Press Releases



ALG Condemns Senate for Confirming Bernanke to Second Term as Fed Chair

"In spite of objections that the Fed helped fuel the housing bubble with its loose dollar policies, and the fact that those policies continue to date, the Senate has voted to reconfirm one of the architects of the financial crisis that brought the U.S. economy to its knees." — ALG President Bill Wilson.

January 28th, 2010, Fairfax, VA—Americans for Limited Government (ALG) President Bill Wilson today condemned the U.S. Senate for voting to reconfirm Federal Reserve Chairman Ben Bernanke to a second term.

"In spite of objections that the Fed helped fuel the housing bubble with its loose dollar policies, and the fact that those policies continue to date, the Senate has voted to reconfirm one of the architects of the financial crisis that brought the U.S. economy to its knees," Wilson declared.

The vote on cloture was 77-23, and the final vote in favor of Bernanke was 70-30.  This is the most Nay votes against a nominee for Federal Reserve Chairman in U.S. history.

Wilson said that the Senate had passed on a "golden opportunity" to hold Bernanke accountable for his role in the financial crisis, "The Senate just voted to reconfirm the man who will not even acknowledge the role his own monetary policies played in causing the crisis."

"Several Senators on the floor did acknowledge the role that indeed was played by the Fed in the crisis, but then voted to reconfirm Bernanke anyway," Wilson added, saying "the odds for higher unemployment and inflation just greatly increased."

Wilson cited Stanford economist John Taylor, who in writing for the Wall Street Journal stated, "the simple observation that the Fed's target for the federal-funds interest rate was well below what the Taylor rule would call for in 2002-2005."

Taylor continued, "By this measure the interest rate was too low for too long, reducing borrowing costs and accelerating the housing boom. The deviation from the Taylor rule, which had characterized good monetary policy during the previous two decades, was the largest since the turbulent 1970s."

The current federal funds rate, the interest rate at which banks borrow from the Fed and lend to each other, is at 0 to .25 percent.  Wilson said that the rate "is still way too low."

"Bernanke to date does not share Taylor's views," said Wilson.  "He has blamed the crisis on regulatory changes needed at mortgage underwriters Fannie Mae and Freddie Mac.  That's only half the story."

"The money to make the home loans in the first place had to come from somewhere.  By keeping interest rates so low, the Fed accommodated the housing bubble on the way up," Wilson said. 

Wilson also laid blame at Bernanke, and his predecessor, Alan Greenspan's feet for the oil and commodities bubble of 2008, when oil reached nearly $150/barrel and gold topped $1,000/ounce.

The True Money Supply index recorded by the Ludwig Von Mises Institute found that the money supply rose from about $1.787 trillion at the end of 1990 to about $5.268 trillion by the end of 2007, representing a 295 percent increase. 

Mortgage debt grew even faster than the money supply. In 1990, outstanding mortgage debt held was $3.805 trillion. By the end of 2007, total mortgage holdings rose to $14.568 trillion, a 383 percent increase.

During the same period, gold rose from $386.20 an ounce to $695.39, a 180 percent increase, oil rose from $23.19 a barrel to $64.20, a 277 percent increase, and the national debt rose from $3.23 trillion to $9 trillion, a 278 percent increase. 

"There is little to no hope that Bernanke will do anything to prevent the next bubble from emerging and then popping, because he does not even accept the premise that the Federal Reserve did anything to inflate the housing bubble in the first place.  This all places upward pressure on unemployment, increases the likelihood of inflation, and could kill the dollar," Wilson concluded.

Since the financial crisis began in 2007, the Federal Reserve has more than doubled the money supply.


ALG Condemns Senate Vote to Increase National Debt by $1.9 Trillion; Calls on House to Reject Measure

"The national debt increasing so fast that it is going to bury the U.S. dollar and wreck the economy, leaving nothing but a trail of inflation, unemployment, and a pile of worthless paper.  We're going to default." ALG President Bill Wilson

January 28th, 2010, Fairfax, VA—Americans for Limited Government President Bill Wilson today condemned the U.S. Senate for voting to increase the national debt ceiling by $1.9 trillion which would bring the national debt limit to $14.294 trillion if passed by the House. 

