Meanwhile, I can just hear Ron Paul singing my embellished version of the song as he walks around Capitol Hill grinning from ear to ear thanks to the recent explosion of support for HR1207, his bill to audit the Federal Reserve. The news hit yesterday afternoon that there are now 88 cosponsors of the bill, an increase of 33 in the past 2 days. Perhaps all those “End The Fed” signs at the Tea Parties twisted the arms of some of Paul’s peers.

I finally got a response from my Congressman about HR1207. Congressman Frank Wolf responded by telling me he’d consider the bill when/if it comes up for a floor vote. Well, thanks for putting your neck out there Frank. My question was, “Will you either cosponsor or support HR1207?” I can only assume at this point his answer is no to both. Yet another reason to vote for whomever is opposing him in 2010.

During Freedom Watch yesterday Ron Paul claimed confidence that the bill would come up for a vote at some point this year. Judging by the recent explosion of support for it, I can see why he is a confident man. Perhaps not confident enough to break out into his own rendition of an old school rap song on the House floor, but we all know he’s singing on the inside.

Contact your representative right now and ask him/her to support HR1207 if they haven’t already done so. If they have, then call them up and thank them for supporting it. Ending the Fed has to start somewhere.

After contacting your lawmaker, be sure to preorder Ron Paul’s upcoming best seller, not suprisingly entitled, “End the Fed”.

…a primary source for depositor fears has been their effort to acquire a number of what they have called “tools” to address the crisis, including the power to make up to $700 billion of asset purchases. The tools that Paulson and Bernanke have sought have had one characteristic in common: a lack of confidence in markets to resolve the imbalances caused by government policy in the financial markets. In overpromising the soothing effects of one tool, Paulson and Bernanke have then moved on to securing the next tool.

McKinley looks at the implications of other tools such as raising the FDIC insurance limit, the allowance for the FDIC to borrow unlimited funds from the Treasury, and Treasury injecting capital into the banks. He concludes with what we’ve learned from the bailout fiasco.

The big lesson here is that making major legislative changes in times of crisis leads to bad policy (recent examples in the financial sector are the Patriot Act and Sarbanes-Oxley). These “tools” are a euphemism for extraordinary powers that would not be considered in a calm market. They are largely preemptive, and aimed at avoiding bank failures.

I couldn’t agree more. Vern McKinley lives in my district and ran against the incumbent big spending Congressman Frank Wolf in the GOP primary earlier this year. McKinley didn’t win, unfortunately. If he were representing me in Congress during the bailout debate I wouldn’t have had to send emails and make phone calls to him pleading to vote against it. I would have already known that his vote would be an emphatic “NO”, unlike my current so called representative.

Read McKinley’s wisdom in its entirety here at Cato.org.

]]> http://libertymaven.com/2008/10/17/vern-mckinley-says-tools-in-bailout-plan-suggest-no-confidence/2622/feed/ 0 http://libertymaven.com/2008/10/03/mccain-obama-and-the-status-quo-exposed-by-ron-paul-and-the-bailout/2321/ http://libertymaven.com/2008/10/03/mccain-obama-and-the-status-quo-exposed-by-ron-paul-and-the-bailout/2321/#comments Fri, 03 Oct 2008 05:58:47 +0000 Marc Gallagher http://www.libertymaven.com/?p=2321 John McCain, Barack Obama, and the rest of the DC status quo are now exposed by Ron Paul’s “I told you so” and by the elephant sized pork sitting right there for all to read in the 451 pages of the Senate bailout bill. I’ve written recently how they don’t even try to hide it anymore. Instead they acknowledge the pork exists they then throw up their arms and say, “I disagree with it but, oh well, what can you do?” How about having some principle for a change?

John McCain speaks incessantly about reducing earmarks and “pork barrel spending”, but when it comes down to actually voting against it suddenly it becomes a necessary evil. Christopher Dodd reacted the same way today on CNN changing the subject and reiterating how important it is to pass the bailout bill (I refuse to call it a rescue bill).

Now the bill is being painted as a savior for the “credit crisis”. I wrote my Congressman here in Virginia, Frank Wolf, strongly encouraging him to vote against the bailout bill. He voted for it. I received a 5 page letter from him in the mail today full of excuses about why he voted for it. The general tone of the letter was “I know more than you do about this, so trust me, we need this bailout.” Also in the letter was this surprisingly accurate admission, “Access to credit is the lifeline of our economy.” This is so true it hurts.

Our entire financial and monetary system is fundamentally based on credit/debt/loans. Dollars are either printed out of thin air or loaned into existence courtesy of the Federal Reserve and fractional reserve banking. The more dollars out there, the less value those dollars have. As your dollars decline in value so does your standard of living.

