Category Archives: Congress

Tom Coburn MD, OK Senator, Health Care Bill is Scary, Wall Street Journal, December 16, 2009, Harry Reid, Seniors will die sooner, Medicare cuts, Government coercion instead of patient cues, Empowers Medicare to deny treatment based on cost, Sections 3403 2021

From the Wall Street Journal, December 16, 2009, written by Tom Coburn, MD, a senator from OK.

“The Health Bill Is Scary”

“By TOM COBURN”

“I recently suggested that seniors will die sooner if Congress actually implements the Medicare cuts in the health-care bill put forward by Senate Majority Leader Harry Reid. My colleagues who defend the bill—none of whom have practiced medicine—predictably dismissed my concern as a scare tactic. They are wrong. Every American, not just seniors, should know that the rationing provisions in the Reid bill will not only reduce their quality of life, but their life spans as well.

My 25 years as a practicing physician have shown me what happens when government attempts to practice medicine: Doctors respond to government coercion instead of patient cues, and patients die prematurely. Even if the public option is eliminated from the bill, these onerous rationing provisions will remain intact.

For instance, the Reid bill (in sections 3403 and 2021) explicitly empowers Medicare to deny treatment based on cost. An Independent Medicare Advisory Board created by the bill—composed of permanent, unelected and, therefore, unaccountable members—will greatly expand the rationing practices that already occur in the program. Medicare, for example, has limited cancer patients’ access to Epogen, a costly but vital drug that stimulates red blood cell production. It has limited the use of virtual, and safer, colonoscopies due to cost concerns. And Medicare refuses medical claims at twice the rate of the largest private insurers.

Section 6301 of the Reid bill creates new comparative effectiveness research (CER) programs. CER panels have been used as rationing commissions in other countries such as the U.K., where 15,000 cancer patients die prematurely every year according to the National Cancer Intelligence Network. CER panels here could effectively dictate coverage options and ration care for plans that participate in the state insurance exchanges created by the bill.”

“But the most fundamental flaw of the Reid bill is best captured by the story of one my patients I’ll call Sheila. When Sheila came to me at the age of 33 with a lump in her breast, traditional tests like a mammogram under the standard of care indicated she had a cyst and nothing more. Because I knew her medical history, I wasn’t convinced. I aspirated the cyst and discovered she had a highly malignant form of breast cancer. Sheila fought a heroic battle against breast cancer and enjoyed 12 good years with her family before succumbing to the disease.

If I had been practicing under the Reid bill, the government would have likely told me I couldn’t have done the test that discovered Sheila’s cancer because it wasn’t approved under CER. Under the Reid bill, Sheila may have lived another year instead of 12, and her daughters would have missed a decade with their mom.”

“Dr. Coburn, a physician, is a Republican senator from Oklahoma.”

Read more:

http://online.wsj.com/article_email/SB10001424052748703514404574588842779569168-lMyQjAxMDA5MDEwNzExNDcyWj.html

Michael Goldfarb on Glenn Beck confirms White House call and threat to Senator Ben Nelson, Obama thugs, December 16, 2009, Ben Nelson threatened to vote for Senate Health Care Bill

Yesterday, December 15, 2009, the Citizen Wells blog quoted a report from the Weekly Standard that indicated that the White House, Obama, threatened to close an Air Force base in Nebraska if Senator Ben Nelson did not vote for the Senate Health Care Bill. 

“Source: Dems Threaten Nelson In Pursuit of 60

While the Democrats appease Senator Lieberman, they still have to worry about other recalcitrant Democrats including Nebraska Senator Ben Nelson. Though Lieberman has been out front in the fight against the public option and the Medicare buy-in, Nelson was critical of both. Now that those provisions appear to have been stripped from the bill, Lieberman may get on board, but Nelson’s demand that taxpayer money not be used to fund abortion has still not been met. According to a Senate aide, the White House is now threatening to put Nebraska’s Offutt Air Force Base on the BRAC list if Nelson doesn’t fall into line.

