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Even More Stimulating!
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Blog

Even More Stimulating!

Read enough national op-ed columns and you'll very quickly start to recognize a pretty common strain of thought which argues that bipartisanship is a good thing.  That sounds plenty nice, and maybe there's something to be said for getting along with your political enemies.

04/06/2008
Earmark Pledge "Political Suicide"?
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Blog

Earmark Pledge "Political Suicide"?

CA-41 Democratic candidate Tim Prince stated on the phone that he couldn't sign FreedomWorks' earmark pledge because it would be "political suicide."  That's kind of surprising in light of the fact that so many other signers, who have actually made it to Congress, feel that far from "political suicide" it's good policy and good politics to take a public stand on this important issue.    In fact, many of the most successful politicians out there are ones that have made a career out of fighting earmarks and pork barrel spending - Sen. John McCain, Sen. Tom Coburn, Rep. Jeff Flake, Rep.

04/03/2008
Key Vote "No" on Mortgage Bailout Amendment
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Press Release

Key Vote "No" on Mortgage Bailout Amendment

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on Senator Dick Durbin’s amendment to the housing bill.  The bursting housing bubble and subsequent increase in subprime mortgage defaults are a concern in Congress. Unfortunately, current legislation under consideration involves significant new federal involvement in lending and housing markets. A bailout that rewards speculative or high-risk decision-making and punishes responsible decision-making is not warranted. FreedomWorks believes that the market needs to be allowed to re-price mortgage loans and property values, and the government should not exacerbate the situation with policies that create moral hazard, distort prices, and push costs onto taxpayers. The Durbin amendment goes even further, allowing judges to alter the terms of a mortgage contract in bankruptcy, potentially raising the cost of mortgages for all future borrowers. We will count your vote on this amendment as a KEY VOTE when calculating the FreedomWorks Economic Scorecard for 2008. The FreedomWorks Economic Scorecard is used to determine eligibility for the Jefferson Award, which recognizes members of Congress with voting records that support economic freedom.

04/03/2008
Key Vote "No" on Foreclosure Prevention Act
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Press Release

Key Vote "No" on Foreclosure Prevention Act

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Foreclosure Prevention Act of 2008: S. 2636. The bill seeks direct federal spending, calling for taxpayers nationwide to cover the costs for those regions of the nation where housing markets were overbuilt while penalizing prudent homebuyers who chose to avoid potentially risky mortgages.

04/03/2008
Hofstra University Visits FreedomWorks HQ
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Press Release

Hofstra University Visits FreedomWorks HQ

FreedomWorks hosted a group of about 30 students and their professors at our office. The students were part of a political science class in town to visit political organizations to learn how groups outside the mainstream political parties influenced policy.   Students received a copy of Frederic Bastiat's The Law, FreedomWorks voter education cards on energy, regulations, entitlements, taxes, and health care, and a FreedomWorks brochure when they came in.  After a quick introduction by me, Brendan gave a short history of FreedomWorks and explained how we use grassroots power to keep our issues part of the political discussion.  He got some good questions, but when Dr. Brough began to go into depth about the freedom issues, their roots in free market economics, and what FreedomWorks is trying to do on specific current issues, the room lit up.   Some students were somewhat adversarial, but all asked very good questions, reading from the education cards and asking Dr. B and Brendan to expound on those points.  What began as a half-hour appointment soon stretched over an hour and a half as the students and professors engaged Dr. Brough  and Brendan in an intense discussion.   Afterward, they all seemed very grateful for the time they had at FreedomWorks. Many students took business cards and asked how they could become  more involved.  Dr. Richard Himelfarb, who arranged the trip, thanked us for our time and explained how great it was for the students to hear a perspective that was rarely presented in class.

04/03/2008
FreedomWorks Backs School Choice in Pennsylvania
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Press Release

FreedomWorks Backs School Choice in Pennsylvania

FreedomWorks field coordinator Joe Hilliard joins advocates for school choice in the Lehigh Valley, Pennsylvania. FreedomWorks is part of a coalition of citizen groups supporting the efforts of local leaders to start a charter school to compete with the government-run schools in the area. The Allentown Morning Call covered the press conference, organized by Chris Hoenscheid. More than 40 people attended the press conference in support of opening the Thomas Paine Charter School in Catasauqua, PA. The Catasauqua Area School Board voted the project down earlier last month. But Hoenscheid plans to resubmit an application for the 2009-10 school year.   Here is the article: http://www.mcall.com/news/local/all-b3-5charter.6337860apr02,0,4181634.story

04/03/2008
US Homeowner Bail-Out Hits Resistance
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Newspaper Article

US Homeowner Bail-Out Hits Resistance

BY Chris Bryant and James Politi

The agreement in the US Senate on Thursday to create new bipartisan housing legislation reflects intensifying pressure in Congress to tackle the mortgage crisis. Despite the emerging consensus across party lines in favour of more government intervention in the housing market, the final shape of the bill has been influenced by a curious coalition opposed to a state rescue for mortgage borrowers.

04/03/2008
Why the Bear Stearns Deal Was a Shareholder Bailout
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Blog

Why the Bear Stearns Deal Was a Shareholder Bailout

BY

CEI's John Berlau has an interesting piece in Investor's Business Daily. While I agree that hysteria about systemic risk is being used as cover for wildly inappropriate Federal Reserve action, I don't agree with John's point that Bear shareholders were made worse by the deal or that their options were compromised. In fact, Bear shareholders clearly did better under the Fed-orchestrated (and revised to $10) buyout.

04/02/2008
Sen. Jim Bunning: Today's Taxpayer Hero
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Blog

Sen. Jim Bunning: Today's Taxpayer Hero

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As the Federal Reserve scrambles to extend taxpayer guarantees to reckless Wall Street lenders, Kentucky's Sen. Jim Bunning is nailing the issue in hearings today.

04/02/2008
Down The Rabbit Hole: Feds Outline Bear Stearns Collateral
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Blog

Down The Rabbit Hole: Feds Outline Bear Stearns Collateral

BY

The key element of the Bear Stearns bailout is a secretive government-backed loan of $29 billion to J.P. Morgan Chase. (It is for $30 billion but JP Morgan is on the hook for the first $1 billion in losses.) Bear Stearns was clearly bankrupt, but the Federal Reserve’s loan allowed J.P. Morgan Chase to eventually offer $10 a share for the firm.  That represents about a $1 billion windfall to Bear Stearns shareholders, who should have been wiped out completely for owning an insolvent investment bank.

04/02/2008

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