As promised, here's my review of The Republican National Convention.
By now we know that Sarah Palin is John McCain's VP pick, of course. We also know that DailyKos has taken to smearing her and her children, and it didn't stop with only one smear either. This sort of personal attack, aimed not at a candidate but his or her children, is outrageous - and America must not tolerate this sort of crap - no matter who engages in it.
If there is actual misconduct in her discharge of a public office, that's material information Let's see it, if 'ya got it. The "opposition research" nonsense flying around, including games such as rumors that bloggers are going to post her home phone number and SSN, are way, way over the top.
I want to spend my digital ink, instead, on policy.
And here, ladies and gentlemen, we have both problem - and promise.
Let's start with the promise first:
"In language unusual for a party's statement of principles, economic conservatives used the document to reject the rescue of companies such as Bear Stearns Cos., Fannie Mae and Freddie Mac, intended to ease the year-old credit crisis.
``We do not support government bailouts of private institutions,'' according to the text, adopted at the national convention in St. Paul, Minnesota. ``Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself.'"
It goes on to say:
"We support energetic federal investigation and, where appropriate, prosecution of criminal wrongdoing in the mortgage industry and investment sector."
Good words. Now let's see it happen.
"Republicans will uphold and defend our party’s core principles: Constrain the federal government to its legitimate constitutional functions. Let it empower people, while limiting its reach into their lives. Spend only what is necessary, and tax only to raise revenue for essential government functions."
You're joking, right?
Let's start with what The Federal Government currently does that is not Constitutional, under the black letter of the text:
- The Department of Education. All of it. Yet the platform speaks of Federal Mandates and control of education.
- Social Security.
- Medicare.
- Public Welfare, AFDC and similar programs.
There. I just named four huge programs, with the middle two responsible for fully $75 trillion dollars of unfunded mandates. Yet none of these are contained within the borders of The Constitution's delegated powers to The Federal Government.
As just one example, in the platform document we see this:
Medicare and Medicaid
As discussed in the health care section of this document, we commit to revive Medicare by rewarding quality care, promoting competition, eliminating waste, fraud, and abuse, and giving patients and providers control over treatment options. We envision a new Medicaid partnership with the states, improving public health through flexibility and innovation.
Stop lying.
Now.
Do not presume to tell me that you stand for the boundaries of our Constitution when it comes to federal powers, then just a few pages further on tell me that you support the two unconstitutional programs that are currently responsible for most of our fiscal difficulties, along with another program, the Department of Education, that is largely responsible for trapping children in failing schools and imposing mandates on state and local districts.
Education is properly the function of state and local government, not The Federal Government.
The Republican Contract With America promised to abolish The Department of Education.
It is time to keep your promise.
The platform also speaks of college education costs. College costs have and are rising much faster than inflation because (1) the government is intentionally understating inflation and (2) intentionally loose credit standards have made it possible to irresponsibly borrow to "meet" those costs. Therefore, prices rise until the payer, often the parents in whole or part, can no longer stomach additional expense.
The solution to this problem lies in withdrawal of the excess liquidity in the college lending and grant space, thereby forcing the contraction of costs.
The platform speaks of a national sales tax. Why not call out specifically for passage of HR.25, otherwise known as The Fair Tax? It is a bill that was introduced in the last Congress, it is a current piece of legislative text, it has a nice passel of co-sponsors and it can be gotten behind. It specifically fits the other mandate in close proximity, which is the repeal of the 16th Amendment. The Republican Party should stand behind HR.25 and get it done.
Next, we have speeches talking about how America is the "land of opportunity" and that "John McCain will change Washington."
Really?
Where was John McCain when Paulson was handed his "bazooka" by The House and Senate? He couldn't be bothered to vote.
Where was John McCain when Bear Stearns was bailed out? He failed to speak out against this unconstitutional and improper bailout of speculators.
Where was John McCain when Fannie and Freddie spent two hundred million dollars lobbying for their special interests so they could play Hedge Fund and throw us into this mess in the first place?
Where has John McCain been for the last eight years while we had an intentionally-blown credit bubble which John McCain could have risen in the Senate to stop, either by introducing legislation or filibuster?
Now let's talk about Sarah Palin.
She claims she has stood up for the people against power brokers and entrenched business, along with ethics reform, and cited more than a few things that she has in fact done.
I like that, and I really like her liberal use of the Veto Pen as Governor.
But she wasn't quite honest about the "bridge to nowhere"; the money didn't go back to the Federal Budget, did it? That wasn't mentioned.
More importantly, how real is her anger and desire to foment change in Washington?
Because in the end, this could just be the "real deal", provided that she is willing to take on the pigmen and go after the fraud, avarice and outrageous conduct in our financial system.
Yes, I know, John McCain has a superior claim to be Commander in Chief, if for no other reason than the obvious - he has served, with honor, under the most difficult circumstances imaginable.
But this election is not merely about our military, nor even primarily about our military, because without a strong economic foundation there is no money with which to pay and equip a military.
We have had eight years of a Republican Administration that claimed to be fostering "an ownership society", claimed to be for individual liberty, and claimed to be for the rule of law.