Offutt Air Force Base employs some 10,000 military and federal employees in Southeastern Nebraska. As our source put it, this is a “naked effort by Rahm Emanuel and the White House to extort Nelson’s vote.” They are “threatening to close a base vital to national security for what?” asked the Senate staffer.”

Read more:

http://www.weeklystandard.com/weblogs/TWSFP/2009/12/source_dems_threaten_nelson_in_1.asp

Michael Goldfarb, author of the report, was just interviewed on the Glenn Beck Show on Fox. Goldfarb stands by his report. Glenn Beck also states that he has confirmed this story with three sources.

Senator Claire McCaskill, Senate health care bill, Citizens voice concern, YouTube videos, Reporter present, Health Care rally, Washington DC, Disabled American voices concern

After the Health Care Rally in Washington DC, December 15, 2009, many of the attendees visited their Senator’s office in Washington while others in their home states expressed their concern about the Senate Health Care Bill.

Here are some videos of concerned patriots visiting one of Senator Claire McCaskill’s offices.

“Dana Loesch Expresses Her Concerns To Claires staffer”

View more videos here:

http://sharpelbowsstl.blogspot.com/2009/12/frozen-fun-at-claire-mccaskills.html

Health care rally, Washington DC, December 15, 2009, Laura Ingraham, Dr. Tom Coburn, Jim DeMint, Richard Burr, Johnny Isakson, Tea Party Patriots, Obama Reid liberal senators behind closed doors

From Americans for Prosperity, a report on the Health Care Rally in Washington DC, December 15, 2009.

Yesterday at 1:30 p.m. two very different meetings occurred.

On the grounds of the United States Capitol, thousands of grassroots activists from across the nation rallied in a park with the media present. Our message to the Senate was simple: “Keep your hands off our health care!” CLICK HERE FOR PICTURES

Rally Photo

Meanwhile, at the White House, President Obama, Majority Leader Harry Reid, other liberal Senators and their special interest allies met behind closed doors to cut political deals, twist arms and plot strategy — all to get their health care takeover bill across the finish line and out of the Senate.

At our open air rally, Laura Ingraham, Dr. Tom Coburn, Sen. Jim DeMint, Sen. Richard Burr, Sen. Johnny Isakson, Jim Martin of 60 Plus, and our Tea Party Patriot friends Jenny Beth Martin and Mark Meckler detailed our reasons for opposing this disastrous health care takeover while urging Americans to stay in the fight for our freedoms. Across the nation, thousands more Americans went to the local offices of their U.S. Senators with the same message.

Rally Photo 2

Meanwhile, at the White House, the President and his political friends negotiated in secret. Cut their deals in secret. And tried to buy votes in secret.

The contrast could not be more clear. And, that’s why the American people are with us.

Ever wonder if your grassroots efforts make a difference?

Well, let me give you two numbers: 61 and 44.

CNN — hardly a conservative front group — recently reported that 61% of the American people now OPPOSE the Washington health care “reform” effort. Support for the health care takeover is literally in free fall.

The second number: Gallup Polling Company reports that President Obama’s personal approval rating is down to just 44% — the lowest level in history for a President still in his first year.

President Obama has made this ill-advised health care takeover his top priority, and the American people are telling the President loud and clear to stop now. Sadly, he’s not listening.

I could tell you so many stories from today’s rally at the Capitol. But, I’ll hold at just two.

As the rally ended and the thousands of activists headed for their Senators’ offices to deliver their message one-on-one, a young man in a baseball cap walked up to me and said “I’m from Jersey and I closed up my pizza shop for the day to come down here to send a message. Times may be hard but I can always make up the money later and I don’t want my children to live under government-run health care.” With that, he introduced me to his young son.

