppose the Wall Street Bailout

Dick Armey

“…This week, Congress will vote on the largest federal bailout in history—$700 billion in spending authority to purchase the troubled assets of Wall Street’s major investment houses.  As a free market economist I unequivocally oppose this legislation because it violates the basic working tenets of free market capitalism and individual responsibility.  Equally important to me, it likely violates our Constitution and stands in direct contradiction to the founding principles of our great nation.  

Granting the Treasury broad authority to buy troubled assets from private entities poses a significant threat to taxpayers and fundamentally alters the relationship between the private economy and the federal government.  Despite the sweeping breadth of the proposed bailout, there is virtually nothing in the bill that addresses the underlying problems that created the housing bubble and the oversized and over-leveraged financial services sector that grew with it.  Taxpayers have become Wall Street’s newest financier, with little more than a promise—and a report to Congress on “regulatory modernization”—that Congress will not let this happen again. …”


“…Despite the publicly-voiced concerns of many of us – both in and out of government – about Fannie and Freddie, the GSEs’ defenders in Congress turned a blind eye to the inherent weaknesses in the system.  The financial system held together as long as housing prices continued to increase.  As the housing market weakened, it became evident that the value of mortgages underlying the new financial instruments was too low to meet the necessary financial obligations.  As the true market value became evident, the market for these mortgage backed securities (originated by Fannie and Freddie) dried up as investors triggered a flight to safety.  Considering the fact that many of these firms were leveraged by as much as 30-to-1, the retrenchment was severe.The large government intervention that Congress is proposing would create changes whose effects will linger long into the future.  The Treasury plan would fundamentally alter the workings of the market, rewarding poorly run investment firms at the disadvantage of prudent ones, and transferring the burden of risk to the taxpayer.  At the same time, the $700 billion proposal does not offer fundamental reforms required to avoid a repeat of the current problem.  Congress has been reluctant to reform the government sponsored enterprises that lie at the heart of today’s troubled markets, and there is little to suggest their resolve to pass the necessary reforms will increase in the wake of a bailout.



In addition to the moral hazard inherent in the proposal, the plan makes it difficult to move resources to more highly valued uses.  Successful firms that may have been in a position to acquire troubled firms would no longer have a market advantage allowing them to do so; instead, entities that were struggling would now be shored up and competing on equal footing with their more efficient competitors. The financial services sector is over-leveraged and too large.  Winding this down will, indeed, impose painful costs.  Congress is seeking to explicitly transfer these costs to taxpayers, who will underwrite a new government plan devised to correct the old government plans.  Taxpayers are being called upon to make a significant sacrifice, with little evidence to suggest that the troubled markets will be settled.  In fact, there is evidence to suggest that the latest intervention will delay the required adjustments in the financial services sector.  The $700 billion intervention is just the largest, latest in a series of failed bailouts with no guarantee that the desired outcome will even be achieved. …” 






I. Stabilizing the Economy

The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the

Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets

of financial institutions and making it difficult for working families, small businesses, and other

companies to access credit, which is vital to a strong and stable economy. EESA also establishes

a program that would allow companies to insure their troubled assets.

II. Homeownership Preservation 

EESA requires the Treasury to modify troubled loans – many the result of predatory lending

practices – wherever possible to help American families keep their homes. It also directs other

federal agencies to modify loans that they own or control. Finally, it improves the

HOPE for Homeowners program by expanding eligibility and increasing the tools available to the

III. Taxpayer Protection

Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires

companies that sell some of their bad assets to the government to provide warrants so that

taxpayers will benefit from any future growth these companies may experience as a result of

participation in this program. The legislation also requires the President to submit legislation

that would cover any losses to taxpayers resulting from this program from financial institutions.

IV. No Windfalls for Executives

Executives who made bad decisions should not be allowed to dump their bad assets on the

government, and then walk away with millions of dollars in bonuses. In order to participate in

this program, companies will lose certain tax benefits and, in some cases, must limit executive

pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be


V. Strong Oversight

Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250

billion immediately, then requires the President to certify that additional funds are needed ($100

billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the

use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight

Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special

inspector general to protect against waste, fraud and abuse.



Oct 1, 2008 –

Oct. 1, 2008—
The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link
For one-page summary of the EESA: Click link
For section-by-section analysis of the EESA: Click link 

Emergency Economic Stabilization Act of 2008

“…OpenCongress Summary:The bailout would allow the government to use up to $700 billion in taxpayer money – $350 billion initially, and the rest with Congress’s approval – to buy troubled assets from struggling financial institutions. It would also establish a program whereby the government would offer insurance to companies for their assets rather than buying them. Additionally, the bill establishes “appropriate standards” for the compensation of executives at companies that sell assets to the government, creates a congressional oversight panel and requires the government take equity stakes in bailed out companies. …”

Emergency Economic Stabilization Act of 2008 

Dick Armey speaks at ALEC Part 1


Dick Armey speaks at ALEC Part 2


Dick Armey speaks at ALEC Part 3



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