This is why government deficit spending (ie. bailout) is so harmful. To put it more bluntly: The more the government spends beyond its means the more your own life will suck. Ron Paul has preached this lesson ever since he entered politics in the 1970’s. It is far past time for his warnings to be heeded. The sustainability of our country and your family is at stake.

Frank Wolf is another John McCain. He talks one way and votes another. This Jekyll and Hyde disease has reached epidemic proportions in Washington. We all know Ron Paul is immune to it, but why is he the only one? On Glenn Beck’s radio show last week Ron Paul said he was worried about what the bailout bill would look like once it got through Congress. He feared the normal deal making would bloat the original bad bill to an even larger and worse bill. Sure enough, the Senate did not disappoint as the bill is now chock full of earmark-type spending. CNN aired a report by Brian Todd highlighting the hypocrisy of both Obama and McCain. See the video below for the short report.

The bailout bill roll call votes were/are the liberty litmus test. In the face of overwhelming opposition many so called “representatives” voted for the bill against their constituent’s wishes. If you believe in true freedom you cannot vote for a candidate that voted for the bailout bill. The test is as simple as that. Be stubborn like John Adams. Quench your liberty thirst like Thomas Jefferson. Lead your fellow patriots like George Washington. Learn economics like Ron Paul. Exercise your right to not vote for the collectivist status quo.

Send a message to Washington DC by voting against the specific incumbent shysters who voted for the bailout bill. Let them know that when they defy the wishes of their constituents then their wish for another term will not be granted. Hand them a copy of Ron Paul’s Manifesto on their way out. Maybe then they’ll start listening.

Check the list and see if your congress person listened to you. If they did not… well I think there is an election coming up soon where you can make your voice heard again. As it turns out my own Congressman, Frank Wolf did not listen. He will not be getting my vote on November 4th.

by Jake, the Champion of the Constitution
Originally published September 29, 2008 at http://www.nolanchart.com/article5048.html

I recently came across a summary article (full version with sources here) from Vern McKinley on Freddie Mac and Fannie Mae published for the Cato Institute where he warned of its threat to the taxpayer in 1997.

“Although Freddie and Fannie are privately owned, they are what is known as government-sponsored enterprises (GSEs). GSEs don’t have to follow all the rules that true privately owned companies do: they don’t have to register their securities with the government, their securities receive special treatment for investment purposes, they don’t have to pay state and local income taxes and–most important–their government sponsorship gives them the aura of a fully guaranteed government entity. That final benefit means they save billions in borrowing costs, just as lenders are willing to offer low-interest student loans that are guaranteed by the government. That savings alone allows the GSEs to pocket about $2 billion per year, according to estimates by the Congressional Budget Office and the Treasury Department.”

“Allowing Congress to grant such special privileges is a bad idea. Those privileges, which are granted solely to Freddie and Fannie, crowd out other potential competitors in their market. Privately owned companies should not receive such preferred borrowing status, because it redirects investor funds into the middle- and upper-income housing market at the expense of other potential investments. Finally, the failure of either Freddie or Fannie could saddle taxpayers with a huge liability.”

“Congress should immediately revoke all the benefits of government sponsorship: clearly, Freddie and Fannie can be profitable without them. Eliminating special privileges will force mortgage markets to be truly competitive and will eliminate the possibility that the current system of government sponsorship will someday lead to yet another taxpayer-funded bailout.”

Vern also warned that these millions of dollar of savings were recycled into a “high-powered public relations and lobbying machine.” The GSEs also evenly supporting both Democrats and Republicans with $750 million in the latest contemporary election cycle at the time of his article. The article was published in 1998 in USA Today with the title “Privatize Fannie Mae and Freddie Mac.”

Vern McKinley was billed as the First Ron Paul Republican since he decided to run for office before Ron Paul announced his presidential candidacy. Vern ran for a seat in the House of Representatives for the 10^th congressional district of Virginia but lost in the Republican primary against Frank Wolf in June, a fiscally not conservative career politician who has kept a seat warm in Congress for about 28 years. Wolf refused to debate Vern and won with about 91% of the primary votes compared to 9% for McKinley.

Vern has worked with the Board of Governors of the Federal Reserve, the FDIC, the Resolution Trust Corporation, and the Department of Treasury’s Office of Thrift Supervision. He has also traveled extensively internationally, spreading free market ideas to China, Kenya, Afghanistan, and Indonesia among others. You can check out his views here.

As a disclaimer of sorts, I financially supported Vern and wrote a recommendation (see below) in May.  At the time, I only cared that he would not support the War on Terror.  How cute and naive I was back then!  If you have the time, I suggest writing a note to him at vern@mckinleyforcongress.com and encourage him to run again.

In Liberty!

