A CONSERVATIVE CHOICE FOR THE MINORITY'S VOICE

Get Out of Jail Free



     Bailout mania has hit the United States.

In other words, our so-called leaders in Washington have become all-too-willing to dole out YOUR hard-earned taxpayer dollars on a wing and a prayer.

     Can it be stopped?

The American people were told that without an immediate injection of $700 billion of your hard-earned tax dollars, the economy would tank!

And Congress, over the initial objections of the American people, passed a massive $700 billion wealth re-distribution BAILOUT program.

     The legendary figure Robin Hood stole from the rich and gave to the poor.

     Ironically, Uncle Sam seems to be doing the reverse.

And now – after giving away $350 billion of the $700 billion – the economy is still hurting, the so-called credit crunch has not been reversed as banks are still not lending, and the American people are left to suffer.

     But that’s not all.

     Now everyone and their grandmother wants a piece of the action.

Most recently, the big three automakers came to Washington, hat-in-hand, and Congress, specifically conservatives in the Senate, finally said “No.”

But now, the Administration is trying to find ways to accommodate the request anyway – using your $700 billion.

When is the madness going to stop? Who’s next to pick the pockets of hard-working American taxpayers?

     Is it possibly time to admit that the $700 billion was a bad idea?

     Is it time to give up the ghost and go back to the drawing board?

Is it possibly time, finally, to try some free market solutions to our problems and give Capitalism a shot?

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

What Happens To The Remaining $350 Billion?

For starters, it SHOULD NOT get spent until we come up with a better solution to our problems and admittedly, some creative thinking is in order.

     As an example, Congressman Louie Gohmert of Texas, has come up with an idea.

     Gohmert is calling for a two-month federal tax holiday.

It works something like this: Since the federal government collects approximately $167 billion per month in taxes and entitlements, the remaining $350 billion can be used instead to cover two months of tax revenues and taxpayers could reap the benefits of a two-month tax holiday.

     Imagine that!

The American people would pay ZERO in federal income and FICA taxes for a full two months.

Of course, Gohmert’s proposal is essentially another form of income redistribution, but at least the money would be going back to those from whom it was taken – the American taxpayers.

Gohmert’s proposal may or may not be an answer, but at least it is an example of the kind of creative thinking that needs to be applied to the problem.

     And who knows?

One can only wonder what would happen if people actually saw the money the federal government withholds from their paychecks for two months and then the government started taking it back again?

     Taxpayer Revolt?

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

An Example of Creative Free Market Thinking

Congressman Gohmert is not the only one thinking creatively these days.

Conservative Leader Grover Norquist of Americans for Tax Reform (ATR) recently sent an open letter to the Treasury Department with some of his own ideas for the $700 billion.

     To make the obvious yet comical point, Norquist’s letter began:

“I write today to formally request $700 billion from the TARP Capital Purchase Program. Since unionized auto companies, state and local governments, and certain credit card companies are applying, I thought I should, as well.”

And, with the $700 billion, Norquist laid out the free market plan on how ATR would use the money. “Since the money came from the taxpayers in the first place,” Norquist wrote, “I propose giving it back to them.”

     Specifically, Norquist would:

Cut the corporate income tax rate from 35% to 15%. America currently has the second-highest corporate income tax in the world. By lowering it to 15%, our nation’s corporate income tax would become the third-lowest in the world.  Norquist wrote: “Companies would be dying to set up shop in the United States.” And with that, new jobs would be created!

Eliminate the capital gains and dividends tax. As the old saying goes, “Tax something less and you get more of it.” In this case, it would be more investment in American companies, creating more jobs and more wealth across the board.

Cut the top personal income tax rate from 35% to a flat 15%. In other words, let the people keep more of their money instead of forcing them to hand it over to the federal government.

Kill the death tax.  Norquist again: “Almost nothing is more capital-killing for small businesses and family farms than the estate, gift, and generation-skipping transfer taxes.”

Allow companies to fully-expense capital assets purchased the first year. Currently small businesses and individuals can only deduct such expenses in small amounts over several years according to a depreciation schedule. Letting them deduct 100% of the cost of capital assets all at once would encourage new spending and investment by small businesses.

     Of course, none of these ideas are new.

But, when it comes to spending your hard-earned taxpayer money, Congress and the Administration would rather dole it out and manipulate the markets rather then give it back to taxpayers and allow free markets to work.

It is time for our elected leaders in Washington to abandon this bailout mentality.

 

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

Who Is To Blame?

The answer is Congress.

     More specifically, liberal ideologues on both sides of the political aisle.

Ironically, it is this same Big-Government Gang that is calling today for yet more government intrusions into our already battered free-market.

     Instituting more of the problem is NOT the solution!

     Here’s how it went down the first time.

In 1977 – with liberal Democrats in control of Congress and Jimmy Carter in the White House – the federal government instituted the Community Reinvestment Act (CRA) to encourage low-income folks to buy houses.

