This week, the main buzz is sure to be about possibly bailing-out the automotive industries in Detroit, known as the "Big Three." The Big Three consist of the three major automotive manufacturers: Ford, General Motors and Chrysler.
Politicians looking to appease their nervous constituency, interest groups (both from the United Auto Workers and those representing Big Automotive) looking for a handout and know-nothing political pundits looking for a juicy story will all tell you this is necessary for the economic well being of the nation.
Media Alert: Jim Babka will be on the radio today and Sunday. See the P.S. below the signature.
Quote of the Day: "When the people find that they can vote themselves money, that will herald the end of the republic. Sell not liberty to purchase power." -- Benjamin Franklin
Subject: $61 billion stimulus package failed in the Senate
But House Democrats are still pushing for another stimulus package that they will try to pass in a lame duck session. The details are constantly shifting, but this proposal would add another $150 billion to $165 billion to a national debt that has grown by nearly a trillion dollars in the space of about a month.
Good evening dear citizens. Since it is Guy Fawkes Day this 5th of November, I thought it was time for us to have a little chat. A chat about the essence of life in general and the essence of your country in particular.
The NJLP has several methods of party communication. Of course there is this website that has articles of interest to NJ state residents and a calendar of our upcoming events. The site also hosts a forum where you can discuss and comment on each article on the website.
Interested parties should consider subscribing to our NJLP announce list! Our announce list is used for official party announcements only, subscribing won't get you a ton of junk email messages, only the occasional party announcement. Subscribe by visiting our Party Info page and enter your email address.
Other lists you may want to look into include our activists list and liberty-talk. To join activists you must be invited by the chair. It is a private email discussion list for NJLP activists only.
Liberty-talk is not owned or managed by the NJLP, but quite a few NJLP members are on this list. Liberty-talk is a list used for open discussion on liberty. To join send a blank email to
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
.
Now that bailout has become the government’s policy, which bank is next? Well, it won’t be a bank; it will be Ford.
Ford has been saying all along that Chapter 11 is not an option. Of course it isn’t. Ford has been lobbying for government money. The government has already committed itself to bailouts. Why not Ford?
Does the average American know what the word “liquidity” means? According to the government, it is something that is drying up. It reminds me of that old adage “You don’t miss your water ‘till your well runs dry.” In this case, you don’t miss your credit until your bank tells you to take a hike.
But banks don’t seem to be doing that. Go to any local bank and try to refinance your home. You won’t have a problem. Or try to get a credit line for your business. No problem there either. Or try to qualify for an FHA mortgage. Not much of a problem there either. So where’s the liquidity crunch?
On November 4th, NJ residents shall have two public questions on the ballot. Public question#1 will make it harder for the state legislature to borrow money using bonds. Public question #2 changes how municipal court judges are appointed.
Most Americans assume that the banking system as we know it has been around since the end of the Revolution. Not so!
We all know of the animosity between Thomas Jefferson and Alexander Hamilton. Jefferson opposed a national bank on principal. He stated that it was not in the Constitution that there should be a central bank; Hamilton argued that it was implied in the Constitution. George Washington signed the law creating a national bank in order to promote trade and industry. The law expired in 1811 and Congress did not renew it until 1816. Congress attempted to renew the law in 1832 however it was vetoed by Andrew Jackson. Our current banking system was not created until 1914.
This Friday (10 p.m. ET), I get the entire "20/20" hour for a special: John Stossel's Politically Incorrect Guide to Politics
There's tremendous excitement about this year's election. People say that their candidate will fix America. Barack Obama inspires idol worship that's usually lavished on rock stars. At the Republican convention, one man told me John McCain was like Superman.
George Mason University economist and author Russell Roberts, who blogs at the always interesting Cafe Hayek, sat down with reason.tv to talk about the nation's shakey economy and the government's bailout plan. Watch this six-minute interview to learn where the problems came from, why the bailout won't address them, and what sort of hurt we're in for over the next several weeks, months, and years. "The real cost of this," warns Roberts, "is that we have said to people, 'Risk taking is not as risky as it used to be.' That's a mistake. It's a horrible mistake and it will lead to a lower standard of living down the road because investment will be more cavalier and less prudent."
This week, the main buzz is sure to be about possibly bailing-out the automotive industries in Detroit, known as the "Big Three." The Big Three consist of the three major automotive manufacturers: Ford, General Motors and Chrysler. 
