Biden Out, Clinton Face-off With Benghazi Committee, Ryan (Open Borders) Fading With Conservatives, Trump Surging In The Polls — Videos

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Story 1: Biden Out, Clinton Face-off With Benghazi Committee, Ryan (Open Borders) Fading With Conservatives, Trump Surging In The Polls — Videos

Latest Election Polls

Wednesday, October 21
Race/Topic   (Click to Sort) Poll Results Spread
2016 Republican Presidential Nomination ABC/Wash Post Trump 32, Carson 22, Rubio 10, Cruz 6, Bush 7, Fiorina 5, Huckabee 3, Paul 2, Christie 3, Kasich 2, Santorum 0, Graham 1, Pataki 1, Jindal 0 Trump +10
New Hampshire 2016 Democratic Primary WBUR Clinton 38, Sanders 34, Biden 9, Webb 2, O’Malley 1, Chafee 0 Clinton +4
New Hampshire Republican Presidential Primary Bloomberg Trump 24, Carson 17, Bush 10, Rubio 8, Fiorina 7, Kasich 7, Cruz 4, Paul 4, Christie 5, Huckabee 1, Santorum 1, Graham 1, Jindal 0, Pataki 0 Trump +7
New Hampshire Republican Presidential Primary Boston Herald Trump 28, Carson 16, Bush 9, Rubio 6, Fiorina 10, Kasich 6, Cruz 5, Paul 5, Christie 3, Huckabee 2, Santorum 0, Graham 0, Jindal 1, Pataki 0 Trump +12

http://www.realclearpolitics.com/epolls/latest_polls/elections/

Joe Biden Not Running For President: 2016 Window Has ‘Closed’ | MSNBC

Lyndon Johnson – Remarks on Decision to not seek Reelection

The Daily Wrap | Trump Continues To Surge In Polls

Dr Ben Carson reacts to surging ahead of Trump in new poll

Howard Kurtz: Paul Ryan, Insufficiently Conservative?

Ann Coulter: RINO Speaker Candidates And Illegal Aliens

House Divided – Will Conservatives Accept Paul Ryan as Speaker of the House?

Mark Levin Blasts Paul Ryan On Immigration: “I’ve Had Enough Of This Crap!”

Paul Ryan: The Man Who Would be King

Pro-Amnesty Rep. Gutiérrez Supports Paul Ryan For Speaker Of The House

Paul Ryan on Immigration Reform

Ben Swann vs Paul Ryan – Reality Check: Paul Ryan is Actually a Big Spender Just Like Mitt Romney

Paul Ryan The Conservative Sold Out

Tom Woods: Is Paul Ryan a real fiscal conservative?

Donald Trump Leads in Expectations, Shows Strength on Attributes (POLL)

Paul Ryan’s bid for House speaker splinters conservative Freedom Caucus

Lisa Mascaro

e conditions that Rep. Paul Ryan has set to become the next House speaker are driving a wedge in the fiery House Freedom Caucus, potentially weakening the unity of the conservative group that pushed out the current speaker.

Conservatives appear torn over the offer posed Tuesday by Ryan, the popular Wisconsin Republican, who has given his GOP colleagues until Friday to decide whether they are willing to end their infighting and unite around him.

The Freedom Caucus has so far maintained powerful cohesion as a 40-plus bloc of votes — a force that nudged Speaker John A. Boehner’s early retirement and then blocked the rise of Majority Leader Kevin McCarthy (R-Bakersfield). But that unity is showing signs of fraying.

Some members of the caucus said Ryan’s bid for speaker offered a compelling solution to the GOP’s leadership struggle. Others, though, appeared unwilling to yield to Ryan’s various conditions — a position amplified by conservative groups outside the Capitol.

Signs of division inside the caucus were already apparent.

Two lawmakers recently exited the group; one, California Rep. Tom McClintock, among the most conservative Republicans in the House, detailed the caucus’ “many missteps that have made it counterproductive to its stated goals.”

Deepening the wedge in the influential conservative caucus may become central to finding a new GOP speaker who can lead the divided majority and end the cycle of dysfunction that is damaging the party’s standing with voters ahead the 2016 presidential election.

On the other hand, if the Freedom Caucus unites against Ryan or withholds enough votes it would almost certainly prolong the chaotic leadership struggle.

“Listen, I think Paul is going to get the support he’s looking for,” Boehner said Wednesday after a closed-door party meeting. “But this decision is up to the members.”

Ryan, the party’s former vice presidential nominee, has said he is willing to take on the job to replace Boehner if the House majority’s three main factions pledge support.

His chief obstacle remains the Freedom Caucus, which had thrown its support to one of its own, a little known newcomer, Rep. Daniel Webster (R-Fla.).

With party elections set for Oct. 28, Ryan — like Boehner and McCarthy – would be expected to easily win a majority from within the House GOP. But the challenge will come the next day, when a full House floor vote poses a less certain outcome if all Republicans do not unite against Democrats.

Even if Ryan does not win the official support of the Freedom Caucus, he may be able to peel away enough votes to assure success, and some caucus members are already voicing support for him.

“We’re not a monolithic group by any stretch,” said Rep. Mick Mulvaney (R-S.C.), a leader of the Freedom Caucus, who warned that it may be difficult for the group to change its endorsement. “So the fact we have a difference of opinion amongst the various members is not at all unusual.”

Rep. Cynthia Lummis (R-Wyo.), a Freedom Caucus member who backed Rep. Jason Chaffetz (R-Utah) for speaker rather Webster, was leaning toward Ryan. Chaffetz dropped out of the running Tuesday and threw his support to Ryan.

“I’m not sure that Paul Ryan could walk on water today,” Lummis said after hearing his pitch, “but give him 10 days.”

Outside conservative groups, though, have already turned against Ryan and revved up their attacks.

And Republican voters appear to be in a fighting mood. Polling released Wednesday showed they want a new speaker who is not quick to compromise. Among GOP voters, 62% prefer a speaker who sticks to conservative principles, even if that leads to a government shutdown, according to the Associated Press-GfK poll.

Although Ryan is willing to consider some of the rules changes conservatives want to weaken the speaker’s grip on power, he has several demands of his own that the Freedom Caucus is hesitant to support.

Top among them is making it harder for conservatives to deploy one of their most powerful tools: calling a procedural vote to oust the speaker, which led to Boehner’s early retirement and warned McCarthy off the job.

Ryan told fellow Republicans he was willing to take “arrows in the chest, but not in the back,” according to those familiar with his remarks to the private meeting Tuesday evening.

That will be a tough sell for conservatives who see the motion to “vacate the chair” as the strongest leverage they have over the leadership.

Some changes, such as raising the threshold for bringing such a motion to the floor or approving it, could be acceptable.

Conservative radio talk show host Laura Ingraham raised particular objection over Ryan’s condition that he wouldn’t travel as much for the party as Boehner had so that he could spend more time at home with his family.

“George Washington left the luxury and beauty of Mount Vernon for Valley Forge,” she tweeted, referring to the Washington’s role in the Revolutionary War. “He even worked wkends & morning workouts for his people.”

The Freedom Caucus held a private meeting with Ryan later Wednesday. The group, which includes newer members of Congress as well as more veteran conservatives, is guided by internal rules that require 80% support to endorse a candidate, which Webster was able to win.

But the endorsement of Webster was binding only through the internal party election, meaning lawmakers in the group would be free to vote as they wish on the floor.

Ryan had indicated to his colleagues that he wanted the support from all three caucuses — the Freedom Caucus, the conservative Republican Study Committee and a small moderate GOP wing.

It’s unlikely that Ryan will settle for a promise that the Freedom Caucus will support him during the floor vote if it keeps its previous endorsement for his rival. A Ryan aide said he wants the full caucus’ formal endorsement now.

http://www.latimes.com/nation/politics/la-na-ryan-speaker-20151021-story.html

Paul Ryan is still talking to conservatives about supporting his speaker bid

Rep. Paul Ryan has apparently not yet been able to secure the support of House conservatives for his bid for speaker, despite the confident assertion by the man he hopes to succeed that Ryan will be able to unite the fractious Republican conference.

“I think Paul is going to get the support that he is looking for,” speaker John Boehner told reporters Wednesday after a meeting of House Republicans. Boehner announced that Republicans will choose a new speaker next week, voting in conference next Wednesday to pick their nominee and on the House floor next Thursday.

But after an hour-long meeting with the rebellious Freedom Caucus Wednesday, Ryan shrugged off questions about whether he had won the group’s endorsement. “We had a nice meeting, a good chat,” Ryan said. Asked if he got a commitment, he said, “we just had an exchange of ideas” and a conversation about “how to make Congress work better.”

Members of the Freedom Caucus said they planned to meet again Wednesday night to talk about Ryan’s bid.

“We’re not done yet,” said Rep. Tim Huelskamp, R-Kan. “Everything’s still being discussed.”

Ryan announced Tuesday night that he will run for the top leadership job if he gets the support of all GOP factions. The Wisconsin Republican gave his colleagues until Friday to decide whether they can support him. Ryan, chairman of the Ways and Means Committee and the 2012 Republican nominee for vice president, had repeatedly said he did not want the job but was pressed to run by Republicans who see him as the best candidate to unite the GOP conference.

“We as a conference should unify now,” Ryan told reporters Tuesday night after meeting with his Republican colleagues. “What I told members is if you can agree to these requests and if I can truly be a unifying figure, then I will gladly serve, and if I am not unifying, that is fine as well — I will be happy to stay where I am.”

The Freedom Caucus, a group of about 40 conservative members, has been the most nettlesome. The group helped force Boehner into retirement by threatening to call a no-confidence vote on his speakership. Boehner plans to leave Congress at the end of next week, assuming that House members have elected a new speaker.

The influential group also convinced Majority Leader Kevin McCarthy, R-Calif., to withdraw his bid to become speaker when it became clear he could not win their support. The Freedom Caucus has already endorsed Rep. Daniel Webster, R-Fla., to be the next speaker.

The Caucus is seeking changes to House rules that will allow them to offer more amendments, get more conservative bills on the floor and restore the independence of committee chairmen. Those changes would diminish the speaker’s power. “The next speaker must follow House rules and commit to an open process for debating and amending legislation,” the Freedom Caucus said in a recent Twitter post. “Let the House work its will.”

Before the meeting, Rep. Mick Mulvaney, R-S.C., a member of the group, sounded skeptical that Ryan could win the group’s support. For the Freedom Caucus to endorse, 80 percent of the group’s 40 members have to agree, Mulvaney said, adding that is a “very difficult” bar to meet.

Mulvaney said one of his questions for Ryan will be whether he really wants to serve as speaker. “If you listen to Paul, what you hear is ‘I don’t want the job’,” Mulvaney said.

Ryan said Tuesday he is willing to consider rule changes to give all members a greater voice in the House. But he also said he wants to ensure that “we do not experience constant leadership challenges and crises.”

Boehner said Wednesday that Republicans already know Ryan well. “He works hard; he’s very bright.”

http://www.usatoday.com/story/news/politics/2015/10/21/boehner-predicts-ryan-get-support-hes-seeking-become-speaker/74323092/

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Ben Bernanke Boom Bubble Blower Busted By The Bubble Film — Videos

Posted on May 1, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, history, History of Economic Thought, Homes, Inflation, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Transportation, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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QE-Fed-BalanceSheet-SP500-020413

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Fed-Reserve-Balance-Sheet

fed-balance-sheet-2016

fed-dollars-2003-2012

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burstbubble

Ben Bernanke Is The Most Dangerous Man In US History

BREAKING 2013 Economic Collapse Peter Schiff

The Bubble film official trailer

Raw footage of Jim Rogers interview – The Bubble film

Raw Footage of Doug Casey Interview from The Bubble

Raw footage of Jim Grant interview from The Bubble film

Raw footage of Peter Schiff Interview from The Bubble

The Bubble – Raw footage of Marc Faber interview

Raw Footage of Peter Wallison Interview from The Bubble

Raw Footage of Joseph Salerno Interview from The Bubble

Raw Footage of Robert Murphy interview from The Bubble

Raw footage of Roger Garrison Interview from The Bubble

Raw footage of Ron Paul interview from The Bubble film

The Bubble film panel at Freedom Fest 2012

U.S. Debt Clock

http://www.usdebtclock.org/

Background Articles and Videos

The American Dream By The Provocateur Network

Slow “growth”,GDP makeover, Keynesians demand more debt and inflation

The Fed, Ben Bernanke & the Economy (4/30/13)

Coming Economic Collapse Peter Schiff RT America

Austrian Theory of the Trade Cycle | Roger W. Garrison

Tom Woods Discusses his New Documentary, The Bubble

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 1/2

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 2/2

Fed Keeps Interest Rates Low, Continues Bond Buying Program

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

While stocks have soared to new highs, the economy remains in slow-growth mode as it has throughout Chairman Ben Bernanke’s term, which began just before the onset of the financial crisis.

The stock market reacted little to the 2 pm news, maintaining an earlier selloff spurred over jobs fears.

Fed officials have long bemoaned Washington fiscal policy, with Congress and the White House in a continued stalemate that has resulted in a raft of mandated tax increases and spending cuts known as the sequester.

The May FOMC statement kept up the heat.

“Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth,” the statement said.

The Fed’s decision came the same day as a report on private payrolls fell well below expectations, indicating just 119,000 new jobs created, a seven-month low.

While critics worry about inflation, the Fed continued to conclude that “expectations have remained stable.”

The Fed has vowed to keep interest rates exceptionally low until unemployment falls to 6.5 percent from its current 7.6 percent and until inflation reaches 2.5 percent from its current 1.5 percent.

-By CNBC.com Senior Writer Jeff Cox.

http://www.cnbc.com/id/100695681

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Austrian Economics–Videos

Posted on August 19, 2012. Filed under: Blogroll, Communications, History of Economic Thought, Macroeconomics, Microeconomics, People, Philosophy, Politics, Video, Wealth, Wisdom | Tags: , , , , , |

Austrian Economics versus Mainstream Economics | Mark Thornton 

The Future of Austrian Economics | Murray N. Rothbard

Introduction to Austrian Economics, Lecture 1: Mises and the Austrian School 

The History of Austrian Economics, Part 1 | Dr. Israel Kirzner 

The History of Austrian Economics, Part 2 | Dr. Israel Kirzner

Austrian Economist: Here’s the Mainstream’s Biggest Mistake

Tom Woods talks to Jeffrey Herbener about the Austrian method of doing economics. http://www.LibertyClassroom.com
Is Austrian Economics ‘Unscientific’?: http://www.youtube.com/watch?v=6bF_gPioOoc How Prof. Herbener Converted to Austrian Economics: http://www.youtube.com/watch?v=20tI5WBBfkg

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Charles and David Koch and Murray N. Rothbard and Ludwig von Mises–Videos

Posted on May 1, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Resources, Tax Policy, Taxes, Technology, Unions, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , |

Lew Rockwell and Tom Woods discuss Rothbard and the Koch Brothers

People & Power – The Koch Brothers

I am a classical liberal or libertarian.

I greatly admire the works of Ludwig von Mises, Friedrich A. Hayek, Murray Rothbard, Milton Friedman, The Von Mises Institute, Cato Institute, Reason and the Koch brothers.

Competition is what it is all about. This is a mistake the Kock borthers made in not encouraging instead of discouraging the formation of the Ludwig von Mises Institute and trying to marginalize Murray Rothbard. What is needed is many Cato Institutes and Ludwig von Mises Institutes spreading the word on the benefits of free market capitalism and limited government.

The Republican Party establishment, sad to say, is controlled by progressive neoconservatives, which is why many classical liberals or libertarians have left the Republican Party and are now independents.