None of these claims have been fulfilled. Indeed, the vast majority of Americans have seen their disposable income in real terms, not counting the credit taken out to bridge the gap and accelerate their lifestyle, fall.
You cannot borrow your way to prosperity; all you do is wind up in debt up to your eyeballs.
We have sat through eight years of irresponsible, felonious and fraudulent credit creation, but nobody has gone to jail for committing these acts.
We have seen, as recently as this last week, near-every-day felonious manipulation in our capital markets, with the latest being daily false rumors of "buyouts" and "mergers" which are later disavowed by the people alleged to be "interested" - after the market has moved and the rumor-starters have made their profits.
We have sat through eight years of Fannie and Freddie lobbying furiously to be able to operate like a gigantic, publicly-backstopped hedge fund with leverage fully double that of any private fund - even after being caught in accounting fraud - and getting away with it.
We have had the government redefine "inflation" to include what is called a "hedonic adjustment", which, in short, means that if steak gets too expensive, hamburger is substituted - and this is then called a "price decrease." As such price inflation has been intentionally understated and our seniors and employees have been systematically and intentionally screwed.
We have seen fully 1/4 of Americans go from homeowners to perpetual renters, with banks claiming they "bought" a home while fully aware that they could never retire their mortgage - ergo, they in fact bought nothing, but are paying rent to the bank.
We have seen over 20 million illegal immigrants come into our nation, sapping our resources, stuffing our prisons, hospitals and schools, and evading our tax system, while displacing skilled tradesman such as carpenters, pipefitters and framers.
John McCain, you said this evening that you would stop leaving our nation's problems for the next generation to fix, and that you and Sarah Palin have the backbone to do it.
Ok, let's hear the specifics Mr. McCain.
If you don't work for a party or special interest, as you said tonight, then let us hear from you, in the next few days, that:
ALL of the fraudsters will go to jail. Every one of them. Fannie and Freddie executives, investment bankers, those who were illegally tipped off last August of the first discount rate cut and traded it, and maybe even Henry Paulson himself, if he participated in any of it. Every Realtor, Investment Banker, Appraiser and so-called "Ratings Agency" executive who knowingly pumped up the housing bubble to unsustainable levels and fraudulently misrepresented these "investments".
ALL of the rumor-mongers will go to jail. Tell us you will direct the SEC to freeze trading on any security where rumors like this are being passed around the market until the corporation(s) involved either acknowledge or refute, under penalty of perjury, the claims being made.
Nobody will get a bailout. If you made a bad investment, you eat it like "the little people" have always had to. I have taken huge losses in my investments when I screw up; its part of the game. Nobody should be exempt from this, including Central Banks, foreign and domestic, Fannie, Freddie, PIMCO and others - no exceptions.
You will pledge to immediately halt all intentionally false government statistics. CPI is returned to the pre-Clinton way of computing it - that is, we take an actual survey of prices and present unaltered, honest data to the public. "Unemployed" means unemployed - it includes "disgruntled" workers who can't find a job, or who rolled off the unemployment insurance rolls, unlike the false figures today. The "employment report" must no longer include the false and ridiculous "birth/death" - or "black box" - adjustments that outrageously overstate employment during downturns and mislead policymakers and investors.
Credit must and will be priced by the market, not distorted by The Government and The Fed. We cannot afford a negative real interest rate; such rates do one and only one thing, and that is encourage asset bubbles. We are now suffering the results of the intentional policy decisions that led to the last asset bubble. If you believe in the rule of law and the rights of citizens, you must put a stop to this cycle of looting of The American People through intentional destruction of their purchasing power.
Housing will be encouraged to correct in price so the average home is 3x the average income in a given area. If the goal is affordable and sustainable housing, including sound lending, this is the maximum price that the market can support. Attempts to prop up prices beyond this level must cease immediately.
John McCain, you say you will reach out to anyone to help get this nation moving again.
My hand is out, and enclosed in this document are reforms and policy positions you need to take now to restore trust in our financial markets, stop the ongoing fraud, punish the offenders, protect the American people, and work through our credit crunch, returning home prices to affordable levels, lending to prudent standards, and America to work.
You have received my documents, Tickers, and thousands of petition signatures urging you to act. I have attended your "McCain Victory" event in Washington DC with Tom Ridge, and have donated to your campaign in connection therewith.
I have, thus far, heard crickets in response to my contributions, suggestions and entreaties.
You say "Fight with me for what's right with our country."
I say in reply: You've been in Congress during the entirety of what's gone wrong. You've been a Senator since 1986, and have held that seat through both of the last two massive intentionally-created asset bubbles, not lifting a finger to put any of the conspirators of these frauds in prison where they belong, nor have you protected Americans from their chicanery.
I will fight with you, but I want to know that I am indeed fighting with you to fix these problems, and that means John McCain, candidate for President, must stand up for Americans, not for the legal mobsters that have robbed us all, and tell us in clear, concise language that this will be a central part of of why you want us to send you to 1600 Pennsylvania Avenue, and that we can trust you to perform on those promises once you get there.
No ifs, ands or buts.
I await your response.
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