As I stated before CRAFT typically sticks to education issues and local politics however this election and now the bailout will have a great impact on the economy and our taxes. A friend of ours wrote the piece below.
Cathy
Dear Friends: I rarely send out an email on purely political matters, but I feel compelled to do so tonight. I’ve been listening to radio broadcasts of Nancy Pelosi constantly spewing her pro-regulation hogwash morning and night and I guess I’m totally sick of it. Too bad most people are ready to swallow this mush whole … namely her implicit notion that there are some extremely prescient people in government (no doubt herself included) who would have passed legislation that would have prevented this. How utterly preposterous. I find it interesting that despite their having enjoyed leadership of two Democrat-controlled houses of Congress for the past two years, Pelosi and regulation-happy friends must have managed to overlook this little matter. What a joke.
I have an apparently novel idea about what caused this mess. To explain it I must first ask you to guess who were the two biggest financial institution failures so far this year. Here are some possibilities:
Merrill Lynch
Bear Stearns
American International Group (AIG)
Lehman Brothers
Countrywide Financial
IndyMac
Thinking hard? Really hard? Well if you guessed any of the above, even AIG, you are not even close. You’re not even in the ballpark.
Now I’d like for you to read up on a “bank” called Fannie Mae. Here’s an excellent summary on Wikipedia: http://en.wikipedia.org/wiki/Fannie_Mae. If you don’t have to read this all, let me extract some salient sentences for you:
Fannie Mae was founded as a government agency in 1938 as part of Franklin Delano Roosevelt's New Deal to provide liquidity to the mortgage market. For the next 30 years, Fannie Mae held a virtual monopoly on the secondary mortgage market in the United States.
Fannie Mae (and Freddie Mac) buy loans from mortgage originators, such as banks and non-bank mortgage firms. It repackages the loans, as mortgage backed securities, and sells them on the secondary mortgage market, with a guarantee that the interest and principal will be paid, whether or not the original borrower pays. Also, Fannie Mae may hold the purchased mortgages for its own portfolio. By purchasing the mortgages, Fannie Mae and Freddie Mac provide banks and other financial institutions with fresh money to make new loans. This gives the United States housing and credit markets flexibility and liquidity.[6].
OK got that? Now I’d like for you to look up another huge “bank”: Freddie Mac, at http://en.wikipedia.org/wiki/Freddie_Mac. Once again I’ll provide excerpts for the time-stressed:
From 1938 to 1968, the secondary mortgage market in the United States was monopolized by the Federal National Mortgage Association (Fannie Mae), which was a government agency during that period. In 1968, to help balance the federal budget, part of Fannie Mae was converted to a private corporation. To provide competition in the secondary mortgage market, and to end Fannie Mae's monopoly, Congress chartered Freddie Mac as a private corporation.
The Financial Institutions Reform, Recovery, and Enforcement Act ("FIRREA") of 1989 revised and standardized the regulatory mechanisms for both Fannie Mae and Freddie Mac. Prior to that, Freddie Mac was owned by the Federal Home Loan Bank System and its member thrifts and governed by the Federal Home Loan Bank Board which was later reorganized into the Office of Thrift Supervision. FIRREA severed Freddie Mac's ties to the Federal Home Loan Bank System, created an 18-member board of directors to run Freddie Mac, and subjected it to HUD oversight.
Freddie Mac's primary method of making money is by charging a guarantee fee on loans that it has purchased and securitized into mortgage-backed security bonds. Investors, or purchasers of Freddie Mac MBS, are willing to let Freddie Mac keep this fee in exchange for assuming the credit risk, that is, Freddie Mac's guarantee that the principal and interest on the underlying loan will be paid back regardless of whether the borrower actually repays.
Alright let’s do a time line here:
Franklin Delano Roosevelt, the guy who brought us the New Deal (including Social Security) and whose policies probably extended the Great Depression for 10 years unnecessarily, created a government “bank” called Fannie Mae, whose purpose was to back financially irresponsible loans (i.e. loans that no private enterprise in its right mind would undertake).
In 1968 the federal government decided that we didn’t have enough of this, so it created Freddie Mac to help vastly increase the number of irresponsible loans by providing competition to Fannie Mae. Both of these “companies” were subject to the direct government supervision, regulation, and oversight by HUD (a federal agency).
Both Fannie Mae and Freddie Mac were in the business of vastly distorting the home mortgage market by making it far too easy to get money to buy houses. This was their charter, their stated purpose. They did this by functioning as a guarantor for investors who saw no risk in investing in the packaged mortgages that these two “government corporations” were offering. This in turn made enormously unnatural amounts of cash available for primary mortgage lenders (i.e. your local banks) to lend to irresponsible borrowers, at no apparent risk to either the local banks or the borrowers.
By 2008 these two “government corporations” together indirectly held half of all the residential mortgage debt in America. One could say that it was almost exclusively through the irresponsible policy of these two “corporations” that the current debacle was made possible at all.
