A reader sent us this. We agree.

The financial regulation bill is another huge threat to America’s painfully diminished prosperity, and so ultimately to Big Business and Big Labor.

But Big Business and Big Labor cannot see that, being chronically short-sighted. Contrary to Obama’s contention, they actually welcome the legislation.

The Heritage Foundation examines the bill which it calls, with good reason, a “Wall Street Bailout Bill” – a permanent TARP. And that, it says, is “what Wall Street wanted all along”.

Speaking to an audience of big business and big labor executives (including Goldman Sachs’ Lloyd Blankfein, Bank of America’s Bruce Thompson and SEIU’s Andy Stern) at New York’s Cooper Union, President Barack Obama noted “the furious efforts of industry lobbyists to shape” the financial regulation bill “to their special interests.” Obama then admitted, “I am sure that many of those lobbyists work for some of you. But I am here today because I want to urge you to join us, instead of fighting us in this effort.” Obama should have saved his breath. Wall Street and big labor lobbyists have already joined forces to make sure the current Senate legislation has become a Wall Street Bailout Bill.

Big labor’s ties to this White House are already well documented. Less known is just how close Obama administration interests align with the big firms that benefit most from the TARP bailout. The Washington Examiner reports that at Goldman Sachs, the nation’s largest investment bank, four of the five in-house lobbyists were Democratic Capitol Hill staffers — the remaining one gave $1,000 to Hillary Clinton last election. And USA Today notes that Goldman Sachs alone has given nearly $900,000 since January 2009 to congressional candidates, with 69% of that cash lining Democrat pockets. Finally, then-candidate Obama collected almost $1 million from Goldman executives and employees in 2008, more than the combined Goldman haul of every Republican running for president, Senate and the House.

So what have Wall Street lobbyists bought with their campaign cash and high priced lobbyists? A bill that gives permanent TARP-like authority to Washington regulators, thus enshrining Washington as a permanent bailout machine. Specifically, the bill:

Creates a protected class of too big to fail firms. Section 113 of the bill establishes a “Financial Stability Oversight Council,” charged with identifying firms that would “pose a threat to the financial security of the United States” if they encounter “material financial distress.” While these firms would be subject to enhanced regulation, such a designation would also signal to the marketplace that these firms are too important to be allowed to fail and, perversely, allow them to take on undue risk.

Creates permanent bailout authority. Section 204 of the bill authorizes the Federal Deposit Insurance Corporation (FDIC) to “make available … funds for the orderly liquidation of [a] covered financial institution.” Although no funds could be provided to compensate a firm’s shareholders, the firm’s other creditors would be eligible for a cash bailout. The situation is much like the bailout AIG in 2008, in which the largest beneficiaries were not stockholders but rather other creditors, such as Deutsche Bank and Goldman Sachs.

Provides for seizure of private property without meaningful judicial review. The bill, in Section 203(b), authorizes the Secretary of the Treasury to order the seizure of any financial firm that he finds is “in danger of default” and whose failure would have “serious adverse effects on financial stability.” This determination would be virtually irreversible in court.

Establishes a $50 billion fund to pay for bailouts. Funding for bailouts is to come from a $50 billion “Orderly Resolution Fund” created within the U.S. Treasury in Section 210(n)(1), funded by taxes on financial firms. However, according to the Congressional Budget Office, the ultimate cost of bank taxes will fall on the customers, employees and investors of each firm.

Opens a “line of credit” to the Treasury for additional government funding. Under Section 210(n)(9), the FDIC is effectively granted a line of credit to the Treasury Department that is secured by the value of failing firms in its control, providing another taxpayer financial support.

Authorizes regulators to guarantee the debt of solvent banks. Bailout authority is not limited to debt of failing institutions. Under Section 1155, the FDIC is authorized to guarantee the debt of “solvent depository institutions” if regulators declare that a liquidity crisis (“event”) exists.

Imposes one-size-fits-all reform in derivative markets. … The Senate bill would require virtually all derivative contracts to be settled through a clearinghouse rather than directly between the parties. Applying such ill-designed blanket regulation would make financial derivatives more costly, more difficult to customize, and, consequently, less widely used—which would increase overall risk in the economy.

