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Source: Newsweek
There was plenty of outrage on Capitol Hill last week over the executive bonuses paid out by AIG after getting federal bailout money. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program.
While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG "counterparty." "This certainly appears to be a case of TARP funds being recycled into campaign contributions," says Brett Kappell, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions.")
Monday, March 23, 2009
G7: BANKER TAKEOVER Scam .. Our Leaders Sold US into Slavery
When the events unfold and the World Economic forum (run by the G7) claim Bank Regulation is Needed to Save the World Economies at the Global Level...and only they have the answer.. and it can only be found through world cooperation (NWO)...
In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The act provided the proper oversight and entity separation that would prohibit banks and other financial companies from merging into giant trusts (conflict of interests) -- giant trusts or corporations being more powerful, naturally, and having the seemingly limitless capital to lobby their corporate interests.
In 1999, former Senator Phil Gramm set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation.
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
In 2003, Gramm left the Senate to join UBS, which had acquired investment house PaineWebber due to his deregulation bill. At UBS, Gramm lobbied Congress, the Fed and the Treasury Department. During Gramm's tenor at UBS and as a lobbyist, Congress passed the Responsible Lending Act, billed as an anti-predatory-lending measure, but was called the "Loan Shark Protection Act" by consumer advocates, as it was designed to preempt stronger state laws against anti-predatory lending. The Fed largely ignored the underlying and growing problems within the subprime.
Gramm — then the chairman of the Senate Banking Committee — collected $2.6 million in only five years. The law passed 90-8 in the Senate, with the support of 38 Democrats, including some names that might not surprise you: Joe Biden, John Kerry, Tom Daschle, Dick Durbin, and John Edwards.
What a great way to make a living... Where are the citizen grand juries?
In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The act provided the proper oversight and entity separation that would prohibit banks and other financial companies from merging into giant trusts (conflict of interests) -- giant trusts or corporations being more powerful, naturally, and having the seemingly limitless capital to lobby their corporate interests.
In 1999, former Senator Phil Gramm set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation.
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
In 2003, Gramm left the Senate to join UBS, which had acquired investment house PaineWebber due to his deregulation bill. At UBS, Gramm lobbied Congress, the Fed and the Treasury Department. During Gramm's tenor at UBS and as a lobbyist, Congress passed the Responsible Lending Act, billed as an anti-predatory-lending measure, but was called the "Loan Shark Protection Act" by consumer advocates, as it was designed to preempt stronger state laws against anti-predatory lending. The Fed largely ignored the underlying and growing problems within the subprime.
Gramm — then the chairman of the Senate Banking Committee — collected $2.6 million in only five years. The law passed 90-8 in the Senate, with the support of 38 Democrats, including some names that might not surprise you: Joe Biden, John Kerry, Tom Daschle, Dick Durbin, and John Edwards.
What a great way to make a living... Where are the citizen grand juries?
Big Banker - Wall Street Scam Continues...
Speak up and urge Congress to support HR 1207, Ron Paul's bill to Audit the Fed ... Sign Petition Here
As I await the announcement by Geithner and his toxic asset removal plan... always nice to reflect on the on-going swindle of American Taxpayers...and what is coming our way....
Henry Merritt "Hank" Paulson Jr. (born March 28, 1946) served as the 74th United States Treasury Secretary and is a member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs. In 2008, Time magazine named Paulson as a runner-up for its Person of the Year 2008, saying, with reference to the Global Financial Crisis of 2008: "if there is a face to this financial debacle, it is now his".
The swindle of American taxpayers proceeded more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson's transaction, the taxpayers were taken for a ride--a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public's money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.
Billionaire Warren Buffett invested $5 billion in Goldman Sachs and bought the same types of securities--preferred stock and warrants to purchase common stock in the future. Only Buffett's preferred shares pay a 10 percent dividend, while the public gets only 5 percent. Dollar for dollar, Buffett "received at least seven and perhaps up to 14 times more warrants than Treasury did and his warrants have more favorable terms.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency So when a group of persons are above the law... I think I recall ....
