Archive for the ‘IRS’ Category

The New World Financial Order

November 16, 2008

For the past seven years, according to Rep. Jim Moran, “We have been guided by a Republican administration who believes in the simplistic notion that people who have wealth are entitled to keep it.” Actually, that “simplistic notion” has been the linchpin of the American system of free enterprise for the past two centuries. It has served to make the United States the most bountiful, wealthy and charitable nation on earth. Yet Moran says that system “doesn’t work in the long run.”

By Oliver North

My fellow Americans, welcome to the long run.

The coincidence of an economic downturn and our most recent political realignment have produced calls for urgent, dramatic, decisive action. Liberal politicians, such as Moran, are suggesting that we all would be better off if we’d adopt a more punitive tax code and use the Internal Revenue Service to redistribute the wealth. Republicans and Democrats already have allied to use our tax dollars to bail out an insurance giant, mortgage companies and financial institutions that made bad loans and extended credit to borrowers who couldn’t pay. Coming soon: tax dollars to save U.S. automakers. Attached to all these U.S. Treasury checks: countless pages of new fine-print regulations designed to prevent future financial stupidity — or to ameliorate its consequences. But as they say in the Marines, “You ain’t seen nothin’ yet.”

Read the rest:
http://www.creators.com/opinion/oliver-
north.html?columnsName=ono

Capitalism, fiscal woes; contempt for economic liberty

November 9, 2008

There has always been contempt for economic liberty. Historically, our nation was an important, not complete, exception. It took the calamity of the Great Depression to bring about today’s level of restrictions on economic liberty. Now we have another government-created calamity that has the prospect of moving us even further away from economic liberty with the news media and pundits creating the perception that the current crisis can be blamed on capitalism.

We see comments such as those in the New York Times: “The United States  has a culture that celebrates laissez-faire capitalism as the economic ideal.” Or, “For 30 years, the nation’s political system has been tilted in favor of business deregulation and against new rules.” Another says, “Since 1997, Mr. Brown [the British prime minister] has been a powerful voice behind the Labor Party’s embrace of an American-style economic philosophy that was light on regulation.”

By Walter E. Williams
The Washington Times

First, let’s establish what laissez-faire capitalism is. Broadly defined, it is an economic system based on private ownership and control over of the means of production. Under laissez-faire capitalism, government activity is restricted to the protection of the individual’s rights against fraud, theft and the initiation of physical force.

Professor George Reisman has written a very insightful article on his blog titled “The Myth that Laissez Faire Is Responsible for Our Financial Crisis.” (http://georgereisman.com/blog/2008/10/myth-that-laissez-faire-is-respo nsible.html) You can decide whether we have an unregulated laissez-faire economy. There are 15 Cabinet departments, nine of which control various aspects of the U.S. economy. They are the Departments of: Transportation, Housing and Urban Development, Health and Human Services, Education, Energy, Labor, Agriculture, Commerce and Interior. In addition, there is the alphabet soup cluster of federal agencies such as: the IRS, the FRB and FDIC, the EPA, FDA, SEC, CFTC, NLRB, FTC, FCC, FERC, FEMA, FAA, CAA, INS, OHSA, CPSC, NHTSA, EEOC, BATF, DEA, NIH and NASA.

Here’s my question to you: Can one be sane and at the same time hold that ours is an unregulated laissez-faire economy? Better yet, tell me what a businessman, or for that matter you, can do that does not involve some kind of government regulation.

Read the rest:
http://www.washingtontimes.com/news/2008/nov
/09/capitalism-and-fiscal-woes/

Eliot Spitzer and The Belushi Syndrome

March 17, 2008

By Bill O’Reilly
The Washington Times
March 17, 2008

Let’s analyze the Eliot Spitzer situation without emotion because there are lessons to be learned here. First of all, Mr. Spitzer is obviously a smart guy, having graduated from Princeton and Harvard Law School. So his conduct is perplexing in its stupidity.

New York Governor Eliot Spitzer announces his resignation in ... 

