Topic: Taxation
Ron Paul Reports - The "Mother of All Bailouts" Bill The "Mother of All Bailouts" Bill. And the IRS will now access all your credit card transactions. Really.by Jake, the Champion of the Constitution
(Libertarian)
Thursday, July 24, 2008
July 23, 2008, Ron Paul reports that the House passed HR 3221 by a vote of 272-152. Did your Representative vote for this Pelosi bill? Check here.
The 600-page mega-bill includes:
1) Fannie Mae/Freddie Mac Bailout: Granted Treasury an unlimited line of credit to allowed to buy all housing securities from these two private companies. Ron explains that Treasury will exchange Treasury Bills for the mortgage-backed securities, so these securities will now back the dollar - which will debase the dollar which debt that no one wants to buy, so the dollar will drop.
2) National Debt Expansion: Congress approved to increase the national debt by $0.8 Trillion
3) Police State Expansion: All mortgage brokers must now get fingerprinted. (As if this caused the housing crisis!)
And the winner is...
4) Police State Expansion: All personal credit card transactions will now be reported to the IRS. Just swell.
Feel like casting off some chains? Try registering at www.campaignforliberty.com. Contact your Representative and especially your Senators (who will vote next) by going to this bill at www.downsizedc.org, the Read the Bills Act that requires Congress to read to the floor each bill before it is voted on. A 600-page document would probably stymie even the MicroMachines Man for a couple hours. If anyone thinks their Representative is actually reading all the bills they vote on, I have some subprime mortgages in Las Vegas I can sell you.
As the dollar drops, the risks of hyperinflation will increase as described below:
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2008 Jake, the Champion of the Constitution, all rights reserved.
Published: Thursday, July 24, 2008
Last modified: Saturday, July 26, 2008
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Posted By: Jake, the champion of the constitution
Date: 2008-07-24 15:37:54
Dear brian,
I also searched the bill text for the mention of these before I published, but since the bill came out yesterday they havent updated govtrack for the amendments yet. Go to this senate.gov link below. On page 8/13 is the "S.A.F.E Mortgage Licensing Act" (fingerprinting amendment) and on page 11/13 is the "Payment Card and Third Party Network Information Reporting" Apparently they hope to be able to raid people who are subject to backup withholding and take away another $10 Billion - enough to pay for Iraq for perhaps a month.
There are also lots of other goodies, like changing REIT investments.
Hey I 'm responding to your comments on an article of mine -not this one
I read the articles you recommended. I found them informative and interesting.
It also sounds like you believe that the US should and must be the world's police - am I correct?
My response is no. I think at certain points intervention is warranted .
Do you agree it was morally wrong to invade in the first place as well? I tend not to think of war in moral terms. It's a moot point at this point for me.
my Vietnam-Iraq analogy
That makes me question your military understanding of the situtation.
What about removing our troops from Germany, Italy, Japan, S Korea, and some of the other 120+ countries where they currently are?
They are there for many reasons such as strategic listening stations and missle placement. I'm sure there are more reasons but those seem perhaps the most obvious and pertinent to the defense of America in my opinion.
The ultimate consequence of the US pulling back is this -
In my opinon it will create many power vaccums and the blowback will be worse then staying in all those countries. America will be critized whether we have troops and intervine or pull the troops out and ignore the situtations .
I also find your 'critical examination' subtitle a misnomer.
I was at a loss for a subtitle to be honest.
Thanks for again for the recommendations in articles and commenting my article.
Thanks for the article. I joined DownsizeDC.Org and sent a letter already. I am annoyed by the economic "logic" of bailing out the home-lending institutions in the first place, but even more annoyed that someone would insert the aforementioned intrusions into HR3221--such as having mortgage personnel fingerprinted and sending credit card transactions to the IRS. Both ideas are not only ludicrous but invasive. I want to find out WHO put in these provisions--there must be a way to target the bill writers for public censure.
On a previous comment about maintaining the Empire, I want to note that I have served in Germany and S. Korea. I have visited East Berlin under Communist rule. I have been to the DMZ. Both the DMZ and East Berlin (no longer East Berlin, of course) were dreadful. But, that was the "Cold War" days. Our intrusion into the present world eco-political system are doing less and less good; in fact, our involvements in the world "hot spots" are doing no good whatsoever.
There is a problem afoot today, insomuch as we are led to believe that the "New World Order," the present construction of Nation-States and their relationships to the Big Powers (China, Russia, and the US), has to be manipulated by force and military invasion. Actually, this is simply a redux of the Cold War mentality, reinforced by Cold War warriors and the Military Industrial Complex vanguard, many of whom are long-in-the-tooth, to enforce OUR will on the geographic map that is no longer like the one of the past. It is a game, or the "Great Game," as Brzezinski would call it--but it is out of date and irrelevant. The demographics of the modern world have replaced this mindset. Essentially, the Nation States are looking for cheap labor and allowing anyone into their premises to keep their economies solvent. The Nation States are realigning themselves to preserve their national heritage, true, but are neglecting warfarism as the key to solving their crises. Most of the warfarism doctrine is emanating from the US; many other nations are just getting caught up in the skirmishes (self-defense).
So, the idea of trying to enforce US-Anglo power over the world is not only worn out and ridiculous, it is suicide. (We are losing our edge by squandering tons of money; that is, by dumping it into a black hole of "security"). Maintaining "listening posts" and building radar units everywhere is so 20th century.
Technological and demographic events are moving faster than "shotgun Bob" can handle by kicking doors in; we might conquer a mountain in Afghanistan, while the Russians build ten more refining factories.
So, the US economy dawdles on nothing--the phony war on terror--while the astute Asiatic republics build thier infrastructure. I'm not even complimenting Obama here--because he's apparently tied to some sort of globaloney and the soon-to-be-defunct Nation State of Israel. Total waste of time.
Soon, I hope, the US will find someone who can dig the country out of this international meddling mess, stop trying to suborn 3rd world countries to old economic principles and mercantilism, and start talking about National, versus International, goals. The key is to start devising a way for economic efficiency--not some BS about global warming and intra-national mandates--but divesting ourselves from 1950's-era economic schemes and restrictions.
Posted By: Jake, the champion of the constitution
Date: 2008-07-25 08:50:53
Scott Harmon -
Interesting world view you have, thanks for sharing! Of late Barack has been revealing his true colors as Imperialist #2. The Brzezinski Brothers really do appear to be, as the Economist calls it, his "brain"
I wrote a little on him in the Afghanistan link above but the full original speech is here. Caesar Augustus could have written the below.
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2008 Jake, the Champion of the Constitution, all rights reserved.