The White House Press Office: With the next G20 Summit approaching in Pittsburgh, the President goes over the progress in stemming a global economic crisis. He discusses the impact of the Recovery Act, and pledges that "lobbyists for big Wall Street banks" will not prevent real reform for the future, including a new Consumer Financial Protection Agency. (continued below)
Leaders of the world’s largest economies will gather next week in Pittsburgh for the second time this year. The first meeting of the G-20 nations in April came at the height of the global financial crisis – a crisis that required unprecedented international cooperation to jumpstart the world’s economies and help break the downward spiral that enveloped all our nations.
What was the cause of the "downward spiral?" Government inflation of the money supply. What was the prescription to "jumpstart" inflation-distorted economies? Government inflation of the money supply.
At next week’s summit, we’ll have, in effect, a five-month checkup to review the steps each nation has taken – separately and together – to break the back of this economic crisis. And the good news is that we’ve made real progress since last time we met – here at home and around the world.
In February, we enacted a Recovery Act, providing relief to Americans who need it, preventing layoffs, and putting Americans back to work. We’ve worked to unlock frozen credit markets, spurring lending to Americans looking to buy homes or cars, take out student loans, or finance small businesses. And we’ve challenged other nations to join us not only to spur global demand, but to address the underlying problems that caused such a deep global recession in the first place.
What was the cause of the economic problems? Chiefly government intervention in the market -- inflating the supply of credit and currency -- to spur "lending to Americans looking to buy homes or cars, take out student loans, or finance small businesses."
Because of the steps taken by our nation and all nations, we can now say that we have stopped our economic freefall. But we also know that stopping the bleeding isn’t nearly enough. Our work is far from over. We know we still have a lot to do here at home to build an economy that is producing good jobs for all those who are looking for work today. And we know we
still have a lot to do, in conjunction with nations around the world, to strengthen the rules governing financial markets and ensure that we never again find ourselves in the precarious situation we found ourselves in just one year ago.
As I told leaders of our financial community in New York City earlier this week, a return to normalcy can’t breed complacency. To protect our economy and people from another market meltdown, our government needs to fundamentally reform the rules governing financial firms and markets to meet the challenges of the 21st century. We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers
on the hook for cleaning up the mess. And as the world’s largest economy, we must lead, not just by word, but by example, understanding that in the 21st century, financial crises know no borders. All of us need to act more responsibly on behalf of a better economic future.
This was not the cause of the "crisis."
Taxpayers are now on the hook for much more than they were before the government "reforms."
That is why, at next week’s G20 summit, we’ll discuss some of the steps that are required to safeguard our global financial system and close gaps in regulation around the world – gaps that permitted the kinds of reckless risk-taking and irresponsibility that led to the crisis. And that’s why I’ve called on Congress to put in place a series of tough, common-sense rules of the road that will protect consumers from abuse, let markets function fairly and freely, and help prevent a crisis like this from ever happening again.
Central to these reforms is a new Consumer Financial Protection Agency. Part of what led to this crisis were not just decisions made on Wall Street, but also unsustainable mortgage loans made across the country. While many folks took on more than they knew they could afford, too often folks signed contracts they didn’t fully understand offered by lenders who didn’t always tell the truth. That’s why we need clear rules, clearly enforced. And that’s what this agency will do.
This is not the "central" problem.
"unsustainable mortgage loans" were virtually required, and certainly encouraged, by government policies which targeted those who were previously unable to "own" their own homes, back in the days when lending institutions shied away from "unsustainable mortgage loans."
The fundamental problem is not folks who "took on more than they knew they could afford," but banks who were empowered by the government to lend out more than people have saved -- by creating mortgage funds out of thin air.
Consumers shouldn’t have to worry about loan contracts written to confuse, hidden fees attached to their mortgages, and financial penalties – whether through a credit card or debit card – that appear without a clear warning on their statements. And responsible lenders, including community banks, trying to do the right thing shouldn’t have to worry about ruinous competition from unregulated and unscrupulous competitors.
Not surprisingly, lobbyists for big Wall Street banks are hard at work trying to stop reforms that would hold them accountable and they want to keep things just the way they are. But we cannot let politics as usual triumph so business as usual can reign. We cannot let the narrow interests of a few come before the interests of all of us. We cannot forget how close we came to the brink, and perpetuate the broken system and breakdown of responsibility that made it possible.
"Lobbyists for big Wall Street banks" occupy positions of power in the Administration's Treasury Department, and numerous other federal agencies that created the housing bubble.
In the weeks and months ahead, we have an opportunity to build on the work we’ve already done. An opportunity to rebuild our global economy stronger that before. An opportunity not only to protect the American people and America’s economy, but to promote sustained and balanced growth and prosperity for our nation and all nations. And that’s an opportunity I am determined to seize.