If you would like some further data on this, please read this very interesting article written in 2005. It seems to me that if we are going to listen to anybody about this issue, we should be listening to people who understood the problem years ago (like this article’s author) and not to the jaw-flapping jokesters (both presidential candidates and our Speaker of the House included) who are now telling us about closing the barn door after all the horses have escaped, and the wrong door at that.
So to summarize:
The financial impact of the failure of Fannie Mae and Freddie Mac dwarfs all the other bank failures combined.
Fannie Mae and Freddie Mac were both federal-government-created entities that artificially inflated the demand for mortgages in a way that no consortium of privately-owned firms could even imagine doing.
True to the pattern of most government-run debacles, these “companies” caused enormous mis-investment and irresponsibility due entirely to the lack of accountability that is inherently built into almost all government agencies.
Now that the catastrophe is in full bloom, the supporters of these government-created monstrosities are running around blaming the supposed lack of private sector regulation.
So please, the next time some brain-drain tries to drill into your head the idea that markets don’t work (kinda like saying that the laws of physics don’t work) please think before accepting the argument as some sort of obvious truth backed up by current circumstances. This country hasn’t had anything resembling a free mortgage market since FDR’s reign of socialism, made worse by LBJ’s exacerbation of FDR’s policies in the late 60s. To lay this problem at the feet of our supposedly unregulated markets is like blaming Bigfoot. Sorry, there hasn’t been a free market in mortgages during the lifetimes of anyone reading this.
Nancy Pelosi, please take note.
Dave Ziffer
Batavia, IL
P.S. If you find this analysis interesting, please circulate it to your friends, politicians, and the press. Thank you.
Bush warned congress a number of times about impending failure congress choose to ignore his warning. Read about it in several places.
Thursday, September 25, 2008
Wednesday, September 24, 2008
Who Knew Chuck Norris Could Write.
I was delighted to run across such an inspirational article that was written by Chuck Norris. I found the following piece on Townhall.com.
America is broke. Wall Street is going out of business. The government is borrowing and bailing like there is no tomorrow. Americans anxiously await the full impact of a second Great Depression. And we all are longing and looking for solutions and saviors.
Who will deliver us from our certain financial despair and ruin? The president? The secretary of the Treasury? The Federal Reserve? Congress? An ad hoc committee of Harvard MBAs? Some of America's best and biggest financial moguls? A new president? Have no fear. Our Founders are here.
It's true that we can't repeat the past eight years of government. But it's even truer that we can't repeat the past 38 years of the government's financial mismanagement, especially when only four of them since 1970 haven't been deficit-building years. What we need is to turn back the financial clock 200 years and return to the fiscal prudence of our Founding Fathers.
With small variances, our Founders agreed on five basic approaches to fiscal management, which I describe in far more detail in the third chapter ("Stop America's nightmare of debt") of my new New York Times best-seller (as of the list of Sept. 28), "Black Belt Patriotism," in which I resolve eight major problems facing America with our Founders' solutions. If we're going to awaken America from its economic slumber, then we must go back to those who discovered and established the American dream. Their financial principles were:
--Restrict spending within constitutional limits. The 10th Amendment restricts the size of government, and that always should bear out in spending and the federal budget. That means cutting hundreds of billions the Fed shouldn't be spending. That means following congressional protocol. That means understanding that income and export taxes were unconstitutional to our Founders.
--Don't bail out debt with more debt. George Washington wrote in 1799 to James Welch, "To contract new debts is not the way to pay for old ones." Thomas Jefferson similarly admonished Samuel Kercheval in 1816, "To preserve (the) independence (of the people), we must not let our rulers load us with perpetual debt." (Some are quick to point out that Thomas Jefferson financed the Louisiana Purchase with government loans, but they overlook the fact that Jefferson's administration lowered the federal deficit by nearly one-third during his eight years in office.)
--Have a pay-as-you-go government. If we don't have the money, we shouldn't spend it. Period. No more debt. No more bailouts. No more spending. As Thomas Jefferson wrote to Fulwar Skipwith in 1787, "The maxim of buying nothing but what we (have) money in our pockets to pay for … (is) a maxim which, of all others, lays the broadest foundation for happiness."
--Minimize taxes to citizens. Our earliest government's primary tool to raise revenue was from tariffs, not through the countless taxes placed upon citizens today. That is one reason I say to abolish the unconstitutional Internal Revenue Service and implement a "fair tax," which doesn't penalize productivity and will bring American manufacturing back within our borders. As James Madison said in 1783: "Taxes on consumption are always least burdensome because they are least felt and are borne, too, by those who are both willing and able to pay them; that of all taxes on consumption, those on foreign commerce are most compatible with the genius and policy of free states."
