Category Archives: Socialism

Bachmann On Stealing From BP

Barack Obama, Bush, Constitution, Private Property, Socialism

That “Barack Obama is exceeding his legitimate constitutional authority” is not news. CNSNews.com: “The Fifth Amendment to the Constitution was ratified specifically to prevent the government from taking or redistributing private property without due process of law. The amendment says: ‘No person shall be … deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.'”

Michele Bachmann reminds us that BHO’s strong-arming British Petroleum to “set up an independent fund, not controlled by the company, for compensating victims of the Gulf oil spill”—this is in violation of the constitution’s “jurisdictional limits … on what the extent of executive power” should be. (I hope the congresswoman is not implying that if Congress, and not the president, decided to seize BP assets—why, that would be an entirely different matter.)

The conservative from Minnesota said she was particularly bothered by the call President Obama made Monday–later reiterated in his Oval Office address Tuesday night–for BP to set aside money for reimbursements to victims of the Gulf oil spill that would be administered independently, taking control of the money away from the company.

“Bachmann acknowledged the problem began under President George W. Bush with the creation of the Troubled Assets Relief Program (TARP).”

Socialism is not necessarily the ownership of the means of production. As usual, Bachmann is a beacon of light in pointing out that, “just because we don’t own an industry doesn’t mean that we don’t effectively control it, because we are in a lot of ways.”

Not that anyone is listening. CNN Republican analyst Bill Bennett seemed satisfied with the arrangement whereby BHO compelled BP to surrender “$20 billion into escrow to compensate victims of the Gulf of Mexico oil spill.”

Lethal Bush Baby

Bush, Free Markets, Healthcare, Individual Rights, Natural Law, Socialism

Is there any surprise that one of the inconsequential females GWB sired supports the colossal health-care entitlement program BHO passed? One can hardly consider Barbara Bush’s statist father and left-liberal mother intellectual and moral role models capable of steering this brassy young woman toward an understanding of freedom.

In an interview on Fox News Sunday, Barbara Bush said she’s “glad” Democrats passed the massive spending measure and President Barack Obama signed it into law.
“Why do, basically, people with money have good health care and why do people who live on lower salaries not have good health care?” the 28-year old said. “Health should be a right for everyone.”
Asked specifically what she though about the president’s health care initiative, Bush replied with a smile, “That is a good question – obviously the health care reform bill was highly debated by a lot of people and I guess I’m glad the bill was passed.”

The former First Dolt is using her celebrity clout to promote the unethical idea that a medic should be conscripted to serve those in need of his services; in other words, that healthcare is a natural right, and not a service. Men and women who work in this industry thus must be conscripted by central planners, rather than left to offer their services on the free market, or as part of voluntary charities.

Speaking of private charities, Barbara Bush “runs the Global Health Corps, a nonprofit group that aims to connect ‘outstanding young leaders with organizations working on the front lines in order to promote global health equity,’ according to the organization’s website.”

From operating a successful, private, non-profits, health-care charity, Bush has taken away that the world needs more state-run care.

Freddie & Fannie Come Calling … Ad Infinitum

Affirmative Action, America, Bush, China, Debt, Economy, Fascism, Sarah Palin, Socialism

“Spare some change, please? Forget that. Hand over another $8.4 billion to “Fannie Mae and sister company Freddie Mac.” “The Obama administration,” reports “My Way,” had “pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.”

This via Jeff Tucker, in case you forgot who and what contributed to this affirmative-action driven downturn, here’s a New York Times’ story from 1999:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans….
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

Back in 2008, some analysts had quipped that only North Korea and Cuba were more socialist than the US in the wake of the Fannie and Freddie bailouts. This space has regularly excoriated Republican hacks for referring deceptively to our cherished “American freedoms.” (Also see BAB’s “Fascism Rising” series of posts.)

As Jim Rogers pointed out, you have a free market in housing in China. If you watch this clip, be reminded not only of Bush socialism, but of the socialism of Palin, “Bush In A Bra.” Rather than shutting F&F down, a solution to which Repbulicans are now paying lip service, Palin wanted to fine tune the mortgage miasma; make it smaller and smarter.

I would add that, as a prelude to the discussion of our economic woes, it has become fashionable for commentators to condemn socialism for the rich; this makes one look benevolent. As execrable as corporatism is, it is no reason to ignore the massive wealth transfer from taxpayers to the poor in the context of F & F, a commitment that has contributed immeasurably to the economic meltdown.

Freddie & Fannie Come Calling … Ad Infinitum

Affirmative Action, America, Bush, China, Debt, Fascism, Sarah Palin, Socialism

This via Jeff Tucker, in case you forgot who and what contributed to this affirmative-action driven downturn, here’s a New York Times’ story from 1999:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans….
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.