According to Rasmussen Reports, 64% of Americans are not confident that policymakers in Washington know what they’re doing with regards to Wall Street. They have every reason to be concerned. … The bill Obama is pushing would empower Secretary Geithner to repeat the AIG bailout ad infinitum. No need to ever go back to Congress for a new TARP. The Senate bill is a permanent TARP. Which is exactly what Goldman Sachs and the rest of their Wall Street lobbyists wanted all along.

Investor’s Business Daily explains how the Democrats are moving steadily towards single-payer total government control of health care:

Are the Democrats who want to place price controls on premiums trying to destroy the health insurance business? If we didn’t know better, we’d say yes. And we do know better — don’t we?

It was just a month ago that the Democrats passed and signed a radical overhaul of the country’s health care sector. But 3,000 pages of new law apparently are not enough for lawmakers who don’t read the bills they vote on.

Sen. Dianne Feinstein, the California Democrat, says there’s “an enormous loophole” in her party’s reform effort that must be closed. So she’s introduced a bill that would give the secretary of health and human services the authority to review health plan premiums and block “any rate increase found to be unreasonable.”

This, after the public was told many times over that the Democrats’ health care legislation would bring down costs and rein in those troublesome health insurance companies that are making so much money.

It doesn’t take a Ph.D. in economics to see where the Democrats are going with this. Their regulators will establish price controls, which will drive health plan providers out of business as the restrictions make it impossible or unreasonable for them to make profits.

To deal with the shortage of health plans, Democrats will then complete the government takeover of medicine by placing Washington in the position of being the sole provider of health care.

Good news. CAIR had these ads on Miami buses removed. Now they’re to be put back. Here’s a report on how justice prevailed.

The SIOA [Stop the Islamization of America] legal complaint against Miami-Dade Transit has been settled. Not only will our FDI [Freedom Defense Initiative] and SIOA religious liberty bus ads be going back up, but another twenty will be added and will soon be on the streets of Miami.

This is a major victory for the freedom of speech and a disastrous defeat for the thuggish Islamic supremacists of CAIR. It is also a major victory for SIOA. …

The bus ad, which appears above, began running on Tuesday, April 13th. Just two days later, on Thursday, after pressure from CAIR, the bus ads had already been pulled down …

CAIR [Council on American-Islamic Relations], as it typically does, issued nationwide press releases and blasted emails to tens of thousands of outlets on Friday crowing over its “victory” of suppressing free speech on the grounds that the ads promoted “bigotry”. Newspaper and other media stories in the Miami Herald, the Orlando Sentinel, Fox Business News, and NBC ran blindly with the CAIR-generated story on Friday with headlines like: “Miami-Dade Transit Throws Islamic Ad Under the Bus.”

Ironically, CAIR, which has been named by the U.S. Attorney’s Office and the FBI as a Muslim Brotherhood-Hamas front group and unindicted co-conspirator in the Holy Land Foundation terror fund raising trial – a trial which culminated in guilty verdicts for all of the Muslim Brotherhood defendants – claims it is “the nation’s largest Muslim civil rights organization.” …

The Center for Security Policy, a leading Washington D.C. national security think tank run by former Reagan administration official Frank Gaffney, has documented that CAIR is an illegal, unregistered foreign agent of the OIC [Organisation of the Islamic Conference], receiving millions of dollars from Islamic countries in order to pursue their political goals in the U.S. …

The day after the bus ads had been pulled … a teleconference was arranged …  with the Miami-Dade County Attorney’s office, which took place [the following] Monday afternoon… The county attorneys conceded the ads should not have been pulled. By Tuesday [it was agreed that ] not only would the original 10 king-sized ads go back up on the Transit Authority buses, but CBS would run an additional 20 king-sized bus ads for no additional charge.

The new agreement was inked and signed by Wednesday, April 21. The ads are expected to go back up by early next week.

Congratulations to Pamela Geller of Atlas Shrugged and Robert Spencer of Jihad Watch who caused this to happen.