Nixon, Ford, Bush, Dole, Bush, McCain, and Romney are all big government progressive Republicans. They may talk conservative, but walk as big government spenders. Limited government and fiscal responsibility are the last thing these big government progressive neoconservatives want. The Republican Party has became the party of war and the Democratic Party has become the party of welfare. The result is the warfare and welfare economy and state.

It is only a matter of time before a new political party will emerge that will reflect the views of libertarian conservatives, traditional conservatives, social/religious conservatives and national defense conservatives.

Both the Democratic and Republican party leaderships are so permeated with progressives or liberals that they are both lost causes.

Background Articles and Videos

Koch Family

“…The Koch family (play /ˈkoʊk/ KOHK) of industrialists and businessmen is most notable for their control of Koch Industries, the second largest privately owned company in the United States.[1] The family business was started by Fred C. Koch, who developed a new cracking method for the refinement of heavy oil into gasoline.[2][3] Fred’s four sons became involved in litigation against each other in the 1980s and 1990s.[4] According to the Koch Family Foundations and Philanthropy website, “the foundations and the individual giving of Koch family members” have financially supported organizations “fostering entrepreneurship, education, human services, at-risk youth, arts and culture, and medical research.” [5]

David H. Koch and Charles G. Koch—the two brothers still with Koch Industries—are affiliated with the Koch family foundations. Annual revenues for Koch Industries have been “estimated to be a hundred billion dollars.” [6]

Political activities

Main article: Political activities of the Koch family

David and Charles have funded conservative and libertarian policy and advocacy groups in the United States.[7] Since the 1980s the Koch foundations have given more than $100 million to such organizations, among these think tanks like the Heritage Foundation and the Cato Institute, as well as more recently Americans for Prosperity.[8] Americans for Prosperity and FreedomWorks are Koch-linked organizations that have been linked to the Tea Party movement.[9][10]

Family members

  • Fred C. Koch (1900–1967), American chemical engineer and entrepreneur who founded the oil refinery firm that later became Koch Industries
  • Mary Robinson Koch (October 17, 1907 – December 21, 1990),[11] wife of Fred C. and namesake of the company tanker vessel Mary R. Koch
  • Four sons of Fred C. and Mary Robinson Koch:[11]
    • Frederick R. Koch (born 1933), collector and philanthropist
    • Charles G. Koch (born 1935), Chairman of the Board and Chief Executive Officer of Koch Industries
    • David H. Koch (born 1940), Executive Vice President of Koch Industries
    • William Koch (born 1940), businessman, sailor, and collector

See also

  • David Koch Theatre
  • Charles Koch Arena
  • David H. Koch Institute for Integrative Cancer Research
  • The Science of Success, a book by Charles Koch in which he attributes the success of the family business to Market-Based Management
  • Koch Industries

References

  1. ^ “Forbes America’s Largest Private Companies”. Forbes.com. http://www.forbes.com/lists/2011/21/private-companies-11_land.html. Retrieved 10/4/11.
  2. ^ Koch, Charles C. (2007). The Science of Success: How Market-Based Management Built the World’s Largest Private Company. John Wiley & Sons, Inc.. p. 6. ISBN 978-0-470-13988-2.
  3. ^ “Koch Industries, Inc.”. Company Profile Report. Hoover’s, Inc.. 2010. http://www.hoovers.com/company/Koch_Industries_Inc/cftjki-1.html. Retrieved 10 May 2010. “[W]hen he tried to market his invention, the major oil companies sued him for patent infringement. Koch eventually won the lawsuits (after 15 years in court), but the controversy made it tough to attract many US customers.”
  4. ^ “Epic struggle among Koch brothers ends”. Houston Chronicle: p. 2. 26 May 2001.
  5. ^ http://kochfamilyfoundations.org/Foundations.asp
  6. ^ Mayer, Jane(August 10, 2010) http://www.newyorker.com/reporting/2010/08/30/100830fa_fact_mayer Covert Operations: The billionaire brothers who are waging a war against Obama The New Yorker
  7. ^ Zernike, Kate (October 19, 2010). “Secretive Republican Donors Are Planning Ahead”. New York Times. http://www.nytimes.com/2010/10/20/us/politics/20koch.htm.
  8. ^ Charles Koch, in interview with Stephen Moore of the Wall Street Journal. 6 May 2006. http://online.wsj.com/article/SB114687252956545543.html
  9. ^ Vogel, Kenneth P. (August 9, 2010), “Tea party’s growing money problem”, Politico, http://dyn.politico.com/members/forums/thread.cfm?catid=1&subcatid=70&threadid=4355176, retrieved 2011-06-14
  10. ^ Fenn, Peter (February 2, 2011), “Tea Party Funding Koch Brothers Emerge From Anonymity”, U.S. News & World Report, http://www.usnews.com/opinion/blogs/Peter-Fenn/2011/02/02/tea-party-funding-koch-brothers-emerge-from-anonymity, retrieved 2011-06-13
  11. ^ a b Fred and Mary Koch Foundation …”

http://en.wikipedia.org/wiki/Koch_family

Koch Industries

“…Koch Industries, Inc. (/ˈkoʊk/), is an American multinational conglomerate corporation based in Wichita, Kansas, United States, with subsidiaries involved in manufacturing, trading and investments. Koch also owns Invista, Georgia-Pacific, Flint Hills Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle Company. Koch companies are involved in core industries such as the manufacturing, refining and distribution[1] of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching,[3] finance, commodities trading, as well as other ventures and investments. The firm employs 50,000 people in the United States and another 20,000 in 59 other countries.[4]

In 2011, Forbes called it the second largest privately held company in the United States (after Cargill) with an annual revenue of about $98 billion,[5][6][7] down from the largest in 2006. If Koch Industries were a public company in 2007, it would rank about 16 in the Fortune 500.[8]

Fred C. Koch, for whom Koch Industries, Inc. is named, co-founded the company in 1940 and developed an innovative crude oil refining process.[9] His sons, Charles G. Koch, chairman of the board and chief executive officer, and David H. Koch, executive vice president, are principal owners of the company after they bought out their brothers, Frederick and William, for $1.1 billion in 1983.[10] Charles and David H. Koch each own 42% of Koch Industries, and Charles has stated that the company will publicly offer shares “literally over my dead body”.[5]

History

 Predecessor companies

In 1925, Fred C. Koch joined MIT classmate Lewis E. Winkler at an engineering firm in Wichita, Kansas, which was renamed the Winkler-Koch Engineering Company. In 1927 they developed a more efficient thermal cracking process for turning crude oil into gasoline. This process threatened the competitive advantage of established oil companies, which sued for patent infringement. Temporarily forced out of business in the United States, they turned to other markets, including the Soviet Union, where Winkler-Koch built 15 cracking units between 1929 and 1932. During this time, Koch came to despise communism and Joseph Stalin’s regime.[11][12] In his 1960 book, A Business Man Looks at Communism, Koch wrote that he found the USSR to be “a land of hunger, misery, and terror.”[13] According to Charles G. Koch, “Virtually every engineer he worked with [there] was purged.”[12]

In 1940, Koch joined new partners to create a new firm, the Wood River Oil and Refining Company, which is today known as Koch Industries. In 1946 the firm acquired the Rock Island refinery and crude oil gathering system near Duncan, Oklahoma. Wood River was later renamed the Rock Island Oil & Refining Company.[14] Charles G. Koch joined Rock Island in 1961, having started his career at the management consulting firm Arthur D. Little. He became president in 1966 and chairman at age 32, upon his father’s death the following year.[9][15]

Koch Industries

The company was renamed Koch Industries in honor of Fred Koch, the year after his death. At that time, it was primarily an engineering firm with part interest in a Minnesota refinery, a crude oil-gathering system in Oklahoma,[12] and some cattle ranches.[16] In 1968, Charles approached Union Oil of California about buying their interest in Great Northern Oil Company and its Pine Bend Refinery but the discussions quickly stalled after Union asked for a large premium.[11] In 1969, Union Oil began trying to market their interest in Great Northern by telling potential buyers that Koch’s controlling interest could be thwarted by currying favor with another owner, J. Howard Marshall II. When Marshall discovered this he threw his lot in with Koch, they together acquired a majority interest in the company and ultimately bought Union’s interest.[14] Ownership of Pine Bend refinery led to several new businesses and capabilities, including chemicals, fibers, polymers, asphalt and other commodities such as petroleum coke and sulfur. These were followed by global commodity trading, gas liquids processing, real estate, pulp and paper, risk management and finance.[11]

In 1970, Charles was joined at the family firm by his brother David H. Koch. Having started as a technical services manager, David became president of Koch Engineering in 1979.

Subsidiaries

Among Koch Industries’ subsidiaries across various industries[17] are:

Georgia-Pacific

Georgia-Pacific is a paper and pulp company that produces “Brawny” paper towels, “Angel Soft” toilet paper, “Mardi Gras” napkins and towels, “Quilted Northern” toilet paper and paper towels, “Dixie” paper plates, bowls, napkins and cups, “Sparkle” paper towels, and “Vanity Fair” paper napkins, bowls, plates and tablecloths. The Atlanta-based company has operations in 27 states.[18]

INVISTA

INVISTA is a polymer and fibers company that makes “Stainmaster” carpet, and “Lycra” fiber, among other products.

Koch Pipeline Company LP

Koch Pipeline Company LP, which owns and operates 4,000 miles (6,400 km) of pipeline used to transport oil, natural gas liquids and chemicals. Its pipelines are located across Wisconsin, Minnesota, Texas, Missouri, Iowa, Oklahoma, Louisiana, and Alberta, Canada. The firm operates offices in Wichita, Kansas, St. Paul, Minnesota and Corpus Christi, Texas.

In 1946 Wood River Oil Co. (a precursor company to Koch Industries) purchased Rock Island Oil and Refining Co. As a part of the transaction, it acquired a crude-oil pipeline in Oklahoma. As a result of construction and investments, Wood River acquired other pipelines in the U.S. and Canada. “In the ensuing years,” according to Koch Pipeline’s website, “the company bought, sold and built pipeline systems transporting crude oil and refined products, as well as natural gas, natural gas liquids and anhydrous ammonia (for fertilizer).”[19] Koch Pipeline and its affiliates currently maintain a 4,000-mile network of pipelines.

In January 2000, Koch Pipeline agreed to a $35 million settlement with the U.S. Justice Department and the State of Texas. This settlement, including a $30 million civil fine, represented compensation for three hundred oil spills in Texas and five other states dating back to 1990.[20][21][22]

Pipeline accident

Koch’s Sterling butane pipeline had a leak in Lively, Texas, on August 24, 1996. Two teenagers were killed when the gas exploded and burned. The National Transportation Safety Board concluded that severe external pipeline corrosion was the cause of the failure, and recommended to Koch to improve corrosion evaluation procedures.[23] Although Koch distributed pamphlets about safety around the pipelines, they failed to maintain an up-to-date mailing list. Only 5 out of 45 residences in the area of the accident had received pamphlets. The families of the dead had not.[24]

In 1999, a Texas jury found that negligence had led to the rupture of the Koch pipeline and awarded the victims’ families $296 million — “the largest compensatory damages judgment in a wrongful death case against a corporation in U.S. history”.[25]

In a statement released in 2010, Koch Industries offered this comment:

The August, 1996 pipeline accident in Texas was a tragedy. Koch accepted responsibility immediately for the incident, which is the only event of its kind in the company’s history. The thorough review conducted of this pipeline the year before the accident did not uncover any issues that posed a foreseeable threat to public safety. The bacteria-induced corrosion that caused the accident acted more quickly to damage this pipeline than had ever been documented by any industry expert. Koch’s cooperative efforts to identify the source and cause of this problem so that this knowledge could be shared throughout industry were praised by the National Transportation Safety Board, which did a two-year investigation into this incident.[26]

Flint Hill Resources LP

Flint Hill Resources LP, originally called Koch Petroleum Group, is a major refining and chemicals company based in Wichita, Kansas. It sells products such as gasoline, diesel, jet fuel, ethanol, polymers, intermediate chemicals, base oils and asphalt. It operates oil refineries in six states. Flint Hill has chemical plants in Illinois, Texas and Michigan. The firm is also a major manufacturer of asphalt used for paving and roofing applications. It operates 13 asphalt terminals located in six states including Alaska (2 terminals), Wisconsin (2), Iowa (3), Minnesota (4), Nebraska (1), and North Dakota(1).[27] The firm manages the purchasing of domestic crude oil from Texas and Colorado offices, has four ethanol plants across Iowa, operates three refineries in Alaska, Texas, and Minnesota, and has a refinery terminal in Alaska. The Minnesota refinery can process 320,000 barrels (51,000 m3) of crude a day, most of which comes from from Alberta, Canada, and handles one quarter of all Canadian oil sands crude entering the U.S.[28] It also operates fuel terminals in Wisconsin (4 locations), Texas (6), and one each in Iowa and Minnesota.[29]

In March 1999, Koch Petroleum Group acknowledged that it had negligently dumped hundreds of thousands of gallons of aviation fuel into wetlands from its refinery in Rosemount, Minnesota, and that it had illegally dumped a million gallons of high-ammonia wastewater onto the ground and into the Mississippi River. Koch Petroleum paid a $6 million fine and $2 million in remediation costs, and was ordered to serve three years of probation.[30]

In April 2001, the company reached a $20 million settlement in exchange for admitting to covering up environmental violations at its refinery in Corpus Christi, Texas.[31][32]

In June 2003, the US Commerce Department fined Flint Hill Resources a $200,000 civil penalty. The fine settled charges that the company exported crude petroleum from the US to Canada without proper US government authorization. The Commerce Department’s Bureau of Industry and Security said from July 1997 to March 1999, Koch Petroleum (later called Flint Hill Resources) committed 40 violations of Export Administration Regulations.[33]

In 2005, Koch’s Flint Hills Resources refinery was recognized by the Environmental Protection Agency’s Clean Air Awards program for reducing air emissions by 50 percent while expanding operations.[34] The EPA has worked with Flint Hills Resources to develop “strategies for curtailing so-called ‘upset’ emissions, in what agency and company sources say could lead to guidance to minimize such emissions from petroleum refineries and other industrial facilities.”[35] The EPA described the process as a “model for other companies.”[36]

In 2006, Flint Hill Resources was fined nearly $16,000 by the EPA for 10 separate violations of the Clean Air Act at its Alaska oil refinery facilities, and required to spend another $60,000 on safety equipment needed to help prevent future violations.[37]

Koch Fertilizer, LLC

Koch Fertilizer, LLC, which is one of the world’s largest makers of nitrogen fertilizers.[38] Koch Fertilizer owns or has interests in fertilizer plants the United States, Canada, Trinidad and Tobago, Venezuela, and Italy, among others.[39][40] Koch Fertilizer was formed in 1988 when the Koch companies purchased the Gulf Central Pipeline and ammonia terminals connected to the pipeline. The next year, the Koch Nitrogen Company was formed in order to market ammonia. The next few years saw purchases of various ammonia facilities in Louisiana, Canada, and elsewhere, and ammonia sales agreements with firms in Australia, the U.K., and other countries. The year 2010 saw the founding of Koch Methanol, LLC, and Koch Agronomic Services, LLC. In October 2010, a plant in Venezuela was nationalized by the government.[41] In 2011, the firm acquired the British fertilizer firm J&H Bunn Limited.