     With this well-intentioned legislation, the stage was set for catastrophe.

Then, in 1995, President Bill Clinton – with the help of liberals in Congress – gave CRA some real teeth and added massive new provisions that forced banks to issue $1 trillion dollars in bad loans!

     Didn’t anyone see the looming economic disaster?

Sure. Among them was Howard Husock of Harvard’s Kennedy School of Government. Many years ago, he predicted the current crisis in an article: entitled “The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities.”

And yet, even though the consequences of such policies are known, Big Government ideologues want to mess with the Free Market again.

If we let them do it to us again, we could end up a nation of bicycle riders on the fast track to Scandinavian socialism.

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

Are We Simply Funding A Radical Agenda?

But it wasn’t just Big Government that Husock warned against. He also predicted that the radical Left would drive the lending industry to the brink of bankruptcy.

     Among other things, he deplored the empowerment of radical ideologues.

Case in point, ACORN (you remember them), literally extorted lenders into making billions in questionable loans.

     Here’s what Husock wrote about that:

“Crucially, the new CRA regulations also instructed bank examiners to take into account how well banks responded to complaints… [F]or advocacy groups that were in the complaint business, the Clinton administration regulations offered a formal invitation. The National Community Reinvestment Coalition, a foundation-funded umbrella group for community activist groups that profit from the CRA, issued a clarion call to its members in a leaflet entitled ‘The New CRA Regulations: How Community Groups Can Get Involved.’ ‘Timely comments,’ the NCRC observed with a certain understatement, ‘can have a strong influence on a bank’s CRA rating.'”

     In other words, here’s how it works:

The government offers a new source of funding for banks. But in order to tap this source, they have to please far-left organizations like ACORN, whose job it is to promote revolution. These organizations push the banks to fund every loan applicant who walks through the door. If the banks don’t capitulate, the organizations tattle to the examiners. And Presto! No more CRA funds!

     Husock again:

“‘To avoid the possibility of a denied or delayed application,’ advises the NCRC in its deadpan tone, ‘lending institutions have an incentive to make formal agreements with community organizations.’ By intervening, even just threatening to intervene, in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers. A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city. Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, “CRA is the backbone of everything we do.”

     So, who is at fault?

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

Who Sold Out America?

Congress sold out America to the radical Left.

Liberals in Congress forced financial institutions to make bad loans and fund radical organizations like ACORN, groups dedicated to the destruction of our free enterprise system.

A liberal Congress also empowered Fannie Mae and Freddie Mac to buy those bad loans. In fact, for a while, the more loans Fannie and Freddie bought, the more money they made.

So Fannie and Freddie leaned on financial institutions to make even more bad loans.

Lenders in turn – with the free market hopelessly compromised – engaged in risky speculation. And liberals in Congress – pockets stuffed with contributions from nervous lending institutions – turned a blind eye.

     It was a sweet gravy train while it lasted.

Then, when the bubble burst, critics of this subversive deal said “I told you so!”

     Former House Majority Leader Dick Armey:

“It was not the free market, but a government-distorted market that caused this. It was politicians, fat cat corrupt CEOs and special interest lobbyists for Fannie Mae, Freddie Mac and other firms that created the perfect storm that led to the housing market collapse.”

     Economist Thomas Sowell agreed:

“Among the Congressional ‘leaders’ invited to the White House to devise a… ‘solution’ are the very people who have for years created the risks that have now come home to roost.”

     Former Congressman Bob Barr puts it even more plainly:

“Congress needs to get out of the way.”

     But they won’t, will they?

     Look at it this way:

If a surgeon removed one of your kidneys by mistake, would you let him operate on your other kidney?

Our economy is now functioning on one kidney – and here comes Congress with a rusty scalpel.

     Only the American people can prevent this continued suicide.

Use the hyperlink below to send your personalized and urgent Blast Faxes to President Bush and each and every Member of the Leadership of the United States Senate and the United States House of Representatives.

Tell them that giving $700 billion of our hard-earned tax dollars was a bad idea… a mistake. Tell them that it is time to give up the ghost. Tell them that now is the time to try some free market solutions to stimulate the economy. Most importantly, tell them not to spend the $350 billion that remains from the $700 billion economic relief package that Congress passed last month.

– Send My Blast Faxes –

 

Yours In Freedom,

Jeff Mazzella
President
www.cfif.org

P.S.  Please help us reach as many concerned Americans as possible by forwarding this e-mail to at least 10 of your friends and family members.

 


Center for Individual Freedom
113 S. Columbus St., Suite 310
Alexandria, VA 22314
703-535-5836
Fax:703-535-5838

 

CFIF is a 501(c)(4) not-for-profit constitutional advocacy organization with
the mission to protect and defend individual freedoms and individual rights.

Contributions to CFIF are
not deductible as charitable contributions for federal income tax purposes.
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