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Bankers are destroying Capitalism. Unfortunately, most Westerners won't realize this until five years from now, when the middle class has been forcibly relegated to the ranks of the poor. And this isn't just a situation that will afflict America but it will likely afflict Japan and many countries in the EU such as the UK, Spain, and Greece just to name a few. But for the purposes of this essay, let's examine how bankers have destroyed capitalism in the USA.
In 2009, when almost every major US bank manufactured profits out of thin air and declared themselves financially healthy by (1) changing their regular reporting periods to exclude months in which huge losses occurred; (2) changing their definitions of bad debt, ...
I'm all for bipartisan agreements that make sense. However, when I look at what is unfolding in Congress in the name of bipartisanship on banking reform, it makes me extremely nervous.
Here we go again.
Sens. Chris Dodd, D-Conn., and Bob Corker, R-Tenn., are working on bipartisan legislation to revamp the regulatory structure of the financial services industry. The House passed Rep. Barney Frank's version Dec. 11. The bill from Frank, D-Mass., would create a controversial Consumer Financial Protection Agency and codify a permanent bailout authority for the federal government.
The big question for Americans who hate bailouts is whether the Senate will follow the House's lead and grant the Federal Reserve the statutory authority to bail out individuals, partnerships or corporations to the tune of $4 trillion.
The Census Bureau estimates that the life cycle cost of the 2010 Census will be from $13.7 billion to $14.5 billion, making it the costliest census in the nation's history. Suppose you suggest to a congressman that given our budget crisis, we could save some money by dispensing with the 2010 census. I guarantee you that he'll say something along the lines that the Constitution mandates a decennial counting of the American people and he would be absolutely right. Article I, Section 2 of our constitution reads: "The actual Enumeration shall be made within three Years after the first Meeting of the Congress of the United States, and within every subsequent Term of ten Years, in such Manner as they shall by Law direct."
What purpose did the Constitution's framers have ...
There's trouble brewing between the Ron Paul libertarians who staged the the first modern tea party in 2007 by dumping tea into Boston Harbor, and the neocon war hawks led by Sarah Palin who are furiously trying to hijack their message.
After I appeared on MSNBC talking about Sarah Palin's appearance at the Nashville tea party convention, several libertarians told me they were unhappy with the exchange.
I said that Sarah Palin's hawkish message on Iran was oddly out of place in a group whose roots belong to the Ron Paul libertarians, particularly as the anti-interventionist Rand Paul is looking strong in the Kentucky Senate Senate race -- and Palin just endorsed him. The woman who appeared with me representing the tea partiers disagreed with that premise, and claimed she was very ...
As far as grassroots activism goes, the surge in Tea Parties across America is one of the more encouraging developments to recently take place. It reminds me of the "Conservative Revolution" of 1994, when the GOP reclaimed both the US Senate and House of Representatives. At that time, it had been over 40 years since the Republican Party controlled both the US House and Senate. And, between the two, the House victories were the most significant.
Spurred mostly by the election of Bill Clinton in 1992, a host of young, energetic freshman Republicans marched into Washington, D.C., determined to return a burgeoning and out-of-control federal leviathan to the constitutional precepts of limited government. I'm talking about then-freshman House members such as ...