As President of the New York Federal Reserve Bank, Geithner was an active partner with Paulson in the forced sale of Bear,Stearns to JP Morgan, as well as the failure to backstop Lehman causing their resultant fall into bankruptcy. In my opinion. LEH's bankruptcy was the main reason that the financial crisis accelerated globally in mid-September and spread through the world, causing breakdowns of the financial system and the elimination of trillions of dollars of wealth (albeit fiat currency) in the United States and the world. And an opinion of the bailout plan....
Today we expect more: Tyler Durden, the pseudonymous blogger at Zero Hedge, has broken down the public/private component of Geithner's plan and revealed it to be something everyone can recognize: a bait and switch game.
The greatest bait and switch of this generation in all its visual splendor. As a result of the TALF's non-recourse nature, a hedge fund X can buy Bank X's MBS Portfolio which is marked on the bank's books at 80 cents on the dollar (but has a market price of 20 cents) for the marked price with a 3% equity check and TALF filling the balance. A day later, Bank X repurchases the portfolio from hedge fund X at the 20 cent market price, pays a $5 million fee for the "trouble" and waits for the portfolio to appreciate to 50 cents on the dollar by 2014. Hedge fund X takes a 75% loss on its nominal equity stake but more than makes up in transaction fees. The TALF portion takes a 75% loss with no recourse and no margin to fall back on....
As a result Bank X takes no writedown now, and in 5 years may book an equity profit of as much as $25 million (net of transaction fees paid to the Hedge Fund X), while Hedge Fund X books a profit of $3.2 million for one day's work...
In short, just one aspect of the Obama/Geithner plan may cost taxpayers over $700 billion dollars, not counting the eventual cost of the moral hazard this policy will create by allowing the banks and funds (and their stockholders and bondholders) to remain out of bankruptcy or receivership. By giving these parties a free pass on the ugly consequences of their actions the administration (and Congress, if they allow it) is almost guaranteeing that this mistake will be repeated. This linked article makes clear, hedge funds that overwhelmingly supported Democrats and Barrack Obama in 2008 are going to make a killing on this administration's proposal. It is without question the Greatest Heist in History.
The U.S. taxpayer loses $54.3 million on a $77.6 million TALF Investment, or 70% (net of 5 years of interest income).
Note: the maximum TALF size is $1 trillion. Will U.S. taxpayers suffer $700 billion in losses from the TALF? Ask your congressman.
As I await the announcement by Geithner and his toxic asset removal plan... always nice to reflect on the on-going swindle of American Taxpayers...and what is coming our way....
Henry Merritt "Hank" Paulson Jr. (born March 28, 1946) served as the 74th United States Treasury Secretary and is a member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs. In 2008, Time magazine named Paulson as a runner-up for its Person of the Year 2008, saying, with reference to the Global Financial Crisis of 2008: "if there is a face to this financial debacle, it is now his".
The swindle of American taxpayers proceeded more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson's transaction, the taxpayers were taken for a ride--a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public's money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.
Billionaire Warren Buffett invested $5 billion in Goldman Sachs and bought the same types of securities--preferred stock and warrants to purchase common stock in the future. Only Buffett's preferred shares pay a 10 percent dividend, while the public gets only 5 percent. Dollar for dollar, Buffett "received at least seven and perhaps up to 14 times more warrants than Treasury did and his warrants have more favorable terms.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency So when a group of persons are above the law... I think I recall ....
As President of the New York Federal Reserve Bank, Geithner was an active partner with Paulson in the forced sale of Bear,Stearns to JP Morgan, as well as the failure to backstop Lehman causing their resultant fall into bankruptcy. In my opinion. LEH's bankruptcy was the main reason that the financial crisis accelerated globally in mid-September and spread through the world, causing breakdowns of the financial system and the elimination of trillions of dollars of wealth (albeit fiat currency) in the United States and the world. And an opinion of the bailout plan....
Today we expect more: Tyler Durden, the pseudonymous blogger at Zero Hedge, has broken down the public/private component of Geithner's plan and revealed it to be something everyone can recognize: a bait and switch game.
The greatest bait and switch of this generation in all its visual splendor. As a result of the TALF's non-recourse nature, a hedge fund X can buy Bank X's MBS Portfolio which is marked on the bank's books at 80 cents on the dollar (but has a market price of 20 cents) for the marked price with a 3% equity check and TALF filling the balance. A day later, Bank X repurchases the portfolio from hedge fund X at the 20 cent market price, pays a $5 million fee for the "trouble" and waits for the portfolio to appreciate to 50 cents on the dollar by 2014. Hedge fund X takes a 75% loss on its nominal equity stake but more than makes up in transaction fees. The TALF portion takes a 75% loss with no recourse and no margin to fall back on....
