THE "SKINNY" ON THE 1% TRANSACTION TAX

Today I received an email regarding an alleged proposal by Obama/Pelosi to charge a 1% Transaction Tax on all financial transactions, every bank deposit/withdrawal, transfers within accounts, credit card transactions, ATMs, direct deposits, Banks, Credit Unions, Mutual Funds, Brokers, real estate, etc. Any financial transaction, the tax would apply.

I thought, well, this is something everyone should know about, but as I always do, I checked the facts before publishing the information in this blog. So these are the facts on this subject.

In February Rep. Fattah (Liberal Dem from Pa) introduced his "Debt Free America Act." Contained within this act is a proposal for the 1% transaction tax cited above. The act is pretty radical and has not gained any traction in Washington within either party. So far Fattah has found no one who would sign onto the bill with him.

So it appears that as of now the 1% transaction tax is not going forward full steam ahead. Snopes says the rumor about the tax isn't true, but Snopes can be notoriously wrong on political issues. Their political slant is usually Left/Liberal. Therefore they debunk things that are actually true. I tend not to trust Snopes.

But in this case Fact Check.org has also said a 1% transaction tax has not been passed and is not endorsed by the administration at this time. And they are correct. It has not been passed - yet.

But Beware, Friends. Listen to what Pelosi said about this tax at a news conference just last Thursday:

“I believe that the transaction tax still has a great deal of merit.” The tax would be a "great source of revenue that has a really minimal impact on the transaction but a tremendous impact on helping us meet our needs.”

Only a Democrat would believe that a tax would have a "really minimal impact" on us. She is just a blithering fool.

And you all know what this means. The 1% Transaction Tax is Not A Going-Nowhere Issue with Pelosi and the Democrats. Though it has not been passed into law, Pelosi likes the idea. That spells t-r-o-u-b-l-e for us.

It’s a hint here, a suggestion there, a gentle nudge, and then a stronger nudge, and pretty soon a 1% Transaction Tax becomes law before the American public knows what hit 'em. In spite of what Snopes and Factcheck say, I will be watching this issue. So should you.

In the meantime we can Throw The Bums Out.

Fire Them in November!

VOTE TOMORROW, SEPTEMBER 14

If you live in a state that has a primary tomorrow, September 14, you must get out and vote.

It's pretty clear that Americans have become extremely disillusioned with Obama and the leftist 'business-as-usual' that pretends to be "change you can believe in."

This year's midterm elections give Conservatives a chance to slam on the brakes and bring the big-spending, big-government, we-don't-care-what-you-want-we're-doing-it-my-way policies of Obama and the Liberals to a tire screeching halt.

To win a majority in the House Conservatives must defeat at least 39 sitting Democrats. This can be done, but it can't be done without YOU, the VOTER! Conservatives also have a chance to take the Senate. This can happen in November, but the first step is tomorrow's primary.

There are some great Conservative challenger candidates running for Congress and the Senate this year, people who are deeply committed to bringing about real "change" by restoring Constitutional government to Washington.

FIND OUT WHO THEY ARE IN YOUR DISTRICT AND THEN GO AND VOTE.

IT'S THE ONLY THING THAT WILL SAVE AMERICA FROM

A TOTAL FINANCIAL ARMAGEDDON

DODD/FRANK PHONY FINANCE REFORM

2300 pages, that is the size of the Financial Reform Bill written by Barney Frank and Chris Dodd and their soldiers. So many words and so little clarity! Compare this bill to the Constitution of the United States (it created legal principles that have governed our nation for hundreds of years and have done a very adequate job) which originally contained only 4 pages. Four pages to run a nation and 2300 to run a bank? Give Me A Break!

So what does the bill do?

Well, first of all, the bill does not inspire confidence when Obama "thanks" two crooks directly responsible for the financial meltdown, Barny Frank and Chris Dodd. Oh, yes, they were responsible for drafting this monstrosity, and they were also directly responsible for orchestrating the collapse of our economy.

And guess what Barney Frank said after the bill was passed? "We won't know if it will work until we have another disaster." Boy, that sure elicites confidence, doesn't? The same people who got us into this mess don't know whether 2300 pages of regulation will work?

A number of years ago Dodd and Frank forced through legislation that required Fannie Mae and Freddie Mac (government backed lenders) to give loans to borrowers who didn't qualify for them. Fannie and Freddie did a great job of this, in collaboration with community organizing groups like Acorn and community activists like Obama, and together they made sure EVERYONE could get a home loan. What did they care if the borrower could pay it back? The loans were all guaranteed by the government, so Fannie and Freddie were protected. And we are now paying the price for their idiocy.

But there's good news - not only has the Frank/Dodd bill not fixed the problem or punished those involved (Fannie and Freddie), but Obama had Frank/Dodd include within this new bill provisions for 20 newly created government offices to make sure that banks give a certain amount of loans to minorities and women and under privileged borrowers.