Minutes later, a retired gentleman from North Carolina holding an American flag (a big one) came up to me, shook my hand and said, “This is the third time I’ve come to Washington, D.C. this year and I’ll come again if I have to. I fought in Korea for freedom and now I’m fighting for freedom again. I’ve never quit at anything in my life and I’m too old to quit at something now!” He gave me a big bear hug and then marched off for the long ride home.

I walked back to my car with that combat veteran’s words ringing in my ears, “I’ve never quit at anything in my life…”

He’s right. We’re not going to quit.

Harry Reid and President Obama and Speaker Pelosi are trying to sell “inevitability.” The idea that this health care takeover cannot be stopped.

We’ve stopped it since the August recess, through Labor Day, then through October, then to Thanksgiving. Now, we’re just over a week from Christmas.

They can be stopped. And, you and I and folks across America are the ones who are standing in the gap for our freedoms. Thank you.

Sincerely,

Tim's Signature

Tim

PS: No matter what announcements and pronouncements come from Obama, Reid, Pelosi and company,– keep focused on delivering our message through calls, emails, and personal visits to your Senate and House offices. And, now more than ever, get your friends to do the same. CLICK here to send this email to your friends. The Holidays are here but we’ve got to keep fighting.

Citizen Wells

Representative Michele Bachmann was also in attendance.

Obama threatens Nebraska Senator Ben Nelson, Close Offutt Air Force Base , Senate aide reports, December 15, 2009, Senate Health Care vote, Rahm Emanuel and White House extort Nelson’s vote

From The Weekly Standard, December 15, 2009.

“Source: Dems Threaten Nelson In Pursuit of 60”
“While the Democrats appease Senator Lieberman, they still have to worry about other recalcitrant Democrats including Nebraska Senator Ben Nelson. Though Lieberman has been out front in the fight against the public option and the Medicare buy-in, Nelson was critical of both. Now that those provisions appear to have been stripped from the bill, Lieberman may get on board, but Nelson’s demand that taxpayer money not be used to fund abortion has still not been met. According to a Senate aide, the White House is now threatening to put Nebraska’s Offutt Air Force Base on the BRAC list if Nelson doesn’t fall into line.

Offutt Air Force Base employs some 10,000 military and federal employees in Southeastern Nebraska. As our source put it, this is a “naked effort by Rahm Emanuel and the White House to extort Nelson’s vote.” They are “threatening to close a base vital to national security for what?” asked the Senate staffer.”

Read more:

http://www.weeklystandard.com/weblogs/TWSFP/2009/12/source_dems_threaten_nelson_in_1.asp

Call Senator Ben Nelson and demand that he do the right thing.

I just received the following in an email:

We’re in Chambliss’ office. He is saying we need everyone across the country to contact the Senators in . Louisianna, Arkansas Indiana, Connetticut, Nebraska ASAP. To protest healthcare.  Here are phone numbers:
Sen. Blanche Lincoln, Arkansas
DC Office Phone Number: 202-224-4843, DC Fax Number: 202-228-1371

Sen. Ben Nelson, Nebraska
DC Office Number: 202-224-6551, DC Fax Number: 202-228-0012
 
Sen. Mary Landrieu, Louisiana
DC Office Phone Number: 202-224-5824, DC Fax Number: 202-224-9735

Sen. Joe Lieberman, Connecticut
DC Office Phone Number: 202-224-4041, DC Fax Number: 202-224-9750

Sen. Michael F Bennet, Colorado
DC Office Phone Number: 202-224-5852, DC Fax Number: 202-228-5036
 
Sen. Mark Pryor, Arkansas
DC Office Phone Number: 202-224-2353, DC Fax Number: 202-228-0908
 
Sen. Robert Byrd, West Virginia
DC Office Phone Number: 202-224-3954, DC Fax Number: 202-228-0002
 
Sen. Jim Webb, Virginia
DC Office Phone Number: 202-224-4024, DC Fax Number: 202-228-6363
 
Sen. Mark Warner, Virginia
DC Office Phone Number: 202-224-2023, DC Fax Number: 202-224-6295
 
