October 7, 2008I can't embed this because it keeps getting pulled. Thanks to Pat Dollard for hosting this video. This is what SNL should be doing, speaking truth to power. The sketch makes some great points:
- Bush warned about Freddie Mac & Fannie Mae long before the Democrats, even though Pelosi has said the opposite and lauded the President's economic policies
- Many home buyers who were affected were horribly under qualified for mortgages
- Other home buyers were wealth opportunists who will be OK in the long run
- Those benefiting from the bailout are wealthy investors who don't need a bailout
- George Soros is a jerk
Of course it got pulled because it's too harsh on the Dems and SNL can't be too harsh on their favorite politicians! Thankfully at OpenMarket.org we realize that all politicians are worth lampooning.
Check out the video here:...
October 3, 2008Statement of Fred L. Smith, Jr., President of CEI:
The bailout bill that passed the Senate is no improvement over the bill the House rightly rejected on Monday. Representatives should stick to their guns and reject the bill for the following reasons:
- The bill perpetuates an unrealistic view of homeownership. Ill-considered legislative and regulatory initiatives have turned the American dream into the American nightmare for many people. Failing to reform the political programs and pressures that triggered the current crisis merely sets us up for the next crisis.
- The bill tries to relieve symptoms without addressing causes. A lack of proper monitoring of the creative financial instruments that have evolved in recent decades has resulted in “toxic” debts that are difficult to identify and...
October 2, 2008
September 29, 2008Though the bill may have been defeated for the wrong reasons—like the lack of freebies, giveaways, and handouts that many on the left had hoped for—the defeat of the bailout bill in the House has brought stocks out of their decent. The Dow Jones is now climbing.
But how can this be? How could a bill that was designed to save our economy, our country, and the world be the cause of the Dow's drop today? Easy, the bill was introducing such incredible uncertainty into the market that investors were panicking.
It could also be that Wall Street—despite the recent bank closings—is still smarter than Washington. The reactions of investors suggests they realize the bill may have done more harm than good.
For more on why a defeated bailout bill is a very good thing and why the world doesn't need saving, read...
September 29, 2008LibertyWeek, CEI's weekly podcast, covered the bailout and the financial meltdown on Wall Street in its last episode. "Bailouts & Ballparks" features an interview with John Berlau, Director of the Center for Entrepreneurship at the Competitive Enterprise Institute.
My guest co-host William Yeatman and I discuss with John how excess regulation, the Federal Reserve, failed housing programs, government sponsored enterprises, and corruption brought Wall Street to its knees. The three of us come away from the interview with a different conclusion than the mainstream media. Rather than labeling...
September 16, 2008Check out me and Richard Morrison doing another episode of CEI's weekly podcast, Liberty Week. This week we cover:
- The "meltdown" on Wall Street
- Hurricane Ike
- Nancy Pelosi's opposition to offshore drilling
- The War on Bottled Waterâ„¢
- A breakthrough for Paralympic athletes
Also, this week we have Radu Burnete (our Romanian intern) joining us to consider how European Union rules have made short cucumbers, uncurved bananas and unpasteurized cheese crimes against the people.
September 12, 2008
August 15, 2008Forbes magazine grabs a terrific quote from 10,000 Commandments, an annual report authored by Wayne Crews, CEI's Vice President for Policy. The report focuses on just how bloated the federal registry has become:
What goes up and doesn't come down? The federal budget and the cost of federal regulations. [Our] new report finds the cost of federal regulations on consumers [was] a staggering $1.16 trillion in 2007.
Thanks to Mr. Steve Forbes for including us in his fine publications and for sending us a note giving us a heads-up on the quote.
If you're not feeling angry enough at just how out of control our federal...
July 14, 2008The rights of homeowners to form associations is under attack in Maryland, where some residents believe that the state should forbid homeowners associations HOAs from enforcing some community guidelines.
The Post Express and the Washington Examiner both published an AP story last week outlining the frustrations that some Maryland residents have over not being able to hang their laundry outside—an action that's forbidden by their HOAs.
One homeowner and clothesline enthusiast can't let this injustice (to her) stand. Wei Wang, was cited in the AP piece...
May 16, 2008I'm looking for examples of effective tech lobbyists. We've seen a lot of people moving from the Valley to the Hill lately. Microsoft has gone from "Jack and His Jeep " to a giant lobbying shop. Google learned from Microsoft's mistakes and now has a couple floors down on New York Ave. These guys are making an impact in Washington, but what are the best Baptist and Bootleggers scenarios?
Bruce Yandle was the first to put this name to the common two-man play in Washington. It involves a moral authority and an underwriter with deep pockets to fund a lobbying effort. He used Baptists and...