The Liberty Tree Lantern

In a letter to the House Financial Services Committee earlier this month, all eight wrote that they support the type of amendment now being introduced by Rep. Mel Watt (D-N.C.). Watt’s approach purports to increase Fed transparency while it actually would tighten restrictions on any audits that could go forward.

The letter was sent around Wednesday by Watt’s staff to members of the committee in advance of a vote scheduled for Thursday.

Watt’s measure is in competition with an amendment cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), which would repeal the restrictions that Watt leaves in place.

But far from a broad cross-section, the “prominent economists” lobbying on behalf of the Watt bill are in fact deeply involved with the Federal Reserve. Seven of the eight are either currently on the Fed’s payroll or have been in the past.

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“Most voters don’t trust the president on the number one issue of the day: job creation. On top of that, a surprising plurality of voters, and Independent voters in particular, don’t side with President Obama on the number one issue to him: whether or not he should be president,” said Brad O’Leary, a former NBC Westwood One talk show host and publisher of the O’Leary Report.

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Would any Republican be willing to force compliance with Constitutional Law in full force and effect? I don’t think that these liars would. And this comment is coming from a registered Republican and supporter of 32 years.

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In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

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Those who do cling to the absurd belief that, absent exponential productivity gains, the economy can expand while workers are being laid off will undergo a massive test of their convictions now that it’s clear the employment picture is bleak. Today’s weaker-than-expected report on non-farm payrolls revealed that employers shed 263,000 jobs in September. The losses propelled the headline unemployment rate to a 26-year high of 9.8%. U6, the Bureau of Labor Statistics’ most complete measure of unemployment, has risen to a dismal 17%. This figure includes those people who want to work full time, but have simply given up looking, or who have accepted part-time work in the interim. As it is similar to the methodology used during the Great Depression, U6 offers better historical perspective on the severity of our current crisis.

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Eventually there was bound to be a reaction from liberal-left politicians to the Ron Paul-led effort to audit the Federal Reserve. That reaction appears to be taking shape in the form of Senator Chris Dodd’s plan to create a super agency to oversee, especially now that the Dodd plan received front-page treatment from the New York Times on Sunday.

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If the U.S. Government was FORCED to obey the LAW that we wrote, established and ordained in The Constitution and were thereby as written in black and white under Article 1 Section 8 only allowed to handle the SEVENTEEN enumerated items therein and as the natural obvious result would yield the collapsed of the U.S. Government to only 1/5th of its current size, scope and spending level and we the people would get to keep our earnings and decide for ourselves how to spend it all, can you even possibly imagine how our economy would boom?

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The “Debtors Revolt” are Americans trying to make a reasonable demand that banks, virtually cronies of The Federal Reserve “System”, are treated with fairness and dignity. The Liberty Tree Lantern, despite our belief in freedom and free enterprise, has held that it is not right that banks alter a person’s interest rate up significantly, just at the time when a person, often due to no fault of his own, is hitting hard times. Often this unscrupulous action results in keeping an otherwise good man down. Some people are never able to recover or get out from under the debt that many of these banks levy on them. Isn’t it bad enough that the person has fallen on hard times, perhaps lost his or her job due to “sensible” downsizing and modernizing by his company or for recession reasons? What right does a bank have to kick a dog that is already down and out on his or her luck? This is just not right or Christian like, to say the least.

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Then, he once again attacked the millions of Americans like you and me who have attended town hall meetings, rallies, and tea parties to defend their health care and oppose the Washington takeover.

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God created all sorts of energy resources, only a few of which have been developed and utilized to drive our economy. Energy is the life blood of freedom and it is what allows our economy to produce individual wealth for all Americans. And, this is why energy, in all forms, is so very important to the average working American. Cheap inexpensive oil is what results in the costs of everything to go down to reasonable affordable levels for us all. When energy is inexpensive it is also an incentive for Americans to start new small businesses, because then it is easier to make a good profit, and therefore lower energy costs results in hundreds of thousands of new jobs and allows for significant increases in money available for wages on the shop floor or out in the field.

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