Sen. Jon Tester, Montana
DC Office Phone Number: 202-224-2644, DC Fax Number: 202-224-8594
 
Sen. Mark Begich, Alaska
DC Office Phone Number: 202-224-3004, DC Fax Number: 202-224-2354
 
Sen. Evan Bayh, Indiana
DC Office Phone Number: 202-224-5623, DC Fax Number: 202-228-1377
 

 

Obama lies, Mortgage crisis, Unemployment, December 14, 2009, Obama Bankers meeting, ACORN, Democrats, Barney Frank, Maxine Waters, Fannie Mae, Freddie Mac, Obama ACORN and Democrats caused housing and jobs crisis

“ACORN’s alliance with the Democratic Party is at the root of the current financial meltdown. And Barack Obama has stayed true to ACORN’s ways.”…Stanley Kurtz

 

Obama

Lies

Mortgage, Unemployment Crisis

Who is to blame?

 

The lying, SOB, usurper, Barack Obama is meeting with bankers today. Obama is attempting, once again, to coerce banks to lend money to people who cannot afford the loans. Consistent with his trend of lying, he blames the bankers for the mortgage and unemployment crisis.

However, facts and reality are not on Obama’s side.

The Citizen Wells has provided numerous articles on ACORN corruption, ACORN’s involvement in pressuring banks to make risky loans and Barack Obama’s long time ties to ACORN.

An article dated September 15, 2009 is loaded with facts that indict Obama and ACORN.

October 8, 2008 – Straight from the horse’s mouth

“ACORN Report
The ACORN Report is published by ACORN’s National Office and contains up-to-date information. We have ACORN Reports indexed by date and topic available.”

“City Limits February 1999
During its 15 years in New York City, ACORN has helped squatters claim derelict city-owned property, forced bankers to invest in low-income communities, and organized a war against the city’s workfare program.

It’s also developed a reputation for no-holds-barred tactics—getting results through adversarial campaigns against bankers, politicians and bureaucrats using confrontation and concession rather than consensus. ACORN, unlike most social service non-profits, scorns charity. Their goal is to help poor people seize power.”

This comes straight from the Acorn national office.
Note the following:

“Their goal is to help poor people seize power”

October 13, 2008 – Acorn contribution to mortgage crisis

“FOR years, ACORN had combined manipulation of the CRA with intimidation-protest tactics to force banks to lower credit standards. Its crusade, with help from Democrats in Congress, to push these high-risk “subprime” loans on banks is at the root of today’s economic meltdown.””

““Instead, Democrats like Rep. Barney Frank (D-Mass.) and Reps. Kennedy and Waters allied with the Clinton administration to broaden the acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis.

ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond. By steamrolling the GOP that March, it had crushed the last potential barrier to “change.”””

““ACORN’s alliance with the Democratic Party is at the root of the current financial meltdown. And Barack Obama has stayed true to ACORN’s ways.””

The Truth about Obama and ACORN

September 28, 2009 – Bank of America and other banks ignored warnings

“Do any Catholics work for Bank of America?
From Catholic News Service October 16, 2008.

“Bank of America takes recent allegations made against Acorn and Acorn Housing Corporation employees very seriously,”
What planet has Bank of America been on the past year?

Is this indicative of the power of the mainstream media?

Was Bank of America controlled by the Democrats or Obama camp?

No wonder Bank of America had financial problems.”

Bank of America ignored warnings

Fox News reports on Obama meeting with bankers, December 14, 2009

“White House Tells Bankers to Boost Lending After Bailout Successes”

“President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.”

“The president set the tone for the meeting in an interview broadcast the night before in which he called Wall Street bankers “fat cats” whom he has little obligation to help. In response, the bankers plan to tell the president to stop oversimplifying their concerns.”

“”What the president’s going to say to the bankers is, you guys were part of the problem, you helped create an economic crisis here that cost 7 million Americans their jobs and now you have to be part of the solution,” White House senior adviser David Axelrod said on ABC’s “Good Morning America.”