Billy Budd, by Herman Melville, is the story of an innocent, good young man, an illegitimate orphan, who is impressed into the Royal Navy when England is at war with France in 1797. The Captain of the ship on which he serves loves him, and so do all the crew except for one man, John Claggart, the Master-at-Arms. Motivated by malice, hate, and envy, Claggart falsely accuses Billy of planning mutiny. An astounded and disbelieving Captain Vere has to confront Billy with his accuser. Billy cannot answer the charge. Not only is he bewildered by the accusation which he only understands as a blatant lie, and has no idea how to convey his denial having never been taught to express himself, but in addition he is hampered by a speech impediment. In his frustrated and  desperate need to defend himself, he strikes out at Claggart and accidentally kills him. Captain Vere has no choice now but to have Billy court-martialled. As the only witness to the event, he defends Billy, sincerely believing in his profound innocence. But then, deeply paining his own feelings, he himself actually persuades the court-martial panel to sentence Billy to death, because although it is unjust, it is what the law prescribes. If an enlisted man kills an officer in a time of war, even accidentally, the law says he must be executed. So Billy Budd, a personification of human goodness, is hanged as a criminal.

What has recalled Billy Budd to our minds is the case of three Navy Seals in Iraq. One of them, Petty Officer First Class Julio Huertas is being tried today in Baghdad on charges relating to the hitting of  an enemy captive. The accusation has been brought by the captive himself, Ahmed Hashim Abed.

The US Marines had been searching for him as the leader of a murderous attack on four Blackwater contractors. Abed and his fellow Islamic savages killed the Americans, dragged their mutilated and burnt bodies through the streets of Falluja, and hung two of them on a bridge.

In what seemed like a triumph for justice, three brave Seals captured Abed, for which they should be commended and rewarded.

They handcuffed and blindfolded him, and proceeded to interrogate him. Later the prisoner was to complain that one of them had struck him. If so, the Seal was surely being all too merciful, considering that servicemen are paid not merely to strike but to kill the enemy. Astoundingly, however, all three of the Seals are to be court-martialled.

The other two are Petty Officer 2nd. Class Matthew McCabe  and Petty Officer 2nd. Class Jonathan Keefe.

Huertas and Keefe – who is also to be tried in Iraq – are charged with dereliction of duty, not taking more tender care of their captive.

McCabe is the one accused of hitting the terrorist murderer. He’ll be tried next month in Virginia.

Who, we’d like to know,  made the decision to try these three men, and why? Are they torn in their consciences like Captain Vere? Or are they merely small bureaucratic minds, long gone blind to justice as they scurry about in the purlieus of legal minutiae, intent on obeying the letter but not the spirit of the law?

Jillian Becker  April 21, 2010

Update April 22, 2010: Petty Officer First Class Julio Huertas has been cleared of all charges.

This warning is in today’s Investor’s Business Daily:

An unclassified Defense Department report says an Iranian missile could strike the U.S. by 2015. If only we were working as hard to defend ourselves as they are to destroy us.

In any discussion of the Iranian nuclear threat, the assumption is always that Tehran’s target is Israel. Iran’s quite mad president, Mahmoud Ahmadinejad, has pledged to wipe Israel off the map as part of his grand scheme to usher in the age of the 12th Imam. Tehran may have a bigger fish that it wants to fry, namely us.

“With sufficient foreign assistance, Iran could probably develop and test an intercontinental ballistic missile (ICBM) capable of reaching the United States by 2015,” said the 12-page Defense Department report, released Monday, on the “Military Power of Iran” …

There is no shortage of such assistance. A recent report by the CIA’s Weapons Intelligence, Nonproliferation and Arms Control Center said production of medium-range missiles remains one of Tehran’s “highest priorities” and that China, North Korea and Russia are all helping Iran produce such missiles.

Iran has long worked with North Korea, particularly on intercontinental ballistic missiles. Iran’s cooperation with North Korea began in the 1980s, when Tehran financed Pyongyang’s production of Soviet-designed Scud missiles and received 100 of them. Later, North Korea shipped engines for Rodong midrange missiles to Iran. Pyongyang has also helped Tehran set up missile production facilities, and North Koreans are regular visitors to these plants. Iran’s Shahab-3, which can reach all of Israel, is simply the Islamic country’s enhanced version of the North Korean Nodong. Confirmed reports place Iranian scientists and engineers inside North Korea in 1993, when the Nodong-class missile was first tested and unveiled.

