January 11 2008 show notes
- No Bernie Sanders today, he's flying back from Africa.
- Guest: CNS Editor-in-Chief Terence Jeffrey.
- Guest: Ravi Batra, professor of economics at Southern Methodist University, Dallas.
- Anything Goes! Friday.
Topics, guests, upcoming events, quotes, links to articles, audio clips, books & bumper music.
- No Bernie Sanders today, he's on a military plane coming back from Africa.
- Graph: FY 2008 Discretionary Budget Request.
- Article: US's triple-A credit rating 'under threat".
- "The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
- To borrow Money on the credit of the United States;"
- To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
- To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
- To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
- To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
- To establish Post Offices and post Roads;
- To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;
- To constitute Tribunals inferior to the supreme Court;
- To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations;
- To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;
- To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;
- To provide and maintain a Navy;
- To make Rules for the Government and Regulation of the land and naval Forces;
- To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;
- To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;
- To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the Acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings;--And
- To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
Section. 8 of the U.S. Constitution.
"Yes, I have stated in both debates and state again that I believe in a balanced budget and have supported that concept during my 14 years in the Congress. The only two times when an unbalanced budget is warranted would be during a serious recession and we had that in '58 in an unbalanced budget of $12 billion; or a national emergency where there should be large expenditures for national defense which we had in World War II and during part of the Korean War...
Third, I think it's possible to gain a $700 million to a billion dollars through tax changes which I believe would close up loopholes on dividend withholding, on expense accounts...
So in my judgment we would spend more money in this administration on aid to education, we'd spend more money on housing, we'd spend more money and I hope more wisely, on defense than this administration has done, but I believe that the next administration should work for a balanced budget and that would be my intention. Mr. Nixon misstates my figures constantly, which is of course his right, but the fact of the matter is here is where I stand and I just want to have it on the public record."
John F. Kennedy, "Face-to-Face, Nixon-Kennedy" Vice President Richard M. Nixon and Senator John F. Kennedy Third Joint Television-Radio Broadcast.
- Article: Claim That Tax Cuts “pay For Themselves” Is Too Good To Be True.
- Guest: CNS Editor-in-Chief Terence Jeffrey. Conservatives reporting the news. Republican debate last night. Ron Paul was applauded. Huckabee was attacked for balancing his state's budget and taking Arkansas from around 48th to 9th on education. US's triple-A credit rating may be downgraded. Budget. He says it's not too little tax but too much spending. Section 8 of the Constitution says what can spend on. The Founders' Constitution. Section 8 of Article 1 of the Constitution defines the authorities and powers of Congress. Thom thinks the first paragraph means Congress can do anything it thinks is in the interests of the United States. Jeffrey says the list enumerates what it may do. Taxes. In the 1980s and 2000-2007 federal revenue did not grow as fast as the economy. In the 1990s when Bill Clinton increased taxes, revenue rose substantially faster than GDP. Tax cuts. He would get rid of unconstitutional departments, send education back to the states. Thom's investments are not through a 401k. The founders had multiple views. Supreme Court ruling. Huckabee fair tax, elimination of estate tax. You can only take business from families, not managers of public corporations. Jeffrey said the conglomeration of newspapers was because of death tax, they used to be family businesses. Bush has borrowed and spent too much. The Federal government should be limited.
- Bumper Music: Send It, ELO.
- Bumper Music: Thank You, John Mellencamp.
- Call the "listener comment line" to voice your opinions on 503 323-6620 if you don't want to be live on air or can't get through. Max 30 seconds, please, and it may be used on air.
- Article: Bernanke says Fed ready for aggressive rates cut.
- Article: US's triple-A credit rating 'under threat".
