Don't Tax My Credit Union

This will come as a 'shock,' but the same Obama administration that expanded TARP, re-appointed Bernanke, and gave us the Dodd-Frank big bank protection racket, now wants to tax independent credit unions out of existence:



Highlights:

• 96 million Americans use credit unions.

• 40% of Americans are credit union members.

• Only 6% of all financial assets in the United States are in credit unions.

Take action here.

Peter Schiff DEMOLISHES Larry Kudlow

With all due respect Larry Kudlow, you probably shouldn't have gotten out of bed this morning:



Highlights:

• Ben Bernanke is not Paul Volcker and President Obama is no Ronald Reagan
• Personal Note: That's the understatement of the year!
• Everything they've done since 2008 has made the situation worse.
• This decline in Gold is a buying opportunity.

• The money printing will continue and the inflation is there; anyone who shops knows that.

• Who cares what the government says in their doctored numbers?!? 

• For the record: This David Goldman character is a moron.

• With all due respect to Larry Kudlow, none of this stuff has materialized...YET!!!

On the Bible and Just Economic Policy

"Or unto governments, as unto them are sent by him for the punishment of evildoers, and for the praise of them that do well." 1 Peter 2:14

"We hold these truths to be self-evident, that all mean are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happieness.  -- That to secure these rights, Governments are instituted among men..." United States' Declaration of Independence

"It is perfectly kosher to ask God for money.  If you are comfortable with prayer, go ahead and include a request for prosperity in your prayers.  What you are really asking for is for is the opportunity to serve your fellow human beings....  You can't earn an honest living without pleasing others." Rabbi Daniel Lapin, Thou Shall Prosper, p. 28/33

Yesterday, our pastor gave a sermon that touched on the Biblical precepts for a just civil government.  It included the passage from 1 Peter quoted above.  That got me thinking about bailouts, regulatory policy, and taxation.

According to 1 Peter, the purpose of civil government is to punish evildoers and praise those that do well.  Over the past five (or 100) years, our government has done the opposite.  Since 2007 (or 1913), our government has bailed out the evil and punished the good.

Small and medium scale entrepreneurs are both the lifeblood of our economy and the glue that holds our society together.  Unfortunately, these are the people who the late Bush/Obama administrations have hurt most.  Meanwhile, those firms large enough to afford a large presence in Washington have profited handsomely.

Consider the following examples:

• Bailouts -- I don't want to dwell on this topic, because it's infuriating.  Suffice to say that the one thing that automotive unions, green-energy boondoggles, health insurance companies, public sector unions, and Wall St. banks have in common is a large presence in Washington.  Meanwhile, small businesses are shutting down in near record numbers.

• Regulatory Policy -- There are plenty of examples of capricious regulation enriching the already powerful while impoverishing the entrepreneurial; EPA abuse and Obamacare get the most press.  I, however, want to focus on the 2010 financial reform act, commonly known as Dodd-Frank.  The Dodd-Frank law made too big to fail banks bigger than ever, with more risk than ever, and an implicit bailout guarantee.  That same law, meanwhile, will drive smaller banks banks out of business.  In other words, our government has rewarded the banks that did the most evil with a de facto cartel.

• Taxation -- Much like the bailouts and regulatory abuses discussed above, our tax code punishes righteous entrepreneurs while rewarding those who can afford a Washington presence.

This is not a complete list; I could write a book on this topic, but Sen. Rand Paul already did so.

(Sidenote: A very similar phenomenon exists in the realm of National Security.)

As 1 Peter makes clear, the purpose of government is to praise the righteous and punish evildoers.  As a practical matter, that means protecting our rights to life, liberty, and pursuit of happiness, then getting the heck out of the way.  Unfortunately, our current government does the opposite.  That's why we need to dramatically reduce the size, power, and spending of the Federal government, which will free entrepreneurs while making the big boy's Washington connections less valuable.  In addition to being common sense, these policies are grounded in solid Biblical truth.

Official Endorsement: Mitt Romney for President

I haven't kept secret my intention to vote for Mitt Romney; I'm officially endorsing him because there are several issues on which Mitt Romney is better than recent Republicans.

First things first, it's important to understand that Mitt will only have two responsibilities as President: sign the legislation a conservative Congress sends him, and be a better Commander-in-Chief; any other leadership President Mitt shows will be pure bonus.

I've discussed National Security, and the continuous orgy of treason that is Barack Obama's administration, at length recently.  I don't want to re-hash ground I've previously covered.  Suffice to say, I like what I've heard from Mitt so far on this topic.  While I'm not (yet) sure that Mitt understands the threat from Islamic Cultural Subversion, I trust Mitt's instincts and ability to learn over time.  Trust me, I'll be watching.

