silverhawks
10-10-2008, 11:37 PM
Apologies if this has been posted anywhere else.
PANORAMA CITY, Calif., Oct. 10, 2008 (GLOBE NEWSWIRE) -- Eighteen Libertarian candidates for Congress in California today issued a joint statement opposing
the current financial bailout and asking whether the votes for it were openly bought with campaign contributions. The candidates released a table of data
(below) from OpenSecrets.org, which shows that the bailout votes of the Libertarian candidates' incumbent opponents correlate with 2008 campaign
contributions from PACs in the finance, insurance, and real estate industris to the incumbents. The Libertarian candidates' statement said:
"The current mortgage crisis is the direct and predictable result of the government protecting borrowers and lenders from their own unwise choices. Only one party in America-the Libertarian Party-is willing to say who caused this crisis and to consistently follow the principle of holding such people responsible for their own
choices.
"When the government covers someone's losses, this creates a 'moral hazard' that those businesses will continue to take unwise risks. After the 1989 bailout of the savings and loan (S&L) industry, the government fed a new real estate bubble with several more bad decisions. In 1992, Congress required Fannie Mae and
Freddie Mac to devote part of their mission to support affordable housing efforts. In 1994, Congress acted to encourage private lenders to direct more money to low-income borrowers. In 1995, new rules under the Community Reinvestment Act required lenders to spend money on advertising these loans to low-income borrowers. In
1999, Fannie Mae created another program to make loans to borrowers whose credit was not good enough to qualify for normal loans, prompting one economist to warn: 'This is another thrift industry growing up around us. If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'
"Now the Republicans and Democrats have intervened again in the credit markets, by spending $700 billion of taxpayer money on bad mortgages. This is a recipe for continuing the cycle of bailouts. Twenty years ago, the S&L bailout cost $160 billion. Today's bill is $700 billion. What will the next bailout cost?
"Libertarians say it's time to stop the insanity. Bailout advocates claim the government could profit from buying these non-performing mortgages. If this were true, then let private investors pursue these opportunities with their own money instead of with your tax dollars.
"We already have a mechanism to sort out the assets and liabilities of a troubled company-it's called bankruptcy. Bankruptcy doesn't mean that assets get torched or employees get blacklisted from all future employment. Bankruptcy just means that assets and employees are taken away from those who failed to manage them wisely, and made available for more productive employment.
"We already have a mechanism to punish those who deceived borrowers or lenders-it's called prosecution for fraud. The Libertarian candidate for president, Bob Barr, a former federal prosecutor, has called for vigorous prosecution of anybody who engaged in deceptive lending or who deliberately overvalued mortgage-backed securities. He says we need to clean up the marketplace, not cover up financial crimes with a pile of taxpayer money.
"Most importantly, we already have a mechanism to punish the politicians who worked so hard to help create this mess-it's called an election. This November, don't bail out the incumbents who are using your tax dollars to bail out their irresponsible friends on Wall Street. Instead, vote for the only party in America that believes people should be free to make their own choices in their personal and economic lives-and should bear the responsibility for those choices. Vote Libertarian, and send the message that Washington should be in nobody's pocket."
================================================== ===================
Incumbent 2008 $ From
Libertarian For Bailed-Out
District Challenger Incumbent Bailout? PACs
================================================== ===================
52 Michael Benoit Duncan Hunter (R) No $0
53 Ed Teyssier Susan Davis (D) Yes $5,000
46 Ernst Gasteiger Dana Rohrabacher (R) No $8,250
38 Chris Agrella Grace Napolitano (D) No $10,500
49 Lars Grossmith Darrell Issa (R) No $14,500
9 Jim Eyer Barbara Lee (D) No then Yes $15,700
35 Herb Peters Maxine Waters (D) Yes $16,000
12 Kevin Peterson Jackie Speier (D) Yes $19,500
50 Wayne Dunlap Brian Bilbray (R) No $29,000
29 Alan Pyeatt Adam Schiff (D) No then Yes $35,927
16 Steve Wells Zoe Lofgren (D) Yes $36,000
3 D.A. "Art" Tuma Dan Lungren (R) Yes $37,500
14 Brian Holtz Anna Eshoo (D) Yes $46,000
26 Ted Brown David Dreier (R) Yes $113,750
48 Don Patterson John Campbell (R) Yes $143,449
27 Tim Denton Brad Sherman (D) No $146,965
7 Camden McConnell George Miller (D) Yes $148,859
8 Phil Berg Nancy Pelosi (D) Yes $302,600
================================================== ===================
Source: OpenSecrets.org
About the Libertarian Party of California
The Libertarian Party of California has more than 50 public officeholders statewide. It also publishes the weekly Libertarian Perspective, an op-ed column
authored by writers who strongly believe in freedom and individual liberty. Libertarians are socially tolerant and fiscally responsible, believe in personal
freedom in both social and economic spheres, and in government small enough to protect those freedoms. For more information, visit the party's Website at
www.ca.lp.org. For each candidate's contact info see libertarianpartycandidates.us/states/california/.