"Not even 24 hours after Barack Obama called for a 'freeze' to bring spending under control, the Senate has voted to increase the national debt by almost $2 trillion," Wilson said.  "Is this some kind of sick joke on the American people?"

"By increasing the national debt to $14.29 trillion, the Senate has voted to set the debt ceiling to be greater than the nation's entire Gross Domestic Product," Wilson added.  The current GDP is $14.242 trillion, based on third-quarter data released by the Bureau of Economic Analysis.

The vote in the Senate was 60-39.  Not a single Senate Republican voted for it.  In December, Congress voted to increase the debt ceiling by $290 billion to $12.394 trillion.

"The national debt is increasing so fast that it is going to bury the U.S. dollar and wreck the economy, leaving nothing but a trail of inflation, unemployment, and a pile of worthless paper," Wilson said, adding, "We're going to default."

The national debt has grown for every year since 1958.  "Eventually, the nation's creditors are going to figure out that we're never paying these debts back.  They're not stupid — even though they're starting to wonder aloud if we are," Wilson said.

On Tuesday, urging the Senate to reject the debt increase, Wilson said the "real solution is to draw down entitlement spending, balance the budget, and pay off the debt." 

According to an Americans for Limited Government analysis of Office of Management and Budget (OMB) data, annual entitlement spending has grown from $386.4 billion in 1992 (27.98 percent of budget outlays totaling $1.381 trillion) to $1.36 trillion in 2009 (38.17 percent of budget outlays totaling $3.653 trillion). (Sources:, and

According to OMB data, entitlement spending as a percent of budget outlays will continue to increase, while defense spending will decrease. In 2019, OMB projects that entitlements spending will stand at $2.482 trillion (45.93 percent of outlays totaling $5.403 trillion).

Meanwhile, interest payments on the $12.3 trillion debt are set to increase drastically.  According to the New York Times, "the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically."

"The American people are not going to be able to keep up with the interest payments on the national debt when rates go up," Wilson noted.

Wilson recently said that the growth of the debt could be directly correlated and shown to be caused by the growth of entitlements. The national debt has grown by over 295 percent since 1992, and will have grown by over 492 percent by 2020. Entitlement spending has grown by over 351 percent since 1992, and will have grown by over 642 percent by 2020.

"Entitlement spending is the greatest contributor to the growth of the national debt because it is growing at an even faster pace than the budget as a whole. That means it is, without a doubt, the most uncontrolled, profligate, unaffordable and unsustainable portion of the budget," Wilson explained.

Currently, the national debt stands at over $12 trillion and is projected to top the Gross Domestic Product (GDP) in 2011 at over $14 trillion. By 2020, it will top $20 trillion.

"This is one of the most irresponsible votes ever in the history of the U.S. Senate," said Wilson.

Wilson called on the House to reject the bill, and Obama to veto it.  "Not a day after Obama delivered his spending 'freeze' proposal, the Senate voted to increase the national debt by almost $2 trillion.  If it passes the House, then Obama will sign it.  He ought to veto it," Wilson concluded.


NetRight Daily: Bernanke Confirmed as Chairman of Fed. 

Ben Bernanke was confirmed to a second term as Chairman of the Federal Reserve within the past hour. Here is the roll call vote to see how your Senator voted. Here are today's top stories on NetRight Nation and other relevant information:

Bernanke Confirmed As Chariman:  Ben Bernanke has been confirmed to a second term in a 70-30 vote in the Senate. Roll call vote coming soon (we'll post it as soon as we have it). According to Michelle Malkin, seven Sanators switched their votes after the Cloture vote.

Earth to Obama:  The American people simply do not matter to Barack Obama. He said so himself last night as he attempted his first State of the Union Address, declaring, "[W]hen I ran for president, I promised I wouldn't just do what was popular -- I would do what was necessary." This was a nice way of saying he had heard the overwhelming opposition to his Big Government agenda -- and he has decided to plow ahead anyway.

A Fond Farewell to Stuart Smalley:  Well, it has finally happened. We all knew was inevitable – but it still comes as a shock. Air America has closed its doors.