--Get over the greed. We're in this financial mess because of greed. Why is government spending out of control? Greed. Why do we, as individuals and as a nation, keep falling deeper into a pit of debt? Greed. Alexander Hamilton, the first secretary of the Treasury, believed that a government that could use greed to motivate its people would become powerful and wealthy. Unfortunately, we've taken it to the extreme. We've become a nation that confuses our needs and greeds, and we've got to get back to the basics if we're ever to understand and overcome the heart of this financial crisis.
Call me altruistic; say the plan is oversimplified. But even mom always taught me when I was young, "If you get in a pinch, go back to the basics." It works in martial arts. It works in the movies. It works in marriage. It works in financial markets. And it worked for our Founding Fathers.
What we need today are far more men and women in government with our Founders' financial forethought, cautiousness and discipline. But that is not what we have. That is why I've joined the voter revolution across this land to oust political corruption and stalemate. If you're ready to join millions of other Americans in that commitment, then give me three steps: Make a pledge to bring about political change in future elections; recall unconstitutional congressional incumbents; and rise up and elect above-reproach, non-greedy and selfless representatives who aren't afraid to stand up to governmental status quo and corruption, will vote for constitutional restrictions of government, reduce big government (deficits, budgets, spending and taxes), reform the tax code (by providing a "fair tax" or its equivalent) and fight for a constitutional amendment that would mandate a balanced federal budget.
Just imagine how much better our Country would be if people follow through with Mr. Norris's suggestions.
America is broke. Wall Street is going out of business. The government is borrowing and bailing like there is no tomorrow. Americans anxiously await the full impact of a second Great Depression. And we all are longing and looking for solutions and saviors.
Who will deliver us from our certain financial despair and ruin? The president? The secretary of the Treasury? The Federal Reserve? Congress? An ad hoc committee of Harvard MBAs? Some of America's best and biggest financial moguls? A new president? Have no fear. Our Founders are here.
It's true that we can't repeat the past eight years of government. But it's even truer that we can't repeat the past 38 years of the government's financial mismanagement, especially when only four of them since 1970 haven't been deficit-building years. What we need is to turn back the financial clock 200 years and return to the fiscal prudence of our Founding Fathers.
With small variances, our Founders agreed on five basic approaches to fiscal management, which I describe in far more detail in the third chapter ("Stop America's nightmare of debt") of my new New York Times best-seller (as of the list of Sept. 28), "Black Belt Patriotism," in which I resolve eight major problems facing America with our Founders' solutions. If we're going to awaken America from its economic slumber, then we must go back to those who discovered and established the American dream. Their financial principles were:
--Restrict spending within constitutional limits. The 10th Amendment restricts the size of government, and that always should bear out in spending and the federal budget. That means cutting hundreds of billions the Fed shouldn't be spending. That means following congressional protocol. That means understanding that income and export taxes were unconstitutional to our Founders.
--Don't bail out debt with more debt. George Washington wrote in 1799 to James Welch, "To contract new debts is not the way to pay for old ones." Thomas Jefferson similarly admonished Samuel Kercheval in 1816, "To preserve (the) independence (of the people), we must not let our rulers load us with perpetual debt." (Some are quick to point out that Thomas Jefferson financed the Louisiana Purchase with government loans, but they overlook the fact that Jefferson's administration lowered the federal deficit by nearly one-third during his eight years in office.)
--Have a pay-as-you-go government. If we don't have the money, we shouldn't spend it. Period. No more debt. No more bailouts. No more spending. As Thomas Jefferson wrote to Fulwar Skipwith in 1787, "The maxim of buying nothing but what we (have) money in our pockets to pay for … (is) a maxim which, of all others, lays the broadest foundation for happiness."
--Minimize taxes to citizens. Our earliest government's primary tool to raise revenue was from tariffs, not through the countless taxes placed upon citizens today. That is one reason I say to abolish the unconstitutional Internal Revenue Service and implement a "fair tax," which doesn't penalize productivity and will bring American manufacturing back within our borders. As James Madison said in 1783: "Taxes on consumption are always least burdensome because they are least felt and are borne, too, by those who are both willing and able to pay them; that of all taxes on consumption, those on foreign commerce are most compatible with the genius and policy of free states."
--Get over the greed. We're in this financial mess because of greed. Why is government spending out of control? Greed. Why do we, as individuals and as a nation, keep falling deeper into a pit of debt? Greed. Alexander Hamilton, the first secretary of the Treasury, believed that a government that could use greed to motivate its people would become powerful and wealthy. Unfortunately, we've taken it to the extreme. We've become a nation that confuses our needs and greeds, and we've got to get back to the basics if we're ever to understand and overcome the heart of this financial crisis.
Call me altruistic; say the plan is oversimplified. But even mom always taught me when I was young, "If you get in a pinch, go back to the basics." It works in martial arts. It works in the movies. It works in marriage. It works in financial markets. And it worked for our Founding Fathers.