As a result Bank X takes no writedown now, and in 5 years may book an equity profit of as much as $25 million (net of transaction fees paid to the Hedge Fund X), while Hedge Fund X books a profit of $3.2 million for one day's work...
In short, just one aspect of the Obama/Geithner plan may cost taxpayers over $700 billion dollars, not counting the eventual cost of the moral hazard this policy will create by allowing the banks and funds (and their stockholders and bondholders) to remain out of bankruptcy or receivership. By giving these parties a free pass on the ugly consequences of their actions the administration (and Congress, if they allow it) is almost guaranteeing that this mistake will be repeated. This linked article makes clear, hedge funds that overwhelmingly supported Democrats and Barrack Obama in 2008 are going to make a killing on this administration's proposal. It is without question the Greatest Heist in History.
The U.S. taxpayer loses $54.3 million on a $77.6 million TALF Investment, or 70% (net of 5 years of interest income).
Note: the maximum TALF size is $1 trillion. Will U.S. taxpayers suffer $700 billion in losses from the TALF? Ask your congressman.
Saturday, March 21, 2009
New World Order ... Sensitivity Training .. Change You Can Believe In
The Elite at work. Don't worry the IMF and Globalist G7 know how to fix the economic problem... they should ...since they created it... Problem, Reaction, Solution ...(see video below)
15th edition of the International Economic Forum of the Americas, June 8 to 11, 2009 - In Montreal, leaders of General Electric, World Bank Group and IMF discussed the best methods for overcoming the crisis. Hard to imagine ... since the World Bank and the Fed create debt out of thin air.. the IMF and Fed Reserve Bank leaders created the largest PONZI scheme ever seen on the planet and encourage their employees by providing mega million $ bonuses for playing the game i.e. execute the PONZI scheme through 64 to 1 derivative exchanges to the tune 1.144 QUADRILLION $$$....(how can there be a crisis.. they lent money that was not even printed) and worse... is that any banks that did not play the dirty little game were hampered by the exorbitant imaginary profits that the Fed Banks placed on their books over the last decade. Now enter the NWO ... to help us back to our feet because only they can fix the problem ... through world wide cooperation and a group of bankers and leaders controlling the world economies centrally located OUTSIDE of the USA borders. (yip.... no Constitution.. no Bill of Rights... no government by the people....). So the idea of capitalism is finally retired as a failure after 100 years of Federal Reserve Intervention, destroying the concept at every opportunity... and put into full speed ahead when our beloved Nixon took us off of the Gold Standard, As for Socialism... well if our the Obaaamaaa government really wanted to help all the people... they could have paid off every mortgage in the US with the 3.4 trillion that Obaaamaaa is spending this year and had money left over... Just think about that for a minute.... but no ... we have to pay off a G7 controlled Fed Reserve Bank System that created and loaned money that was never in existence in order to create this crisis and soon we will have the answer to our problems...
World renowned French banker and Chairman of the Rothschild Group, David René James de Rothschild delivered a lecture titled “What Economic Crisis Teaches Us” on March 16, as part of the Megaron Plus series of events hosted by the Athens Concert Hall.
David de Rothschild estimated that the global economic crisis will come to an end in 2010.
He also stressed that the first signs of recovery will be stock markets rising, but he warned that the crisis will leave the governments’ coffers with enormous public debt.
MONTREAL, March 18 /CNW Telbec/ - Jeffrey R. Immelt, CEO of General
Electric (GE), Robert B. Zoellick, President of the World Bank Group, and
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund
(IMF), will meet with policymakers and other stakeholders in the international
financial sector in Montreal to find the best methods for "Adapting to the New
World Order" at the 15th edition of the International Economic Forum of the
Americas / Conference of Montreal, taking place this June 8 to 11 at
Montreal's Bonaventure Hilton Hotel.