CONTACT: Libertarian Party of California
Media contact:
Dan Minkoff
(310) 486-4695
Email contact: media@ca.lp.org
Sat Oct 11 00:46:57 2008
PANORAMA CITY, Calif., Oct. 10, 2008 (GLOBE NEWSWIRE) -- Eighteen Libertarian candidates for Congress in California today issued a joint statement opposing
the current financial bailout and asking whether the votes for it were openly bought with campaign contributions. The candidates released a table of data
(below) from OpenSecrets.org, which shows that the bailout votes of the Libertarian candidates' incumbent opponents correlate with 2008 campaign
contributions from PACs in the finance, insurance, and real estate industris to the incumbents. The Libertarian candidates' statement said:
"The current mortgage crisis is the direct and predictable result of the government protecting borrowers and lenders from their own unwise choices. Only one party in America-the Libertarian Party-is willing to say who caused this crisis and to consistently follow the principle of holding such people responsible for their own
choices.
"When the government covers someone's losses, this creates a 'moral hazard' that those businesses will continue to take unwise risks. After the 1989 bailout of the savings and loan (S&L) industry, the government fed a new real estate bubble with several more bad decisions. In 1992, Congress required Fannie Mae and
Freddie Mac to devote part of their mission to support affordable housing efforts. In 1994, Congress acted to encourage private lenders to direct more money to low-income borrowers. In 1995, new rules under the Community Reinvestment Act required lenders to spend money on advertising these loans to low-income borrowers. In
1999, Fannie Mae created another program to make loans to borrowers whose credit was not good enough to qualify for normal loans, prompting one economist to warn: 'This is another thrift industry growing up around us. If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'
"Now the Republicans and Democrats have intervened again in the credit markets, by spending $700 billion of taxpayer money on bad mortgages. This is a recipe for continuing the cycle of bailouts. Twenty years ago, the S&L bailout cost $160 billion. Today's bill is $700 billion. What will the next bailout cost?
"Libertarians say it's time to stop the insanity. Bailout advocates claim the government could profit from buying these non-performing mortgages. If this were true, then let private investors pursue these opportunities with their own money instead of with your tax dollars.
"We already have a mechanism to sort out the assets and liabilities of a troubled company-it's called bankruptcy. Bankruptcy doesn't mean that assets get torched or employees get blacklisted from all future employment. Bankruptcy just means that assets and employees are taken away from those who failed to manage them wisely, and made available for more productive employment.
"We already have a mechanism to punish those who deceived borrowers or lenders-it's called prosecution for fraud. The Libertarian candidate for president, Bob Barr, a former federal prosecutor, has called for vigorous prosecution of anybody who engaged in deceptive lending or who deliberately overvalued mortgage-backed securities. He says we need to clean up the marketplace, not cover up financial crimes with a pile of taxpayer money.
"Most importantly, we already have a mechanism to punish the politicians who worked so hard to help create this mess-it's called an election. This November, don't bail out the incumbents who are using your tax dollars to bail out their irresponsible friends on Wall Street. Instead, vote for the only party in America that believes people should be free to make their own choices in their personal and economic lives-and should bear the responsibility for those choices. Vote Libertarian, and send the message that Washington should be in nobody's pocket."
================================================== ===================
Incumbent 2008 $ From
Libertarian For Bailed-Out
District Challenger Incumbent Bailout? PACs
================================================== ===================
52 Michael Benoit Duncan Hunter (R) No $0
53 Ed Teyssier Susan Davis (D) Yes $5,000
46 Ernst Gasteiger Dana Rohrabacher (R) No $8,250
38 Chris Agrella Grace Napolitano (D) No $10,500
49 Lars Grossmith Darrell Issa (R) No $14,500
9 Jim Eyer Barbara Lee (D) No then Yes $15,700
35 Herb Peters Maxine Waters (D) Yes $16,000
12 Kevin Peterson Jackie Speier (D) Yes $19,500
50 Wayne Dunlap Brian Bilbray (R) No $29,000
29 Alan Pyeatt Adam Schiff (D) No then Yes $35,927
16 Steve Wells Zoe Lofgren (D) Yes $36,000
3 D.A. "Art" Tuma Dan Lungren (R) Yes $37,500
14 Brian Holtz Anna Eshoo (D) Yes $46,000
26 Ted Brown David Dreier (R) Yes $113,750
48 Don Patterson John Campbell (R) Yes $143,449
27 Tim Denton Brad Sherman (D) No $146,965
7 Camden McConnell George Miller (D) Yes $148,859
8 Phil Berg Nancy Pelosi (D) Yes $302,600
================================================== ===================
Source: OpenSecrets.org
About the Libertarian Party of California
The Libertarian Party of California has more than 50 public officeholders statewide. It also publishes the weekly Libertarian Perspective, an op-ed column
authored by writers who strongly believe in freedom and individual liberty. Libertarians are socially tolerant and fiscally responsible, believe in personal
freedom in both social and economic spheres, and in government small enough to protect those freedoms. For more information, visit the party's Website at
www.ca.lp.org. For each candidate's contact info see libertarianpartycandidates.us/states/california/.
CONTACT: Libertarian Party of California
Media contact:
Dan Minkoff
(310) 486-4695
Email contact: media@ca.lp.org
Sat Oct 11 00:46:57 2008