What we need today are far more men and women in government with our Founders' financial forethought, cautiousness and discipline. But that is not what we have. That is why I've joined the voter revolution across this land to oust political corruption and stalemate. If you're ready to join millions of other Americans in that commitment, then give me three steps: Make a pledge to bring about political change in future elections; recall unconstitutional congressional incumbents; and rise up and elect above-reproach, non-greedy and selfless representatives who aren't afraid to stand up to governmental status quo and corruption, will vote for constitutional restrictions of government, reduce big government (deficits, budgets, spending and taxes), reform the tax code (by providing a "fair tax" or its equivalent) and fight for a constitutional amendment that would mandate a balanced federal budget.
Just imagine how much better our Country would be if people follow through with Mr. Norris's suggestions.
Tuesday, September 23, 2008
Obama's Tax Plan Will Hurt Everyone
There are a ton of stories out there about how Obama's tax plan will effect the economy. But just don't look at the stories look at history.
The following piece appeared on News Max.com.
Time to Slam Obama's Tax Plan
By: Dick Morris & Eileen McGann Article Font Size
Whatever is left of the economy after the current round of crisis interventions by the Fed could go down the drain if Obama is elected and carries out his plans for sharp increases in taxation.
Even if Obama does not understand the linkage, most Americans do and will turn sharply against Obama's tax plans if McCain hammers away at the risk they pose for us all.
During the Great Depression, Congress raised taxes sharply in the Revenue Act of 1932. The top rate went from 25 percent to 63 percent. As a result, the real GDP dropped by 13.3 percent, and unemployment rose from 15.9 percent to 23.6 percent.
In 1990, Bush-41 famously broke his "Read my lips — no new taxes" pledge of the 1988 campaign and raised the federal gasoline tax, federal excise taxes, and imposed 10 percent surtax on the top income bracket, raising its taxes to 31 percent. The recession that followed in 1991-1992 cost him re-election.
It is obvious that increasing capital gains taxes by a minimum of one-third and possibly doubling them, both of which Obama has proposed during his campaign, would send a clear signal to investors to keep their money under the mattress.
Who would buy stock now knowing that the tax on any profits is going to go up sharply if Obama becomes president?
Look at what happened just last year in Michigan. Democratic Gov. Jennifer Granholm raised taxes on almost everything in 2007. Income taxes shot up 11.5 percent and the state's 6 percent sales tax was expanded to dozens of new services like investment advice, janitorial services, landscaping, ski lifts, carpet cleaning, and tanning.
The $1.75 billion tax package shook the economy to its foundations. Michigan became the only one of the 50 states with a shrinking gross domestic product (GDP). The value of all goods and services produced in the state fell by .5 percent while the national GDP rose by 3.4 percent. The state fell from 23rd in GDP to 35th. Taxes caused a disaster.
In a strong economy, Obama's tax hikes would raise questions. In a weak economy, they portend a catastrophe. It would be like bleeding a sick patient, the medicine of 200 years ago, depriving him of blood even as he needs more not less circulating through his arteries.
McCain's populist rhetoric, including his pledge to fire SEC chairman former Rep. Christopher Cox, is important for a Republican candidate. But his focus should shift to the tax issue.
With firms suffering, withering, and dying for a lack of capital, tax increases on those who invest would be a horrible mistake. Americans will realize this obvious fact and McCain should use it to gain the advantage in discussing the economy.
There is no reason for the economy to work to Obama's advantage when he is committed to a doctrinaire program of tax increases and spending hikes. McCain can use the issue to run rings around him.
© 2008 Dick Morris & Eileen McGann
As always we are not endorsing a candidate but rather providing information for readers. If you are looking for an alternative to Obama another option is Chuck Baldwin.
The following piece appeared on News Max.com.
Time to Slam Obama's Tax Plan
By: Dick Morris & Eileen McGann Article Font Size
Whatever is left of the economy after the current round of crisis interventions by the Fed could go down the drain if Obama is elected and carries out his plans for sharp increases in taxation.
Even if Obama does not understand the linkage, most Americans do and will turn sharply against Obama's tax plans if McCain hammers away at the risk they pose for us all.
During the Great Depression, Congress raised taxes sharply in the Revenue Act of 1932. The top rate went from 25 percent to 63 percent. As a result, the real GDP dropped by 13.3 percent, and unemployment rose from 15.9 percent to 23.6 percent.
In 1990, Bush-41 famously broke his "Read my lips — no new taxes" pledge of the 1988 campaign and raised the federal gasoline tax, federal excise taxes, and imposed 10 percent surtax on the top income bracket, raising its taxes to 31 percent. The recession that followed in 1991-1992 cost him re-election.
It is obvious that increasing capital gains taxes by a minimum of one-third and possibly doubling them, both of which Obama has proposed during his campaign, would send a clear signal to investors to keep their money under the mattress.
Who would buy stock now knowing that the tax on any profits is going to go up sharply if Obama becomes president?