Jake, the Champion of the Constitution

www.CampaignForLiberty.com

[Reach the Author Here!]

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.

Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.

________________________________________________________________

Andrea Gibson’s “For Eli”, Vern McKinley and Anti-war Reflections
Published: May 5, 2008
Are you sick of our wars yet? Check out Vern McKinley and a poem from Andrea Gibson – “For Eli” to recharge.

A Speech Barack Obama Could Give to Win the Presidency, Ron Paul, and Carroll Quigley’s “Tragedy and Hope”
Published: September 28, 2008
Senator Obama, free of charge here is a speech you could use to beat McCain. Also, a comment and request for your opinion on Ron Paul’s reference to the historian Carroll Quigley’s Tragedy and Hope.

Henry Paulson – A Quick Look at the Man
Published: September 27, 2008
Everyone in the country is talking about the Paulson Plan, wherein one clause would make Paulson de-facto financial dictator of the United States, accountable to no one. The article is a summary of my brief investigation and asks for help in finding out WHO IS THIS GUY?

WaMu Gets the FDIC WHAM-O!
Published: September 26, 2008
The Seattle-based Washington Mutual Bank is shut down by the FDIC. The Raiders from the last Great Depression, JP Morgan, Strike Again. Have you protected yourself?

US Treasury Seizes Fannie Mae and Freddie Mac! And What It Means
Published: September 8, 2008
“You poor kid, there have been centuries of philosophers plotting to turn the world into just that – to destroy people’s minds by making them believe that that’s what they are seeing. But you don’t have to accept it. You don’t have to see through the eyes of others, hold on to yours, stand on your own judgment, you know what that is, IS – say it aloud, like the holiest of prayers, and don’t let anyone tell you otherwise.” – Ayn Rand

WAR! America Attacks Pakistan
Published: September 5, 2008
Drunk on the opiate of the McCain and Obama “We Can Change” conventions, the American press fails to notice the first attack involving American ground forces on Pakistani soil.

________________________________________________________________

The Money Matrix Series

America, Were Michael Phelps’ Eight Olympic Gold Medals Worth Winning?
Published: August 24, 2008
Michael Phelps and other American athletes are bringing back loads of Gold, Silver, and Bronze Medals from the Beijing Olympics. A young libertarian economist asks if it was worth it.

The Money Matrix – Prelude (PART 1/15)
Published: August 1, 2008
Prelude and Source List to a Series on Global Monetary Policy of Control and Explaining Big Government’s Finances

The Money Matrix – What is a Dollar Bill Worth? (PART 2/15)
Published: August 2, 2008
“Living so free is a tragedy when you can’t see what you need to see!” – Powerman 5000 ‘Free’

The Money Matrix – What Makes Money Money? (PART 3/15)
Published: August 3, 2008
A quick history of money per Rothbard followed by the properties of money per Ron Paul

The Money Matrix – If You Don’t Know Who the Sucker Is, Then It’s You! (PART 4/15)
Published: August 7, 2008
The Money Matrix series rolls on by asking ‘What are the Types of Money?’ and ‘What is the “Best” Currency and Why?’

The Money Matrix Explores Seigniorage – Do not give in to evil, but proceed ever more boldly against it. (PART 5/15)
Published: August 24, 2008
The Money Matrix explores Seigniorage as Legalized Silent Plunder with an introduction into medieval and modern banking.

Save Ron Paul’s Voice – A Money Matrix Addendum
Published: September 28, 2008
Learn how by reading. Article is intended as a poke-in-the-eye for members of the Ron Paul Revolution who complain about the bailouts and the financial, banking, and housing crises and do not realize that they may in fact be hypocrites.

A Money Matrix Addendum: Citigroup and GATA Call for an End to the Suppression of the Gold Market
Published: September 22, 2008
The Suppression of the Gold Market Goes Mainstream, Thanks to Citigroup. And a few interesting back-of-envelope calculations about where the price of gold could go.

Vern McKinley is a principled Reagan Republican. I’m talking about the Reagan running for office, not the Reagan who forgot about cutting spending as well as cutting taxes. I suppose his Congress could be blamed for that. Frank Wolf used to be a Reagan Republican. He even ran supporting term limits in 1980. Almost 28 years have passed and he is still in office. Wolf, from the very beginning couldn’t keep a campaign promise.

On to the issues. If an issue is not listed it means that both McKinley and Wolf generally agree on the issue with a bit of room for differences in the margins. The point is to show where the candidates truly have a different world view.

Earmarks (AKA “bringing home the bacon”): Wolf likes to tout his SAFE commission, which is yet another Wolf investigative committee like he has proposed so many times in the past without much to show for it. The idea is to “examine” earmarking and figure out methods to curb it. This, in my view, is an establishment politician trying to have his cake and eat it too. It looks good on paper, but why did Wolf propose and get over $200 million in federal money in earmarks last year? Just another sly Wolf-like move, I guess. I hope people are paying attention this time.