 Koch Agricultural Company

Koch Agricultural Company’s Matador Cattle Company division operates three ranches totaling 425,000 acres (1,720 km2) located in Beaverhead, Montana, Matador, Texas and the Flint Hills of eastern Kansas. There are more than 15,000 head of cattle raised on the ranches.[42]

The Matador Land and Cattle Company was founded in 1882 by Scottish investors, whose acquisition included 2.5 million acres in four Texas counties. In 1951, the company was sold to Lazard Freres and Company, which in turn sold some of the Texas land to Fred C. Koch. In 1952 Koch formed Matador Cattle Company, and later one of his companies purchased part of Matador Ranch, which was brought together with other Koch ranches in Montana and Kansas. Today, according to the ranch’s website, it “is owned and operated by Matador Cattle Company, a division of Koch Agriculture Company, which is an indirect, wholly-owned subsidiary of Koch Industries.”[43]

Koch’s Matador Ranch in Texas earned the Lone Star Land Steward award for outstanding natural resource management in 2010.[44] The Montana ranch has earned several environmental stewardship awards, including the EPA Regional Administrator’s award.[45]

Environmental and safety record

From 1999 to 2003, Koch Industries was assessed “more than $400 million in fines, penalties and judgments.”[25] Another source points out that Koch has had only “eight instances of alleged misconduct … over the span of 63 years” despite being a giant multinational, and that this compares favorably to the fines, penalties and judgments accrued by the similarly large General Electric corporation.[46]

Pollution and resource fines

In May 2001, Koch Industries paid $25 million to the federal government to settle a federal lawsuit that found the company had improperly taken more oil than it had paid for from federal and Indian land.[47]

In 2007, Koch Nitrogen’s plant in Enid, Oklahoma, was listed as the third highest company releasing toxic chemicals in Oklahoma, according to the EPA, ranking behind Perma-Fix Environmental Services in Tulsa and Weyerhaeuser Co. in Valliant.[48] The facility produces about 10% of the US national production of anhydrous ammonia, as well as urea and UAN.[49]

In 2010, Koch Industries was ranked 10th on the list of top US corporate air polluters, the “Toxic 100 Air Polluters”, by the Political Economic Research Institute at the University of Massachusetts Amherst.[50]

 Awards and certifications

Question book-new.svg
This section relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (May 2011)

According to its website, Koch Industries and its subsidiaries received 289 stewardship awards over the two years ending January 2011.[51]

Koch Industries’ headquarters in Wichita has been certified for meeting the Energy Star standards for superior energy efficiency and environmental protection. As of 2010[update] it is the only Wichita office building to be so recognized.[52][53] A Tulsa, Oklahoma site of the Koch-owned John Zink Company site was part of the EPA’s National Environmental Performance Track program from 2003 until 2009 when the program was suspended.[54][55]

In 2011, the Midway-Kansas Chapter of the American Red Cross awarded Koch Industries with a Corporate Excellence Award for its long-standing commitment to the humanitarian mission of Red Cross.[56]

Legal activity

In 2008, Koch Industries discovered that the French affiliate Koch-Glitsch had violated bribery laws allegedly securing contracts in Algeria, Egypt, India, Morocco, Nigeria and Saudi Arabia after an investigation by Ethics Compliance officer, Egorova-Farines.[25] After Koch Industries’ investigative team looked into her findings, the four employees involved were terminated. A Bloomberg article states that Egorova-Farines’ reported her findings immediately, and even after Koch’s investigators substantiated the findings, her “superiors removed her from the inquiry in August 2008 and fired her in June 2009, calling her incompetent.”[25] Koch Industries’ general counsel, Mark Holden, gave a different account of the events to Jennifer Rubin of the Washington Post.[57] Holden stated that Egorova-Farines failed to promptly share the findings, choosing instead to give the information to a manager at Koch-Glitsch who was later fired for bribery. Rubin writes that, according to Holden, “Egorova-Farines was not fired but instead ran into performance problems, left the company to go on leave and never returned.” Egorova-Farines sued Koch-Glitsch for wrongful termination in France. Rubin writes that she lost and “was ordered to pay costs for bringing a frivolous case.”[57]

In May 2011, a Utah judge dismissed a Koch Industries lawsuit alleging that Youth For Climate Truth, in releasing a fake Koch Industries press release, had infringed on Koch Industries’ trademark.[58]

Political activity

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See also: Political activities of the Koch family

Koch Industries has spent more than $50 million to lobby in Washington since 2006, according to the Center for Responsive Politics.[25]

The company has opposed the regulation of financial derivatives and limits on greenhouse gases.[25] It sponsors free market foundations and causes.[59] [60] According to the Center for Responsive Politics, many of Koch Industries’ contributions have gone toward achieving legislation on energy issues, defense appropriations and financial regulatory reform.[61] According to Greenpeace, the company has “had a quiet but dominant role in a high-profile national policy debate on global warming,” and has out-spent ExxonMobil (another corporation active in fighting climate change science and legislation) in giving money to organizations fighting legislation related to climate change. “From 2005 to 2008, ExxonMobil spent $8.9 million while the Koch Industries-controlled foundations contributed $24.9 million in funding.”[62][63] Another Greenpeace study states that between 1997 and 2008 Koch Industries donated nearly $48 million to groups which doubt or oppose the theory of anthropogenic global warming.[64][65] Koch Industries replied saying the Greenpeace report “distorts the environmental record of our companies.”[63][context?]

One policy proposal to control global warming that Koch Industries has come out against is Low Carbon Fuel Standards, such as were passed in 2007 in California.[28] According to Koch Industries, “LCFS would cripple refiners that rely on heavy crude feedstocks to provide the transportation fuels that keep America moving.”[66]

According to a critic of the Mercatus Center and the Kochs, the political activity by some of the Koch-supported foundations — such as Mercatus Center[67] — helps the company financially.[relevant to this paragraph? – discuss] According to Thomas McGarity, a law professor at the University of Texas who specializes in environmental issues, “Koch has been constantly in trouble with the United States Environmental Protection Agency (EPA), and Mercatus has constantly hammered” on the EPA.[63][relevant to this paragraph? – discuss] The founder of the Mercatus Center, Richard H. Fink, also heads Koch Industries’ lobbying operation in Washington DC.[63] According to a study by the progressive media watchdog Media Matters for America, Koch Industries (and other Koch brothers-owned companies) “have benefited from nearly a $100 million in government contracts since 2000.”[63][68]

Koch Industries have also been active in supporting and opposing politicians, including presidents. According to Jane Mayer, During the US 2000 election campaign, Koch Industries spent some $900,000 to support the candidacies of George W. Bush and other Republicans.[neutrality is disputed][63] It has funded opposition campaigns against programs of the Obama administration — “from health-care reform to the economic-stimulus”[63]. The Koch Industries website includes an opinion piece from the Wall Street Journal by Charles Koch, one of the company’s owners, “Why Koch Industries is Speaking Out”[69] The article states:

Because of our activism, we’ve been vilified by various groups. Despite this criticism, we’re determined to keep contributing and standing up for those politicians, like Wisconsin Gov. Scott Walker, who are taking these challenges [deficit spending by governments] seriously.

 See also

Portal icon Companies  portal
  • Koch family
  • Koch Family Foundations

References

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  2. ^ “Forbes Magazine Profile for America’s Top 100 Private Companies”. Forbes.com. 3 November 2010. http://www.forbes.com/lists/2010/21/private-companies-10_Koch-Industries_VMZQ.html. Retrieved 2011-07-23.
  3. ^ “Koch Industries, Inc – Industry Areas”. Kochind.com. http://www.kochind.com/IndustryAreas/default.asp. Retrieved 2011-07-23.
  4. ^ Continetti, Matthew (April 4, 2011). “The Paranoid Style in Liberal Politics”. The Weekly Standard. http://www.weeklystandard.com/articles/paranoid-style-liberal-politics_555525.html?nopager=1.
  5. ^ a b Fisher, Daniel (Mar. 13, 2006). “Mr. Big”, pp. 24–26. Forbes. Online summary for calendar year 2005 at [1].
  6. ^ “America’s Largest Private Companies”. Forbes. 8 November 2007. http://www.forbes.com/lists/2007/21/biz_privates07_Americas-Largest-Private-Companies_Rank.html?boxes=custom. Retrieved 2011-07-23.
  7. ^ “Forbes rankings for 2009”. Forbes.com. 2009-10-28. http://www.forbes.com/2009/10/28/largest-private-companies-business-private-companies-09_land.html. Retrieved 2011-07-23.
  8. ^ “The Principled Entrepreneur”. The American. July–August 2007. http://www.american.com/archive/2007/july-august-magazine-contents/the-principled-entrepreneur. Retrieved 23 February 2010.
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  10. ^ The Top 10 Forbes Asia October 19, 2009
  11. ^ a b c Koch, Charles C. (2007). The Science of Success: How Market-Based Management Built the World’s Largest Private Company. John Wiley & Sons, Inc.. p. 6. ISBN 978-0-470-13988-2.
  12. ^ a b c Daniel Fisher (13 March 2006). “Mr. Big”. Forbes. http://www.forbes.com/global/2006/0313/024.html.
  13. ^ Koch, Fred C. (1960). A Business Man Looks at Communism. Wichita, Kansas.
  14. ^ a b J. Howard, Marshall II (1994). Done in Oil: An Autobiography. College Station: Texas A&M University Press. p. 254. ISBN 0-89096-533-1.
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  20. ^ “Koch Pipeline Company L.P. – Newsroom”. Kochpipeline.com. 2000-01-13. http://www.kochpipeline.com/news/printable.asp?id=270. Retrieved 2011-07-23.
  21. ^ By Ralph K.M. Haurwitz and Jeff Nesmith (2001-07-23). “Austin news, sports, weather, Longhorns, business”. Statesman.com. http://www.statesman.com/specialreports/content/specialreports/pipelines/23pipegathering.html. Retrieved 2011-07-23.
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  23. ^ Pipeline Rupture, Liquid Butane Release, and Fire, Lively, Texas, August 24, 1996
  24. ^ “Austin news, sports, weather, Longhorns, business”. Statesman.com. http://www.statesman.com/specialreports/content/specialreports/pipelines/23pipelively3.html. Retrieved 2011-07-23.
  25. ^ a b c d e f Loder, Asjylyn; David Evans (3 October 2011). “Koch Brothers Flout Law With Secret Iran Sales”. Bloomberg Markets Magazine. http://www.bloomberg.com/news/2011-10-02/koch-brothers-flout-law-getting-richer-with-secret-iran-sales.html. Retrieved 5 October 2011.
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  27. ^ Flint Hill Resources website, accessed March 11, 2011, FHR Asphalt
  28. ^ a b Dembicki, Geoff (March 22, 2011). “The Kochs: Oil Sands Billionaires Bankrolling US Right”. The Tyee (Vancouver, B.C.). http://thetyee.ca/News/2011/03/22/KochBrothers/index.html. Retrieved 2011-08-21.
  29. ^ Koch Industries website, accessed March 11, 2011, http://www.fhr.com/newsroom/contact.aspx?ID=9
  30. ^ “Koch Petroleum Group Sentenced for Minnesota Pollution” (Press release). Environmental Protection Agency. 9 March 2000. http://yosemite.epa.gov/opa/admpress.nsf/d0cf6618525a9efb85257359003fb69d/eae2020401d0bf098525689d00713ea5!OpenDocument. Retrieved 2010-06-14.
  31. ^ “Koch Pleads Guilty to Covering up Environmental Violations at Texas Oil Refinery”. justice.gov. U.S. Department of Justice. 9 April 2001. http://www.justice.gov/opa/pr/2001/April/153enrd.htm. Retrieved 30 May 2010.
  32. ^ Don Richards (22 January 2001). “DOJ Reduces Indictments Against Koch Industries”. ICIS. http://www.icis.com/Articles/2001/01/22/130888/doj-reduces-indictments-against-koch-industries.html.
  33. ^ US Dept of Commerce, Commerce Dept Fines Kansas Firm, June 3, 2003 press release, http://www.bis.doc.gov/news/2003/kansasfirmfined.htm
  34. ^ Jessica Harper (18 November 2009). “Flint Hills is coming out of murky waters”. Dakota County Tribune. http://www.thisweeklive.com/2009/11/18/flint-hills-is-coming-out-of-murky-waters/.
  35. ^ “Inside EPA’s Clean Air Report”. InsideEPA. http://docs.google.com/viewer?a=v&q=cache:7eiXKq7LLHkJ:www.flinthillsresources.info/upload/InsideEPA9-09Pactwithoil.pdf+Flint+Hills+Resources+epa&hl=en&gl=us&pid=bl&srcid=ADGEESjlfx6q_Ri64N7NdqA3rho-Amf6W1nzG7_PkmPqn7Z9eJiGxEsQN9ph1qqI7EjuAUdIwNaS1l1voou3gXceHm_zhgBmQidSNdEp44PfgvYdxXP_u1PTXKeTbv4SM4bGwfZZ_7S2&sig=AHIEtbQgO5KZzY5H1tGz7XGieXnNJakdqQ. Retrieved 23 April 2011.
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  37. ^ EPA Press Release, EPA Fines Flint Hill Resources Alaska, Dec 13 2006, accessed Aug 25 2010, http://yosemite.epa.gov/opa/admpress.nsf/b0789fb70f8ff03285257029006e3880/6b191200b3ce87e2852572430062f987!OpenDocument
  38. ^ Koch Fertilizer website, accessed March 11, 2011, http://www.kochfertilizer.com/
  39. ^ Yasha Levine (1 September 2010). “7 Ways the Koch Bros. Benefit from Corporate Welfare”. The New York Observer. http://www.observer.com/2010/daily-transom/how-libertarian-koch-bros-benefit-corporate-welfare.
  40. ^ “Fertilizers”. http://www.kochind.com/IndustryAreas/fertilizers.aspx.
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  43. ^ “The History of Matador Ranch”. Matador Ranch. http://www.matadorranch.com/matadorranchhistory.php. Retrieved 12 April 2012.
  44. ^ “Lone Star Land Steward Awards Winners Announced” (Press release). Texas Parks & Wildlife. 6 May 2010. http://archive.tpwd.state.tx.us/newsmedia/releases/text.phtml?req=20100506. Retrieved 2010-06-14.
  45. ^ “EPA Honors Koch Ranch for Environmental Excellence; Award is Ranch’s Fourth Major Environmental Honor in 1999” (Press release). Koch Industries. 7 June 1999. http://findarticles.com/p/articles/mi_m0EIN/is_1999_June_7/ai_54811290/. Retrieved 2010-06-14.
  46. ^ Bloomberg’s Exposé on Koch Industries Reveals … What Exactly? Daniel Indiviglio| 4 October 2011
  47. ^ Russell Ray (20 June 2001). “Tribe Likely to Get Piece of Settlement in Osage County, Okla., Oil Squabble”. Tulsa World.
  48. ^ “EPA Reports Toxic Releases to Air, Water and Land in Oklahoma in 2007”. Environmental Protection Agency. 2009-03-19. http://yosemite.epa.gov/opa/admpress.nsf/6427a6b7538955c585257359003f0230/0c43e41531a2f7848525757e00664797!OpenDocument.
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  50. ^ “Toxic 100 Air Polluters” (Press release). March 31, 2010. http://www.peri.umass.edu/toxic_press/.
  51. ^ “Koch Companies Recognized with 289 Stewardship Awards since 2009” press release, January 24, 2011.
  52. ^ “Koch Industries Inc., Earns Prestigious Energy Star for Efficiencies at Wichita Complex” (Press release). Koch Industries. 17 June 2008. http://www.kochind.com/newsroom/news_releases_details.aspx?id=994. Retrieved 2010-05-31.
  53. ^ “ENERGY STAR Labeled Offices in Kansas”. energystar.gov. U.S. Environmental Protection Agency. http://www.energystar.gov/index.cfm?fuseaction=labeled_buildings.showMap&SEARCH_OWNER_ID=&S_CODE=KS&PROFILES=&YEAR=&BUILDING_TYPE_ID=700&SEARCH_SPP_ID=&CITY=&ZIP=&SEARCH_PROP_MANAGER_ID=&FILTER_B_ID=#. Retrieved 30 May 2010.
  54. ^ “Process and Pollution Control”. kochenergy.com. Koch Industries. http://kochenergy.com/EHS/processandpollutioncontrol.aspx. Retrieved 30 May 2010.
  55. ^ “Performance Track Final Progress Report”. epa.gov. U.S. Environmental Protection Agency. May 2009. http://www.epa.gov/performancetrack/downloads/PT_ProgRprt_2009_web.pdf. Retrieved 30 May 2010.
  56. ^ Heck, Josh (18 May 2011). “Red Cross Recognizes three fundraisers”. Wichita Business Journal. http://www.bizjournals.com/wichita/news/2011/05/18/red-cross-recognizes-three-fundraisers.html. Retrieved 19 May 2011.
  57. ^ a b Rubin, Jennifer. “Koch responds to Bloomberg”. The Washington Post. http://www.washingtonpost.com/blogs/right-turn/post/koch-responds-to-bloomberg/2011/03/29/gIQA3KzNIL_blog.html. Retrieved 5 October 2011.
  58. ^ “SUMMARY JUDGMENTS: Our daily legal-news aggregator for May 11, 2011” Thompson Reuters News and Insight
  59. ^ Secretive Republican Donors Are Planning Ahead by Kate Zernike published October 19, 2010, New York Times
  60. ^ Pulling the Wraps Off Koch Industries By LESLIE WAYNE; Published: November 20, 1994; New York Times; ” Their donations reflect their belief in libertarian and free market philosophies or their personal interests.”
  61. ^ OpenSecrets, Summary of Koch Industries
  62. ^ Koch Industries: Secretly Funding the Climate Denial Machine . greenpeace.org . 30 March 2010]
  63. ^ a b c d e f g Covert Operations The billionaire brothers who are waging a war against Obama. by Jane Mayer . newyorker.com . August 30, 2010
  64. ^ Vidal, John (30 March 2010). “US oil company donated millions to climate skeptic groups, says Greenpeace”. The Guardian (London). http://www.guardian.co.uk/environment/2010/mar/30/us-oil-donated-millions-climate-sceptics.
  65. ^ “Secretly Funding the Climate Denial Machine”. Global Warming. Washington: Greenpeace. 2010-03-29. http://www.greenpeace.org/usa/campaigns/global-warming-and-energy/polluterwatch/koch-industries. Retrieved 2010-04-01.
  66. ^ http://www.kochind.com/ViewPoint/lowCarbon.aspx Low Carbon Fuel Standards
  67. ^ “Mercatus, the staunchly anti-regulatory center funded largely by Koch Industries Inc.” I Am OMB and I Write the Rules By Al Kamen washingtonpost.com, July 12, 2006]
  68. ^ Koch Companies Have Received Almost $100 Million In Government Contracts August 20, 2010 — Media Matters Action Network
  69. ^ Why Koch Industries is Speaking Out, Wall Street Journal, March 1, 2011