Axelrod said the industry has to “accelerate lending to credible small businesses” and suggested Congress would take harsh action against the sector if it does not.

“People are not going to tolerate a situation where the bankers have a party, they pick up the tab and then the bankers pay themselves huge bonuses and they’re not lending,” Axelrod said, adding that bankers should be awarded with long-term stock as opposed to up-front cash bonuses.

The White House also wants Wall Street to fall in line with Obama and back a proposal for a consumer protection agency that cleared the House last week.”

“”He can say what he wants, but we’re not going to go back to the kind of lending that put us in this mess,” said a person who is helping prepare executives for the meeting but spoke anonymously because of lack of authorization to discuss the plans.”

Read more:

http://www.foxnews.com/politics/2009/12/14/obama-slams-fat-cat-bankers-eve-meeting/

I, for one, am fed up with the lies and manipulation coming from the lying SOB Obama and cronies such as David Axelrod. I am asking you to spread this information far and wide. The American people must know the truth.

ACORN funding cut, Judge Nina Gershon, December 14, 2009, Open Thread, Left hypocracy, Separation of powers, Judicial out of control, US Constitution

I have been reading and analyzing the ruling from US District Court Judge Nina Gershon, the complaint filed by ACORN attorneys and associated legal opinions and definitions. Judge Gershon, appointed by Bill Clinton, has a far left liberal view of the world and this comes through in her decisions.

How convenient and how liberal

When Obama obtained the electoral college vote and sanction from Congress (in defiance of the US Constitution) it was touted as the will of the people.
Now Congress has cut off funding to ACORN, it has the authority to do so, and District Court Judge Gershon (in defiance of the US Constitution) has ruled this unconstitutional.

Judge Gershon refers to the separation of powers and mistakenly does so when she buys into or embraces the alleged Bill of Attainder from Congress. In reality, she is violating the separation of powers when she impedes Congress from exercising their consitutional mandate to fund or remove funds on behalf of the American people.

This pattern of being guided by far left liberal agendas followed by  irresponsible rulings has been manifest for many years. You may remember the case from November 1999, the so called art exhibit containing a painting of the Virgin Mary that includes some elephant dung. It was apparent from Judge Gershon’s ruling then that she had an agenda that was contrary to protecting the American public and taxpayers.

“Mayor Says Judge Rushed Decision in Museum Case”

“Mayor Rudolph W. Giuliani accused a federal judge yesterday of rushing to issue her ruling in the Brooklyn Museum of Art case to block city lawyers from fully investigating the finances of the museum’s ”Sensation” exhibition.

Mr. Giuliani stepped up his attacks on Judge Nina Gershon of United States District Court in Brooklyn one day after she ruled that he had no right to cut the museum’s city financing because he felt ”Sensation” was offensive and blasphemous. The exhibition includes displays of dead animals and a painting of the Virgin Mary that includes some elephant dung.”

Read more:

http://www.nytimes.com/1999/11/03/nyregion/mayor-says-judge-rushed-decision-in-museum-case.html

The trend is obvious. Judge Nina Gershon has an agenda that blinds her from a realistic interpretation of the US Constitution, one that protects the citizens of the US.

I hope to present a more technical analysis of Judge Gershon’s ruling soon.

WE must insist that Congress not comply with this radical ruling. Tell them to press on.

Tea Party Express III, March 27, 2010, Just Vote Them Out, Searchlight NV, Las Vegas NV, Boston MA, Congress, White House, Take our country back

TEA PARTY EXPRESS TO RETURN FOR PART III!

 

“National Tea Party caravan will hold conservative rallies March 27 – April 15
SACRAMENTO, CA – The Tea Party Express (website: http://www.teapartyexpress.org/ ) is planning a 20-day tour that will cross the nation holding Tea Party rallies with the slogan “Just Vote Them Out!” in reference to the upcoming 2010 congressional elections.