Look at what happened just last year in Michigan. Democratic Gov. Jennifer Granholm raised taxes on almost everything in 2007. Income taxes shot up 11.5 percent and the state's 6 percent sales tax was expanded to dozens of new services like investment advice, janitorial services, landscaping, ski lifts, carpet cleaning, and tanning.
The $1.75 billion tax package shook the economy to its foundations. Michigan became the only one of the 50 states with a shrinking gross domestic product (GDP). The value of all goods and services produced in the state fell by .5 percent while the national GDP rose by 3.4 percent. The state fell from 23rd in GDP to 35th. Taxes caused a disaster.
In a strong economy, Obama's tax hikes would raise questions. In a weak economy, they portend a catastrophe. It would be like bleeding a sick patient, the medicine of 200 years ago, depriving him of blood even as he needs more not less circulating through his arteries.
McCain's populist rhetoric, including his pledge to fire SEC chairman former Rep. Christopher Cox, is important for a Republican candidate. But his focus should shift to the tax issue.
With firms suffering, withering, and dying for a lack of capital, tax increases on those who invest would be a horrible mistake. Americans will realize this obvious fact and McCain should use it to gain the advantage in discussing the economy.
There is no reason for the economy to work to Obama's advantage when he is committed to a doctrinaire program of tax increases and spending hikes. McCain can use the issue to run rings around him.
© 2008 Dick Morris & Eileen McGann
As always we are not endorsing a candidate but rather providing information for readers. If you are looking for an alternative to Obama another option is Chuck Baldwin.
Sunday, September 21, 2008
I admit it I am a news and information junkie
I admit it I am a news and information junkie, I have been that way since childhood. Growing up I hung out with a group of girls who carried around dictionaries and we named our dictionaries mine was "Herman." I know I am a nerd.
During graduate school I had a graduate assistanceship working at the main library's reference desk at the University I attended. I did not study library science but I did get the position over all the library science majors. I loved assisting people with seeking out information and answering difficult questions.
I like to read but prefer non-fiction over fiction.
I like to get up before the kids and read the newspaper. I surf various sites on the net for information. At times I enjoy listening to the radio. When we had our television hooked up to cable I was a TV NEWS junkie as well. I will listen to left, right and neutral news sources as to get both sides of the story. As Judy Paris (former WNTK talk show host) would say "Any story sounds true until someone tells the other side and sets the record straight." (Proverbs 18:17 TLB) Bring back Judy Paris, bring back Judy Paris, bring back Judy Paris.... but I digress.
Actually I could probably get a lot more BLOGGING done if I were not sure a big NEWS and information junkie. But I digress again..
Although the primary focus of CRAFT is local politics and government I think it is important to focus on the election because of the economy and the tax implications of certain candidates.
First Jim and I grew in Illinois Obama came from Illinois so we are aware of his politics if you are not you need to check out stories about him in the local paper the
Chicago Tribune specifically John Kass has some great articles. Do the research yourself and make up your own mind. Because the Chicago Tribune is one of Obama's hometown papers I think it is important to read that paper.
I ask only that you listen to two sides of the story before making up your mind. If you are a Huffington Post reader read the flip side and read Michelle Malkin.
Take note of how well sources are documented. On either side I do not suggest reading the comments as many are rants, feel free to but be sure to delve into the information with an open mind on both sides.
As I said before I am not happy with either candidate but I hope the candidate elected for president will do as little damage as possible to our country.
As Ronald Reagan would say "Trust but verify." You owe it to your family and the fellow people you share the earth with because your vote should be an educated voted as it will truly be an election that will change the direction of America's future.
Cathy
During graduate school I had a graduate assistanceship working at the main library's reference desk at the University I attended. I did not study library science but I did get the position over all the library science majors. I loved assisting people with seeking out information and answering difficult questions.
I like to read but prefer non-fiction over fiction.
I like to get up before the kids and read the newspaper. I surf various sites on the net for information. At times I enjoy listening to the radio. When we had our television hooked up to cable I was a TV NEWS junkie as well. I will listen to left, right and neutral news sources as to get both sides of the story. As Judy Paris (former WNTK talk show host) would say "Any story sounds true until someone tells the other side and sets the record straight." (Proverbs 18:17 TLB) Bring back Judy Paris, bring back Judy Paris, bring back Judy Paris.... but I digress.
Actually I could probably get a lot more BLOGGING done if I were not sure a big NEWS and information junkie. But I digress again..
Although the primary focus of CRAFT is local politics and government I think it is important to focus on the election because of the economy and the tax implications of certain candidates.
First Jim and I grew in Illinois Obama came from Illinois so we are aware of his politics if you are not you need to check out stories about him in the local paper the
Chicago Tribune specifically John Kass has some great articles. Do the research yourself and make up your own mind. Because the Chicago Tribune is one of Obama's hometown papers I think it is important to read that paper.