McKinley on the other hand is almost running his entire campaign on “earmark” reform. He rightly criticizes Wolf on earmarks, saying that states shouldn’t use the federal government as an ATM machine. Funds for local projects should be raised locally. There’s some true federalism for ya. Bravo Vern.

Grades: Wolf gets an ‘F’ for being a shyster. McKinley gets an ‘A’.

Second Amendment (…shall not be infringed): This one is more obvious. Frank Wolf voted against repealing the DC gun ban. Vern McKinley has promised to never do such a thing. He has a 100% rating from the Virginia Gun Owners Coalition. He also has the support from none other than Dick Heller, the plaintiff in the recent high profile Supreme Court case. The bottom line, if you believe in the Second Amendment, then you believe in voting for Vern McKinley.

Grades: Wolf gets an ‘F’ for being a failure. McKinley gets an ‘A’ for understanding the meaning of “shall not be infringed.”

Taxes and Spending (What? Did you say “and Spending”?): Frank Wolf (like many of his misguided brethren) loves to vote for lower taxes but is AWOL when it comes to cutting spending. Cutting taxes is popular. Cutting spending is a hard reality. Vern McKinley faces this reality in his career as an economist. He understands that cutting taxes without cutting spending only weakens America’s future by pushing us, our children, and generations to come, further into debt.

Grades: Wolf gets a ‘D’ for at least cutting taxes. McKinley gets an ‘A’ for facing reality.

“Democrat-like” (The liberal litmus test): Frank Wolf has a voting record that would make Ted Kennedy proud. He voted for the expansion of SCHIP. He voted for raising the minimum wage. He voted for the prescription drug benefit. He voted for “no child left behind”. He voted for keeping the DC gun ban in place. Mr. Wolf that’s an ‘R’ next to your name. It stands for “Republican” not “RINO”. Vern McKinley on the other hand opposes these leftist policies and is critical of them in just about every speech he has given to his future constituents.

Grades: Wolf, obviously an ‘F’. McKinley, obviously an ‘A’

The Constitution (AKA what you swore to uphold): Vern McKinley carries a pocket Constitution in his breast pocket. Frank Wolf drives a hybrid automobile sometimes. Vern McKinley quotes our founders regularly by memory. Frank Wolf runs on his record of continuously voting for more and more federal money for his district’s pet projects. Apparently, he believes the “supreme law of the land” is just a a marginal guideline only to be used when it politically suits him.

Grades: Wolf gets an ‘F’. Vern gets an ‘A’. (you see where this is going don’t you?)

Property Rights and Privacy (The long forgotten right in America): People praise Wolf for his “Journey Through Hallowed Ground” law being signed by President Bush. This law is nothing more than a federal land grab. Yet another law increasing the power and jurisdiction of the federal government at the expense of citizens and their property. Wolf likes to use the word “protect” the property. The last time I looked up “protect” in the dictionary it didn’t say “to steal”. McKinley has criticized Wolf for not respecting property rights with this law. There are many citizens of Virginia who agree with him.

Frank Wolf voted for the REAL ID Act. An act that 17 states have legislatively refused to implement due to privacy concerns. Vern McKinley adamantly opposes the REAL ID Act.

Grades: Wolf gets an ‘F’. McKinley gets an ‘A’.

Can you guess who’s getting my vote next Tuesday?

Here’s a hint: It’s certainly not Frank Wolf.

Frank Wolf is trying to have his cake and eat it too. In the very same email he advocates cutting spending and using those cuts for more spending. He, like many other elected officials, is trying to gain support for the projects he feels are most important. He advocates moving money from one area in to another, rather than actually cutting spending. It’s obvious to this 10th district voter he doesn’t really care about curbing spending overall. He puts a few good key words in this statement but in the end he’s not really advocating cutting anything. Here is the relevant quote:

Although we have been successful in raising awareness of the need for a strong STEM workforce and in authorizing innovative programs, we now face a serious challenge in funding these initiatives. As you will read, I believe that we must rein in explosive mandatory spending in order to ensure sufficient funding is available for this critical competitiveness initiative, among other programs. (Source: Wolf Email)

I don’t care how “good” the programs may or may not be. The point is Congressman Wolf is NOT interested in cutting spending. He’s only interested in continuing the budgeting shell game of typical establishment DC politicians. We need to replace him with someone with a fresh perspective on spending and government programs. Someone who will actually practice what he preaches. That person is Vern McKinley who is challenging him in the Republican Primary on June 10th in Virginia’s 10th District.