Wednesday, February 16, 2011

Daily Brief – 2/16/2

End Fannie Mae and Freddie Mac to Build Tomorrow's Housing Finance System

Allen West’s popularity ... indicate[s] that the country hasn’t forgotten about national security.

Follow The Unspent Money > Budget Policy:
   If the politicians are looking for places to cut spending, how about the hundreds of billions in appropriated but unspent funds, some of which have remained unspent for two decades?
   It is bad enough that we are spending money we don't have, particularly borrowed Chinese money. But we also are not spending money we don't have. As Sen. Tom Coburn, R-Okla., points out, $703 billion in funds that Congress has appropriated over the years is sitting in a budgetary closet known as "unobligated balances."…
   This is money the government is authorized to spend on top of any new money that is appropriated. As bad as things are now, what would happen to our deficit and debt crisis if this unspent money is spent? Read more…

Another Dodd-Frank Triumph > Not! Only seven months too late, official Washington is starting to acknowledge flaws in the architecture of the Dodd-Frank law passed last July. Tuesday, for example, Federal Reserve Governor Daniel Tarullo admitted in testimony to the House Committee on Financial Services that by forcing much of the derivatives market through central counterparties, the government would now be creating new too-big-to-fail institutions and new potential sources of systemic financial risk.

"Social Security is an unfunded pay-as-you-go system, fundamentally flawed and analogous in design to illegal pyramid schemes. Government accounting creates the illusion of a trust fund, but in fact, excess receipts are spent immediately. The government’s own actuaries predict the system will be bankrupt by 2030, but Social Security could face financial crisis as early as 2014. Moreover, Social Security’s relatively poor rate of return makes the program an increasingly worse investment for today’s young worker. ... The system design itself is fundamentally flawed and cannot be repaired. It must instead be replaced by one derived from free markets and operated by free citizenry making individual economic decisions in their own self-interest. ... Reform is long overdue. If we fail to act soon, our children will either inherit a bankrupt system or be forced to pay an impossibly high level of taxes. Only private pensions with individual property rights to accumulate fund balances can create a secure pension system. Chile, which privatized its system in 1981, provides evidence of such a system’s effectiveness." -- Karl Borden Professor of financial economics at University of Nebraska

"I place economy among the first and most important virtues and public debt as the greatest dangers to be feared ... We must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty or profusion and servitude ... The same prudence which in private life would forbid our paying money for unexplained projects, forbids it in the disposition of public money. We are endeavoring to reduce the government to the practice of rigid economy to avoid burdening the people ..." -- Thomas Jefferson

imagePick a fight with a liberal on SOCIAL JUSTICE!
   "Social justice" is an entirely arbitrary concept that could only exist in the warped brains of bien-pensant compulsive meddlers. The correct response is "Whose social justice?" An NAACP activist's definition of "social justice" might well differ from that of a KKK member; an eco-campaigner's view of "social justice" will surely be different from that of someone from the Competitive Enterprise Institute. It is entirely typical of the sublime arrogance and blinkered bigotry of liberals that they imagine the irversion of "social justice" is the correct one. This, in itself, is more than reason enough to show why liberals should never be allowed anywhere near state office.
   Next time a liberal talks about "social justice," tell him you'll take your "justice" straight up, without any prefixes, as established in a rule of law based on Christian principles in a democratic state, and see how he gets out of that.

Here’s another way to get a liberal’s goat > Just tell him he’s a progressive because he is afraid to die as any decent psychiatrist knows. Then watch the sputtering start: Liberals and the Fear of Death

Under President Obama’s new budget, the Department of Health and Human Services would become the nation’s first trillion-dollar-a-year cabinet department once Obamacare is fully implemented in 2014.

President Obama’s budget would hire more than 5,000 new IRS employees, including 1,054 new auditors and staffers just to enforce Obamacare.

The House began debate yesterday on a continuing resolution that would make unprecedented cuts in federal spending this year.

The Obama Administration threatened to veto the House’s continuing resolution yesterday before debate even began.

The North Dakota Department of Labor claimed a small Bismarck farmer was not paying proper wages to his help and sent an agent out to investigate.

Department of Labor employee : I need a list of your employees and how much you pay them.

Farmer : Well, there's my farm hand who's been with me for 3 years. I pay
him $200 a week plus free room and board.

Then there's the mentally challenged worker. He works about 18 hours every
day and does about 90% of all the work around here. He makes about $10 per
week, pays his own room and board, and I buy him a bottle of bourbon every Saturday night so he can cope with life. He also sleeps with my wife occasionally.

Department of Labor employee : That's the guy I want to talk to...the
mentally challenged one.

Farmer : That would be me.

(Hat tip to Mac)