Did "we the people," through the Constitution, give the President the power to "seize" an opportunity to regulate economies of nations around the world?
So, thanks for listening and thanks for watching, and to our Jewish friends, who are celebrating Rosh Hashanah, have a happy and healthy New Year. Shanah Tovah.
Restoring America's Greatness by
Celebrating Christmas all year long
The Message of Christmas and the Principles set forth by the Christ (the Messiah) who came that first Christmas are the real solution to America's problems. The Federal Government is at war with Christmas and "The Way of Peace" announced by the Prince of Peace.
John the Baptist prepares the way for the Messiah, as prophesied of Elijah.
As you read the Gospel accounts, ask yourself how you would react if you knew these accounts were really true. Not just true in some "religious" sense, but reported in the New York Times, proven in a court of law, or acknowledged by your personal hero. (How do you know something is true? Do you even have any "heroes?") How should you change your life if your Creator became a human being? How should Washington D.C. react if this human being claimed to be the true Ruler?
The Prophet Micah predicted that the Messiah would be born in Bethlehem. Jesus' parents lived in Nazereth. Therefore God predestined Caesar to issue a decree (probably relating to taxes) that would bring Joseph and Mary to Bethlehem before Jesus was born.
Bush claims the same global power of confiscation and migration as Caesar did. Thousands of Christians have been forced to move out of Iraq to make way for Bush's Islamic Theocracy.
An army of angels announces the birth of the Messiah, saying,
“Glory to God in the highest,
And on earth peace to those with whom He is pleased!”
Man's chief end is to glorify God and live in peace. The Bush Administration's chief end is to erect a "wall of separation" between God and government so that the State gives no glory to God, and to wage war, thereby "stimulating the economy."
When Herod got word of the birth of a rival king, he behaved in a perfectly logical way (for someone who wants to protect his power): he massacred all male babies the age of Jesus. Herod recognized that Jesus was a threat to Herod's power.
Every day in America 4,000 unborn babies are murdered. These babies must threaten something.
Millions of Americans who call themselves Christians, on the other hand, are no threat to tyranny. None of them are being killed. Bush has killed a thousand times more human beings than Herod did, and confiscated a billion times more wealth than Herod did.
Hi - I’m Congresswoman Sue Myrick from North Carolina’s ninth district.
Nine years ago, I was diagnosed with breast cancer. I knew something was wrong with my body – but it took six doctors, three mammograms, and one ultrasound before they finally they found my cancer. This process took only a few weeks.
Under the government-run health care system they have in Canada and the United Kingdom, I wouldn’t have had the opportunity to get those tests so quickly. One international study found that three times as many citizens in those countries wait longer than a month to see a specialist. When it comes to life-threatening diseases like cancer, delay could mean death.
Every family that confronts a serious illness should have access to the highest-quality care at the lowest possible cost – with no delays.
Replacing your current health care with a government-run system is not the answer.
These so-called health care reform bills have different names: a public option, a co-op, a trigger. Make no mistake, these are all gateways to government-run health care.
For small business owners, these proposals mean higher taxes at a time when unemployment is nearing 10 percent and analysts are predicting that any kind of recovery will be a jobless one.
As a former small-business owner, I can tell you from experience, that this is the worst possible time to be imposing new, job-killing taxes. In fact, the nation’s largest small business association found the health care tax increases being proposed would lead to the elimination of more than 1.6 million jobs.
And for seniors, expect massive cuts to Medicare; which is unacceptable under any circumstances. Doing this now, without implementing significant reforms to make the program more efficient, would leave seniors susceptible to the rationing of care.
All of this comes at a price tag of roughly $1 trillion in the midst of a year in which the government continues to set new records for red ink.
It’s time we heed the American people’s frustrations with the increased spending and big government growth going on in Washington. There is another way to reform health care – and options we can agree on to move forward. Please go to healthcare.gop.gov to learn more.
Why is it all these reforms -- clearly superior as a start to total government control -- were not put in place during the 6 years of complete Republican control of Washington D.C. during the Bush years?
I’m Congresswoman Sue Myrick. Thank you for listening.”
The Market Doesn’t Ration Health Care | Foundation for Economic Education
Economics 101 says giving more people access to the same number of doctors and hospitals means government rationing. Decisions about healthcare will be made by bureaucrats to "control costs," which MUST increase when "access" to a fixed supply of goods is increased.
Our choice is between rationing by bureaucrats (including insurance clerks empowered by government tax policy) and individual self-determination through free exchange.
The men who threw tea into the Boston Harbor over a tax of 3 pence per pound would not be happy with a tax ten times greater on every gallon of gas. Those who took up muskets over a total tax burden of less than 3% would not be happy with the fact that the federal government now takes more than half of everything you earn.
Today it is illegal for public school teachers to teach their students that the Declaration of Independence is really true (and not just an outdated historical document). The federal government is clearly at war with everything the Founding Fathers stood for.
