A Room with a View

Courtesy of Nikon P7000

Presidential & Congressional Election of the Century - 2012-2

In 1791 a bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been thirteen individual states with their own banks, currencies, financial institutions, and policies.

The charter was set for a 20-year expiration date.


According to Wikipedia: " "The First Bank of the United States", was proposed and brought into being under the support of the first Secretary of the Treasury Alexander Hamilton. Along with establishing a mint and an excise tax, the purpose of Hamilton's proposed bank was to:

• Establish financial order, clarity and precedence in and of the newly formed United States.
• Establish credit—both in country and overseas—for the new nation.
• To resolve the issue of the fiat currency, issued by the Continental Congress immediately prior to and during the United States Revolutionary War—the "Continental"."

 The opposition to the idea of a federal government mint and banking system believed centralizing power would take power away from private banks. And that it was a dangerous act that would damage a sound monetary system. Most felt there was to be a benefit to business interests in the commercial north, and against the interests of the agricultural south interests.

There were also arguments that the creation of such a bank violated the Constitution, which did not list the creation of a Bank of the United States or of a government mint, for that matter, among the expressed powers allowed to the federal government.

Politics got in the way of this first bank of the United States and it's charter was not renewed by Congress.

In 1816, the Second Bank of the United States was chartered in 1816, by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States. Subsequent to the War of 1812, the U.S. experienced severe inflation and had a hard time financing the government as the credit and borrowing status of the United States were at their lowest levels since its founding.

Like the First Bank, the Second Bank was also chartered for 20 years, and also failed to have its charter renewed. It existed for 5 more years as an ordinary bank before going bankrupt in 1841.

In 1863 and 1864 the National Banking Acts were passed by congress. These two federal laws established a system of national charters for banks, and created the United States National Banking System we have today.  It helped develop our national currency backed by bank holdings of U.S. Treasury securities and established regulations of nationally chartered banks. The legacy of the Act is its impact on the national banking system as it stands today and its support of a uniform U.S. monetary policy.


One hundred and forty eight (148) years later, we have the same argument taking place about over regulated private industry.

And seek transparency for the actions and activities of the Federal Reserve.

Since there is unprecedented power in today's political and banking systems we need regulation and oversight on both our private industry and our politicians.


Every Vote Matters!

Especially When Politicians Try to Suppress the Vote! 

Voting has Consequences! Not Voting has Consequences!



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Presidential & Congressional Election of the Century - 2012-1

In 1789 under our new government the country found itself with $54 million in debt as the previous form of government under the Articles of Confederation had been unable to levy taxes; it had borrowed money to meet expenses, and the states had amassed an additional $25 million in debt.

The first Secretary of the Treasury, Alexander Hamilton, urged the consolidation of state and national debt into a single debt that would be funded by the federal government. Congress approved these measures in June and July of 1790.

 Alexander Hamilton sought to use this debt to create a financial system that would promote American prosperity and national unity; he instituted a luxury tax on Whiskey.  And the whiskey excise act, sometimes known as the "Whiskey Act", became law in March 1791.

What stirred and brewed over the next years today is known as the "Whiskey Rebellion" . The insurrection collapsed as the army of the United States of America marched into western Pennsylvania in October 1794.

Every Vote Matters!

Especially When Politicians Try to Suppress the Vote! 

Voting has Consequences! Not Voting has Consequences!


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GOP Political Euphemism (s) - Fast Facts #8

We don't have a revenue problem we have a spending problem in Washington.

Speaker of the House John Boehner explained: "Washington does not have a revenue problem. Washington has a spending problem."

Majority Leader Eric Cantor said: "The fact [that] I think most Americans get, Washington does not have a revenue problem. It's got a spending problem."

Senator Orrin Hatch said: "We don't have a revenue problem;" "We all know we have a spending problem."

Really?

Look at the countries tax revenue since we received the George W. Bush "UNPAID" "NOT OFFSET" tax cuts. Then we have estate tax changes and extensions of these same tax cuts to see the countries tax revenue slump to 50 year lows.

At a time when the country grew from a population of 281,421,906 in 2000 to a population of 308,745,538 in 2010. This is an increase of 2,732,363 residents, an increase of just  under 10% in 10 years.


So I'm not saying that we can't look at spending. And I am not opposed to pairing back some of the governments wastes, frauds and abuses.

But WE HAVE A REVENUE PROBLEM.

And the tax cuts and extensions over these past 11 years has placed us in a very precarious position.

Fact is the GOP drove us here while in charge of the white house and controlling congress at the start of 6 of those 8 wonderful George W. Bush years. All while the Democrats sat in the back seat, watching the pretty scenery.

Today the GOP talks like they have our budget problem solutions and it is not a revenue problem, it's a spending problem, our anwser from heaven.

These marketing charlatans are not the solution.

They are the problem.

Send them home from Washington DC for good.