I ask only that you listen to two sides of the story before making up your mind. If you are a Huffington Post reader read the flip side and read Michelle Malkin.
Take note of how well sources are documented. On either side I do not suggest reading the comments as many are rants, feel free to but be sure to delve into the information with an open mind on both sides.
As I said before I am not happy with either candidate but I hope the candidate elected for president will do as little damage as possible to our country.
As Ronald Reagan would say "Trust but verify." You owe it to your family and the fellow people you share the earth with because your vote should be an educated voted as it will truly be an election that will change the direction of America's future.
Cathy
Saturday, September 20, 2008
Updates
Sorry there have not been regular posts lately. My daughter was sick and than my mother came for a visit and we have been traveling. I will update the site as time permits.
I must say I am in awe of those bloggers who have the ability to write regulary and with such eloquence.
Cathy
I must say I am in awe of those bloggers who have the ability to write regulary and with such eloquence.
Cathy
Tuesday, September 16, 2008
Teachers Unions Amass $1,503,705 War Chest to Defeat Our Ballot Initiative to END the state income tax
I received the following from Small Government News and the Center for Small Government. Why are we talking about Massachusetts? Because we are facing a similar battle in New Hamsphire with the so called need to define an "adequate education." Don't think the teacher unions are behind it? Follow the money. I asked one of the Claremont attorneys directly about where they get their money and he did say some of the money comes from the teachers' unions. This is documented on video tape from a presentation at the Josiah Bartlett Center.
Cathy
Corrected for typos.
Dear Friend,
We told you that Ballot Question 1 to END the state income tax would be
the battle of David versus Goliath.
An Army of Davids fighting a Gang of Goliaths.
The Massachusetts Teachers Association leads the Gang of Goliaths.
Backed by the rich and powerful National Education Association - and the
American Federation of Teachers. Mobilizing masses of money and
manpower.
Our opponents filed their first report listing their fundraising and
spending with the Massachusetts state government just days ago.
As of August 31, they have fundraised and amassed a War Chest of
$1,503,705. They also solicited and received an additional $245,317.96
of in-kind contributions.
Teachers Unions donated 83% of the War Chest: $1,245,000.
Other Unions donated 17% of the War Chest: $258,500.
Oh yes, they listed exactly 1 individual donor. She gave $100.
But the Teachers Union War Chest isn't full yet. Through their Front
Group - "Coalition for Our Communities" - their spokespeople say they
will spend this first $1,503,705 - and raise and spend an additional
$3,500,000 to crush us.
In these last 7 weeks, they will spend $5,000,000 in Negative Ads - to
make us and our ballot initiative look reckless and destructive. And in
Fear Ads to scare people out of voting YES - and stampede them into
voting NO.
They want to swamp and overwhelm us with $5,000,000 in advertising in
these last 7 weeks.
We're polling at about even. There's showing 45-47%. We're showing 45%.
They'll try to drive down our polling numbers from 45% to 35% or less.
They are committed to beating us by a landslide.
They are seeking to Humiliate us - and our effort to END the income tax.
Why are they trying to run up the score? Why isn't winning good enough?
The Teachers Unions want to make an example of us - for anyone who might
be tempted to try to seriously cut taxes. In Massachusetts. Or your
state.
They want to intimidate and scare off imitators.
And don't forget the tax money they get to keep.
If they win, they get to keep taxing $12.6 billion dollars a year in
income taxes. Every year.
The Massachusetts Constitution forbids us to put this tax cut back on
the ballot for 6 years. Multiply $12.6+ billion a year in state income
taxes times 6 years - and defeating us guarantees them $75.6+ billion in
taxes and government spending.
If they defeat you and us on November 4th, the Teachers Unions will rake
in $75.6 billion in taxes for a union-dues- funded $5,000,000
advertising investment.
The Teachers Union Gang of Goliaths looks unbeatable - but not if you
and we rally an Army of Davids.
You and we can win. Together, you and we can END the income tax this
November 4th.
Our Army of Davids approach gives you and us 10 times the impact of the
Gang of Goliaths.
The Good News: we can match the impact of their $5,000,000 in Negative
Ads and Fear Ads - for only $500,000, for only 10% what they'll spend.
The Bad News: We have $11,107.
The Great News: If YOU donate the biggest amount you can, hundreds and
hundreds of other readers will, too. If you contribute the most you can
now, and they match your contribution, we can raise the last $488,893
needed for our Army of Davids ad blitz.
We've identified the 2 fatal weaknesses of the Gang of Goliaths. We've
focused and targeted our advertising on their 2 Achilles heels.
We've coupled that with the huge, immediate benefits to 3,400,000
Massachusetts workers and taxpayers - so they just vote YES.
Fact: Our Advertising message is Viral. Contagious. Infectious.
Persuasive and unforgettable to Massachusetts taxpayers.
Fact: Each $20,000 in advertising will produce an additional $40,000 in
news coverage, publicity, and word of mouth.