This will be the first visit to Canada for the President of the World
Bank. Other respected speakers have already confirmed their participation in
the largest annual private economic forum to take place in the Americas
For a bit more info
I have listened to the proceedings of these meetings over the years, and I never heard any discussion at these Economic Forum meetings about Personal Liberty...no not once... it is all discussion of Globalism and cooperation, and the group of bankers controlling the economies and resources of the world...and they are using the brain washing technique called Sensitivity training came from the somewhat famous social engineer Kurt Lewin -(now departed) who developed and taught the basis of this brainwashing technique for social engineering .. That with the combination of instilling fear into the masses. These techniques have been perfected by our government think tanks and CIA for some time ....and we the citizens are still being conditioned to this day.
Sensitivity training according to wiki----
a form of training that claims to make people more aware of their own prejudices, and more sensitive to others. According to its critics, it involves the use of psychological techniques with groups that its critics claim are often identical to brainwashing tactics and are unethical.
A religion cultist defines it as -- a Satanic brainwashing technique (also called Relational Therapy), the results of which lead believers to "gracefully accept" rather than "scripturally oppose" evil and evil workers.
you can find a background and understanding about him and his brainwashing techniques at this site: Lewin Thinkers
This behavior modification technique has a good example from Dr. Gerald L. Atkinson Totalitarians
so much for AmeriKa, home of the dumbed down, land of the slaves !
15th edition of the International Economic Forum of the Americas, June 8 to 11, 2009 - In Montreal, leaders of General Electric, World Bank Group and IMF discussed the best methods for overcoming the crisis. Hard to imagine ... since the World Bank and the Fed create debt out of thin air.. the IMF and Fed Reserve Bank leaders created the largest PONZI scheme ever seen on the planet and encourage their employees by providing mega million $ bonuses for playing the game i.e. execute the PONZI scheme through 64 to 1 derivative exchanges to the tune 1.144 QUADRILLION $$$....(how can there be a crisis.. they lent money that was not even printed) and worse... is that any banks that did not play the dirty little game were hampered by the exorbitant imaginary profits that the Fed Banks placed on their books over the last decade. Now enter the NWO ... to help us back to our feet because only they can fix the problem ... through world wide cooperation and a group of bankers and leaders controlling the world economies centrally located OUTSIDE of the USA borders. (yip.... no Constitution.. no Bill of Rights... no government by the people....). So the idea of capitalism is finally retired as a failure after 100 years of Federal Reserve Intervention, destroying the concept at every opportunity... and put into full speed ahead when our beloved Nixon took us off of the Gold Standard, As for Socialism... well if our the Obaaamaaa government really wanted to help all the people... they could have paid off every mortgage in the US with the 3.4 trillion that Obaaamaaa is spending this year and had money left over... Just think about that for a minute.... but no ... we have to pay off a G7 controlled Fed Reserve Bank System that created and loaned money that was never in existence in order to create this crisis and soon we will have the answer to our problems...
World renowned French banker and Chairman of the Rothschild Group, David René James de Rothschild delivered a lecture titled “What Economic Crisis Teaches Us” on March 16, as part of the Megaron Plus series of events hosted by the Athens Concert Hall.
David de Rothschild estimated that the global economic crisis will come to an end in 2010.
He also stressed that the first signs of recovery will be stock markets rising, but he warned that the crisis will leave the governments’ coffers with enormous public debt.
MONTREAL, March 18 /CNW Telbec/ - Jeffrey R. Immelt, CEO of General
Electric (GE), Robert B. Zoellick, President of the World Bank Group, and
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund
(IMF), will meet with policymakers and other stakeholders in the international
financial sector in Montreal to find the best methods for "Adapting to the New
World Order" at the 15th edition of the International Economic Forum of the
Americas / Conference of Montreal, taking place this June 8 to 11 at
Montreal's Bonaventure Hilton Hotel.
This will be the first visit to Canada for the President of the World
Bank. Other respected speakers have already confirmed their participation in
the largest annual private economic forum to take place in the Americas
For a bit more info
I have listened to the proceedings of these meetings over the years, and I never heard any discussion at these Economic Forum meetings about Personal Liberty...no not once... it is all discussion of Globalism and cooperation, and the group of bankers controlling the economies and resources of the world...and they are using the brain washing technique called Sensitivity training came from the somewhat famous social engineer Kurt Lewin -(now departed) who developed and taught the basis of this brainwashing technique for social engineering .. That with the combination of instilling fear into the masses. These techniques have been perfected by our government think tanks and CIA for some time ....and we the citizens are still being conditioned to this day.