America's greatest Americans would abolish today's federal government.
Muskets are Not an Option
There are two reasons why we should not take up arms to pull off the violent overthrow of the federal government, even if America's Founders would surely do so. First, the feds have nukes. Second, violent revolution is unChristian and unBiblical. We must beat our swords into plowshares and use persuasion to abolish tyranny. This is time for a revolution of ideas.
Revolution Won't Come in a Day
John Adams once wrote that the American Revolution began in 1761, when Massachusetts attorney James Otis began legal challenges to the Writs of Assistance. He lost the case, but "American independence," Adams wrote, "was then and there born." Now do the math. That means it took 15 years to convince the rest of America to declare Independence (1776). Then another seven years of war was required before a Peace Treaty was signed (1783), and
then six years before the Constitution was finally ratified (1789). That's almost 30 years. (And Jefferson said we shouldn't go 20 years without another rebellion!) How can we hope to convince Americans to fight for principles they were never taught in government schools? We need to be in this battle for the long term. "Eternal Vigilance is the Price of Liberty."
Every great athlete has a coach.
If you want to be a great American you need a coach.
If you want to achieve great things for your country, you need a coach.
Imagine what you could do if George Washington, "the Father of his Country,"
could travel through time and be your personal coach.
The results could be extraordinary.
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Help End the Mexican Civil War
Black-market profits caused by drug prohibition fund a civil war in Mexico that's threatening to spill over our borders. Drug profits also fuel the terrorists who are killing U.S. soldiers in Afghanistan. It's time to dry up the black-market profits. It's time to end drug prohibition.
Make Congress Read Their Bills Before Voting
Make Congress read every word of every bill they create before they vote on it.
Urge your Representative and your Senators to sponsor DownsizeDC.org's “Read the Bills Act” (RTBA).
End the FED
The Federal Reserve System constantly inflates and deflates the supply of money and credit, causing booms and busts. It's time to get off this roller-coaster. It's time to end the Fed.
No government money, whether borrowed or taxed, should ever be used to bailout private financial interests. If you agree, please send Congress a message telling them so.
TWIC - A Backdoor Real ID Card
Real ID is dying. But the Department of Homeland Security has a new plan to subject every American to a national ID card anyway. They plan to pick off one occupational field at a time, starting with the maritime industry. One man is fighting back. Meet him, and help stop this backdoor Real ID plan.
Stop the Killer Horse Hormones
The FDA "outlawed" the use of Estriol, an estrogen medication that's bio-identical to human estrogen. Doctors must now prescribe animal-derived estrogen instead. Are bio-identical hormones dangerous, while animal-derived hormones are safe? No. The practice of medicine is moving to chemically identical to human hormones and away from animal hormones. Learn why the FDA decided to endanger women's health in this way, and take action.
End Asset Forfeiture
If the government suspects you used your house or car in a crime, they can take it and sell it at auction. They don't even have to prove your guilt. They call this practice civil asset forfeiture, but it's really theft. It violates the 4th, 5th, 6th, 8th, 9th and 14th Amendments. It also encourages law enforcement to put profits before justice. Tell Congress to end civil asset forfeiture.
Support an Iraq Referendum
Americans keep debating when, how, or if to leave Iraq. Maybe we should ask the Iraqi people what they want. After all, it's their country. Tell Congress to request that the Iraqi government hold a public referendum on the U.S. occupation. Learn more »
Make Congress read every word of every bill they create before they vote on it.
Urge your Representative and your Senators to sponsor DownsizeDC.org's “Read the Bills Act” (RTBA).
Unelected bureaucrats create tens-of-thousands of new dictates each year. Making rules is the job of Congress, not bureaucrats.
DownsizeDC.org has drafted the “Write the Laws Act” to end bureaucratic “legislation without representation.” Click here . . .
"Cap and Trade" is not the way
The politicians seem to be unifying around "cap and trade" as a way to cut CO2 emissions. If they take this step it may be the largest increase in the size, scope, and intrusiveness of government since the creation of Medicare. Worse still, it may not even achieve its purpose. Please tell Congress to oppose "cap and trade." Learn more »
Big government prospers through failure. Each new failure is used to justify more spending and new powers. Wasteful spending in Iraq is the latest example. One way to change this is to hold government accountable. A new bill in Congress seeks to provide some of the needed accountability. Please support it. Learn more »
Stop the War for Terror U.S. policy has inflamed the Middle East. It has made terrorism more likely rather than less. We seem to be fighting a war for terror, rather than on terror. This policy must stop. The place to start stopping is with Iran. We must not attack Iran. War with Iran would devastate our economy, disrupt world oil supplies, and recruit more terrorists. Click here to stop this war before it starts.
Click herefor a replay of this edition of the Ozarks Virtual Town Hall