Fact: We cannot win if we do NOT advertise.
Fact: We cannot even start our Army of Davids ad campaign with the
$11,107 we have in the bank.
Fact: We CAN win if you donate as much as you can, if your donation
helps us run 10% of the advertising our opponents are running.
Fact: You can beat the Teachers Unions. You can beat the Gang of
Goliaths. You can be an indispensible member of the Army of Davids that
ENDS the Massachusetts income tax in just 7 weeks.
Will YOU please contribute $500 or $250 or $150 right now - so we can
produce and place the first wave of advertising?
If you are successful in your career, if you have enough cash or credit
to make a larger donation, you will make a huge difference. Will you
please donate $10,000 or $5,000 or $2,500 or $1,000 today?
Your donation is our advertising budget. Our campaign budget.
Other donors are counting on YOU to give what they are giving. To join
them. They need YOU to donate now. Will you please donate $85 or $65 or
$45 today?
Even $5 will help.
Don't wait. Please contribute now by credit card by clicking:
https://secure.bluehost.com/~savyonco/ms/sga/sga2.php
Or please write your check today and mail it to:
The Committee For Small Government
6 Goodman Lane
Wayland, Massachusetts
01778
Only 49 days left to defeat the Gang of Goliaths.
Only 49 days left to persuade just 6% more of the voters to vote YES on
Ballot Question 1 - and END the state income tax.
Make history. Make a donation today.
You will remember this for many, many years. Thank you.
Your friends and allies,
Carla Howell & Michael Cloud
P.S. Here's our opposition's fundraising and spending report:
http://www.efs.cpf.state.ma.us/DisplayReport.aspx?reportId=84042
Cathy
Corrected for typos.
Dear Friend,
We told you that Ballot Question 1 to END the state income tax would be
the battle of David versus Goliath.
An Army of Davids fighting a Gang of Goliaths.
The Massachusetts Teachers Association leads the Gang of Goliaths.
Backed by the rich and powerful National Education Association - and the
American Federation of Teachers. Mobilizing masses of money and
manpower.
Our opponents filed their first report listing their fundraising and
spending with the Massachusetts state government just days ago.
As of August 31, they have fundraised and amassed a War Chest of
$1,503,705. They also solicited and received an additional $245,317.96
of in-kind contributions.
Teachers Unions donated 83% of the War Chest: $1,245,000.
Other Unions donated 17% of the War Chest: $258,500.
Oh yes, they listed exactly 1 individual donor. She gave $100.
But the Teachers Union War Chest isn't full yet. Through their Front
Group - "Coalition for Our Communities" - their spokespeople say they
will spend this first $1,503,705 - and raise and spend an additional
$3,500,000 to crush us.
In these last 7 weeks, they will spend $5,000,000 in Negative Ads - to
make us and our ballot initiative look reckless and destructive. And in
Fear Ads to scare people out of voting YES - and stampede them into
voting NO.
They want to swamp and overwhelm us with $5,000,000 in advertising in
these last 7 weeks.
We're polling at about even. There's showing 45-47%. We're showing 45%.
They'll try to drive down our polling numbers from 45% to 35% or less.
They are committed to beating us by a landslide.
They are seeking to Humiliate us - and our effort to END the income tax.
Why are they trying to run up the score? Why isn't winning good enough?
The Teachers Unions want to make an example of us - for anyone who might
be tempted to try to seriously cut taxes. In Massachusetts. Or your
state.
They want to intimidate and scare off imitators.
And don't forget the tax money they get to keep.
If they win, they get to keep taxing $12.6 billion dollars a year in
income taxes. Every year.
The Massachusetts Constitution forbids us to put this tax cut back on
the ballot for 6 years. Multiply $12.6+ billion a year in state income
taxes times 6 years - and defeating us guarantees them $75.6+ billion in
taxes and government spending.
If they defeat you and us on November 4th, the Teachers Unions will rake
in $75.6 billion in taxes for a union-dues- funded $5,000,000
advertising investment.
The Teachers Union Gang of Goliaths looks unbeatable - but not if you
and we rally an Army of Davids.
You and we can win. Together, you and we can END the income tax this
November 4th.
Our Army of Davids approach gives you and us 10 times the impact of the
Gang of Goliaths.
The Good News: we can match the impact of their $5,000,000 in Negative
Ads and Fear Ads - for only $500,000, for only 10% what they'll spend.
The Bad News: We have $11,107.
The Great News: If YOU donate the biggest amount you can, hundreds and
hundreds of other readers will, too. If you contribute the most you can
now, and they match your contribution, we can raise the last $488,893
needed for our Army of Davids ad blitz.
We've identified the 2 fatal weaknesses of the Gang of Goliaths. We've
focused and targeted our advertising on their 2 Achilles heels.
We've coupled that with the huge, immediate benefits to 3,400,000
Massachusetts workers and taxpayers - so they just vote YES.
