Americanly Yours

People were asking me questions about where I heard that the bailout could end up costing $4 trillion.  Here is an article from CNN.com which was a source of mine.

We have thrown unprecidented amounts of money at this problem which would have eventually worked itself out without government meddling.  If that wasnt bad enough, now even our government is admitting that they “may never know whether the government’s $700 billion bailout of the financial industry worked.”  Ironically, the report was issued by the General Accountability Office… wow

Americanly Yours,

Phred Barnet

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I dont even think I need to comment on this.

Americanly Yours,

Phred Barnet

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By effectively nationalizing the banking industry, our government has made a giant leap away from Capitalism and towards socialism.  Our government now owns large stakes in most of the Nation’s largest banks.  The government has already invested $271 billion of the $700 billion that it budgeted for “stimulating” private banks.  The have committed to funding another $30 billion.  The rest of the $700 billion will follow soon.  Additionally, some members of Congress are already saying that because the first half of the $700 billion isnt being spent “correctly,” more money may be “needed.”

Here is a really cool chart that lists how much each bank has received from the TARP program.  It is updated daily.

I absolutely refuse to put my money in a government owned bank.  I will not allow the government to take the profits it earns off of my deposits to fund any further bailouts.  By banking at a government run bank, you are encouraging these bailouts.  If you are against further (or existing) government bailouts, then it is your duty to remove your money from this bank and place it in an independent bank.  I used to bank at Washington Mutual which is now owned by JPMorgan Chase (which has received $25 billion from the government in exchange for ownership rights).  I removed my money from this bank as soon as I was able to identify a local bank that had not sold part of itself to our government.

I now bank at United America’s Bank in Chamblee.  This is a small bank with only a few locations in Atlanta, Chamblee, and Roswell, but it is a bank that is independent from government ownership.  Plus, it has the added convenience of being the closest bank to my house.  Whether you live in my area or somewhere else, if you oppose government bailouts and government ownership of businesses, you should consider putting your money in a small bank that is not owned by the government.  I would be glad to help you find a non-government owned bank in your area.

Americanly Yours,

Phred Barnet

I am leaving the Democratic Party to join the Libertarian Party. My fit with the Democratic Party has been less great in recent years, and I have got to the point where I no longer feel comfortable calling myself a Democrat. And, although I voted for John McCain, I cannot consider myself a Republican either. Even though I supported Senator McCain, I actually disagreed with him on more issues than I agreed with him. It wasn’t a “lesser of two evils” thing, it was just that at the time Senator’s McCain’s views were closest to mine.

Since the election, however, a wave of bailouts has swept aside our Capitalist system and has moved us towards a socialist system in which the government owns and directs the economic activities of large corporations. The government’s reaction to the recent economic crisis (which I blame on government intervention in the first place) has hardened my non-interventionist views.

I decided to join the Libertarian Party after these bailouts convinced me that I could not support the Democrats or the Republicans. I began looking at the party platforms for different parties and found that I agreed with most of the Libertarian Party’s platform. Sure, there are major areas where I disagree with them, but I feel great about joining the Libertarian Party.

Why did I join the Libertarian Party you ask? Well…

Who stood up to Republicans and opposed the Patriot Act?

Who stood up to Bush and defended the 4th Amendment to our Constitution after details of Bush’s warrantless wiretap program were revealed?

Who has stood up against the efforts of the Democratic Party to take away the rights given to Americans by the 2nd Amendment?

Who has opposed every government bailout?

Who has opposed the increasing governmental control over every part of your personal life, from how you educate your children, to what types of cars you drive, to what type of energy you use to heat your home?

Who has fought for the right of ailing patients to be allowed to use medicinal marijuana to soothe their pain?

Who has fought for an end to the immoral system of taxing human labor, investment, savings, and entrepreneurial activity?

Who is the only party that defends the Constitution, as written?

Who is the only party that promises to cut the fat from our bloated bureaucracy?

With both parties turning toward bailouts and excessive regulation, who is the only party left still advocating Capitalism?

Which party is a staunch supporter of Free Trade, knowing that it is the best way to create jobs, economic growth, and save consumers the most money?

And which party holds the fundamental belief that individual freedom and personal responsibility are natural rights which should not be abridged by government for any reason?

The Libertarian Party.

Do you get the point?  The Libertarian Party is the only American political party which advocates complete economic and political freedom.

Many people say that voting for a “3rd party” candidate is a “wasted vote.”  This is not true.  It is true that the odds of a Libertarian candidate being elected to National office in the next elections is small.

The Democratic and Republican Parties want you to think that your vote only matters if you vote for one of their candidates.  And, this is only true to the degree that you accept their argument.  If you want to vote for a candidate who supports Liberty, but you do not believe that he can win, so you vote for one of the candidates from the two major parties, you are wasting your vote.  You are making the Democrats and Republicans right in their assertion that a 3rd party candidate cannot win.

This is a democracy.  In a democracy, there are no wasted votes.  A vote for any candidate, be he Republican, Democrat, Communist, Libertarian, or a protest write-in vote for yourself is equally valid and is not a wasted vote, as long as you are voting for the candidate that you feel is the one most suited for the job.  A vote is wasted if you compromise your beliefs and vote for a candidate that you do not like over a candidate that you agree with because you assume that the candidate that you agree with has no realistic chance of winning.  Penn Jilette says that if you “keep voting for the lesser of two evils [you will] watch things get more evil.”

Additionally, a vote for a 3rd party candidate should be viewed as an investment in the future.  A candidate may get only 5% of the vote this time, but getting 5% could encourage more people to vote for him.  Maybe in the next election, he gets 10%.  And as this happens, we could see a Libertarian or other 3^rd party candidate win. In Georgia in November, a statewide Libertarian candidate for Public Service Commissioner received over 1 million votes and received over 1/3 of the total votes cast for his position, even winning my county by over 37,000 votes. Maybe next time, he can win.

They say that “absolute power corrupts, absolutely.” Well, I say “absolute freedom enlightens, absolutely.”

Americanly Yours,

Phred Barnet

The American people and Congress may have rejected a bailout for the automakers, but in his infinite wisdom (and apparently infinite power, as I was unaware that a President could circumvent our Constitution and our laws to enact legislation without the consent of Congress), our President has thrown Chrysler and GM a lifeline by giving them $17.4 billion.   Remember, Chrysler is the same company whose owners would not contribute their own billions to save, so clearly this is another smart investment from the Federal Government.  Luckily, Ford has announced that it doesn’t need the money and will not be requesting any.  With this new bailout, the government now has the right to purchase stock in the two companies and place them under governmental supervision.

President Bush, thanks for Socialism!

The government that is supposed to represent you has taken your money through taxes on your hard work and is using this money–without your permission or even your approval–to purchase stock in two failing auto companies.

Do you still think Robin Hood was a great man?

This act completely violates the basic core principles of both Democracy and Capitalism.  The principles of Democracy are violated because the government is acting without the consent of the people, and is in fact acting opposite of the desires of the people.  The principles of Capitalism are violated because the government is taking ownership in two more American companies, placing factors of production directly under its control.

Does anyone really think that $17.4 billion can save the automakers?  This money is just an excuse for the government to put more money into the companies in the future to protect their initial investment.  In poker, you are called “pot committed” when you have a large enough amount of money in the pot to justify calling a bet that you know you will lose.  In the investing world, this is called throwing good money after bad money.  I thik the investors have it right this time.

Americanly Yours,

Phred Barnet