Iran is working hard to improve its missile capabilities. It has successfully test-fired the Sajjil-2, a solid-fuel, high-speed missile with a range of 1,250 miles. In February 2009, Iran demonstrated its global reach with the launching of its Omid satellite. Iran’s multistage Safir-Omid space launch vehicle owes much to North Korea’s Taepodong missile.

A country capable of orbiting a satellite is capable of putting a warhead anywhere on this planet. We forget that such a missile wouldn’t have to be accurate. A single nuclear warhead detonated over the American heartland would emit an electromagnetic pulse that would fry our technological infrastructure and catapult America and its economy back to the 18th century.

Iran has long been testing the in-flight detonation of its Shahab series over the Caspian Sea. Such tests would make no sense unless the Iranians were planning for the day when an Iranian missile with a nuke would detonate high over an Iowa cornfield and devastate the American nation.

Obama knows this. He  is doing nothing effective to defend America against it. He is actively taking steps to weaken America’s defenses.

Why?

Could the answer be that Obama wants Iran to be nuclear armed?

And here is another warning from the same source:

Now that the uptrend in homegrown terror is obvious, the FBI warns that American jihadists pose as big a threat as al-Qaida terrorists. And these bad guys may be living next door.

In a major switch from past rhetoric, authorities see an alarming rise in jihadist activity across the country. Radicalization is not confined to Europe, and it’s far more prevalent here than officials have been willing to admit.

Four years ago, FBI headquarters pooh-poohed concerns expressed by this paper that we had an internal security problem tantamount to Britain, which has far fewer Muslims. Following a PC script, the agency argued that our Muslim population is better assimilated and less extreme. That only lulled the American public deeper into a false sense of security about the homegrown threat.

“I don’t think al-Qaida is largely represented in the United States, or people that espouse violent extremism,” FBI Director Robert Mueller assured the public in 2006.

Now the nation’s top cop is singing a different tune.

Not only does al-Qaida still aim to strike inside the U.S., but “homegrown and lone-wolf extremists pose an equally serious threat,” Mueller warned lawmakers last week, citing the Fort Hood shootings. Many U.S.-born jihadists, such as Bombay attack planner David Headley of Chicago, are plotting terror overseas.

Mueller also pointed to the plot to bomb New York subways, hatched by three high school buddies from Queens. In the most serious terror plot in America since 9/11, the Muslim men planned to strap on explosives and hit the Grand Central and Times Square stations during rush hour.

From New York to the Denver suburbs, Americans have been shocked to find their own neighbors plotting or committing violence against them. In 2009 alone, 41 Muslim-Americans were involved in terror, accounting for almost a third of all the homegrown terror suspects since 9/11 (excluding terror-finance cases).

Even Muslim clergy are increasingly dangerous. U.S.-born imam Anwar Awlaki — who ministered to the 9/11 hijackers, inspired the Fort Hood terrorist and allegedly directed the Christmas crotch bomber — recently claimed jihad is “becoming as American as apple pie.” …

Another popular American-Muslim cleric — Detroit imam Luqman Abdullah — preached violent overthrow of the government before dying last fall in a shootout with FBI agents. He called cops “kaffir dogs” and exhorted his flock to shoot them in the head.

“America must fall,” he said, and be replaced by Saudi-style theocracy. “The worst Muslim is better than the best kaffir,” or infidel. Hardly fringe, Abdullah was embraced by the Muslim community. …

This is a powder keg ready to explode. Yet this administration remains focused on “right wing” militia groups and “anti-government extremists” as the top threats. It has even banned agencies from talking about “jihad” or “Islamic extremism,” as if that will defuse it.

Why?

Is it possible that Obama wants Islam to triumph?

This article discusses the revelation made by Dick Morris that Bill Clinton himself, not his attorney general Janet Reno, was primarily responsible for the Waco massacre:

It looks like somebody is going to have to update the Waco Siege page on Wikipedia. Apparently the whitewashed history that former President Bill Clinton would like us to believe regarding the 1993 federal assault on the Branch Davidian compound in Waco, Texas, is missing important details regarding his own personal involvement.