Sensitivity training according to wiki----
a form of training that claims to make people more aware of their own prejudices, and more sensitive to others. According to its critics, it involves the use of psychological techniques with groups that its critics claim are often identical to brainwashing tactics and are unethical.
A religion cultist defines it as -- a Satanic brainwashing technique (also called Relational Therapy), the results of which lead believers to "gracefully accept" rather than "scripturally oppose" evil and evil workers.
you can find a background and understanding about him and his brainwashing techniques at this site: Lewin Thinkers
This behavior modification technique has a good example from Dr. Gerald L. Atkinson Totalitarians
so much for AmeriKa, home of the dumbed down, land of the slaves !
Thursday, March 19, 2009
The Bond Bubble – How Long Before It Bursts
The central bank also said it was boosting its purchases of mortgage securities by 750 billion dollars, bringing its total to 1.25 trillion dollars this year as part of a wide-ranging effort to revive the sagging US economy.
The announcement was made at the end of a two-day meeting by the Federal Open Market Committee, which kept its base lending rate in a range of zero to 0.25 percent.
“In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability,” the FOMC statement said.
The Fed, which had been expected to keep its federal funds rate unchanged, said it “anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”
The US central bank will effectively be printing massive amounts of money for these purchases to help foster recovery in the recession-mired economy, which shrank at a 6.2 percent pace in the last quarter of 2008.
The announcement was made at the end of a two-day meeting by the Federal Open Market Committee, which kept its base lending rate in a range of zero to 0.25 percent.
“In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability,” the FOMC statement said.
The Fed, which had been expected to keep its federal funds rate unchanged, said it “anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”
The US central bank will effectively be printing massive amounts of money for these purchases to help foster recovery in the recession-mired economy, which shrank at a 6.2 percent pace in the last quarter of 2008.
Thursday, March 12, 2009
Wednesday, March 11, 2009
Who Needs the Fairness Doctrine
In a straight party-line vote, Democrats chose to adopt Sen. Durbin's Amendment 591 on 2/26/2009
The Durbin Amendment is the answer to the resistance of the "Fairness" Doctrine. “Its clear to me that Democrats, having failed in their frontal assault on talk radio in America through the Fairness Doctrine, are now shifting strategy to a form of regulation that is essentially the Fairness Doctrine by stealth,” Pence, R-Ind
Pelosi, D-Calif., has thrown her support to an amendment in a Senate bill that directs the FCC to explicitly “take actions to encourage and promote diversity in communication media ownership and to ensure that broadcast station licenses are used in the public interest,”
In a straight party-line vote, Democrats chose to adopt Sen. Durbin's Amendment 591
The airwaves will be in the power of those that withstand groups like the ACLU... who will shut down whomever they choose with endless law suits. Another example of the communitarian philosophy stealing our liberties.
The Durbin Amendment is the answer to the resistance of the "Fairness" Doctrine. “Its clear to me that Democrats, having failed in their frontal assault on talk radio in America through the Fairness Doctrine, are now shifting strategy to a form of regulation that is essentially the Fairness Doctrine by stealth,” Pence, R-Ind
Pelosi, D-Calif., has thrown her support to an amendment in a Senate bill that directs the FCC to explicitly “take actions to encourage and promote diversity in communication media ownership and to ensure that broadcast station licenses are used in the public interest,”
In a straight party-line vote, Democrats chose to adopt Sen. Durbin's Amendment 591
The primary text of the Durbin amendment reads:
SEC.9 FCC Authorities. (a) Clarification of General Powers. – Title III of the Communications Act of 1934 is amended by inserting after section 303 (47 U.S.C. 303) the following new section:
SEC.303B. Clarification of General Powers. (a) Certain Affirmative Actions Required – The Commission shall take actions to encourage and promote diversity in communication media ownership and to ensure that broadcast station licenses are used in the public interest.The airwaves will be in the power of those that withstand groups like the ACLU... who will shut down whomever they choose with endless law suits. Another example of the communitarian philosophy stealing our liberties.
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