External links

The Billionaires’ Tea Party HD

Koch Brothers: The Original Oil Speculators

    Koch Bros: Evil or Easy Targets?

Koch brothers – Jane Mayer (Fresh Air) 1/3

Koch brothers – Jane Mayer (Fresh Air) 2/3

Koch brothers – Jane Mayer (Fresh Air) 3/3

Billionaire Brothers Waging War – Charles Lewis on DemocracyNOW! 

Romney Koch Brothers Connections

Robert Greenwald on KPFK’s “The Uprising”: Koch Brothers Exposed

“Koch Brothers Exposed” Trailer Screening and Panel Discussion @ FSU 

Oilmen Fund Anti-Global Warming Groups 

Alex Jones: ‘The Koch Brothers’ and the False Left Right Paradigm

Rush Limbaugh vs Ron Paul – Has Limbaugh Been Bought by the Koch Brothers or GOP?

How the Koch Brothers (proponents of Free Markets) control American Politics

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Mr. Conservative In Heaven–William F. Buckley Jr. RIP

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Who is Jeffrey Lord? Why Is He Attacking Ron Paul on Talk Radio Shows Including: Levin, Medved and Bennett? Big Government Interventionist Neoconservative Republican Establishment Hit Man!

Posted on December 30, 2011. Filed under: American History, Blogroll, College, Communications, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Talk Radio, Taxes, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The 1% Are Afraid of Ron Paul 2012 Revolt –

NWO Corporate Minions (MSM Whores) Getting Desperate!

How Ron Paul Would Defend America

Mark Levin and Jeffrey Lord Precious Delicate Utopian Neocons

Mark Levin Interviews Jeffrey Lord On Ron Paul And His Supporters Being Neoliberal

Michael Medved, Jeffery Lord On Ron Paul’s Neoliberal Reeducation

Mark Levin, Ron Paul Hater, Put in His Place

American Spectator Dead Wrong on Ron Paul

SA@TheDC – “I Like Ron Paul Except on Foreign Policy”

SA@The DC – Ron Paul’s Reaganesque Foreign Policy

SA@TAC – A Conservative Foreign Policy Comeback?

 

SA@TheDC – Conservatism for What?

SA@TAC – Ron Paul’s Pledge to America

 

Jack Hunter on FOX News 12-29-11

 

Establishment Media Crucifies Ron Paul On Every Front

“As long as nations cling to protective tariffs, migration barriers, compulsory education, interventionism and etatism, new conflicts capable of breaking out at any time into open warfare will continually arise to plague mankind.”

~Ludwig von Mises, Liberalism, pages 150-151

Jeffrey Lord has been attacking Ron Paul’s non-interventionist foreign policy on various so-called “conservative” talk radio shows and accuses Ron Paul of not being a conservative.

Really, he must be kidding or simply does not know the history of the conservative movement.

Suggest he read George H. Nash’s book, The Conservative Intellectual Movement in America Since 1945.

SA@TAC – The Great Neo-Con: Libertarianism Isn’t ‘Conservative’

If Lord means that Ron Paul is  not a neoconservative, then Lord is correct.

Ron Paul is definitely not a neoconservative.

Congressman Ron Paul, MD – We’ve Been NeoConned

Neoconservatives are right-wing progressives Democrats that became “boat people” and switched to the Republican Party in the 1970s when the Democratic Party nominated George McGovern as their Presidential candidate.

SA@TAC – What’s a ‘Neoconservative?’

 

SA@TAC – Who’s a Republican?

SA@TAC – Is Ron Paul Weird?

Most conservatives and libertarians do not consider neoconservatives as either new or conservative. They are really progressives that want the United States to have an aggressive interventionist foreign policy that supports nation or empire building, the U.S. as policeman of the world and Israel with foreign aid.

Both the progressives and/or neoconservatives that are in the Republican Party establishment are in panic mode that Paul may win the presidential nomination.

I suggest neoconservative Republicans get back in their boats and go back to the Democratic Party, where most of them came from in the first place.

Please take your hitman, Jeffrey Lord, with you.

Big government interventionists pervade the Democratic and Republican party establishments and leaderships.

The Democratic Party is the party of  left-wing progressives that favor the expansion of welfare dependency.

The Republican Party is the party of right-wing progressives that favor the expansion of warfare dependency.

Both favor big government interventionism at home and abroad.

Making government omnipotent with a massive bureaucracy advocating and supporting the warfare and welfare state is the goal of the progressive interventionists of the Democratic and Republican Party establishments.

SA@TheDC – ‘Fixing’ Big Government is Not Conservative

Ron Paul favors limited government and opposes government intervention at home and abroad.

Ron Paul is a conservative traditionalist libertarian that puts faith, family, friends and freedom first.

Paul wants to replace the big government warfare and welfare economy with a limited government peace and prosperity economy.

This is the reason more and more American people are coming to the conclusion that Ron Paul should be President of the United States.

SA@TAC – Constant Conservative Ron Paul

This is the reason Ron Paul is leading in Iowa.

This is the reason Ron Paul will be elected President of the United States.

The Republican Party establishment might talk conservative, but they walk and spend like big government progressives and neocons, which most of them are.

Just look at the Republican Party  budget passed in the House of Representatives. The Fiscal Year 2012 deficit will exceed $1 trillion each year.

This is not limited government.

This is not fiscally responsible.

This is not conservative or libertarian.

The neoconservatives want a war with Iran.

Starting World War III with Iran is the progressive answer to the United States economic problems.

The war on poverty, the war of drugs and the war on terror are all progressive wars of big government interventionists.

The U.S. government led by progressives of both the Democratic and Republican party establishments have lost all three wars that never end.

Those who support big government interventionism at home and abroad are progressive statistist and neoconservatives.

Progressives  are collectivists that oppose individualists with a conservative and libertarian political philosophy.

These progressives are not conservatives.

Do not fall for the neoconservative con men of talk radio that say Ron Paul is not conservative and invite Jeffrey Lord on their shows to smear and discredit Paul.

Most of them are closet neoconservative big government interventionists. This includes talk radio show hosts Levin, Medved, Hewitt and Bennett, just to name a few.

Ron Paul: Iran Sanctions = Act of War

“Interventionism begets economic nationalism. It thus kindles the antagonism resulting in war. An abandonment of economic nationalism is not feasible if nations cling to interference with business. Free trade in international relations requires domestic free trade.”

~Ludwig von Mises, Omnipotent Government, page 66. 

SA@TAC – The End of Right-Wing Progressivism?

This is a massively huge and interventionist government that favors the warfare and welfare dependency of the American people.

 

Gingrich Gone Wild – Might Vote For Obama

SA@TAC – Newt Gingrich is Not a Conservative

Ron Paul Interview w/ Jack Hunter on Foreign Policy & Israel

Jeffrey Lord Doesn’t Know The Founders or Ron Paul

 

Background Articles and Videos

Ron Paul – The Power of Nightmares

Mark Levin Avoids the “Empire” Question

SA@TAC – Joe Sobran’s Conservative Foreign Policy

SA@TAC – Obama Kept Us Safe

Poo Blobs & Jeffrey Lord Try to Say that DropDobbs.com is About Killing Debate, NOT Racist Diatribe

RON PAUL on RUSH LIMBAUGH

Jack Hunter Versus Mark Levin

 

Richard Perle PNAC and AIPAC hawk on why Ron Paul will not win the 2012 election

 

Ron Paul and the Neoliberal Reeducation Campaign

By Jeffrey Lord

“…Neoliberals and Quasi-Cons:

When it comes to foreign policy, Ron Paul and his supporters are not conservatives.

This is important to understand when one realizes that Paul’s views are, self-described, “non-interventionist.”

The fact that he has been allowed to get away with pretending to conservatism on this score is merely reflective of journalists who, for whatever reason, are simply unfamiliar with American history. Ironically, it is precisely because the Paul campaign has not been thoroughly covered that no one pays attention to the historical paternity of what the candidate is saying.

There is no great sin in Paul’s non-interventionist stance (or “isolationist” stance as his critics would have it). There have been American politicians aplenty throughout American history, particularly in the 20th century, who believed precisely as Paul and his enthusiasts do right now. (Paul touts his admiration for the Founding Fathers, but even that is very selective. James Monroe of Monroe Doctrine fame was a considerable interventionist, Washington as a general invaded Canada, and Alexander Hamilton gave rise to Paul’s idea of evil spawn — the Federal Reserve. Interventionists of all types have been with us right from the start.)

The deception — and it is a considerable deception — is that almost to a person those prominent pre-Ron Paul non-interventionist “Paulist” politicians of the 20th century were overwhelmingly not conservatives at all. They were men of the left. The far left.

From three-time Democratic presidential nominee and Woodrow Wilson Secretary of State William Jennings Bryan to powerful Montana Democratic Senator Burton K. Wheeler to FDR’s ex-vice presidential nominee Henry Wallace to the 1968 anti-war presidential candidacy of Minnesota Democratic Senator Eugene McCarthy to 1972 Democratic presidential nominee (and Henry Wallace delegate in 1948) George McGovern, non-interventionists have held prominent positions in the American Left that was and is the Democratic Party.

But of particular interest, and here is where the deception by Paulists is so considerable, the Ron Paul view of foreign policy has been the cornerstone of Republican liberals and progressives. Those who, using current political terminology, would be called the RINOs (Republican In Name Only) of their day. …”

http://spectator.org/archives/2011/08/23/ron-paul-and-the-neoliberal-re/1

 

“…Jeffrey Lord is a former member of the Ronald Reagan administration, journalist, author, and political strategist in Pennsylvania.

Lord earned a degree from Franklin and Marshall College.[1] He first worked as a press aide in the Pennsylvania State Senate.[1] He worked for Pennsylvania Congressman Bud Shuster as Legislative Director and Press Secretary and for U.S. Senator H. John Heinz III as Executive Assistant.[1] Later Lord worked as Chief of Staff to Drew Lewis, who was a Co-chair of the Ronald Reagan presidential campaign.[1] He also served in the Reagan White House as an associate political director.[1] In that position he assisted in the judicial nomination process for several nominees, including Robert Bork.[2] He also worked for Jack Kemp during the Presidency of George H. W. Bush.[1]

Lord now works as a journalist, contributing material to The Weekly Standard, The American Spectator, National Review Online, the Wall Street Journal, the Washington Times, the Los Angeles Times, the Philadelphia Inquirer, the Pittsburgh Post-Gazette, and the Harrisburg Patriot-News. He has appeared as a guest on numerous televisions and radio programs.[1] He also works as a political consultant for Quantum Communications, a Harrisburg-based political strategy firm.[1]

He is the author of The Borking Rebellion, about the confirmation of Federal Judge D. Brooks Smith.[1] It received a generally positive review in the Wall Street Journal.[3]

In July 2010, Jeffrey Lord claimed that the “lynching” of a relative of Shirley Sherrod is fallacious.[4]

In August 2011, Jeffrey Lord wrote an article in The American Spectator which was critical of Congressman Ron Paul (R-TX), and the views of some of Ron Paul’s supporters.[5] It sparked considerable debate within the conservative movement.[6] …”

Jeffrey Lord: When Attacks on Ron Paul Fail, then Attack his Voters

“…

Get this. The reason Ron Paul is polling well in Iowa is because it’s Iowa. Jeffrey Lord is a special kind of dense. He is so dense he doesn’t know he is dense. He keeps repeating the same untruths (that non-interventionism is inherently left-wing) over and over again despite being corrected repeatedly. My reply is below:

I get it. When your attacks on Ron Paul aren’t working, then attack the people who vote for him.

First, you continue with the lie that non-interventionism is inherently left-wing. You have been corrected on this so many times, and I know you read these responses since you reply, that you have no excuse. You are engaging in demagoguery.

Second, you are making the case against yourself and don’t even know it. It is not a coincidence that non-interventionism was the preferred policy of heartland Americans in flyover country. And it is not a coincidence that support for war came from elite internationalists on the East Coast. So if you want to throw your hat in with elitist internationalists then be my guest. I’ll throw mine in with parochial Americans in the Heartland. Lord, you are a shill and you don’t even realize you are a shill. …”

http://www.youtube.com/watch?v=T57yvB4RDHs

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Ron Paul Must Once Again Make A Definitive Statement and Condemnation About 20 Year Old Newsletters–The Neoconservatives and Progressives Are Using Them As A Race Card Smear Attack On Paul–Videos

Posted on December 15, 2011. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, European History, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, Macroeconomics, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Talk Radio, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

What Happens When Ron Paul Wins Iowa?

Ron Paul’s Secret Weapon: Us! Let’s Do This!

New polls show Ron Paul surging

The Rise of Ron Paul

Ron Paul’s Iowa Lead Downplayed

Black Man Breaks Down The Ron Paul Racist Smear

Salon Attack on Ron Paul Refuted

Ron Paul is in The Fight of His Life, We Must Stand With Him!-

“Ron Paul Leads in Iowa. How Can We Bring Him Down?”

