Another RINO Falls: Bob Bennett Suffers Stunning Defeat

Once-popular Sen. Bob Bennett fell victim to a growing national conservative movement with his stunning defeat at Utah's GOP convention.

Delegates voted Saturday to bar the 76-year-old senator from seeking a fourth term, making him the first congressional incumbent to be ousted this year and demonstrates the challenges candidates face from the right in 2010.

Bennett was under fire for voting to bail out Wall Street, co-sponsoring a bipartisan bill mandating health insurance coverage and for aggressively pursuing earmarks.

Read the rest of this entry >>

Lawsuit Filed Against Treasury Dept: Stop AIG Bailout Financing Terrorism

From The Thomas More Law Center

A federal lawsuit was filed this morning against U.S. Treasury Secretary Henry M. Paulson, Jr. and the Federal Reserve Board to stop all bailout funds from going to American International Group, Inc. (“AIG”). According to the lawsuit, the U.S. government, through its ownership of AIG, is not only violating the Constitution, but also promoting and financing the destruction of America using American tax dollars.

The basis of the lawsuit is that AIG intentionally promotes Shariah-compliant businesses and insurance products, which by necessity must comply with the 1200 year old body of Islamic canon law based on the Quran, which demands the conversion, subjugation, or destruction of the infidel West, including the United States. To help achieve these objectives and with the aid of federal tax dollars, AIG employs a three-person Shariah Advisory Board, with members from Saudi Arabia, Bahrain, and Pakistan. According to AIG, the role of its Shariah authority “is to review operations, supervise its development of Islamic products, and determine Shariah compliance of these products and investments.”

Read the rest of this entry >>

FedUpUSA States That $700 Billion Bailout Threatens U.S. Democracy, Sovereignty

According to Karl Denninger, of FedUpUSA, the $700 billion bailout proposed last week by Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson effectively anoints Paulson “King” of American Finance.

The plan for the largest bailout in history has been rapidly crafted and is being forced through Congress a week before recess, effectively moving Wall Street’s disaster to Main Street with little discussion and less understanding, according to Denninger. The bailout does not address the issues affecting market confidence and will severely undermine the United States’ balance sheet.

“The plan has been sold using fear rather than facts to both Congress and the American people,” said Denninger, of FedUpUSA, a grassroots organization, and The Market Ticker, provider of commentary on capital markets.

“The fear gripping our financial markets flows from a lack of trust in the health of firms on both Wall Street and worldwide,” said Denninger. “Throwing money around does nothing to address the root cause and, in fact, simply creates further instability as we continue to have government fiat choose which firms succeed and which ones fail.”

Currently, interest on the national debt is the second largest expenditure besides military (this excludes Social Security and Medicare which are included in the Unitary Budget, but funded separately). The $700 billion bailout, which could potentially end up costing much more, will add even more debt interest. Debt interest has the potential of becoming the largest budget item, dwarfing the entire budget. This in turn could lead to capital flight from the United States and a devaluation of the U.S. dollar, already significantly depreciated under Secretary Paulson, among other things.

FedUpUSA and Denninger are advocating for an alternative – a plan that will restore confidence by ensuring that all market participants are able to objectively value firms, thereby calming both the credit and stock markets.

Americans concerned about this massive bailout are encouraged to visit http://financialpetition.org/petition-nobail.shtml and sign the petition to Congress, as well as phone members of Congress and tell them, “No more bailouts!” More information, including two 10-minutes videos on the problem and solution, is at http://fedupusa.org/.