Sure sounds like what has led to the current financial crisis created when Frank/Dodd and the Democrats in Washington required banks to give loans based on race, creed, gender, status, anything other than financial ability to pay it back.

The new Frank/Dodd bill proposes to regulate "risky" businesses but does not define "risky." Oh, gosh, I guess the definition of "risky" will be left up to the White House and regulators sitting in an Ivory Tower somewhere in the bowels of Washington.

The new bill proposes to regulate businesses "too big to fail" but does not define "too big to fail." Oops, another decision made by a political appointee, another opportunity for them to "pay off" contributors and supporters.

The new bill is loaded with provisions that cater to the unions and special interest groups. It creates new funding and employment opportunities for community action groups like fraudulent Acorn. Could this be a "pay off" for getting out the fraudulent, illegal votes that put the Obama Horror Show in power?

It establishes a Financial Stability Oversite Council that will have the power to punish ANY COMPANY it deems too big to fail - not just banks. Bail-outs will no longer have to go through Congress and be approved by our ELECTED representatives. The President and Secretary of the Treasury will now get to decide, and BOOM, your company is history - it's now under government control. And YOU cannot stop it!

American farms will be destroyed by certain parts of this bill. Check it out yourself. Google it. Farm costs will skyrocket. We will have to import much more of our food from countries who do not have the same bans on chemical use or the same strict processing standards that we have. We won't know what we are ingesting or what's in it.

Oh, I almost forgot. The two business that were directly responsible for the mess we are in, Fannie and Freddie, are not mentioned in the Financial Reg. bill at all. Yep, that's right, they are exempt from all provisions of the 2300 pages. Wow, another payoff because Fannie and Freddie contributed heavily to the Obama campaign.

So what doesn't Washington understand? Unions, taxes, excessive regulations all contribute to stifling the economy. Jobs disappear, housing dies, and here we go again. With an unemployment rate steady at 9.6% we cannot afford more job loss, but that's what we will get.

Congratulations, Congress, you just took another step closer to complete irrelevance for you. And congratulations, Obama, you rammed another bill through that will further destroy the greatest country on earth.

2012 should be the REPEAL IT NOW year, and I can hardly wait!!

Bailing Out Europe

Did you see on the Web and in the papers that Elizabeth Warren, Harry Reid's appointed Congressional Oversight Panel Chair, says that US taxpayer dollars disbursed during the "bailout" went to foreign countries?

Yup, that's right. Taxpayer money from the TARP bank bailout went to FOREIGN COUNTRY BANKS.

Elizabeth Warren is currently under consideration by Obama to head a new federal agency, probably some agency created in one of his massive bills that the Democrats all voted for, and she and her panel admitted that "billions of dollars in US rescue funds would up in big banks in France, Germany and other nations."

So let's understand this. As the US economy struggles to recover and desperately needs job creation, while Obama/Pelosi/Reid tripled our national deficit in just one year -- and that's money we US citizens are going to have to pay back -- our tax dollars spent on the bank bailout were flowing overseas to big foreign banks. And Ms. Warren explained, "There were no data about where this money was going," meaning what the overseas banks spent it on.

ABC News reports, "The most egregious case? AIG, naturally, where tens of billions of US taxpayer dollars went to Deutsche Bank and Societe Generale, among others." 43 of the 87 financial institutions that benefited from the AIG portion were foreign - that's 49%.

So while German and French banks benefited from our cash, the US taxpayers are left paying the bill. And we still have no jobs!

And how did the Obama administration respond to this report? They said the report "shows that Treasury worked effectively with its overseas partners in a number of ways to address the global financial crisis." "WORKED EFFECTIVELY..." That's all Obama had to say as US taxpayer dollars flowed into the welcoming hands of foreign bank.

The bank bailout was bad enough, but to find out that much of the money has been flowing into foreign banks is outrageous.

YOU MUST VOTE IN NOVEMBER AND THROW THE TRASH OUT OF WASHINGTON. That means anybody in Washington who voted for TARP. Our vote is the only way to put a stop to their agenda, which is to destroy our country.

Teachers or Viagra - Choose One

Milwaukee school district is in a financial crisis and is facing hundreds of layoffs. Sound serious? Should be, but the Milwaukee teachers' union is fighting to get tax-payer funded Viagra. There's been a 2-year legal battle over this issue, the union saying if a necessary treatment and the school district saying we need to save money. The union, at the same time they are demanding this benefit, is also protesting 682 layoff notices issued to teachers for the coming school year. Reinstating the drug benefit (yea, that's right, it used to be covered before funds got tight) would cost $786,000 - the cost of approximately a dozen first-year teachers.

So would they rather have the drug or jobs or pension benefits? Gotta choose, can't have it all. Let me clarify, the TAXPAYER, many of whom are out of work, cannot continue to pay for everything.