Obama's Golden Opportunities an Anchor for the Dollar:  President Obama has one opportunity born of this current economic crisis that he shouldn't waste; a crisis that could not have happened but for the mismanagement of monetary policy by the Fed and it's Chairman, Ben Bernanke. The President can right the fiasco that our modern day dalliance with a floating dollar has been. Now is the time to bring back the dollar's Golden anchor, and give Helicopter Ben his Golden Parachute.

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CHQ - Viguerie urges Republican National Committee to Reject Litmus Tests for Candidates

(Manassas, VA) -  Richard A. Viguerie, Chairman of, issued the following statement concerning the proposal being considered by the Republican National Committee that would deny funding to candidates who did not meet political litmus tests on various issues:

"I'm pleased the state chairmen have voted unanimously against litmus tests for candidates.  I'm hopeful the whole Republican National Committee will follow this recommendation.

"As I noted last December, the litmus test proposal is well-intentioned but would do little to solve the two fundamental problems within the Republican Party:  bad leadership and conservative acquiescence to bad leadership.

"The problem the GOP faces is not so much with Republicans in Name Only (RINO) as it is with the current leadership, including Senate Minority Leader Mitch McConnell, House Minority Leader John Boehner, and the leading architect of Republican endorsed socialist-statism, former Bush White House political advisor Karl Rove.

"These leaders have consistently abandoned constitutional principles of limited government in favor of socialist-statist programs, all in the name of winning elections.

"The Bush-backed Medicare Prescription Drug Improvement and Modernization Act of 2003 was the largest federal program in decades. The Speaker of the House and Republican Majority Leader at the time, Dennis Hastert and Tom DeLay respectively, did everything in their power to pass this bill.
"In the fall of 2008, both McConnell and Boehner voted in favor of Bush's now-infamous Troubled Asset Relief Program legislation, a  $700 billion bailout of large financial institutions.

"During both of these disasters, as well as many others, most of the national conservative leadership maintained its silence as the pragmatists destroyed free markets and conservative principles."

Rather than litmus tests, Viguerie urged conservatives to get involved in the 2010 primaries so that new Republican leaders can replace those now in power.


CHQ - It’s The Primaries, Stupid! 

The Rise of Tea Party Activism

The New Yorker (Ben McGrath) - "I'm back for the Second American Revolution," the man said. "My weapons this time will be the Constitution, the Internet, and my talk-radio ads." If there was a central theme to the proceedings, it was probably best expressed in the refrain "Can you hear us now?," conveying a long-standing grievance that the political class in Washington is unresponsive to the needs and worries of ordinary Americans.    Read This Article at News From The Front




Daily Lickskillet How's that for "fuzzy math"?
Other Articles at News From The Front:

Dangerous Liberal Dissent in Citizens United
American Thinker - The dissenting opinion in Citizens United, written by Justice Stevens is remarkable and exposes the sometimes-camouflaged antipathy towards freedom held by liberal, big-government types.

Tea Party Leader Slams Obama Agenda
US News and World Report - "It didn't take long for the tea party movement to size up President Obama's State of the Union message last night. Within minutes of Obama leaving the House chamber, tea party leader Eric Odom issued a blistering analysis. The bottom line: The president didn't change the game in Washington."

Tom Campbell Leads Senate GOP Primary Poll in California
San Diego News Room - "Two weeks after dropping his run for the governor's seat and switching to the senate race, former Rep. Tom Campbell is now in the lead for the June 8 Republican primary, according to a Jan 21 field poll."

Scott Brown To GOP: Don't Count On My Vote
Riehl World View - "Nothing wrong with him being his own man. But will he be our man? Time will tell."

What's the Matter with the New York State GOP?
Red State (Brian Faughan) - "In the wake of Scott Brown's upset win in Massachusetts, Blue-Chip GOP candidates are coming out of the woodwork around the country. But there seems to be little progress in dark blue New York - at least when it comes to statewide races. With a dearth of good candidates (so far), New York may be one state where Democrats dodge a Republican wave that seems set to sweep the nation in 10 months."

Find these articles and more at News From The Front