Rock The Truth: Climategate Story....Not Going Away

Rock The Truth: Climategate Story....Not Going Away

Ron Paul News - Life | Liberty | Progress

Ron Paul News - Life Liberty Progress

Geoff Metcalf -- When rule breakers become rule makers

Geoff Metcalf -- When rule breakers become rule makers: "Ayn Rand once clearly restated an intrinsic reality, “…it cannot be repeated too often that the Constitution is a limitation on the government, not on private individuals --that it does not prescribe the conduct of private individuals, only the conduct of the government --that it is not a charter for government power, but a charter of the citizen's protection against the government.'"

Campaign For Liberty — Congress Must Audit the Federal Reserve | by Adam de Angeli

Campaign For Liberty — Congress Must Audit the Federal Reserve by Adam de Angeli
{If there's nothing to hide, why be afraid of an audit...sound's like the an upper level version of Enron}

Housing Bust of 2008 and the aftermath

*1977-Congress passes Community Reinvestment Act(CRA) to address alleged discrimination of poor people & minorities (redlining) in not making them loans.
*It said banks have "an affirmative obligation" to meet credit needs of communities in which they are chartered.
*1989-Congress amends Home Mortgage Disclosure Act requiring banks to collect racial data on mortgage applications. U.T. economics professor Stan Liebowitz written that the reason they were rejected more frequently not based on race by that minorities tend to have weaker finances. He condemns a 1992 study conducted by Boston Federal Reserve Bank that alleged systemic discrimination. The study became the standard on which govt. policy was based.
*1995-Clinton administration's Treasury Dept. issues regulations tracking loans by neighborhoods, income groups, and races to rate the performance of banks. They were used by regulators to determine whether the govt. would approve bank mergers, acquisitions and new branches. This encourage groups like ACORN(Assoc. of Community Organizations for Reform Now) & the Neighborhood Assistance Corp. of America. to file petitions with regulators, or threaten to, to slow or prevent banks from conducting their business by challenging the extent to which banks were issuing these loans. Subsequently, loans were made to low-income individuals who often had bad credit or insufficient income.."subprime loans"...also made available 100% financing and even made loans without documenting income.
1992-H.U.D. pressures Freddie Mac and Fannie Mae to purchase & securitize large bundles of these loans for purpose of diversifying the risk & making even more money available to bank to make further risky loans!!!
Congress also passes the Federal Housing Enterprises Financial Safety and Soundness Act eventually mandating that these companies buy 45% of all loans from people of low & moderate incomes, inotherwords, a secondary market was created.
1995-Treasury Dept. establishes Community Development Financial Instititutions Funds to provide banks with tax dollars to encourage even more risky loans.
*Barney Frank, Christopher Dodd and Charles Schumer, et al repeatedly ignore warning of pending disaster saying warnings were overstated. Books were cooked to aware executives of FDMC and FNMA millions of dollars in bonuses.
*A by-product of this intervention was a financial instrument called a "derivative" which turned the subprime market into a ticking time bomb that would MAGNIFY the housing bust dramatically. A derivative is a contract where one party sells the risk associated with the mortgage to another party in exchange for in exchange for payments to that company based on the value of the mortgage (a form of "insurance", so to speak). The risk was further spread and multiplied by commercial and investment banks, individual companies and private investors(withness AIG).
*Federal Reserve Board also made matters worse. The Fed slashed interest rates repeatedly starting in January '01 from 6.5% to a low in June '03 of 1.0 percent. Greenspan and later Bernanke began steady back to to 5.25% in June 06'.
*2008/09-Fed spent dollars at a frenzy to "rescue" financial markets from its own mismanagement. The Troubled Asseet Relief Program (TARP) could reach $1 trillion or 7% of the nation's GDP. TARP originally enacted so the govt. could buy risky or nonperforming loans from financial institutions. Mission changed within weeks--govt. began using funds to buy equity positions in financial institutions. An oversight panel concluded that $350 million of TARP funds can't be accounted for.
Fed also provided assistance of:
-$30 billion to Bear Stearns
-$150 billion to AIG
-$200 billion for FNMA & FDMC
-$20 billion to Citigroup
$245 for commercial paper market
-$540 billion for money markets

*Federal Bailout exceeds nine of the costliest events in American history adjusting for inflation:
-Marshall Plan
-Louisiana Purchase
-Race to the moon
-S&L crisis
-Korean War
-The New Deal
-Invastion of Iraq
-Vietnam War
-NASA

The federal spending share of GDP will climb to 27.5%. $1 of every $4 produced by the economy will be consumed or control by the federal government. Obama's Chief of Staff, Rahm Emanuel, openly admitted, "Rule one: Never allow a crisis to go to waste. They are big opportunities to do big things."