On several other issues, however, Mitt has taken positions that are substantially better than anything proposed by recent Republican candidates or Presidents.  Consider the following:

• Energy -- This was one of Mitt's strongest areas last night.  In addition to supporting the Keystone Pipeline and expanded development in Alaska, Mitt wants to return permitting authority to the States. This is a huge shift from Dubya who, at best, reigned in a modest amount of Federal red tape.  In addition, despite the public perception of Dubya as an Oilman, he was actually a big green energy proponent.  Mitt, by contrast, has indicated a willingness to reign in these corrupt boondoggles.

• Entitlements -- Mitt put Paul Ryan on the ticket; need I say more?!?  Paul Ryan's proposal doesn't go far enough, but it's a huge shift in the right direction.  Paul Ryan's proposal will prevent a sovereign debt crisis; for now, that's good enough.

• Sound Money -- Mitt's view's on the Federal Reserve were the hidden bombshell of that (otherwise boring) 47% video.  Given those remarks, his support for auditing the Fed, and his pledge to not re-appoint Ben Bernanke, Mitt clearly intends to reign in the worst abuses.  I suspect, however, that Mitt is open to deeper structural reforms.  Paul Ryan has also been very critical of Bernanke.

• Spending -- Mitt Romney has released the most detailed plan to cut Federal Spending since Ronald Reagan, if not Calvin Coolidge.  Much like his endorsement of Paul Ryan's budget before putting him on the ticket, Mitt's proposal shows his understanding that spending reduction is a key component of economic revival.  Again, Mitt's proposal might not go far enough, but it's a major step in the right direction.

• Tenth Amendment -- Last night, Mitt discussed the role of states as 'laboratories of democracy."  Mitt has endorsed block granting Medicaid to the states.  Romneycare, for all its flaws, is a policy Mitt defends on Tenth Amendment grounds.  As discussed above, Mitt's energy policy is based on empowering states.  Who knows, maybe Mitt will even champion Uproot and Overhaul.

I harbor no illusions about Mitt Romney.  I don't think his election will be some magic elixir.  I think the real action is, and will remain, in Congress.  I do, however, think Mitt will sign the legislation a conservative Congress sends him, and I think he will be a much better Commander-in-Chief.  In addition, several of Mitt's policy proposals are dramatically superior to anything we've seen in at least 30 (if not 90) years.  For those reasons, Cahnman's Musings unapologetically and unconditionally endorses Mitt Romney for President of the United States.

On Mitt Romney and the Federal Reserve

The past few days, the media has thrown a hissy fit over Mitt's 47% comment; what's much more interesting, however, are Mitt's comments on that tape about Ben Bernanke and the Federal Reserve:

Yeah, it's interesting…the former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him, and he said as soon as the Fed stops buying all the debt that we're issuing—which they've been doing, the Fed's buying like three-quarters of the debt that America issues. He said, once that's over, he said we're going to have a failed Treasury auction, interest rates are going to have to go up. We're living in this borrowed fantasy world, where the government keeps on borrowing money. You know, we borrow this extra trillion a year, we wonder who's loaning us the trillion? The Chinese aren't loaning us anymore. The Russians aren't loaning it to us anymore. So who's giving us the trillion? And the answer is we're just making it up. The Federal Reserve is just taking it and saying, "Here, we're giving it.' It's just made up money, and this does not augur well for our economic future.

You know, some of these things are complex enough it's not easy for people to understand, but your point of saying, bankruptcy usually concentrates the mind.

Are you listening Ron Paul supporters?!?

Mitt Romney is calling for an end to printing money.  Mitt Romney supports audit the Fed.  Mitt Romney has pledged not to reappoint Ben Bernanke.  Heck, Mitt asked Bernanke not to do QE3.

Are you listening Ron Paul supporters?!?

The Ron Paul crowd has claimed, for years, that reigning in the Federal Reserve is their #1 priority.  Well, congratulations guys, you won.  The Republican party Presidential nominee opposes QE3 and supports Audit the Fed.  While he has yet to address the topic, I strongly suspect Mitt would sign a currency competition bill into law if Congress passed it.  Based on his previous public statements alone, Mitt Romney will give the Ron Paul crowd 70% of what they're asking on their #1 issue.

Can the Ron Paul crowd take yes for an answer?!?

This piece of audio is a test for the Ron Paul crowd.  Will they make a realistic decision based on evidence and facts, or would they rather be a 'persecuted' minority sulking over a perceived slight that wasn't that bad in the first place?!? On January 20th of next year, one of two men will be President.  One of them will give you 70% of what you want on your #1 issue; the alternative doesn't know the size of the national debt.  That one contrast should speak for itself.