What Ron Paul Thinks Of America

Ron Paul Walks out on CNN Interview (12-21-11)

Ron Paul on Old Newsletter Controversy (Part 1)

Ron Paul on Old Newsletter Controversy (Part 2)

“The Torpedoes Are Now in the Water for Ron Paul”

Is the GOP Establishment Scared of Ron Paul?

Is Ron Paul a Racist? 

Mark Levin – Who Wrote Ron Paul’s Newsletters In The 1990’s They’re Full Of Racist Statements

Did Sean Hannity Use The Race Card Or Report The News On Ron Paul During Interview With Karl Rove

Armed Chinese Troops in Texas!

Judge Napolitano and Michael Scheuer Talk Popularity of Ron Paul’s Foreign Policy

RON PAUL AND TALK SHOW HISTORY

NAACP Austin branch pres talks about Ron Paul. info in about

Ron Paul Revealed – Tucker – Updated (see about section) 

Ron Paul’s Racist Quotes

Rants in Ron Paul newsletters

Lew Rockwell at Ron Paul’s Rally for the Republic (part 1)

Lew Rockwell at Ron Paul’s Rally for the Republic (part 2) 

Tom Woods (1 of 2) Ron Paul Rally For The Republic

Tom Woods (2 of 2) Ron Paul Rally For The Republic

New Ron Paul Ad Staying on the Right Path 

The Story Behind Ron Paul’s Racist Newsletters

“…So as Ron Paul is on track to win the Iowa caucuses, he is getting a new dose of press scrutiny.

And the press is focusing on the newsletters that went out under his name in the late 1980s and early 1990s. They were called the Ron Paul’s Political Report, Ron Paul’s Freedom Report, the Ron Paul Survival Report and the Ron Paul Investment Letter.

There is no doubt that the newsletters contained utterly racist statements.

Some choice quotes:

        “Given the inefficiencies of what DC laughingly calls the criminal justice system, I think we can safely assume that 95 percent of the black males in that city are semi-criminal or entirely criminal.”
        “We are constantly told that it is evil to be afraid of black men, it is hardly irrational.”
        After the Los Angeles riots, one article in a newsletter claimed, “Order was only restored in L.A. when it came time for the blacks to pick up their welfare checks.”
        One referred to Martin Luther King Jr. as “the world-class philanderer who beat up his paramours” and who “seduced underage girls and boys.”

Another referred to Barbara Jordan, a civil rights activist and congresswoman as “Barbara Morondon,” the “archetypical half-educated victimologist.”

Other newsletters had strange conspiracy theories about homosexuals, the CIA, and AIDS.

In 1996 when the Texas Monthly investigated the newsletters, Paul took responsibility for them and said that certain things were taken out of context. (It’s hard to imagine a context that would make the above quotes defensible.)

When the newsletter controversy came up again during the 2008 campaign, Paul explained that he didn’t actually write the newsletters but because they carried his name he was morally responsible for their content. Further, he didn’t know exactly who wrote the offensive things and they didn’t represent his views.

But it is still a serious issue. Jamie Kirchick reported in The New Republic that Paul made nearly one million dollars in just one year from publishing the newsletters. Could Paul really not understand the working of such a profitable operation? Reporters at the libertarian-leaning Reason magazine wrote that the author was likely longtime Paul-friend and combative polemicist Lew Rockwell.

Even though many of the newsletters are written in a first person, conversational style, many observers don’t believe that Ron Paul actually wrote them.

There aren’t any videos on YouTube with Paul speaking in incendiary terms about minorities. The newsletters don’t “sound” like Ron Paul — he doesn’t do wordplay like “Morondon” or use prefixes like “semi-criminal” or “half-educated” in his speech or his recent writings. Further, most newsletter and direct-mail operations in politics employ ghostwriters.


So why were Ron Paul or his ghostwriters engaged in racism and conspiracy theories? And why did Ron Paul allow this?

The Ron Paul Newsletters

By Jeffrey  Lord

“…o refresh, Reason magazine came out with a detailed piece on the Paul newsletters back in 2008. The piece was written by reporters Julian Sanchez and David Weigel.

The article was as disturbing as it was alarming.

Here, according to Reason, was a potential Republican nominee for president who had for whatever rationale acquiesced to having a newsletter sent out under his name that used the most vile of racist language. To wit, this from the May 22nd Dallas Morning News in 1996:

Dr. Ron Paul, a Republican congressional candidate from Texas, wrote in his political newsletter in 1992 that 95 percent of the black men in Washington, D.C., are “semi-criminal or entirely criminal.”

And this, from the Houston Chronicle on May 23, 1996:

…we are constantly told that it is evil to be afraid of black men, it is hardly irrational. Black men commit murders, rapes, robberies, muggings and burglaries all out of proportion to their numbers.

And this from the Austin American-Statesman, also on May 23, 1996:

Opinion polls consistently show that only about 5 percent of blacks have sensible political opinions.

Look.

One can, unfortunately, go on and on and on here with this story and various appalling quotes.

But since we are busy doing political proctology exams on all these candidates, and Congressman Paul has mostly escaped the examination, it’s past time for discussion and explanations. Were Ron Paul the GOP nominee the liberal media would pounce within micro seconds, so better that the questions come here and from Sean Hannity and Mark Levin and others on the conservative side. …”

http://spectator.org/blog/2011/12/15/the-ron-paul-newsletters

Get a clue. The New Republic is the progressive/liberal media.

Looks like another well timed attack from the progressive Democrats and Republicans and their neoconservative allies.

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Brit Hume Part 2 Episode 3 – Rise Fall And Future Of Conservatism

 

Brit Hume Part 3 Episode 3 – Rise Fall And Future Of Conservatism

 

Brit Hume Part 4 Episode 3 – Rise Fall And Future Of Conservatism

Brit Hume Part 1 Episode 4 – Rise Fall And Future Of Conservatism

Brit Hume Part 2 Episode 4 – Rise Fall And Future Of Conservatism

 

Brit Hume Part 3 Episode 4 – Rise Fall And Future Of Conservatism

 

Brit Hume Part 4 Episode 4 – Rise Fall And Future Of Conservatism

 

Background Articles and Videos

Richard Viguerie on the Future of Conservatism

 

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

 

Gary Becker — The Economist’s Economist

 

 

Forum on the Future of Conservatism in America, Part 1

 

Forum on the Future of Conservatism in America, Part 2

 

Forum on the Future of Conservatism in America, Part 3

 

 

Forum on the Future of Conservatism in America, Part 4

 

Forum on the Future of Conservatism in America, Part 5

 

Forum on the Future of Conservatism in America, Part 6

 

Forum on the Future of Conservatism in America, Part 7

 

Forum on the Future of Conservatism in America, Part 8

 

Forum on the Future of Conservatism in America, Part 9

 

Forum on the Future of Conservatism in America, Part 10

 

Forum on the Future of Conservatism in America, Part 11

 

Forum on the Future of Conservatism in America, Part 12

 

Forum on the Future of Conservatism in America, Part 13

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Ron Paul / Sarah Palin in 2012–A Winning Ticket–United We Stand–Celebrate 2013 By Ending The Fed, IRS, Obama Care and Massive Government Spending, Deficits, Debt, Regulation and Taxes!

Posted on April 16, 2010. Filed under: Blogroll, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Monetary Policy, Video, War, Wisdom | Tags: , , , , , |

“There can be no truly moral choice unless that choice is made in freedom; similarly, there can be no really firmly grounded and consistent defense of freedom unless that defense is rooted in moral principle. In concentrating on the ends of choice, the conservative, by neglecting the conditions of choice, loses that very morality of conduct with which he is so concerned. And the libertarian, by concentrating only on the means, or conditions, of choice and ignoring the ends, throws away an essential moral defense of his own position.”

~Murray N. Rothbard

Sarah Palin and Ron Paul

 Why Ron Paul Leads The Tea Party, Not Sarah Palin.

Ron Paul: A New Hope

Ron Paul – THE FAIRTAX REVOLUTION

Ron Paul on Taxes

RON PAUL determined to abolish Income Tax

Ron Paul : Don’t tread on me

Ron Paul’s Message to OBAMA!

RON PAUL AD – “Awesome!”

Ron Paul on CNN AC360: Sarah Palin and Tea Party Movement

 

Sarah Palin thinks Ron Paul is a “cool guy”.. huh?

Glenn Beck interviews Sarah Palin on Fox News Channel

Palin Rallies Boston Tea Party on Tax Day Eve

Sarah Palin – Rogue Interview – Hannity (1)

Sarah Palin – Rogue Interview – Hannity (2)

Sarah Palin – Rogue Interview – Hannity (3)

Sarah Palin – Rogue Interview – Hannity (4)

Sarah Palin – Rogue Interview – Hannity (5)

Vice Presidential Candidate Gov. Sarah Palin (AK) Full Speech at the RNC

Smaller Government and Less Spending…

““Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”

~Milton Friedman

 

Background Articles and Videos

Murray N. Rothbard: Libertarianism

 Milton Friedman on Libertarianism (Part 4 of 4) 

 

Rasmussen Reports

Election 2012: Barack Obama 42%, Ron Paul 41%

“…Pit maverick Republican Congressman Ron Paul against President Obama in a hypothetical 2012 election match-up, and the race is – virtually dead even.

A new Rasmussen Reports national telephone survey of likely voters finds Obama with 42% support and Paul with 41% of the vote. Eleven percent (11%) prefer some other candidate, and six percent (6%) are undecided.

Ask the Political Class, though, and it’s a blowout. While 58% of Mainstream voters favor Paul, 95% of the Political Class vote for Obama.

But Republican voters also have decidedly mixed feelings about Paul, who has been an outspoken critic of the party establishment.

Obama earns 79% support from Democrats, but Paul gets just 66% of GOP votes. Voters not affiliated with either major party give Paul a 47% to 28% edge over the president.

Paul, an anti-big government libertarian who engenders unusually strong feelings among his supporters, was an unsuccessful candidate for the Republican presidential nomination in 2008. But he continues to have a solid following, especially in the growing Tea Party movement.

Twenty-four percent (24%) of voters now consider themselves a part of the Tea Party movement, an eight-point increase from a month ago. Another 10% say they are not a part of the movement but have close friends or family members who are. …”

http://www.rasmussenreports.com/public_content/politics/elections2/election_2012/election_2012_barack_obama_42_ron_paul_41

Lew Rockwell at Ron Paul’s Rally for the Republic (part 1)

Tom Woods (1 of 2) Ron Paul Rally For The Republic

Tom Woods (2 of 2) Ron Paul Rally For The Republic

NeoCon Palin’s tea party takeover will facilitate Obama reelection

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The American People March on Washington D.C.–August 28, 2010–At The Lincoln Memorial! Mark Your Calendar–Be There–Three Million Minimum–Join The Second American Revolution

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Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

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The Glenn Beck Plan vs. The Pronk Plan for A Peace and Prosperity Economy of The American Citizens Alliance Party–Videos

Posted on April 12, 2010. Filed under: Blogroll, Communications, Culture, Demographics, Economics, Education, Fiscal Policy, government, government spending, history, Immigration, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Science, Security, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , , , , , , |

UPDATED and REVISED July 23, 2011

“…It is a signal advantage of taxes on articles of consumption, that they contain in their own nature a security against excess. They prescribe their own limit; which cannot be exceeded without defeating the end proposed, that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty, that, “in political arithmetic, two and two do not always make four.” If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them….”

~Alexander Hamilton, The Federalist No. 21, The Federalist Papers

“The income tax created more criminals than any other single act of government.”

~Barry Goldwater

http://www.constitution.org/fed/federa21.htm

President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year

President Obama Backs Away From Tax Relief Campaign Promise

Budget 2011: Past Deficits vs. Obama’s Deficits in Pictures

“… The chart above compares the President’s budget deficit projections to the Congressional Budget Office’s budget deficit projections under current law. In other words, the policy changes embodied in President Obama’s 2011 Budget puts our country $2.5 trillion deeper in debt by 2020 than it other wise would be if current law were left unchanged.

Now the President is apparently arguing that his trillions of dollars in additional deficit spending are needed to “invest in areas that will determine our economic success in this new century.”

This is statement goes to the core of the fundamental difference between leftists and conservatives in this country: liberals belief economic growth comes from wise investments by government experts; conservatives believe that economic growth stems from  millions of Americans having the freedom to make their own economic decisions everyday. …”

http://blog.heritage.org/2010/02/05/past-deficits-vs-obamas-deficits-in-pictures

The Beck Plan

Glenn Beck-04-12-10-A

Glenn Beck-04-12-10-B

Glenn Beck-04-12-10-C

Glenn Beck-04-12-10-D

Each month approximately 100,000 people enter the civilian labor force in the United States for the first time.

Thus in order for the official unemployment rate (U-3) to remain constant, at least 100,000 new jobs must be created each month.

In order to reduce the official unemployment rate (U-3) more than 100,000 new jobs need to be created each month.

Since the economy entered the recession in 2008, over 7,000,000 jobs have been lost in the United States.

In order to get the unemployment rate back to pre-recession levels of 5.0% or under,  it will take at least 24 months provided about 200,000 new jobs are created each month in addition to the 100,000 for new entrants into the labor market or a total of 300,000 new jobs each month.

While  U.S. economic growth may be positive, the economy or more precisely small and medium size businesses are still not hiring at anywhere near 300,000 per month.

The actual rate of job creation by the private sector or businesses is under 100,000 new jobs per month.

The actual rate of unemployment measured by U-6 is 16.9% and indicates how bad the job situation actually is:

Why?

Business owners and consumers lack confidence in the economic policies of President Barack Obama.

Instead of restraining entitlement programs, President Obama expanded them with the passage of his Obama Care law:

President Obama’s Health Care bill with its mandatory requirement to buy a plan or pay a tax/ fine, proposed tax increases such as the cap and trade energy tax, proposed income tax rate increases, letting the Bush tax rates expire at the end of 2010, and giving hints of a new value added tax, all discourage small businesses from expanding their operations and hiring new workers.

These tax increase are directed at the top 5% of taxpayers who are the very owners of businesses that create wealth,  new jobs and grow the economy.