Fact: Our Advertising message is Viral. Contagious. Infectious.
Persuasive and unforgettable to Massachusetts taxpayers.
Fact: Each $20,000 in advertising will produce an additional $40,000 in
news coverage, publicity, and word of mouth.
Fact: We cannot win if we do NOT advertise.
Fact: We cannot even start our Army of Davids ad campaign with the
$11,107 we have in the bank.
Fact: We CAN win if you donate as much as you can, if your donation
helps us run 10% of the advertising our opponents are running.
Fact: You can beat the Teachers Unions. You can beat the Gang of
Goliaths. You can be an indispensible member of the Army of Davids that
ENDS the Massachusetts income tax in just 7 weeks.
Will YOU please contribute $500 or $250 or $150 right now - so we can
produce and place the first wave of advertising?
If you are successful in your career, if you have enough cash or credit
to make a larger donation, you will make a huge difference. Will you
please donate $10,000 or $5,000 or $2,500 or $1,000 today?
Your donation is our advertising budget. Our campaign budget.
Other donors are counting on YOU to give what they are giving. To join
them. They need YOU to donate now. Will you please donate $85 or $65 or
$45 today?
Even $5 will help.
Don't wait. Please contribute now by credit card by clicking:
https://secure.bluehost.com/~savyonco/ms/sga/sga2.php
Or please write your check today and mail it to:
The Committee For Small Government
6 Goodman Lane
Wayland, Massachusetts
01778
Only 49 days left to defeat the Gang of Goliaths.
Only 49 days left to persuade just 6% more of the voters to vote YES on
Ballot Question 1 - and END the state income tax.
Make history. Make a donation today.
You will remember this for many, many years. Thank you.
Your friends and allies,
Carla Howell & Michael Cloud
P.S. Here's our opposition's fundraising and spending report:
http://www.efs.cpf.state.ma.us/DisplayReport.aspx?reportId=84042
Monday, September 15, 2008
Those who benefit most from taxes are not paying their taxes.
I am so tired hearing from a certain candidate that he is working for working families and the middle class. He should be saying that he is working for union employees and their bosses. Funny how those who live off taxpayer dollars are not paying their taxes. I want to explode the myth again public sector employees earn more than private sector employees. Here are just two articles that dispel that myth they can be found here and here. As always I suggest doing research on your own.
I got news for you Mr. Senator we are a working class/middle class family if you want to help our family reduce the power of unions, cut taxes and stop this garbage with minimum wage. Unions raise the price of goods and services, increasing taxes on business increases the costs of goods and services and increasing the minimum wage increases the cost of goods and services. Once the costs of goods and services are increased the wage increased is erased. I want free markets. Government spending beyond their means has gotten us into this mess I do not know how any intelligent person believes that more government spending is going to solve this problem. Cut spending!
The following piece appeared on Foxnews.com.
Cathy
Federal Workers Owe Billions in Delinquent Taxes
Monday, September 15, 2008
WASHINGTON — The Internal Revenue Service is trying to collect billions of dollars in late taxes from nearly half a million federal employees.
Documents obtained by WTOP radio through the Freedom of Information Act show the federal employees and retirees did not pay more than $3.5 billion in taxes owed last year.
The agency with the most delinquent employees was the U.S. Postal Service. Nearly 4.2 percent of its 747,000 workers are delinquent.
The IRS would not provide comparable data for the general population.
The Executive Office of the President, which includes the White House, has 58 employees who did not pay more than $319,000. More than 1,000 Capitol Hill workers are on the list.
About 152,000 of the delinquent federal workers have entered into payment plans.
I got news for you Mr. Senator we are a working class/middle class family if you want to help our family reduce the power of unions, cut taxes and stop this garbage with minimum wage. Unions raise the price of goods and services, increasing taxes on business increases the costs of goods and services and increasing the minimum wage increases the cost of goods and services. Once the costs of goods and services are increased the wage increased is erased. I want free markets. Government spending beyond their means has gotten us into this mess I do not know how any intelligent person believes that more government spending is going to solve this problem. Cut spending!
The following piece appeared on Foxnews.com.
Cathy
Federal Workers Owe Billions in Delinquent Taxes
Monday, September 15, 2008
WASHINGTON — The Internal Revenue Service is trying to collect billions of dollars in late taxes from nearly half a million federal employees.
Documents obtained by WTOP radio through the Freedom of Information Act show the federal employees and retirees did not pay more than $3.5 billion in taxes owed last year.
The agency with the most delinquent employees was the U.S. Postal Service. Nearly 4.2 percent of its 747,000 workers are delinquent.
The IRS would not provide comparable data for the general population.
The Executive Office of the President, which includes the White House, has 58 employees who did not pay more than $319,000. More than 1,000 Capitol Hill workers are on the list.
About 152,000 of the delinquent federal workers have entered into payment plans.
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