Liberty Maven

D o w n s i z e r – D i s p a t c h

Quote of the Day: “Security is mostly superstition.” — Helen Keller (1880-1968)

But we were right.

Recently, many said we were wrong to oppose the TARP bailouts. It was a crisis after all. Sadly, our fear that TARP would be the proverbial camel’s nose in the tent, seems also to be coming true. Get this…

A trucking firm, YRC Worldwide, has applied for a TARP bailout (see the third item in this linked blog post).

Will they get the $1 billion they’re asking for? Many say no, but we’re not so sure. Here’s why…

YRC’s problem is its union pensions, not its trucking business. The Wall Street Journal says “roughly half of YRC’s contributions to a multi-employer union pension fund cover the costs of retirees who never worked for the Overland Park, Kan., company.” This matters because…

The Democrats, like the Republicans, work for big special interests. Unions are among the most important clients Democratic politicians have. So you can expect the Democrats to bailout unions, just as the Republicans wanted to bailout banks.

We’re not taking sides. Many bad decisions have been made by all the BIGS — big business, big labor, and big government, but . . .

YOU shouldn’t have to pay for any of those mistakes! Instead…

The politicians need to let the bankruptcy process do its curative work. This process wouldn’t necessarily . . .

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“What can I do to protect my family?” – Arthur Burns, Federal Reserve Chairman, 1978

by Jake Towne, the Champion of the Constitution
Originally published Sunday, May 17, 2009 at http://www.nolanchart.com/article6430.html

The following is a message from Alan Greenspan’s “vaunted Federal Reserve” to the “Average Man.”  (Hat-tip to LeMetropoleCafe.com for the lead.)  (photo)

On January 17th, 1978, Federal Reserve Chairman Arthur Burns stated from the meeting transcript (emphasis mine):

“You know, the American public, in contrast to some or many of our politicians–perhaps most of them–is very deeply concerned about inflation. People all over the country have been asking themselves the question:

“The average man is also capable of judging neighborhoods. All he has to do is get into an automobile or walk and he can locate areas where the prospect of maintaining good conditions in the neighborhood or some improvement are pretty good over the next ten years or twenty years. People can do that. And they’re doing it in increasing numbers. It’s surprising to me. I hear it from college professors; I hear it from young people; I hear it from my own children.”

“What can I do to protect my family? What can I do to protect my children, my family, and myself against the ravages of inflation? And gradually the thought has evolved and is spreading rapidly that, on the negative side, putting money in the bank or a savings and loan account is no protection.

“What will he turn to? Well, there is farm real estate, a remarkable record there. But the average man doesn’t know how to buy farm real estate. He realizes that location can make an enormous difference. But there’s one thing the average man is capable of doing. If he doesn’t have a home, he can buy a home. If he already has a home, he can buy another.

“Buying bonds, Treasury bonds or corporate bonds, is no protection. Buying common stocks is no protection. It used to be a major protection but it no longer is.

“Then what is left? Well, gold or paintings. But the average man cannot invest in gold; he doesn’t know how. It’s not something he’s accustomed to. Likewise with paintings.

Frankly speaking, Chairman Burns is either something of a simpleton or quite the deceiver, much the same as I when I proved his current successor, Ben Bernanke is a liar in “Bernanke’s Great Lie – The “Gold Standard” and the Great Depression (PART 2/2).”  Why?

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