 Summary of Federal Individual Income Tax Data, 2008

(Updated October 2010)

Number of Returns with Positive AGI AGI ($ millions) Income Taxes Paid ($ millions) Group’s Share of Total AGI Group’s Share of Income Taxes Income Split Point Average Tax Rate
All Taxpayers 139,960,580 8,426,625 1,031,512 100% 100% 12.24%
Top 1% 1,399,606 1,685,472 392,149 20.00% 38.02% $380,354 23.27%
1-5% 5,598,423 1,241,229 213,569 14.73% 20.70% 17.21%
Top 5% 6,998,029 2,926,701 605,718 34.73% 58.72% $159,619 20.70%
5-10% 6,998,029 929,761 115,703 11.03% 11.22% 12.44%
Top 10% 13,996,058 3,856,462 721,421 45.77% 69.94% $113,799 18.71%
10-25% 20,994,087 1,821,717 169,193 21.62% 16.40% 9.29%
Top 25% 34,990,145 5,678,179 890,614 67.38% 86.34% $67,280 15.68%
25-50% 34,990,145 1,673,932 113,025 19.86% 10.96% 6.75%
Top 50% 69,980,290 7,352,111 1,003,639 87.25% 97.30% >$33,048 13.65%
Bottom 50% 69,980,290 1,074,514 27,873 12.75% 2.70% <$33,048 2.59%
Source: Internal Revenue Service

http://www.taxfoundation.org/news/show/250.html#Data

Summary of Federal Individual Income Tax Data, 2007

(Updated July 2009)

Number of Returns with Positive AGI AGI
($ millions)
Income Taxes Paid
($ millions)
Group’s Share of Total AGI Group’s Share of Income Taxes Income Split Point Average Tax Rate
All Taxpayers 141,070,971 $8,798,500 $1,115,504 100% 100% 12.68%
Top 1% 1,410,710 $2,008,259 $450,926 22.83% 40.42% > $410,096 22.45%
Top 2-5% 5,642,839 $1,286,283 $225,367 14.62% 20.20% 17.52%
Top 5% 7,053,549 $3,294,542 $676,293 37.44% 60.63% > $160,041 20.53%
Top 6-10% 7,053,548 $933,297 $118,139 10.61% 10.59% 12.66%
Top 10% 14,107,097 $4,227,839 $794,432 48.05% 71.22% > $113,018 18.79%
Top 11-25% 21,160,646 $1,817,515 $171,443 20.66% 15.37% 9.43%
Top 25% 35,267,743 $6,045,354 $965,875 68.71% 86.59% > $66,532 15.98%
Top 26-50% 35,267,743 $1,674,859 $117,368 19.04% 10.52% 7.01%
Top 50% 70,535,486 $7,720,213 $1,083,243 87.74% 97.11% > $32,879 14.03%
Bottom 50% 70,535,485 $1,078,287 $32,261 12.26% 2.89% < $32,879 2.99%
Source: Internal Revenue Service

http://www.taxfoundation.org/news/show/250.html

The Top 10 Percent of Income Earners Paid 71 Percent of Federal Income Tax

“…Top earners are the target for new tax increases, but the U.S. tax system is already highly progressive. The top 1 percent of income earners paid 40 percent of all federal income taxes in 2007, while the bottom 50 percent paid only 3 percent. More than one-third of U.S. earners paid no federal income tax at all. …”

(View historical chart by clicking on link below)

http://www.heritage.org/budgetchartbook/top10-percent-income-earners

The government does not create jobs or wealth, the Federal government mainly redistributes wealth by taxing those who actually produce wealth and new jobs.

President Obama’s economic policies and proposed legislation are generating massive uncertainty.

Consumers and business owners do not like uncertainty.

When uncertainty increases, both consumers and businesses postpone consumer expenditures and expanding business operations.

The Obama Depression will last until 2012 with the real unemployment rate (U-6) remaining at or above 15% and the official unemployment rate (U-3) remaining at or above 9% with inflation starting to significantly increase in 2011. Both food and gasoline prices are already increasing.

Forget about the Flat Tax this would still require income tax returns and compliance cost over $300 billion.

Support the FairTax that replaces all Federal taxes including income, payroll, capital gains, gift and estate taxes with a national consumption sales tax.

The FairTax: It’s Time

What is the FairTax?

Q&A on the FAIRTAX pt.2

Tom Wright on the FairTax part 1

Tom Wright on the FairTax part 2

Tom Wright on the FairTax part 3

Tom Wright on the FairTax part 4

Tom Wright on the FairTax part 5

Tom Wright on the FairTax part 6

Tom Wright on the FairTax part 7

Tom Wright On The FairTax–Videos

Obama lied and the economy died.

President Obama is wrecking the economy, destroying jobs and killing the American dream by following a Cloward-Piven strategy that would make tens of millions of Americans dependent upon government.

The American people by a vast majority do not want to be dependent upon government nor do they want the size and scope of the Federal Government expanded.

The American people want to abolish the Federal income, payroll, estate and gift taxes and replace it with a national consumption sales tax–the FairTax.

The American people and business owners do not believe or trust Barack Obama.

The American people are giving President Obama and the progressive radical socialists in Congress and the Senate a vote of no confidence.

The result is a jobless recovery, if not a double dip recession or the Great Obama Depression.

Feldstein Says Risk of Recession Double-Dip Remains

What needs to be done?

The FairTax: It’s Time

Lugar Cosponsors the FairTax

Milton Friedman on Libertarianism (Part 4 of 4)

“If we cannot persuade the public that it is desirable to do these things, we have no right to impose them even if we had the power to do it.”

~ Milton Friedman

The Pronk Plan for A Peace and Prosperity Economy

1. Federal Tax Reform and End The Internal Revenue Service: The FairTax should  replace all Federal taxes and the Internal Revenue Service should be ended with all Internal Revenue records destroyed. A bureau of FairTax Revenues (FTR) would be established in the Department of the Treasury to both send monthly prebates to each American citizen and collect FairTax revenues from retailers and the states.

2. Government Spending: surplus budgets to pay down the National Debt by restricting fiscal year spending outlays to 80% of previous year’s  FairTax revenue collections with the remaining 20% of revenue collection to pay down the national debt.

3. Size and scope of the government: At least ten Federal Departments, many Federal agencies and hundreds of Federal programs should be closed down permanently. The number of Federal employees needs to be cut by at least 50%.

4. National Defense: Budget 5% of our nation’s gross domestic product for national defense, intelligence gathering, securing our borders and homeland security.

5. Foreign Affairs: End US involvement with the United Nations and bring all the troops home from abroad including from the countries of  Germany,  Italy, United Kingdom, Spain, Japan, South Korea,  Afghanistan,  Bahrain, Djibouti,  Iraq, Kuwait, Libya, and Qatar.

6. Social Security and Medicare: Transform them from a government controlled and operated system to an individual controlled and investment system where benefits are based upon payments into a person’s account and investment performance. All persons over the age of forty-five would have the option to remain under the existing Social Security and Medicare programs or go into the new individual controlled and owned  system. All persons under age forty-five would establish their own individual health insurance savings account, disability income and retirement savings accounts with a maximum contributions of twenty-five percent (25%) of their income per year. All persons over the age of sixty-five would continue to receive Social Security and Medicare Benefits.

7. Immigration: immigration law enforcement, illegal alien removal and deportation, and controlled and limited legal immigration. The number of legal immigrants each year would range from a minimum of 200,000 persons when the official unemployment rate exceeds eight percent (8%) to a maximum of 500,000 persons per year when the official unemployment rate is less than two percent (2%). All new citizens must speak, read and write English before becoming a United States citizen.

8. Promote competition in education: provide  all parents with  school vouchers that enable them to choose the school their children attend including home schooling and online schooling.

9. Health Care Reform: affordable, portable, individual, tax favored, and competitive health insurance plans and expanded health savings accounts.

10. End the Federal Reserve System and fiat paper money and  institute  a new gold/silver backed currency standard. Let money interest rates be determined in the market place and not controlled by a central bank.

11. End all Federal subsidies to businesses no matter what form the subsidies take.

12. Eliminate Federal Government regulations that put U.S. businesses at a competitive disadvantage.

13. Energy Independence: repeal all laws and regulations that are impeding the growth and expansion of US energy production including oil and gas exploration and refining and nuclear electrical power generation plant construction and operation.

14. Preserve, protect and defend the Constitution of the United States of America: appoint judges and public servants that will uphold their oaths.

The above Fourteen Issue Positions  should receive the support of the vast majority of the American people including Democrats, Republicans, Independents, Libertarians and others.

However, both the Democratic and Republican Party establishment would not support these Fourteen Issue Positions in their entirety.

The Tea Party movement must transform itself into a viable political party that is fundamentally different from both the Democratic and Republican parties.

The ruling political class and elites in Washington, D.C. are responsible for the economic, political and military mess the United States of America currently finds itself.

The warfare and welfare economy of every expanding collectivist government must be transformed into a peace and prosperity economy with a limited and constrained Constitutional republic.

American Citizens Alliance Party–A CAP On Government Spending, Taxes, Debt and Regulations-The Third Party Base–Tea Party Patriots–Videos

Battle of The Budget

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Eight Reasons Why Big Government Hurts Economic Growth

The Value Added Tax: A Hidden New Tax to Finance Much Bigger Government

What a VAT Means for the Economy

Ron Paul – THE FAIRTAX REVOLUTION

Why We Need a FAIR Tax?

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government. “

~Thomas Jefferson

“The government’s view of the economy could be summed up in a few short phrases:  If it moves, tax it.  If it keeps moving, regulate it.  And if it stops moving, subsidize it.”

~Ronald Reagan

Background Articles and Videos

Why You’ve Never Heard of the Great Depression of 1920

Ron Paul on Taxes

March 2010 Libertarian Perspective part 1

March 2010 Libertarian Perspective part 2

March 2010 Libertarian Perspective part 3

Who Pays Income Taxes and how much? Tax Year 2007

Percentiles Ranked by AGI AGI Threshold on Percentiles Percentage of Federal Personal Income Tax Paid
Top 1% $410,096 40.42
Top 5% $160,041 60.63
Top 10% $113,018 71.22
Top 25% $66,532 86.59
Top 50% $32,879 97.11
Bottom 50% <$32,879 2.89
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

Obamanomics – Pt 1 – Jeffrey Miron – Show-Me Institute

Obamanomics – Pt 2 – Jeffrey Miron – Show-Me Institute

Obamanomics – Pt 3 – Jeffrey Miron – Show-Me Institute

Obamanomics – Pt 4 – Jeffrey Miron – Show-Me Institute

Obamanomics – Pt 5 – Jeffrey Miron – Show-Me Institute

OBAMANOMICS EXPLAINED: Spreading the Wealth

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A Common Sense Political Agenda For A New Conservative and Libertarian Party: American Citizens Alliance Party (ACAP)–A CAP On Government Spending, Taxes, Debt and Regulations!

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

Third Party Time? Yes Provided You Have $10 Billion and 10 Years!

Cloward Piven

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Tom Woods On Personal Rights and Property Ownership–Videos

Posted on March 11, 2010. Filed under: Blogroll, Communications, Culture, Economics, Employment, Farming, Federal Government, Fiscal Policy, government spending, history, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Taxes, Video | Tags: , , , , , |

Tom Woods on Personal Rights and Property Ownership 1 of 3

Tom Woods on Personal Rights and Property Ownership 2 of 3

Tom Woods on Personal Rights and Property Ownership 3 of 3

Background Articles and Videos

Tom Woods – Where Do Rights Come From? Pt. 1

Tom Woods – Where Do Rights Come From? Pt. 2

Tom Woods – Where Do Rights Come From? Pt. 3

Tom Woods – Where Do Rights Come From? Pt. 4

Tom Woods – Where Do Rights Come From? Pt. 5

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Glenn Beck On Prosperity And The Perils of Progressivism

Posted on February 9, 2010. Filed under: Blogroll, Books, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, history, Immigration, Investments, Law, liberty, Life, Links, Monetary Policy, Music, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Science, Talk Radio, Taxes, Technology, Transportation, Video, Wisdom | Tags: , , , , , , , , |


Glenn Beck Show – February 9, 2010 – Pt 1 of 7

Glenn Beck Show – February 9, 2010 – Pt 2 of 7

Glenn Beck Show – February 9, 2010 – Pt 3 of 7

Glenn Beck Show – February 9, 2010 – Pt 4 of 7

Glenn Beck Show – February 9, 2010 – Pt 5 of 7

Glenn Beck Show – February 9, 2010 – Pt 6 of 7

Glenn Beck Show – February 9, 2010 – Pt 7 of 7

Why You’ve Never Heard of the Great Depression of 1920

 

 

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http://www.youtube.com/watch?v=SclJ94h2oyQ 

 

Roaring Twenties

http://www.u-s-history.com/pages/h1564.html

 

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Posted on January 21, 2010. Filed under: Blogroll, Communications, Economics, Fiscal Policy, Investments, Language, liberty, Life, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Security, Taxes, Video, Wisdom | Tags: , , , , |

 

Smashing Myths and Restoring Sound Money

Background Articles and Videos

Gold and the Good Guys

“…Murray N. Rothbard

II.
Money in a Free Society

13. Summary

 

What have we learned about money in a free society? We have learned that all money has originated, and must originate, in a useful commodity chosen by the free market as a medium of exchange. The unit of money is simply a unit of weight of the monetary commodity–usually a metal, such as gold or silver. Under freedom, the commodities chosen as money, their shape and form, are left to the voluntary decisions of free individuals. Private coinage, therefore, is just as legitimate and worthwhile as any business activity. The “price” of money is its purchasing power in terms of all goods in the economy, and this is determined by its supply, and by every individual’s demand for money. Any attempt by government to fix the price will interfere with the satisfaction of people’s demands for money. If people find it more convenient to use more than one metal as money, the exchange rate between them on the market will be determined by the relative demands and supplies, and will tend to equal the ratios of their respective purchasing power. Once there is enough supply of a metal to permit the market to choose it as money, no increase in supply can improve its monetary function. An increase in money supply will then merely dilute the effectiveness of each ounce of money without helping the economy. An increased stock of gold or silver, however, fulfills more non-monetary wants (ornament, industrial purposes, etc.) served by the metal, and is therefore socially useful. Inflation (an increase in money substitutes not covered by an increase in the metal stock) is never socially useful, but merely benefits one set of people at the expense of another. Inflation, being a fraudulent invasion of property, could not take place on the free market.

In sum, freedom can run a monetary system as superbly as it runs the rest of the economy. Contrary to many writers, there is nothing special about money that requires extensive governmental dictation. He, too, free men will best and most smoothly supply all their economic wants. For money as for all other activities, of man, “liberty is the mother, not the daughter, of order.”

http://mises.org/money/2s13.asp

 

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Posted on January 20, 2010. Filed under: Uncategorized | Tags: , , , , , |

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 “The comparatively greater prosperity of the United States is an outcome of the fact that the New Deal did not come in 1900 or 1910, but only in 1933.”

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Unemployment: The 1930s and Today

Uncommon Knowledge: The Great Depression with Amity Shlaes

Amity Shlaes’ “The Forgotten Man” 1

Amity Shlaes’ “The Forgotten Man” 2

Amity Shlaes’ “The Forgotten Man” 3

Amity Shlaes’ “The Forgotten Man” 4

Amity Shlaes’ “The Forgotten Man” 5

Amity Shlaes’ “The Forgotten Man” 6

Amity Shlaes’ “The Forgotten Man” 7

The Great Depression and the Current Recession (Part 1 of 9)

The Great Depression and the Current Recession (Part 2 of 9)

The Great Depression and the Current Recession (Part 3 of 9)

The Great Depression and the Current Recession (Part 4 of 9)

The Great Depression and the Current Recession (Part 5 of 9)

The Great Depression and the Current Recession (Part 6 of 9)

The Great Depression and the Current Recession (Part 7 of 9)

The Great Depression and the Current Recession (Part 8 of 9)

The Great Depression and the Current Recession (Part 9 of 9)

“The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.”

~Ludwig von Mises, Human Action, pages 562 and 565.

Among liberal and progressive radical socialists the late President Franklin D. Roosevelt was and is now considered one of the top three greatest Presidents that ever lived in the same class as George Washington and Abraham Lincoln.

Read American historians, who also are mostly liberals and progressives and whose knowledge of economics is as limited or even more limited than President Roosevelt, they too believe in the greatness of FDR.

This legend is the biggest myth or more precisely lie ever told and endless repeated.

Franklin D. Roosevelt was simply the worse President the United States has ever had in terms of the impact his economic policies had on the American economy and American people.

If you doubt this, I strongly recommend you read all of the above books.

What is so disturbing and very dangerous is that one of Barack Obama Presidential role models is Franklin Roosevelt.

President Obama  has surrounded himself with economic and political advisors who are progressive radical socialists that actually believe that repeating FDR’s economic policies would be a good for the country.

Thus the massive bailouts, stimulus packages, massive budget deficits, huge increases in the national debt, proposed new tax increases including the Cap and Trade Energy Tax,  letting the Bush tax cuts expire in 2010, and the new health care bill forcing people to buy health insurance or pay a tax fine.

