Archive for October 8th, 2008

Congressman Culberson Opposes Bailout

Wednesday, October 8th, 2008

My preferred solution to the credit crisis was to repeal the mark-to- market accounting rule and raise the $100,000 FDIC insured limit on bank deposits to $250,000. Unfortunately, this bailout bill also included $42 billion in tax increases and pork barrel spending, and I could not support it. I am committed to finding a solution that restores liquidity to the banking system, and these two steps will help immensely, giving Congress and the Administration time to think the problem through carefully. While I am glad the SEC Chairman Chris Cox repealed the mark to market rule, and that the bailout bill raised the FDIC insured limit to $250,000, I co-sponsored the conservative alternative, H.R. 7223. To read about the Free Market Protection Act, click here.

The White House and the Treasury both tell us that nothing in this bill will prevent this crisis from happening again, or bring those responsible to justice and that $700 billion may not even be enough. The bill grants the Treasury Secretary unprecedented authority – he can bail out any financial institution operating in the United States by paying any price he wants for any financial instrument, for any reason, and no one can stop him or restrain him in any way as long he makes a phone call or writes a letter to Congress telling us what he has done.

Since we will have to borrow the $700 billion by selling TBills on the international bond market, and the largest percentage of TBills are bought by the Chinese or other hostile powers through Middle Eastern sovereign wealth funds, under this bill, American taxpayers will borrow billions of dollars from Chinese and Middle Eastern banks to bail out Chinese and Middle Eastern banks.

This bill also raised the national debt to $11.3 trillion, doubled the deficit overnight, and saddled our children with at least $1 trillion in new unfunded obligations. All for a bill the Treasury Secretary admits won’t prevent the problem in the future and may not solve the urgent problem in front of us.

Federal property managers will be able to rewrite mortgages to reduce principal and lower interest rates to zero if they wish, and they can give away foreclosed or distressed-loan homes in your neighborhood to anyone they wish. Liberals who manage these programs will give away millions of free or reduced homes in neighborhoods all over America to families who could not otherwise afford them. The federal government now has the power to create federal housing projects, house by house, in neighborhoods all over America. Just imagine what that means for property values and the safety and security of your neighborhood.

I was one of only seven House members to vote against loosening lending restrictions on FHA home loans in 2007, I opposed the taxpayer bailout of Fannie Mae and Freddie Mac earlier this year, and I strongly supported the unsuccessful Fannie/Freddie reform bill of 2005, which would have helped avert this crisis.

We need Congressional action to help forestall and ease the credit crisis, but this bill won’t solve that problem, won’t prevent future problems, and was rushed through far too fast for us to be thoughtful and deliberative.

Here are several recent news articles that help explain the history of the current credit crisis:

Original Link.

Ohio Voting Law an Invitation to Fraud

Wednesday, October 8th, 2008

Regardless of which candidate you support, I do not believe it should be legal to register and cast your vote on the same day. There is no time to determine if the person registering is really eligible to vote, much less confirm their identity and their address.

A columnist and author says Ohio’s new early-voting rule is an open invitation to voter fraud in a state that could very well determine who is the next president of the United States.

It has been argued that in 2004, Ohio put George W. Bush over the top and handed him his second term in the White House. Now the Republican Party of Ohio has accused Democratic Secretary of State Jennifer Brunner of interpreting Ohio’s early-voting law to benefit her own party by allowing same-day registration and voting.

Republicans argued that Ohio law requires voters to have been registered for 30 days before they cast an absentee ballot. But the Ohio Supreme Court upheld the decision to allow anyone in the state to register and vote absentee from September 30 to October 6.

John Fund is a columnist for the Wall Street Journal and author of the recently published Stealing Elections: How Voter Fraud Threatens Our Democracy. He says Ohio’s new law is a mistake.

“Someone goes in, they register to vote — and they can vote immediately at the same time under this early-voting system,” he explains. “Their ballot is tossed in with all of the others [and] it’s counted.

“By the time the postcard to the person’s address is sent and comes back [labeled] ‘addressee unknown’ or [indicating the registrant] has moved or doesn’t exist, the vote has already been counted,” he continues. “[This law is] an engraved invitation to voter fraud for the unscrupulous.”

Fund notes that in Colorado and California, voters overwhelmingly rejected same-day registration because they felt it could lead to voter fraud.

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“Bottomless Bailout: Now, They Tell Us It’s Not Enough” by Michelle Malkin

Wednesday, October 8th, 2008

They put a gun to our heads. They ate Crap Sandwich 2.0. Washington’s pork-stuffed panic mob forked over $700billion/$850billion/$1 trillion-plus of our money over to the Chicken Littles, who handed it over to Foxy Loxy at the Treasury Department.

And now?

And now, they tell us it’s not enough.

It’s never enough.

A Senate staffer compiled these headlines. Read ‘em and weep:

Rescue Package May Not Fully Thaw Credit Markets

“Therefore, any rally from Fed actions will be short lived.”

Buffett: $700B Bailout may not be big enough

“A continued correction in credit supply, fiscal receipts, investment, employment and consumer balance sheets is inevitable.”

Experts say government’s approach comes up short

Bailout plan could be a disaster

Original Link.

Errors, Inaccuracies, Propaganda in Textbooks

Wednesday, October 8th, 2008

No surprise here.

An author and research associate with the Institute for Jewish & Community Research has uncovered a nationwide problem of anti-Christian and anti-Semitic bias in public school textbooks.

The Institute for Jewish & Community Research recently released a new book authored by Dr. Gary Tobin and Dennis Ybarra. The book — titled The Trouble with Textbooks: Distorting History and Religion — is a culmination of a five-year study of 28 history, geography, and social studies textbooks used in classrooms in all 50 states. Ybarra explains what they found.

“Well, there was no single textbook or publisher that really stood out,” he says, “but across virtually all of them in the various books, there was a lot of problematic material.”

He offers several examples. “A lot of classical stereotypes about Judaism were found. The representation of the relationship between Christians and Jews, Christianity and Judaism, Jesus and so forth is badly handled in many cases. And in [discussions about] the Middle East conflict…large elements of the Palestinian or Muslim narrative [are] not balanced by the appropriate, other arguments in favor of Israel.”

Ybarra says one of the textbooks — The World (published by Scott Foresman & Co.) — referred to Jesus as being a young Palestinian. “To teach children [that] and deemphasize his Jewishness does a disservice to Christians and Jews, as well as anyone who cares about historical accuracy,” he states in a press release.

And Ybarra says when some of the textbooks discuss the founding of Israel, they paint the Jewish fighters as terrorists while virtually ignoring any terrorist activity by Arabs.

The author encourages parents to take a greater interest in what is being taught to their children in order to make sure their children are being taught the truth. Adds his co-author, Gary Tobin: “Elected officials at every level should investigate how these offensive passages are creeping into our textbooks. Presenting false information in the classroom undermines the very foundation of the American educational system.”

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