The “Tea Party Express III: Just Vote Them Out” tour will rally conservatives in support of principles such as limited government, fiscal responsibility, and an end to the socialist policies being imposed by the Obama administration.

The caravan will launch with a “Mega Rally” in Searchlight, Nevada (population: approximately 500), the tiny hometown of Senate Majority Leader Harry Reid, on March 27th.

The Searchlight rally will feature numerous conservative celebrities and VIP’s, as well as the candidates vying for Reid’s senate seat. The Searchlight Mega Rally is expected to draw participants from multiple states to an event unprecedented in size and scope for the small town. From there, the Tea Party Express travels eastward towards its final destination of the massive April 15th Tax Day Tea Party rally in Washington, D.C.”

Read more:

http://teapartyexpressblog.blogspot.com/

SCHEDULE

Saturday, Mar 27
Searchlight, NV

Las Vegas, NV

Sunday, Mar 28
Phoenix, AZ

Flagstaff, AZ

Monday, Mar 29
St. George, UT

Tuesday, Mar 30
Provo, UT

Salt Lake City, UT

Wednesday, Mar 31
Grand Junction, CO

Denver, CO

Thursday, April 1
North Platte, NE

Omaha, NE

Friday, April 2
Topeka, KS

Tulsa, OK

Saturday, April 3
Little Rock, AR

Tupelo, MS

Sunday, April 4
Huntsville, AL

Nashville, TN

Monday, April 5
Evansville, IN

St. Louis, MO

Springfield, IL

Tuesday, April 6
Davenport, IA

Rockford, IL

Madison, WI

Wednesday, April 7
Milwaukee, WI

Green Bay, WI

Thursday, April 8
Minneapolis, MN

Duluth, MN

Ironwood, MI

Friday, April 9
Escanaba, MI

Sault Sainte Marie, MI

Saturday, April 10
Traverse City, MI

Grand Rapids, MI

Lansing, MI

Sunday, April 11
Detroit, MI

Cleveland, OH

Erie, PA

Monday, April 12
Buffalo, NY

Syracuse, NY

Tuesday, April 13
Albany, NY

Concord, NH

Wednesday, April 14
Boston, MA

ACORN, Judge Nina Gershon, US Constitution, Idiot judges, US Congress, ACORN funding, Open thread, December 13, 2009

We must give Congress an enema in 2010. Vote out jackasses, vote in statesmen who adhere to the US Constitution.

With the assistance of a new congress, we must next remove the illegal usurper Barack Obama.

Then we must remove incompetent, biased judges, state officials and then fix our schools.

Many of you are aware of a absurd decision by US District Court Judge, Nina Gershon. There are several possible reasons for Judge Gershon arriving at her unconstitutional conclusion. I can state with authority that the far left wackos have inundated the internet with their Orwellian word smithing to make it appear that Congress has broken the law by cutting off funding to ACORN. Nothing could be farther from the truth. Read the decision, do some research and check back here. I have read enough already to know that this judge should be impeached.

Judge Nina Gershon Decision
http://ccrjustice.org/files/Judge%20Gershon%2012%2011%202009%20PI%20Order.pdf

Michele Bachmann warning, Breaking News, ACORN, TARP II, CFPA Oversight Board, Barney Frank, Democrats, Taxpayer bailouts permanent solution, systemic risk regulator, Breitbart TV interview

Representative Michele Bachmann has put out an urgent plea to stop a dangerous bill about to be voted on.

From Michele Bachmann’s site.

“Bachmann: House Preserves ACORN’s Role in TARP II

 
 
Washington, D.C., Dec 10 –

(Washington, D.C.) U.S. Representative Michele Bachmann (MN-06), member of the House Financial Services Committee, made the following statement after the Democrat Leadership denied the entire House an opportunity to vote on her amendment to prevent ACORN from participating in the Consumer Financial Protection Agency’s Oversight Board.  The Consumer Financial Protection Agency (CFPA) is an expansive new government bureaucracy with far-reaching powers to make decisions for consumers about the kinds of mortgages, small business loans, and other financial products they may access.  The Oversight Board will be tasked with advising the Agency’s director on strategies and policies.