Paulson Told Bankers to Take U.S. Taxpayer Aid or Be ‘Exposed’ - Bloomberg.com

Paulson Told Bankers to Take U.S. Taxpayer Aid or Be ‘Exposed’ - Bloomberg.com
{Inotherwords, take this medicine whether you need it or not}

Income Tax Percentages

"The latest Congressional Budget Office figures show that the top 1 percent of income earners in the United States paid 39 percent of federal income taxes while earning 18 percent of pretax income and the top 5 percent of income earners paid 61 percent of federal income taxes while earning 31 percent of pretax income. Indeed, the tope 40 percent of income earners paid 99.4 percent of federal income taxes. The bottom 40 percent of income earners paid no federal income tax and received 3.8 percent from the tax system(!). And the middle 20 percent of income earners pay only 4.4 percent of federal income taxes."{Congressional Budget Office, "Historical Effective Federal Tax Rates: 1979-2005; Summary Table 1, Effective Tax Rates, 2004 and 2005," Dec. 2007, http://www.cbo.gov/ftpdocs/88xx/doc8885/EffectiveTaxRates.shtml#1011537
Mark R. Levin, Liberty and Tyranny

FederalRegisterOfRegulations74,937pages

"The official publication of rules issued by the federal government, the Federal Register, contained 74,937 pages of regulations in 2006...The estimated cost of simply complying with these regulations was $1.14 trillion{Clyde Wayne Crews, Jr., "Ten Thousand Commandments 2007: An Annual Snapshot of the Federal Regulatory State," Competitive Enterprise Institute, 2000, 2} The National Taxpayers Union estimated that in 2006, U.S. businesses and individuals spent 6.65 billion hours struggling to comply with the complexities of the tax code, at a cost of $l56.5 billion in lost productivity for businesses alone.{David Keating, "A Taxing Trend: The Rise in Complexity, Forms and Paperwork Burdens," NTU Policy Paper 124, National Taxpayers Union, April 16, 2007,3.} {{Mark R. Levin, Liberty and Tyranny}}

Constitution's interstate commerce clause abused

"...in 1942 the Supreme Court ruled in Wickard v. Filburn that a farmer growing wheat on his own land and for his own use was still subject to federal production limits, even though none of his wheat ever left the state. {Wickard v. Filburn, 317 U.S. 111 (1942)} The Court "reasoned" that by withholding his wheat from commerce, the farmer was affecting interstate commerce, even though there was no commerce, let along interstate commerce. This meant that private economic activity conducted for the sole purpose of self-consumption and occurring wholly within a state's borders would now be subject to federal regulatory authority under the Agricultural Adjustment Act. Wickard swept away 150 years of constitutional jurisprudence, decentralized governmental authority, and private property rights protection. And with it the judiciary seized a role for itself--the manipulation of law to promote a Statist agenda--that continues to this day." {Mark R. Levin, Liberty and Tyranny}

Frederic Bastiat on Objective Law

[W]hen [the law] has exceeded its proper functions, it has not done so merely in some inconsequential and debatable matters. The law has gone further than this; it ha acted in direct opposition to its own purpose. The law has been used to destroy it own objective: It has been applied to annihilating the justice that it was supposed to maintain; to limiting and destroying rights which its real purpose was to respect. The law has placed the collective force at the disposal of the unscroupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted into a right, in order to protect plunder. And it has converted lawful defense into a crime, in order to punish lawful defense. {Frederic Bastiat, The Law (Whitefish, Mont.: Kessinger, 2004), 6.