Barack Obama and Franklin D. Roosevelt have many characteristics in common.

Both were educated at Harvard and Columbia Universities.

Both were excellent readers of prepared speeches.

Both were habitual liars.

Both were great believers in class warfare on businesses and the rich with very high progressive  income tax rates while at the same time imposing  hidden very regressive excise taxes on low and middle income Americans.

Both were ignorant of economics. job and wealth creation

Both destroyed jobs and wrecked the U.S. economy.

Good intentions are not enough.

Results count.

President Obama is intentionally repeating the economic mistakes of President Roosevelt that will destroy both free market capitalism and democracy and lead to a totalitarian command and control socialist economy.

I hope President Obama fails early and often and is a one term President that in the process destroys the Democratic Party of progressive radical socialists.

With over 25,000,000 Americans seeking fully time employment, repeating the mistakes of Keynesian government interventist economic policies that have repeatedly failed in country after country will only prolong the duration of the  Obama Depression.

Republican and Democratic Presidents, in the past and present, Hoover and Roosevelt, and Bush and Obama, have failed the American people by implementing massive government intervention in the free market capitalist economy.

Read and listen to economist Thomas Sowell on President Obama’s economic policies using Roosevelt as a model:

Thomas Sowell on the Housing Boom and Bust

Thomas Sowell – Obama’s Economic Policy

“Those who do not remember the past are condemned to repeat it.”

~George Santayana

Background Articles and Videos

Glen Beck with Thomas Sowell Part 1

Glenn Beck with Thomas Sowell Part 2

The Myth of War Prosperity [Robert Higgs]

 

Monetary Lessons from America’s Past

Does Bernanke Have an Exit Strategy?

Tom Woods at UNH 110609

Scholar survey results

Green backgrounds indicate top quartile. Red backgrounds indicate bottom quartile.

No  ↓ President  ↓ Schlesinger 1948 poll rank  ↓ Schlesinger 1962 poll rank  ↓ 1982 Murray-Blessing survey  ↓ Chicago Tribune 1982 poll rank  ↓ Siena 1982 poll rank  ↓ Siena 1990 poll rank  ↓ Siena 1994 poll rank  ↓ Ridings- McIver 1996 poll rank  ↓ CSPAN 1999 poll rank  ↓ Wall Street Journal 2000 poll rank  ↓ Siena 2002 poll rank  ↓ Wall Street Journal 2005 poll rank  ↓ CSPAN 2009 poll rank  ↓
Total in survey 29 31 36 38 39 40 41 41 41 39 42 40 42
01 Washington George Washington 02 02 03 03 04 04 04 03 03 01 04 01 02
02 Adams, John John Adams 09 10 09 14 (tie) 10 14 12 14 16 13 12 13 17
03 Jeff Thomas Jefferson 05 05 04 05 02 03 05 04 07 04 05 04 07
04 Mad James Madison 14 12 14 17 09 08 09 10 18 15 09 17 20
05 Mon James Monroe 12 18 15 16 15 11 15 13 14 16 08 16 14
06 Adams, John Q John Quincy Adams 11 13 16 19 17 16 17 18 19 20 17 25 19
07 Jack Andrew Jackson 06 06 07 06 13 09 11 08 13 06 13 10 13
08 Van B Martin Van Buren 15 17 20 18 21 21 22 21 30 23 24 27 31
09 Harrison, W William Henry Harrison  –  –  – 38 26 35 28 35 37  – 36  – 39
10 Tyle John Tyler 22 25 28 29 34 33 34 34 36 34 37 35 35
11 Polk James K. Polk 10 08 12 11 12 13 14 11 12 10 11 09 12
12 Tay Zachary Taylor 25 24 27 28 29 34 33 29 28 31 34 33 29
13 Fil Millard Fillmore 24 26 29 31 32 32 35 36 35 35 38 36 37
14 Pier Franklin Pierce 27 28 31 35 35 36 37 37 39 37 39 38 40
15 Buc James Buchanan 26 29 33 36 37 38 39 40 41 39 41 40 42
16 Linc Abraham Lincoln 01 01 01 01 03 02 02 01 01 02 02 02 01
17 Johnson, A Andrew Johnson 19 23 32 32 38 39 40 39 40 36 42 37 41
18 Gran Ulysses S. Grant 28 30 35 30 36 37 38 38 33 32 35 29 23
19 Hay Rutherford B. Hayes 13 14 22 22 22 23 24 25 26 22 27 24 33
20 Gar James Garfield  –  –  – 33 25 30 26 30 29  – 33  – 28
21 Art Chester A. Arthur 17 21 26 24 24 26 27 28 32 26 30 26 32
22/24 Cle Grover Cleveland 08 11 17 13 18 17 19 16 17 12 20 12 21
23 Harrison, B Benjamin Harrison 21 20 23 25 31 29 30 31 31 27 32 30 30
25 McK William McKinley 18 15 18 10 19 19 18 17 15 14 19 14 16
26 Roosevelt, T Theodore Roosevelt 07 07 05 04 05 05 03 05 04 05 03 05 04
27 Taf William Howard Taft 16 16 19 20 20 20 21 20 24 19 21 20 24
28 Wilson Woodrow Wilson 04 04 06 07 06 06 06 06 06 11 06 11 09
29 Harding Warren G. Harding 29 31 36 37 39 40 41 41 38 37 40 39 38
30 Cool Calvin Coolidge 23 27 30 27 30 31 36 33 27 25 29 23 26
31 Hoov Herbert Hoover 20 19 21 21 27 28 29 24 34 29 31 31 34
32 Roosevelt, F Franklin D. Roosevelt 03 03 02 02 01 01 01 02 02 03 01 03 03
33 Truman Harry S. Truman  – 09 08 08 07 07 07 07 05 07 07 07 05
34 Eisen Dwight D. Eisenhower  – 22 11 09 11 12 08 09 09 09 10 08 08
35 Kennedy, J John F. Kennedy  –  – 13 14 (tie) 08 10 10 15 08 18 14 15 06
36 Johnson, L Lyndon B. Johnson  –  – 10 12 14 15 13 12 11 17 15 18 11
37 Nix Richard Nixon  –  – 34 34 28 25 23 32 25 33 26 32 27
38 Ford, G Gerald R. Ford  –  – 24 23 23 27 32 27 23 28 28 28 22
39 Carter Jimmy Carter  –  – 25 26 33 24 25 19 22 30 25 34 25
40 Reagan Ronald Reagan  –  –  –  – 16 22 20 26 10 08 16 06 10
41 Bush, George H George H. W. Bush  –  –  –  –  – 18 31 22 20 21 22 21 18
42 Clinton, B Bill Clinton  –  –  –  –  –  – 16 23 21 24 18 22 15
43 Bush, George W George W. Bush  –  –  –  –  –  –  –  –  –  – 23 19 36
44 Obama Barack Obama  –  –  –  –  –  –  –  –  –  –  –  –  –

 http://en.wikipedia.org/wiki/Historical_rankings_of_United_States_Presidents

Related Posts On Pronk Palisades

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

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American People Want Stimulus Package Canceled And Oppose Bailouts To State Governments!

Posted on December 10, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Energy, Fiscal Policy, government spending, Health Care, history, Immigration, Investments, Law, liberty, Life, Links, People, Philosophy, Politics, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , |

 

 

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.” 

~Ludwig von Mises, Planned Chaos, pagew 20-21 

 

“We shall not grow wiser before we learn that much that we have done was very foolish. “

~Friedrich A. Hayek

 

Rasmussen Reports

51% Say Cancel Stimulus Spending to Create Jobs – November 20, 2009

http://www.rasmussenreports.com/public_content/most_recent_videos2/2009_11/51_say_cancel_stimulus_spending_to_create_jobs

 

U.S Gov’t isn’t letting free market work

Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

Why You’ve Never Heard of the Great Depression of 1920

Thomas Woods Explains What We Are Seeing, Perfectly!

 

Is Capitalism the Cause or the Solution to the Financial Crisis?

Obama Aims for Job Growth

12-8-2009 – Pence: Using Bailout Funds as a Slush Fund Violates the Law

Boehner on Bloomberg: Dems’ TARP Slush Fund “The Worst Idea I’ve Ever Heard”

Geithner Extends $700 Billion TARP Until October 2010

http://www.youtube.com/watch?v=qT_4JMHUwxY

 

Most Americans Oppose Second Stimulus and Using Bailout Funds for States

“…56% of Americans oppose the passage of another economic stimulus package this year. While House Speaker Nancy Pelosi and other congressional Democrats are hoping to spend more to combat unemployment, just 33% favor another stimulus plan.

Thirty-six percent (36%) of voters believe the first stimulus plan passed in February has helped the U.S. economy, but 34% say it has hurt the economy.

Most Americans (53%) believe the U.S. economy will be helped more by decisions made by business leaders to help their own businesses grow rather than by decisions made by government officials. Just 29% say decisions made by government officials to help the economy grow will do more.

By a 59% to 24% margin, voters believe that an increase in government spending will hurt the economy.

Voters hold these views at a time when they don’t expect the economy to turn around soon. Looking ahead to a year from now, 67% expect unemployment will be the same or higher than it is today. But, 76% still prefer a free market economy over a government-managed approach. …”

http://www.rasmussenreports.com/public_content/business/economic_stimulus_package/december_2009/most_americans_oppose_second_stimulus_and_using_bailout_funds_for_states

 

Hayek on Socialism 

 

“An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when this fountain is drained off: The Santa Claus principle liquidates itself.”

~Ludwig von Mises, Human Action, pages 854 and 858

 

 http://economix.blogs.nytimes.com/2009/01/15/stimulus-pie-chart/

Background Articles and Videos

 

Stimulus Spending by State

Loading…
State Education HUD Health Crime Fighting Job Training Arts Food and
Farming
Social Security AmeriCorps
Alabama $1,248,352,725 $191,502,564 $295,959,286 $53,669,103 $44,671,658 $312,800 $25,930,424 $242,760,000 $399,131
Alaska $195,894,802 $54,235,524 $80,090,438 $11,702,858 $14,567,976 $290,000 $775,293 $18,100,000 $285,391
Arizona $1,774,584,253 $153,343,807 $535,065,557 $72,671,476 $52,917,917 $322,900 $28,064,410 $249,710,000 $1,066,370
Arkansas $775,890,317 $88,095,552 $188,705,268 $25,484,937 $47,093,075 $302,100 $16,184,067 $152,640,000 $775,967
California $9,333,470,165 $1,093,904,754 $4,288,871,282 $254,083,739 $561,655,105 $502,400 $71,346,014 $1,293,340,000 $9,621,502
Colorado $1,156,964,386 $107,232,313 $260,641,326 $52,753,341 $40,855,631 $314,100 $24,941,139 $161,450,000 $1,346,904
Connecticut $815,714,467 $145,793,260 $453,526,649 $36,171,644 $41,991,759 $306,100 $3,151,500 $151,450,000 $325,090
Delaware $220,852,082 $22,915,189 $90,278,018 $19,092,281 $7,805,170 $290,400 $1,099,514 $40,290,000 $3,355,141
District of Columbia $180,993,723 $94,583,572 $129,468,747 $25,713,699 $39,616,016 $290,000 $1,040,229 $21,150,000 $238,283
Florida $4,341,596,587 $385,273,679 $1,290,704,650 $230,461,171 $168,427,589 $393,700 $24,826,845 $915,520,000 $2,461,472
Georgia $2,530,720,888 $267,385,720 $644,712,353 $66,279,769 $116,635,837 $342,000 $20,506,811 $344,700,000 $3,400,263
Hawaii $290,038,640 $52,649,563 $137,263,871 $13,076,083 $8,729,951 $292,900 $1,219,931 $54,780,000 $1,288,274
Idaho $389,683,161 $23,385,725 $90,844,279 $14,155,379 $13,600,585 $294,200 $10,307,772 $62,010,000 $786,000
Illinois $3,361,300,848 $539,760,897 $932,331,597 $94,825,114 $196,222,161 $361,600 $20,278,264 $506,120,000 $2,716,690
Indiana $1,621,225,907 $176,963,706 $431,545,732 $40,680,826 $88,800,120 $323,000 $33,601,556 $278,220,000 $609,468
Iowa $777,289,879 $76,479,685 $194,321,780 $22,275,721 $25,111,225 $303,000 $4,621,397 $139,800,000 $1,482,831
Kansas $715,097,804 $64,757,402 $160,727,423 $35,292,197 $20,087,985 $301,700 $8,866,397 $115,190,000 $630,931
Kentucky $1,120,717,630 $144,636,385 $368,398,717 $27,817,599 $62,283,880 $310,500 $31,325,411 $224,270,000 $809,555
Louisiana $1,239,455,179 $176,455,798 $412,880,749 $60,231,360 $46,482,851 $310,800 $11,158,326 $199,630,000 $1,354,092
Maine $323,282,843 $47,054,157 $156,447,250 $11,906,290 $15,968,945 $293,100 $19,659,069 $71,920,000 $323,045
Maryland $1,339,287,616 $161,605,867 $446,147,523 $75,250,916 $53,190,827 $318,600 $4,850,539 $206,230,000 $2,414,485
Massachusetts $1,590,549,737 $344,957,719 $901,379,624 $70,790,381 $76,977,949 $323,600 $11,267,819 $287,240,000 $5,807,287
Michigan $2,716,940,014 $259,812,168 $986,814,920 $114,850,216 $247,844,602 $345,100 $83,606,652 $467,180,000 $3,154,146
Minnesota $1,236,771,411 $135,764,753 $541,986,737 $33,633,192 $60,005,288 $316,200 $32,331,803 $210,690,000 $1,407,639
Mississippi $872,570,118 $98,336,375 $241,691,674 $32,503,809 $50,035,653 $302,600 $10,077,872 $145,690,000 $729,839
Missouri $1,479,632,393 $159,545,026 $475,902,235 $45,705,774 $80,156,716 $320,200 $57,500,439 $276,540,000 $1,198,560
Montana $254,310,284 $35,154,203 $70,133,396 $7,122,333 $9,989,526 $291,000 $8,764,935 $44,890,000 $697,932
Nebraska $456,177,143 $46,436,993 $100,394,810 $15,612,851 $11,560,572 $295,800 $4,871,159 $73,360,000 $472,174
Nevada $570,940,356 $49,377,500 $138,842,834 $40,177,433 $29,482,510 $300,500 $4,038,955 $94,760,000 $329,555
New Hampshire $306,647,569 $33,525,099 $76,114,801 $18,112,074 $9,745,645 $293,100 $13,295,046 $57,930,000 $973,798
New Jersey $2,070,966,562 $311,985,218 $657,032,081 $84,615,817 $79,799,997 $336,900 $23,283,906 $357,140,000 $1,095,626
New Mexico $567,606,871 $49,819,383 $183,892,530 $32,006,499 $19,671,108 $297,000 $48,570,422 $86,810,000 $513,381
New York $5,328,974,826 $1,228,378,444 $3,569,992,555 $124,360,005 $206,239,030 $399,900 $35,257,469 $842,340,000 $10,228,463
North Carolina $2,246,988,652 $208,766,433 $727,781,753 $62,922,762 $135,500,079 $339,100 $17,085,552 $411,810,000 $891,387
North Dakota $186,753,028 $23,334,677 $42,645,886 $6,974,671 $8,974,788 $290,000 $15,011,350 $28,810,000 N/A
Ohio $2,963,993,848 $416,798,532 $1,016,202,812 $70,710,996 $174,615,874 $353,400 $20,687,479 $526,770,000 $1,679,610
Oklahoma $961,421,574 $119,410,877 $307,034,376 $29,849,457 $26,860,563 $306,800 $41,487,607 $169,240,000 $431,133
Oregon $900,463,193 $82,629,092 $283,154,540 $25,892,446 $53,782,278 $307,600 $21,360,920 $167,780,000 $773,075
Pennsylvania $3,083,613,982 $528,090,371 $1,200,027,430 $81,414,963 $137,898,594 $359,200 $89,269,153 $641,960,000 $3,508,749
Rhode Island $283,736,180 $79,089,379 $159,960,983 $11,793,289 $20,930,707 $291,500 $1,190,986 $51,040,000 $1,251,306
South Carolina $1,148,331,981 $117,173,836 $293,808,813 $65,935,816 $84,676,100 $311,500 $16,653,478 $214,260,000 $303,841
South Dakota $227,574,763 $30,194,984 $44,669,046 $7,021,180 $9,134,100 $290,000 $13,444,974 $36,750,000 $76,528
Tennessee $1,563,249,712 $188,804,358 $505,171,184 $87,234,527 $84,128,470 $321,800 $27,263,073 $295,480,000 $1,023,980
Texas $6,580,534,065 $517,101,969 $1,557,989,950 $168,865,887 $222,997,546 $427,300 $63,144,216 $832,590,000 $3,016,729
US Territories $1,757,894,557 $335,066,505 $237,672,901 $45,421,874 $107,288,956 $433,700 $247,555,876 $181,120,000 $764,572
Utah $732,245,546 $35,715,152 $125,194,050 $19,837,226 $19,186,584 $301,000 $13,746,114 $73,440,000 $911,548
Vermont $166,759,797 $17,835,086 $82,279,127 $6,980,715 $8,391,368 $290,000 $5,804,379 $30,270,000 $273,695
Virginia $1,828,637,873 $170,719,443 $409,982,289 $45,891,343 $76,930,515 $331,100 $23,319,348 $304,190,000 $525,808
Washington $1,509,491,094 $168,599,677 $603,350,340 $42,434,450 $71,964,290 $323,700 $9,868,402 $261,130,000 $3,462,343
West Virginia $472,626,116 $58,867,850 $169,214,619 $15,981,593 $19,985,473 $296,000 $81,813,721 $112,040,000 $323,616
Wisconsin $1,365,617,388 $139,811,097 $378,259,680 $34,633,547 $57,803,146 $318,500 $21,244,761 $252,000,000 $3,949,303
Wyoming $154,285,290 $13,082,684 $34,523,058 $7,038,880 $7,002,682 $290,000 $650,583 $20,970,000 $51,484

