Today we launched Stop Bailouts where we have the following petition:
Whereas, the United States Congress has otherwise appropriated, committed, borrowed, and printed some $10 trillion throughout 2008 and into 2009 over and above the regular budget, and
Whereas the bulk of these funds have been used to “bailout” or otherwise subsidize banks, financial firms, delinquent homeowners, and other institutions, and
Whereas, all of this record-setting expenditure has been borrowed funds not otherwise available to the Treasury of the United States, and
Where, the conditions leading to the current financial crisis were created by government and are a direct result of 15 years of flawed fiscal, monetary and social policy,
Now therefore, we the undersigned citizens of the United States do hereby call on Congress to take the following immediate actions:
1. Insist that all funds expended or committed by any agency or authorized agent of the United States be subject to a public vote of the elected Congress.
2. Undertake an immediate investigation of exactly how all funds have been spent, to whom the Federal Reserve has issued loans and the terms of such loans, and otherwise make the entire process of the financial bailout completely transparent.
3. Block all moves by the Obama Administration to hand homeowners of mortgages in default or near default a reduction in principle of the amount of the mortgage.
4. Bring an immediate end to the bailout and subsidies for firms and individuals who have made bad decisions and allow market forces to find the appropriate price level of housing and securities to enable the market to again function.
Here are today's top stories on NetRight Nation and other relevant information:
The Keynesian-Krugman Problem of War: As most of us have heard, there is an ongoing debate about Keynesian economics and whether it is a good idea for the government to run deficits pursuing fiscal stimuli.
Bankruptcy Cram Down a Hardshell: An Obama Administration proposal to cram down mortgages—which would allow bankruptcy judges to reduce the amount of mortgages—could be voted upon as early as this week, according to the February 20th edition of the Washington Post.
Quote of the Day: "You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving..."
The cartoon of the day is from Robbing the Community Chest: