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Key Vote "No": H.R. 2346

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to vote “No” on the war Supplemental Appropriations Act of 2009 because the bill includes a $100 billion International Monetary Fund (IMF) bailout.  The bill contains funding for other projects that should not be used as a vehicle to ram IMF funding through Congress.  Using this method to get the IMF funding passed is dirty Washington politics and law makers should reject it.

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Press Release

Key Vote "No": H.R. 2346

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to vote “No” on the war Supplemental Appropriations Act of 2009 because the bill includes a $100 billion International Monetary Fund (IMF) bailout.  The bill contains funding for other projects that should not be used as a vehicle to ram IMF funding through Congress.  Using this method to get the IMF funding passed is dirty Washington politics and law makers should reject it.

06/03/2009
The arrival of Government Motors

For those of you interested in my view on GM's bankruptcy and the future emergence of Government Motors, please see my article at HumanEvents.com.  (My agreement with Human Events does not permit me to post the text of the article here.)see “GM Bankrupt: Obama Takes Over", Ross Kaminsky, HumanEvents.com, 6/1/09 http://www.humanevents.com/article.php?id=32085

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Blog

The arrival of Government Motors

For those of you interested in my view on GM's bankruptcy and the future emergence of Government Motors, please see my article at HumanEvents.com.  (My agreement with Human Events does not permit me to post the text of the article here.)see “GM Bankrupt: Obama Takes Over", Ross Kaminsky, HumanEvents.com, 6/1/09 http://www.humanevents.com/article.php?id=32085

06/02/2009
Chrysler and Sacrificing for the "Greater Good"

A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

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Blog

Chrysler and Sacrificing for the "Greater Good"

A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

05/04/2009
No more bailouts, Br'er Durbin?!?

Last week brought a rare victory for the free markets and the sanctity of private contracts: By a 51-45 vote, the Senate defeated a measure championed by Democratic Senator Dick Durbin (Illinois) which would have allowed judges to reduce the principle amount of a mortgage on a primary residence during a bankruptcy proceeding. Twelve Democrats, including Arlen Specter, voted against the plan.

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Blog

No more bailouts, Br'er Durbin?!?

Last week brought a rare victory for the free markets and the sanctity of private contracts: By a 51-45 vote, the Senate defeated a measure championed by Democratic Senator Dick Durbin (Illinois) which would have allowed judges to reduce the principle amount of a mortgage on a primary residence during a bankruptcy proceeding. Twelve Democrats, including Arlen Specter, voted against the plan.

05/03/2009
Fed Losing $9.6 Billion in AIG, Bear Stearns

As of Dec. 31, the Federal Reserve faces $9.6 billion in unrealized losses on $74 billion in assets from Bear Stearns and AIG.  An unrealized loss represents the current value of the asset versus its face value.  The central bank will realize the losses if the principle is not returned.  According to Bloomberg, "The central bank lent $2 trillion to financial institutions and has not disclosed information about most of the collateral backing those loans."  While it's unlikely that all $2 trillion of the collateral the central bank has accepted is as risky as the assets taken from Bear Stearns and AIG, the Fed may still face substantial risk.  

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Blog

Fed Losing $9.6 Billion in AIG, Bear Stearns

As of Dec. 31, the Federal Reserve faces $9.6 billion in unrealized losses on $74 billion in assets from Bear Stearns and AIG.  An unrealized loss represents the current value of the asset versus its face value.  The central bank will realize the losses if the principle is not returned.  According to Bloomberg, "The central bank lent $2 trillion to financial institutions and has not disclosed information about most of the collateral backing those loans."  While it's unlikely that all $2 trillion of the collateral the central bank has accepted is as risky as the assets taken from Bear Stearns and AIG, the Fed may still face substantial risk.  

04/24/2009
New TARP Direction Puts Taxpayers at Risk

The Treasury recently announced that it may not need any more money to bail out banks aside from the $700 billion TARP money that it received already.  There is about $134 billion left of the original amount.  Instead of asking for more money, Treasury may convert the loans that it's made to large banks into common stock.  Common stock provide equity, which could help shore up bank balance sheets, but there are some problems.  

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Blog

New TARP Direction Puts Taxpayers at Risk

The Treasury recently announced that it may not need any more money to bail out banks aside from the $700 billion TARP money that it received already.  There is about $134 billion left of the original amount.  Instead of asking for more money, Treasury may convert the loans that it's made to large banks into common stock.  Common stock provide equity, which could help shore up bank balance sheets, but there are some problems.  

04/22/2009
Keynesian Bubble Reinflation

Mario Rizzo at NYU has a great article has a great article in this issue of the Freeman explaining how Keynesian stimulus packages can't restore confidence to an economy.  He argues that in order to restore confidence in the market, which Secretary Geithner has claimed is the goal, we have to fix the causes of the problem rather than the symptoms.  A stimulus package does not correct, even in Keynesian terms, the "collective irrationality" that lead to a housing bubble in the first place.  

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Blog

Keynesian Bubble Reinflation

Mario Rizzo at NYU has a great article has a great article in this issue of the Freeman explaining how Keynesian stimulus packages can't restore confidence to an economy.  He argues that in order to restore confidence in the market, which Secretary Geithner has claimed is the goal, we have to fix the causes of the problem rather than the symptoms.  A stimulus package does not correct, even in Keynesian terms, the "collective irrationality" that lead to a housing bubble in the first place.  

04/07/2009
Bailing Out of the Constitution

It is high time Americans heard an argument that might turn a vague national uneasiness into a vivid awareness of something going very wrong. The argument is that the Emergency Economic Stabilization Act of 2008 (EESA) is unconstitutional.

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Newspaper Article

Bailing Out of the Constitution

BY George F. Will

It is high time Americans heard an argument that might turn a vague national uneasiness into a vivid awareness of something going very wrong. The argument is that the Emergency Economic Stabilization Act of 2008 (EESA) is unconstitutional.

03/30/2009
Now they realize the Big Three aren't viable?

I’m somewhat pleased to say that the Obama Administration is rejecting the restructuring plans of GM and Chrysler. The bad news is that the Administration has already given them billions of our (taxpayer) dollars and will continue to fund them (Chrysler for 30 days and GM for 60 days) with taxpayer money, at the end of which the companies will likely (in my opinion) have to file for bankruptcy.

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Blog

Now they realize the Big Three aren't viable?

I’m somewhat pleased to say that the Obama Administration is rejecting the restructuring plans of GM and Chrysler. The bad news is that the Administration has already given them billions of our (taxpayer) dollars and will continue to fund them (Chrysler for 30 days and GM for 60 days) with taxpayer money, at the end of which the companies will likely (in my opinion) have to file for bankruptcy.

03/30/2009
Obama forces out CEO of General Motors

Politico is reporting that GM CEO Rick Wagoner is resigning, effective immediately, “at the government’s behest.” While my gut reaction was anger at Obama, after a few minutes I’m less angry.

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Blog

Obama forces out CEO of General Motors

Politico is reporting that GM CEO Rick Wagoner is resigning, effective immediately, “at the government’s behest.” While my gut reaction was anger at Obama, after a few minutes I’m less angry.

03/29/2009

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