John Callahan, the Democrat challenger in my race, recently targeted the incumbent Republican, Charlie Dent, for his vote to pass the TARP Banker Bailout in 2008. Amusingly, Callahan – along with the rest of the Establishment’s career politicians at the time – stated he would have voted FOR the Banker Bailout himself per this article. Apparently, the only difference is Dent voted for the bill after even more pork was added – for a partial list see here.
I have been emphatically against bailouts and corporatism not only since the start of my campaign last year but since they were passed in October 2008. However, the government-sponsored corporatism is still ongoing. The American people, Congress, and the President have never been told how the FED used over $2 trillion dollars during the Banker Bailout per the Bloomberg lawsuit. What few seem to realize is that even for the troubled firms that “paid back” the money is they were able to leverage these funds and profit in the marketplace at the expense of everyone else.
Another daily “bailout” that the government grants all the banks is completely unaddressed by my opponents. While the Federal Reserve has the power to create money by simply writing a check on itself, the banks also have this power, as explained in “Fractional Reserve Banking in Pictures.”
Currently, the FED and the government protect the banking cartel by offering loans at near-zero interest rates. These banks can then “reinvest” in US Treasury bonds at >3% and leverage these assets for investment trading. It is no wonder that in Q1 2010, Goldman Sachs, Citigroup, Bank of America, and JP Morgan each reported trading profits on each and every trading day.
Whether it is the military-industrial complex, Big Oil, Big Pharm, Big Ag, or the financial firms who bankroll their Establishment politicians into power, the crony corporatism and revolving door between the Treasury Department, the FED and Wall Street must end. The government should not be issuing special favors to any corporation for any reason, as to do so the government must first steal from someone else.
The actions taken so far by the government have only worsened the economy. Government’s responsibilities should be limited to establishing a framework of laws to protect individuals and society from fraud, coercion, and aggression against the rights of individuals — life, liberty, and justly acquired property.
Don’t support Republocrat career politicians, who – in exchange for your vote – will empty your wallet with inflation and bailouts, steal from your livelihood with the income tax, and fritter away your freedoms. If you are tired of the usual suspects, vote for Jake Towne on November 2, 2010.
If you live in the area, help is needed at events gathering signatures for ballot access.
Disclosure: No positions