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About US Rep. Michele
Bachmann
Elected in 2006, Congresswoman Michele Bachmann is the first
Republican woman to be elected to the U.S. House of Representatives from
Minnesota. In only her first term, Congresswoman Bachmann developed a reputation
as a "principled reformer" who stays true to her conservative beliefs while
pushing for real reform of the broken ways of Washington. And, her strong
advocacy for her constituents earned her a second term in Congress in November
2008. She is a leading advocate for bipartisan earmark reform and tax relief and
is a staunch opponent of wasteful government spending. She maintains a
website here. |
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Past Articles
Congrats, Mr. President, You’re Halfway There |
US Rep. Michele Bachmann
Congrats, Mr. President, You’re Halfway There
March 26, 2010
With the president’s signature on the health care bill Tuesday, roughly 50
percent of the U.S. economy has fallen under the purview of the federal
government.
The president can rightly say he has transformed America.
Since the inception of bailout nation in September of 2008 with passage of the
$700 billion TARP bailout, the government takeover lollapalooza was under way.
President Obama fully embraced the $700 billion bailout plan during the first of
his presidential debates with Sen. John McCain.
In December of 2008, President-elect Obama insisted that outgoing President
George Bush release billions to create the Automobile Task Force for the purpose
of preventing General Motors and Chrysler from filing for bankruptcy. Like most
government interventions the billions spent on the auto companies did not
prevent bankruptcy, but it did provide a gentler landing for the Unions who
worked so hard to elect President Obama.
Banks were bailed out, and the Wall Street investment houses, including Goldman,
et al, turned themselves into "banks” to be eligible for government subsidized
TARP funds.
Soon the federal government turned its dividend paying shares into equity
shares, and government became out right shareholders in America’s largest banks.
Next came the unholy bailout of AIG, America’s largest insurance company. A
sponge of your tax money, AIG held toxic derivatives and has yet to right its
ship.
The Federal Reserve bought copious reams of toxic commercial paper, and the
Fed’s balance sheet backed by the American taxpayer forever changed.
Freddie and Fannie, the secondary mortgage buyers, were the center of the
universe for the financial meltdown. Foolishly pursuing a policy of purchasing
sub-standard loans, then repackaging those loans into mortgage backed
securities, Fannie and Freddie greedily spread economic cancer throughout the
financial world, exposing taxpayers to potentially trillions in losses. Fannie
and Freddie should have been shuttered and placed into receivership, but Uncle
Sam, ever the chump, couldn’t resist, and now owns 50 percent of America’s home
mortgages.
Eager for more, the Obama administration consumed the student loan industry,
completing that transaction with today’s signing of health care.
William Boyes, an economics professor at the W.P. Carey School of Business at
Arizona State University estimated in July 2009 that in a span of 10 months
time, the federal government owned or controlled businesses that generate about
one-third of U.S. economic activity
But the brass ring of government-controlled health care still taunted the
administration. One-sixth of the economy, the finest health care the world has
ever known, was the long sought after prize of the political left.
Today they realized their dream. This morning with the signing of his name,
President Obama completed the federal government takeover of health care. It is
fitting on this momentous day we pause for a moment of silence and lament the
passage of half of America’s economic freedom.
Congratulations Mr. President, you’re halfway there! |