- Guest: Ravi Batra, professor of economics at Southern Methodist University, Dallas. Author of "Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy" and "The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos". Annual inflation when you include the things that affect individuals is in the 15-20% range. Creating more debt has been working for a long time, but it is not the ultimate solution. He is afraid we are moving to a very severe recession. Break up the oil companies to bring prices down. Individuals have to protect themselves. The great depression lead to Democratic rule for years. Thom said he GOP is trying to hold it off until after elections, then let depression start in Jan. Batra thinks it will start this year, they will print more money, leading to stagflation. People will blame it on Greenspan; Bernanke has no choice. Chicago School. He has a chapter "lies, damned lies and economists". People who cannot afford a lot should stay with short term CDs with good big bank. Energy and gold. Overall Reagan raised taxes and borrowed. Obama or Edwards would be the best for the economy. Thom thinks they need to support each other to beat Hillary. Corporate money - Hillary has lots. Any Democrat would be better than now. Huckabee's fair tax - national sales tax. What if buying house? Terrible idea. Oil monopolies are responsible for the major hike in prices. They are buying oil companies, closing gas stations. Demand and supply are both rising. An Iran war would not stop a depression. All empires end up with huge deficits. Advice for the long term. Bush living off credit card.
- Bumper Music: Anything Goes, Harpers Bizarre.
- Bumper Music: Waiting On The World To Change, John Mayer.
- Article: U.S.: Voices on Recording May Not Have Been From Iranian Speedboats.
- Calls: Tag you're it. Ford pardoning Nixon. Rename tax cuts - they are loans. The Federal Reserve is a private corporation for bankers. We pay interest on every dollar printed.
- Bumper Music: Crazy, Gnarls Barkley.
- Article: Hillary Schedules Official Crying Jag for South Carolina: Launches ‘Sniffling Tour’ Before SuperDuper Tuesday.
In New Hampshire apparently more people who were voting for optical scanners were voting for Hillary, and more people who were doing hand ballots were voting for John Edwards or Barack Obama. And having lived in New Hampshire for five years and in Vermont for ten years, in rural areas in both, my guess is that that's true, and it doesn't have to do so much with the voting machines versus not voting machines, scanners versus not scanners; it has to do with the difference between being in the cities and being out in the country.
Now that said, I think it's insane, absolutely flat out screaming, flaming insane that we have any private corporation handling any part of our vote in secret. In fact, it goes beyond insane, it's a crime.
And so I'm really pleased that Dennis Kucinich is bringing a spotlight on this. Once again Dennis pointing out something that needs to be pointed out. Frankly, I doubt that e's going to find anything here; if he does, it will be explosive, but anyhow, that's my take on that.
- If people have stocks for their retirement, and more are now retiring and selling, with fewer investing, so prices will fall.
- Air defense on 9/11, 2 different stories from NORAD. We don't know.
- Washington Mutual being looked at, and Countrywide by Bank of America, owned by Saudis. Sucking money rant, largest debtor nation in the world. Kevin Philips' book before last was best about it, replacement of manufacturing by financial.
- Michigan Democratic Primary absentee ballots; "uncommitted". DNC not recognizing the delegates.
- Bumper Music: What a Wonderful World, Louis Armstrong. Thanks.
- Article: Giuliani's Florida Gamble: Washington Post: Aides Forgo Salaries Amid Waiting Game.
- Quote: "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized." 4th Amendment.
- Ellen Ratner of Talk Radio News. Giuliani asking people not to take a salary because he needs to win in Florida (snowbirds from New York) in spite of $9 million. ID act, the DHS issued regulations on it. She was on an ACLU teleconference. It takes effect in 2014-17. If states don't comply there is no penalty, but ID will be needed to get on airplanes. States can opt out by May. There are pages of it. A third party like Wal-Mart can ask for ID, and take and use the information. States can have their own privacy standards, but what if they share? 4th amendment. Bush has gone to Kuwait, no solutions to Middle East peace crisis. He and Congress are back early next week. Pelosi and Reid want Bush to negotiate with them on an economic package. Last night's debate, Ron Paul spoke about the economy.