“An organization that has repeatedly shown an inability to adhere to even the most basic standards of ethics should not have a role in overseeing our nation’s financial system,” said Bachmann.  “By rejecting consideration of my amendment, the Democrat Majority protected ACORN instead of American taxpayers and investors.”

In recent months, the IRS, U.S. Census Bureau, and Congress have taken numerous actions to sever ties with ACORN.  In fact, less than two months ago, the House Financial Services Committee accepted another amendment offered by Bachmann that would prevent ACORN from serving on a similar board established in the exact same bill under consideration this week.

“There is a clear consensus amongst the American people that ACORN is unfit to receive federal funds and partner with federal organizations.  The Democrat Leadership’s decision today robs Congress from having the opportunity to take an up-or-down vote on my amendment and keep ACORN out of our financial markets,” said Bachmann.”

Star Tribune: Giving more power where power is not due
Wall Street and bureaucracy would benefit from pending reform.

 
Washington, D.C., Dec 11 –

The majority of Americans last fall were united against the $700 billion Wall Street bailout known as TARP. Proponents of the bill urged immediate action, claiming that a failure to act quickly would send the financial industry over the brink. They promised to examine the root cause of the crisis once financial markets were secure. One year later, the House is considering legislation that will result in the most far-reaching reforms of the financial services industry in our nation’s history.

But instead of addressing the real causes of the financial collapse and fixing bad government policies that led to the crisis, congressional Democrats want to codify the fiscally irresponsible bailout mania. Their bill would make taxpayer bailouts the permanent solution for dealing with reckless financial institutions in the future.

The 1,300-plus-page bill the House is scheduled to vote on today creates a “systemic risk regulator” tasked with determining which firms meet an undefined “too big to fail” test. It allows the government to tap a multibillion-dollar bailout fund to save troubled firms whenever it wants. This fund will be initially financed by a massive new tax on financial institutions and is expected to take $55 billion out of the hands of small businesses and job creators, leading to a loss of as many as 450,000 jobs. Should that fund run dry, taxpayers are on the hook to replenish it. And unlike TARP, this bill authorizes the Treasury Department and the Federal Reserve to completely bypass congressional approval and directly provide such lifelines to flailing firms.

The moral hazard this bill creates will ripple through the entire financial marketplace. Providing banks with a bailout guarantee will perpetuate a cycle of irresponsibility, shielding creditors from taking the fall for making risky decisions and forcing taxpayers to ante up again and again.

Rather than increasing transparency within the Federal Reserve and directing it to focus on the nation’s monetary policy, this bill drastically expands the powers of the Fed to intervene in the private marketplace. But the Federal Reserve has already proven its inability to preemptively catch systemic risks as demonstrated by the financial crisis that occurred under its watch. Giving more power to government bureaucracies that have failed in the past will do nothing to stabilize our markets.

I support an alternative plan that addresses both the core problems in our financial system and promises American taxpayers that they will not be on the hook for Wall Street’s mistakes ever again. Three key principles guide this proposal: 1) It ends government bailouts of financial institutions; 2) It stops allowing the government to pick winners and losers in the financial industry; and 3) It reinstates market discipline by removing moral hazards that exist today.

Minnesotans know when Washington is trying to pull a fast one. While the government takeover of health care and total lack of job growth is at the forefront of everyone’s minds, we cannot let this permanent bailout legislation slip through Congress without a fight.”

http://bachmann.house.gov/News/

Must hear interview of Michele Bachmann

Breitbart TV

 

http://www.breitbart.tv/bachmann-on-the-b-cast-a-conservative-call-to-action/#

Thanks to commenter Katie.