Mr. Spitzer made his reputation as a tough prosecutor. He understood money transfer traces, wiretaps, informants and the rest of the law enforcement landscape. He also knew how to build cases against powerful people who were doing shady things.
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So he was no huckster preacher trying to make bucks off God while privately playing games with the devil. And he was no Wilbur Mills, the Arkansas congressman who got drunk out of his mind with a stripper in the back seat of his limo. No, Mr. Spitzer is a completely different animal.
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If you watch cable TV news, you will hear the braying pack talk about Mr. Spitzer’s arrogance, his “I’m above it all” mentality. But if you examine the facts, this shallow analysis doesn’t wash.
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Mr. Spitzer had to know that repeated visits with people breaking the law — prostitutes — put him at enormous risk. At any time, any one of those ladies might have been arrested and, facing prosecution, could have easily offered authorities his name in return for all charges being dropped.
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The ladies also could have blackmailed Mr. Spitzer, could have sold their stories about him to the tabloid media, could have done many things to destroy his life.
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Then there’s the money. He knew wire transfers to offshore facilities are closely monitored as a part of terrorist surveillance. One of the ways the Bush administration has damaged al Qaeda has been to choke off its funding. Banks and the Internal Revenue Service closely watch money moved to and from the U.S.
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Mr. Spitzer also knew that talking on the telephone to pimps, people setting up liaisons with prostitutes, left him open to being tapped — especially because the ladies for hire were being moved across state lines, which makes it a federal offense. Mr. Spitzer knew all of the above.
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So you’re telling me that Eliot Spitzer thought he wouldn’t get caught? Sure, and I’m Paris Hilton.

No, what’s in play here is what I call the “Belushi Syndrome.” That’s when a famous person who has money and success subconsciously tries to destroy himself. You see it all the time — movie stars, athletes, politicians doing incredibly stupid stuff.
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By all accounts, comedian John Belushi was repeatedly warned by his wife and closest friends that his rampant drug use could kill him. Nevertheless, he continued to take deadly combinations of heroin and cocaine, knowing the danger involved.
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Death found him at age 33.

Dan Aykroyd (left) and John Belushi.

The Blues Brothers: Dan Aykroyd (left) and John Belushi..
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Eliot Spitzer also knew the danger he was facing. But some kind of deep self-loathing propelled him to dismiss the inevitable. I mean, think about it: You are a sitting governor, spending tens of thousands of dollars on hookers? Come on. Maybe Caligula could get away with that, but not an American politician in a tabloid age.

This is not some dime-store psychoanalysis. There are many people walking around who are deeply self-destructive, and who will hurt themselves and others around them. That’s a fact.
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A self-destructive, self-loathing personality will find a way to blow everything up, and it doesn’t matter what kind of career the person has. We all know people like this. Stay away from them.
 

Bill O’Reilly is a nationally syndicated columnist and the host of the Fox News show “The O’Reilly Factor” and author of the book “Who’s Looking Out For You?”

U.S. Economy In Recession (Or Very Close)

March 12, 2008

By John E. Carey
Peace and Freedom
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The United States is in a recession and economic storm clouds loom in Asia. 

U.S. homeowners have more debt than ownership (equity) causing many to “bail out” on their mortgages.  Banks now own more and more houses.  To make it easier to buy, the Federal Reserve has lowered interest rates over and over again.  The Fed may lower rates again next week.

The dollar is way down compared to the euro — and just about all other reputable currency — and oil prices are up because of this, high world-wide demand and limited refining capacity.

A US banknote is reflected on a euro coin. The dollar found ...

A US banknote is reflected on a euro coin. The dollar found some support Monday, gaining ground on the euro on warnings against excessive exchange rate volatility from European Central Bank head Jean-Claude Trichet.(AFP/File/Joel Saget)
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In China, where banks hold over a trillion dollars in foreign exchange reserves, a sell-off of dollars could also depress the dollar further.  Fear of such an action alone is enough to make economists wary of pressuring China.

