From a look at the definition, “permanent” is an antonym of “temporary;” that is exactly what has become of other “temporary” tax increases throughout history.Details
In 1819 U.S. Supreme Court decision “McCullough v. Maryland,” Chief Justice John Marshall wrote, “An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation.”Details
“Live Free or Die” is the title of author and columnist Mark Steyn’s speech at Hillsdale College, reproduced in Imprimis (April 2009), a Hillsdale publication that’s free for the asking. Canadian born, now living in New Hampshire, Steyn has had firsthand experience with socialist tyranny in his home country that is rapidly becoming a part of America.Details
Prior to 1937, Congressâ€™s role in the regulation of commerce was quite simply defined as the â€œmovement of goodsâ€ between states, and put most production and manufacturing outside of the regulatory power of Congress. This definition has essentially been abandoned ever since the Supreme Court, in 1937, upheld an act allowing Congress to regulate many aspects of labor through the National Labor Relations Board.Details
by Rep Ron Paul
This week the House is expected to pass an $825 billion economic stimulus package.Â In reality, this bill is just an escalation of a government-created economic mess.Â Â As before, a sense of urgency and impending doom is being used to extract mountains of money from Congress with minimal debate.Â So much for change.Â This is dÃ©jÃ vu.Â We are again being promised that its passage will help employment, help homeowners, help the environment, etc.
These promises are worthless.ÂDetails
by Perry Willis, DownsizeDC.org
The stock market rises and then crashes. Housing prices soar and then plummet. The Federal Reserve causes these booms and busts by constantly expanding and contracting the supply of money and credit.
Credit expansion by the Federal Reserve increases the demand for producer assets and investment instruments. This causes bubbles in things like stocks and housing. When the Fed then contracts credit to avoid systemic price inflation the asset bubbles burst.
This is the history of the Federal Reserve — booms and busts, mixed with episodes of economic stagnation and high inflation like the 1970s.Details
by Rep Ron Paul
The economic situation continues to deteriorate this week as past and future bailouts were discussed on Capitol Hill.Â The debate was over the accountability of already disbursed TARP money, and on whether or not to release remaining funds.Â Â Banks that had already been bailed out before are looking for more money to fill the black holes that are their balance sheets, warning that they are simply too big to fail.
However, whatever â€˜devastatingâ€™ consequences these banks are dreaming up and pushing on Capitol Hill regarding their own collapse will be nothing compared to the collapse of our currency if we keep debasing it through these foolish bailouts.Â It should be that they are too big to bailout.Â The world will not come to an end without this or that bank.Â The most troubling thing to me is this rhetoric that only government can save the economy, and must act.Â This is so counter-productive.Details
by Rep Ron Paul
The freedom to fail is an essential part of freedom.Â Government- provided financial security necessitates relinquishing the very essence of freedom.Â Last week, the big 3 American automakers came back to Capitol Hill with their hands out to the government.Â Congress spent this past week debating how much money to give them and what strings should be attached.
Though the bailout plan for the auto industry has suffered what I would call a temporary setback in the Senate, other avenues for public funding are being explored through the Federal Reserve and the Treasury Department.Â I am afraid the American auto industry will soon learn that having billions rain down from Washington will not be the blessing one might expect.
The government, after it subsidizes an industry, tends to become a very demanding benefactor.Â Politicians may not have any real idea about how to build a car, run a bank, educate a child, heal the sick or build a road, but they are quite adept at using carrots and sticks to manipulate and threaten those who do.Â Most of the federal control over education, roads, healthcare, and now banking and soon auto manufacturing, is done through money, mandates and conditions.ÂDetails
by Rep Ron Paul
This week the bailout of the Big Three automakers was under heavy consideration in Congressâ€™s lame duck session.Â I have always opposed government bailouts of private organizations.Â Back in 1979 Congress had hearings about bailing out Chrysler and I was on record pointing out that these types of policies are foolish and very damaging to the long term economic health of our country.Â They still are.
There was also renewed pressure this week to bailout homeowners and send another round of stimulus checks to â€œMain Streetâ€ to balance out all the handouts to big business.Â It seems that eventually the entire economy is going to be blanketed over with Federal Reserve notes.Â Most in Washington are completely oblivious as to why this model of money creation and spending is so dangerous.Details