Saturday, October 11, 2008
by the Founding Fathers. James Madison said, 'We base all our experiments
on the capacity of mankind for self-government.' This idea that government
was beholden to the people, that it had no other source of power, is still
the newest, most unique idea in all the long history of man's relation to
man. This is the issue of this election: Whether we believe in our capacity for
self-government or whether we abandon the American Revolution and confess that
a little intellectual elite in a far-distant capital can plan our lives for
us better than we can plan them ourselves." ---Ronald Reagan (27 October 1964)
office (or, rather, those that high office seeks), and those who elect
them. Here are but a few excerpts in their own words.
John Adams: "Children should be educated and instructed in the principles
of freedom... If we suffer [the minds of young people] to grovel and creep
in infancy, they will grovel all their lives... We have no government armed
with power capable of contending with human passions unbridled by morality
and religion. Avarice, ambition, revenge, or gallantry, would break the
strongest cords of our Constitution as a whale goes through a net. Our
Constitution was made only for a moral and religious people. It is wholly
inadequate to the government of any other... We should be unfaithful to
ourselves if we should ever lose sight of the danger to our liberties if
anything partial or extraneous should infect the purity of our free, fair,
virtuous, and independent elections."
Samuel Adams: "The public cannot be too curious concerning the characters of
public men... Nothing is more essential to the establishment of manners in a
State than that all persons employed in places of power and trust must be men
of unexceptionable characters... If men of wisdom and knowledge, of moderation
and temperance, of patience, fortitude and perseverance, of sobriety and
true republican simplicity of manners, of zeal for the honour of the Supreme
Being and the welfare of the commonwealth; if men possessed of these other
excellent qualities are chosen to fill the seats of government, we may expect
that our affairs will rest on a solid and permanent foundation... [N]either
the wisest constitution nor the wisest laws will secure the liberty and
happiness of a people whose manners are universally corrupt... No people
will tamely surrender their Liberties, nor can any be easily subdued,
when knowledge is diffused and Virtue is preserved. On the Contrary, when
People are universally ignorant, and debauched in their Manners, they will
sink under their own weight without the Aid of foreign Invaders... Let each
citizen remember at the moment he is offering his vote that he is not making
a present or a compliment to please an individual---or at least that he ought
not so to do; but that he is executing one of the most solemn trusts in human
society for which he is accountable to God and his country... Religion and
good morals are the only solid foundation of public liberty and happiness."
Thomas Jefferson: "It is the manners and spirit of a people which preserve a
republic in vigor. A degeneracy in these is a canker which soon eats to the
heart of its laws and constitution... If a nation expects to be ignorant---and
free---in a state of civilization, it expects what never was and never will
be... The whole art of government consists in the art of being honest. Only aim
to do your duty, and mankind will give you credit where you fail... An honest
man can feel no pleasure in the exercise of power over his fellow citizens."
George Washington: "No compact among men... can be pronounced everlasting
and inviolable, and if I may so express myself, that no Wall of words,
that no mound of parchment can be so formed as to stand against the sweeping
torrent of boundless ambition on the one side, aided by the sapping current
of corrupted morals on the other...[A] good moral character is the first
essential in a man, and that the habits contracted [early in life] are
generally indelible, and your conduct here may stamp your character through
life. It is therefore highly important that you should endeavor not only
to be learned but virtuous... The foundations of our national policy will
be laid in the pure and immutable principles of private morality, and the
preeminence of free government be exemplified by all the attributes which
can win the affections of its citizens, and command the respect of the
world...[W]here is the security for property, for reputation, for life,
if the sense of religious obligation deserts the oaths...? Of all the
dispositions and habits which lead to political prosperity, Religion and
morality are indispensable supports. In vain would that man claim the
tribute of Patriotism who should labor to subvert these great Pillars of
human happiness---these firmest props of the duties of men and citizens."
Friday, October 10, 2008
Proof Obama backed ruthless, foreign thug
Set up direct Senate contact for Kenyan opposition leader
Posted: October 10, 2008
12:05 am Eastern
By Bob Unruh
© 2008 WorldNetDaily
Sen. Barack Obama designated a personal aide as his direct contact for the 2007 Kenyan presidential campaign of Raila Odinga, who later was appointed prime minister after his election loss was followed by widespread, deadly violence that destroyed or damaged 800 Christian churches, according to e-mails obtained by WND senior staff writer Jerry Corsi during a trip to Kenya.
Corsi attempted to release this and other information at a Tuesday press conference in Nairobi. The WND reporter and No. 1 New York Times bestselling author was detained by Kenya security officers as soon as he entered the hotel to make his presentation. He was held incommunicado and without food for the entire day before being permitted to board his regularly scheduled flight out of the country to London, where he is currently recuperating from the ordeal.
As WND has reported, Obama openly campaigned for Odinga during the Illinois Democrat's 2006 Senate "fact-finding visit" to Kenya.
read the rest at Worldnetdaily
Thursday, October 09, 2008
New World Order: Global co-operation, nationalisation and state intervention - all in one day
As the London stock market steeled itself to open again following days of vicious battering, Alistair Darling, the Chancellor, rose to stake the future of the country and the Cabinet on an audacious £500 billion banking bail-out.
And barely had the City begun to digest the hugely complex and unorthodox scheme when it was sent reeling again by an unscheduled interest rate cut – mirrored across the world – by the Monetary Policy Committee. It was the first such co-ordinated approach since the 9/11 terrorist attacks in 2001 – yet another indicator, had one been needed, of the gravity of the situation.
Tuesday, October 07, 2008
The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (”Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
# “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
# “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
# “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.Needless to say, our ever vigilant Congress, who after all control these such things, ignored these warnings studiously.
"What no one seemed to notice," said a colleague of mine, a philologist, "was the ever widening gap, after 1933, between the government and the people. Just think how very wide this gap was to begin with, here in Germany. And it became always wider. You know, it doesn’t make people close to their government to be told that this is a people’s government, a true democracy, or to be enrolled in civilian defense, or even to vote. All this has little, really nothing, to do with knowing one is governing.
"What happened here was the gradual habituation of the people, little by little, to being governed by surprise; to receiving decisions deliberated in secret; to believing that the situation was so complicated that the government had to act on information which the people could not understand, or so dangerous that, even if the people could not understand it, it could not be released because of national security. And their sense of identification with Hitler, their trust in him, made it easier to widen this gap and reassured those who would otherwise have worried about it.
"This separation of government from people, this widening of the gap, took place so gradually and so insensibly, each step disguised (perhaps not even intentionally) as a temporary emergency measure or associated with true patriotic allegiance or with real social purposes. And all the crises and reforms (real reforms, too) so occupied the people that they did not see the slow motion underneath, of the whole process of government growing remoter and remoter.
read more here
Sunday, October 05, 2008
RNC to File FEC Complaint on Obama Fundraising Practices
By Matthew Mosk
A lawyer for the Republican National Committee today said the party will ask the Federal Election Commission to look into the source of thousands of small-dollar contributions to the presidential campaign of Sen. Barack Obama.
The RNC is alleging that the Obama campaign was so hungry for donations it "looked the other way" as contributions piled up from suspicious, and possibly even illegal foreign donors.
Cairncross alleged there was mounting evidence of this, and cited a report in the current issue of Newsweek magazine that documents a handful of instances where donors made repeated small donations using fake names, such as "Good Will" and "Doodad Pro."