Farmers in the Midwest of America are delighted by high corn prices – much attributable to demand for corn-made ethanol.  But the high price of corn is a burden to those trying to feed livestock.

The good news is that it is so expensive to feed cattle right now that the farmers are slaughtering beef at a better than average rate.  Beef is cheep just now (but watch out next year).

The price of wheat per bushel has doubled in the last few months.  This means bread, pizza and bagels are going up in price.  Beer too!

Because of the low dollar, screwy farm prices and high gasoline prices, pretty much everything in the grocery store is costing more.

Retail sales are way down and applications for unemployment are way up.

But recession has a real definition and this, plus politics, has prevented the White House from using “The ‘R’ Word” much.

In macroeconomics, a recession is a decline in a country’s gross domestic product gross domestic (GDP), or negative real economic growth, for two or more successive quarters of a year.

For the U.S., the judgment of the business-cycle dating committee of the National Bureau of Economic Research regarding the exact dating of recessions is generally accepted. The NBER has a more general framework for judging recessions:
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A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
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A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
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So, we at Peace and Freedom believe we Americans are in a recession and we see dark economic clouds world-wide, especially in Asia.

China’s high January and February readings for inflation have increased the pressure on the government to take action to counter price rises.  In China, annual consumer inflation jumped to 8.7 percent in February after hitting 7.1 percent in January, the worst in more than 11 years.

But much of the current economic turbulence in China, the communist government says, is attributable to the largest winter snowfall in 100 years.  China says their economy will quickly rebound.

A staff counts Chinese Renminbi currency at a bank in Baokang, ... 

Confidence among Australian consumers weakened sharply in March to its lowest level since 1993, according to data released Wednesday, sparking economists’ predictions that the central bank is unlikely to continue a run of interest rate hikes.

The International Monetary Fund has warned Vietnam that its fast-growing economy is overheating. It has advised Hanoi to adopt a more flexible exchange rate regime and to tackle imprudent lending practices by commercial banks, in order to help control inflation.
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Vietnam’s Communist authorities are battling to curb inflation, which, driven by higher food and energy prices, hit 15.7 per cent in February and has fuelled labor unrest, especially among factory workers who say they cannot make ends meet.

Japan’s economy has so far shown resiliency, but experts on the world’s second largest economy worry that Japan’s export-led recovery could stall if US economic troubles deepen.

At the U.S. Department of the Treasury, the leadership has confidence that the U.S. economy will rebound in the next quarter.

The U.S. economy is going through a rough patch but, thanks to a government fiscal package worth some $150 billion, should start recovering as soon as the second quarter, a senior Treasury official said on Tuesday.

“The booster shot that’s been given to the U.S. economy is going to boost consumer spending, is going to boost business investment — that will lead to both higher growth and higher job creation,” Robert Kimmitt, Deputy Treasury Secretary told Sky News in the UK.

“Many economists predict, and we agree, that we will see that upturn in the second quarter,” he said.

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We’ll have to wait and see.

Our advice is to pay off your credit card debt, reduce spending and hunker down.

The U.S. Treasury building designed by Ammi Burnham Young
The U.S. Treasury building

A Few Ways I Can Tell We Are In A Recession
(These may or may not apply to your neighborhood….)

1.  The AA clubhouse starts charging for matches and coffee — and is considering a ‘no smoking’ policy just so the gang can save money.
2.  The church no longer supplies a pen near the pile of the collection envelops.
3.  People actually born in America are eating at the Peruvian Pollo Chicken restaurant.
4.  The neighborhood restaurant no longer has music.  Now you do karaoke.
5.  You no longer know the pizza man’s name.
6.  You’re going to have to use our IRS refund for gas instead of a vacation.
7. A resident of the shelter is wearing a tie and a lapel pin from a bank.
8. A bunch of realtors joined the prayer group.
9. The number of Spanish speaking illegals standing on your street looking for work has doubled.
10.  You’re looking for a lock for your gas cap….