http://online.wsj.com/public/resources/documents/info-STIMULUS0903.html

That Billion Dollar Stimulus Package is Criminal

By Alicia Colon

“…Socialism is almost always promoted as an ideal by those who have never lived in dire poverty. They have a romantic idea of the poor that has no basis in reality. People may have been created equal but the success of their pursuit of happiness is only determined by their individual efforts.

 

I grew up in the slums of Spanish Harlem in the 1950’s and watched the advent of socialist programs destroy families by making an absent father an eligibility requirement. Those like my mother (and like Michael Steele’s mother in Maryland), who refused to enter that trap made it possible for us to leave the barrios and the ghettos. Those who fell for the demagoguery of political scam artists remain crippled there expecting cradle-to-grave government care.

 

That billion dollar bill was not designed to stimulate the economy. It was intended to destroy it and those who voted for it in Congress are either criminal conspirators or just plain dumb. In either case, they need to be voted out of office.  …”

http://www.americanthinker.com/2009/08/that_billion_dollar_stimulus_p.html

 

Elizabeth Warren not sure the White House “gets it”

The American people deserve some answers: Where are the jobs

Chambliss on the Stimulus Package

Related Posts On Pronk Palisades

 Irresponsible Government Intervention Results In Huge and Continuing Government Failures–Shut Down Government Interventions–No More Bailouts!

Bailouts

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

Fiscal Policy

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

The Big Economic Picture–Some Perspectives–Videos

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously!

Barlett Boo Boos–Boortz Blasts Back

President Doom and Panic Obama’s Big Lie: More Government Spending Works and Tax Cuts Do Not Work

 

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

 

Read Full Post | Make a Comment ( None so far )

The Second Breaking Wave of Mortgage Defaults–Alt+A and Option Arm Mortgages–Crashes US Economy!–Videos

Posted on February 23, 2009. Filed under: Blogroll, Economics, Education, Employment, Homes, Investments, Law, Links, People, Quotations, Regulations, Security, Taxes, Video | Tags: , , , , , |

The American people have as the song goes “Ain’t Seen Nothing Yet”!

Cash is king or more precisely hard assets or commodities are especially gold, silver, etc.

Buy guns and safes to protect them.

Unfortunately the third wave of mortgage defaults will be in commercial real estate and will shortly follow the second wave.

The greedy, arrogant, stupid bastards that got us into this mess are really beginning to make me mad including the political class in Washington who were their pals.

No more bailouts–on strike–shut it down.

A phrase even the radical socialists might even be able to understand.

Result: 18 month to 24 month recession, unemployment rate peaks at 15% in next 12 months.

Hang on to your job if you have one.

Great investment buying opportunity in real estate and eventually equities over the next 12 to 18 months.

For the long run buy commodities or raw materials.

Just wait awhile.

You ain’t seen nothing yet.

Jim Rogers has it completely right. My favorite video–three cheers!

Jim Rogers about Tim Geithner testimony 2009.02.11

 

When it comes to economics President Obama is an economic illiterate advised by a group of arrogant big government economists who think government intervention is the answer to the world’s economic problems–living in the 1930s with the same results.
 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

History of Housing Prices Chart – *SHOCKING* You Need To See This!

Count me out.

Join the second American Revolution and march on Washington July 4, 2009:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

This may be you last chance for a some time.

Time to take care of business and get out of Dodge.

Learn Chinese!

 

Bachman Turner Overdrive – You Ain’t Seen Nothing Yet

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (1 of 2)

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (2 of 2)

 

 Deconstructing the Subprime Crisis

 

Mr Mortgage – HERE COMES THE ALT-A CRISIS

 

Mr Mortgage on the Pay Option ARM Implosion

 

Mark Zandi on the Risky Loans Behind the Meltdown

 

Jeremy Siegel on the Resilience of American Finance

 

Franklin Allen on Lessons from the Subprime Crisis

 

Richard Herring on What’s Next for Investment Banks

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

John Berlau on Obama’s Mortgage Rescue Plan

 

1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

Bachman Turner Overdrive “Takin Care Of Business” Live ’74

 

 Background Articles and Videos

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Investment guru Jim Rogers

 

Jim Rogers : Teach your children Chinese !!!!!!!!

 

Richard Herring on Mortgage-backed Securities

 

Angry renters, unite!

By Michelle Malkin  

“…I want you to look at this chart, via AngryRenter.com. While ACORN and the housing entitlement mob get all the press, look who’s not getting attention.

Now, here’s some feedback in response to my appearance on FNC’s Neil Cavuto show this afternoon in support of renters (self included) who are getting the shaft from the housing entitlement-mongers: …”

http://michellemalkin.com/2009/02/19/angry-renters-unite/

 

Neil Cavuto shout down

 

 

The Federal Response to Home Mortgage Distress:

Lessons from the Great Depression

David C. Wheelock

“…The sharp increase in mortgage delinquencies and foreclosures during 2007 prompted numerous calls for government intervention in housing and mortgage markets, including the creation of an HOLC-like agency to purchase delinquent mortgages. The right of lenders to foreclose on collateral is themain reason why the interest rates on secured loans, such as home mortgages, are typically much lower than those on unsecured loans, such as credit card debt. Ordinarily, mortgage foreclosures receive little notice from the public because they have little impact on parties other than the delinquent borrower. However, when the number of foreclosures is high or concentrated geographically, they can lower property values, destabilize neighborhoods, and impose other social costs. Such “externalities” can justify government intervention to reduce the number of foreclosures. …”

 

 

 

 

http://research.stlouisfed.org/publications/review/08/05/Wheelock.pdf

 

 

 

 

New data analysis helps identify future foreclosure trouble spots

“…First, some background on the data we used. This background discussion includes a brief overview of two recent and related changes in the mortgage market: namely, mortgage securitization and the use of risk-based pricing for mortgage loans.

In the past, lenders originated, serviced, and owned their mortgages. However, in recent years, it has become more common to separate these functions. Typically, mortgages are now pooled and sold to secondary market investors, while the rights to service the loans are sold to a servicer, a firm that specializes in conducting this activity for a fee. The share of U.S. residential mortgage debt in a mortgage pool or trust has grown in the past decade. As of the second quarter of 2007, it accounted for 57 percent of total mortgage debt.1/

As the use of securitization expanded, lenders found that investors had a ready appetite for securities backed by nonprime (that is, subprime and alt-A) loans. By 2006, the number of nonprime mortgage originations increased substantially, accounting for 40 percent of all newly securitized mortgages, compared to only 9 percent in 2001.2/

In retrospect, it appears as though the chain of securitization failed to align the interests of mortgage originators, who earned fees by making loans, and investors in mortgage-backed securities, who ultimately bore the credit risk of the loans. Why investors did not exert sufficient oversight to ensure the quality of securitized mortgages is beyond the scope of this article.

The data used in our analysis capture a good deal of information about the simultaneous growth in and fusion of nonprime lending and mortgage securitization. In particular, the data include a sizable proportion of all loans sold into subprime or alt-A securities. As noted above, alt-A and subprime loans are considered riskier than prime loans and more prone to default. The risk is due mainly to quality and size considerations that make these loans “nonconforming” in the eyes of Fannie Mae and Freddie Mac.3/

Our understanding is that LP captures about 70 percent of subprime securities and 95 percent of alt-A securities. Still, it is important to remember that these data do not include any loans held on a bank’s books. The data used in this article are from October 2007. …”

http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=2453

 

The Rise in Mortgage Defaults

Chris Mayer, Karen Pence, and Shane M. Sherlund

“…The mortgage market began suffering serious problems in mid-2005. According to data from the Mortgage Bankers Association, the share of mortgage loans that were “seriously delinquent” (90 days or more past due or in the process of foreclosure) averaged 1.7 percent from 1979 to 2006, with a low of about 0.7 percent (in 1979) and a high of about 2.4 percent (in 2002). But by the second quarter of 2008, the share of seriously delinquent mortgages had surged to 4.5 percent. These delinquencies foreshadowed a sharp rise in foreclosures: roughly 1.2 million foreclosures were started in the first half of 2008, an increase of 79 percent from the 650,000 in the first half of 2007 (Federal Reserve estimates based on data from the Mortgage Bankers Association). No precise national data exist on what share of foreclosures that start are actually completed, but anecdotal evidence suggests that historically the proportion has been somewhat less than half (Cordell et al., 2008).

Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as “subprime” or “near-prime.” Some key players in the mortgage market group these two into a single category, which we will call “nonprime” lending. Although the categories are not rigidly defined, subprime loans are generally targeted to borrowers who have tarnished credit histories and little savings available for down payments. Near-prime mortgages are made to borrowers with more minor credit quality issues or borrowers who are unable or unwilling to provide full documentation of assets or income; some of these borrowers are investing in real estate rather than occupying the properties they purchase. Near-prime mortgages are often bundled into securities marketed as “Alt-A.” Since our data are based on the loans underlying such securities, we use the term “Alt-A” to refer to near-prime loans in the remainder of this paper. …”

“…Conclusions and Future Research

Slackened underwriting standards–manifested most dramatically by lenders allowing borrowers to forego downpayments entirely–combined with stagnant to falling house prices in many parts of the country appear to be the most immediate contributors to the rise in mortgage defaults. The surge in early payment defaults and the rise in the share of mortgages with low or no documentation suggest that underwriting also deteriorated along other dimensions. Because downpayments were so small, when house prices declined many borrowers had little or no equity in their properties and thus less incentive to repay their mortgages. In the industrial Midwest, economic distress was also a factor in the heightened defaults. Unorthodox mortgage features such as rate resets, prepayment penalties, or negative amortization provisions do not appear to be significant contributors to date to the defaults because borrowers who experienced problems with these provisions could refinance into other mortgages. However, as markets realized the extent of the poor underwriting and house prices began to fall, refinancing opportunites became more limited. Borrowers may not be able to resolve their problems with these products through refinancing going forward and thus may be forced to default. Our conclusions are consistent with other studies (Sherlund, 2008, Gerardi, Lehnert, Sherlund, and Willen, 2008, Gerardi, Shapiro, and Willen, 2007, Haughwout, Peach, and Tracy, 2008).

Our conclusions run counter to the popular perception that unorthodox mortgage features are responsible for the surge in defaults. At first glance, the fact that the most common subprime mortgage was a confusing and complicated product–a short-term hybrid with a prepayment penalty–and that delinquency rates were highest on these products suggest that the mortgage type itself must be to blame. We suggest instead that default rates were highest on these products because they were originated to the borrowers with the lowest credit scores and highest loan-to-value ratios. This interpretation raises the questions of why the riskiest borrowers were matched with the most complicated products, and whether it was borrowers, lenders, or both who misjudged the likelihood that borrowers would default. Did borrowers seek out this product because it offered the lowest initial payment and they were focused on short-term affordability? Or did lenders offer this product to borrowers because they thought that this combination of features allowed them to manage the risks of lending to borrowers with high probabilities of default?

News accounts often suggested that borrowers were steered into subprime adjustable-rate mortgages when they could have qualified for fixed-rate or prime mortgages (Brooks and Simon, 2007). Given the poor credit profiles of these borrowers and the high price of housing relative to their incomes, however, it seems more likely that in the absence of subprime adjustable-rate mortgages these borrowers would not have gotten credit at all. If so, several more questions spring to mind. First, were these borrowers better off for having the opportunity of home ownership when the possibility of failure was so high? Second, were the associated gains in the homeownership rate illusory, or will some of these gains be sustained? Finally, to what extent were house prices pushed up by the entrance of these new buyers into the market?

Alt-A mortgages pose a similar set of questions and issues. As with subprime mortgages, the complicated provisions of these mortgages do not appear to be responsible for the sharp rise in delinquencies. Very few of these mortgages are scheduled to “recast” before 2010, when their payments could potentially increase dramatically. But even more than subprime mortgages, these mortgages were originated to borrowers who may have been speculating on future house price appreciation. As these borrowers were somewhat better credit risks than borrowers with subprime mortgages, they tended to have lower combined loan-to-value ratios at origination and better credit scores. However, the areas where investors speculated most heavily on house price appreciation were also the areas that experienced the most severe house price declines. Although the initial equity cushion kept Alt-A mortgages from defaulting as quickly as subprime mortgages, default rates on Alt-A loans, and on option adjustable-rate mortgages in particular, began to skyrocket in 2007, about twelve months after the surge in subprime delinquencies. Going forward, the key question is whether house prices will decline enough so that borrowers with prime mortgages are also left with little or no equity and thus a higher chance of default.

Any government response to mortgage distress would entail some cost. For example, a government purchase of delinquent mortgages, or expanded federal mortgage guarantees or insurance, could impose a substantial monetary cost on taxpayers. Some policies, including a government bailout of delinquent loans or expanded loan guarantees, could also encourage increased financial risk-taking and thereby lead to further instability in the future. Other actions, such as a government-imposedmoratoriumon loan foreclosures, could simply delay inevitable adjustments that are necessary to restore the functioning of mortgage and housing markets. Such direct government intervention could also increase the cost of loans for future borrowers by encouraging lenders to add a premium to loan interest rates to compensate for the risk that government officials might re-write the terms of loan contracts.

34 …” 

http://www.federalreserve.gov/Pubs/feds/2008/200859/index.html

 

Crosby Stills & Nash – Teach Your Children

 

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