In response to Bill Clinton’s highly publicized linking of the Tea Party movement to the 1995 Oklahoma City bombing in an op-ed piece for the New York Times, former Clinton adviser Dick Morris disclosed on Monday that it was Clinton himself, and not Attorney General Janet Reno, as Americans have been led to believe for the past 17 years, who called the shots during the 1993 botched invasion that led to the death of seventy-six people.

Speaking on the Hannity program on the Fox News Network, Morris criticized Clinton for his Oklahoma City comments: “Let’s understand what was Timothy McVeigh’s motivation …he himself had said that it was the reaction to the Waco takeover. Bill Clinton orchestrated that takeover.”

Morris went on to say, “Clinton in fact was so ashamed about what he did in Waco that he was not going to appoint Janet Reno to a second four-year term. She told him in a meeting right before the inauguration day … ‘If you don’t appoint me I’m going to tell the truth about Waco.’ And that forced Clinton’s hand … It’s never been said (publicly) before.”

For years, Clinton has been criticized for his leadership of the federal government during the Waco crisis, but he has managed to escape personal responsibility for the tragedy. With Morris’s statements, it appears this may no longer be possible. It would seem that Clinton was far more intimately involved with the government response at Waco than previously reported. …

For Clinton to associate such a horrible act of violence with freedom loving [Tea Party] Americans, especially given the fact that he must be fully aware that it was his decisions that led to the Waco catastrophe which in turn inspired Timothy McVeigh, is remarkably shameless.

Is the Tea Party movement the only truly spontaneous uprising of a great part of a nation in all recorded history?

It arose and spread with amazing speed. It inspires ever more supporters. No one worked at it. No one manipulates it. It could surely only have arisen where there was an existing spirit of freedom among the people, and a consciousness of the profound value of freedom. And that could only be in America.

It intends and does no harm to any person, only to oppressive impoverishing government. It unites men and women of widely diverse occupations and backgrounds. It is peaceful and good-humored – yet there is passion in it too, as shows in this article by Sandy Rios from which we extract a part:

This president should never have been elected… he does not love this country like you do or I do … Could an enemy do more to dismantle and destroy it? His mentors from the earliest years were leftists … from his mother and father to his Communist mentor, Frank Marshall Davis. Barack Obama has never been enamored with the America he has never known. The hero of his mentors was the old Soviet Union. Why else would he bargain away our nuclear power to Russia, an entity far past its prime except for the romanticism that comes with being raised with Marxist ideals?

Why else would he implement economic policies that create and sustain unemployment, institute unsustainable debt, reward non-contributors and punish the ambitious, wealth creators? Why else would he dismantle the world’s greatest medical system, dooming healthcare to mediocrity, medical innovation and research to a standstill, hamstring the nation’s space exploration, prevent the exploration of our own energy supply … implement crippling cap-and-trade policies to further break our economic backs, all the while feigning he’s doing the opposite?

We will not survive the policies of this president. If we don’t rise up as our forefathers did 234 years ago, we will lose what they sacrificed for and, make no mistake, many of them lost almost everything they had in the pursuit of freedom. We will have lost the freedoms they sacrificed for in addition to what we have worked to achieve, but most of all lost that which our children and grandchildren will never have even experienced.

We are at a tipping point. Either we turn this American ship around quickly, or we will all go down with it. …

Out with the czars … the sexual radicals like Kevin Jennings, “Safe School Czar” who believes in sex between children and adults. And Chai Feldblum who wrote the Employment Non-Discrimination Act to assure that people of all sexual deviancies cannot be discriminated against even in public schools.

Out with the tyrants in Congress who would punish corporations who dare to disagree with the administration’s policies.

Out with the leaders of ACORN and the SEIU who break the law to steal elections and destroy American institutions with impunity.

Out with the lawyers at Justice under Attorney General Eric Holder who protect terrorists and put their own citizens at risk … who release members of the New Black Panthers charged with intimidating voters while placing law abiding citizens on special watch lists.

Out with a president who treats our friends like enemies and our enemies like friends … who bows to the Saudi Prince and the Chinese President, who gives flowery speeches to the Arab world claiming America is a Muslim nation, while disrespecting and degrading our own traditions. …

Out with a president who wishes his nation weaker … one who sets about to make it so.

Yes, the tipping point is fragile and if we tip the other way, we will find out readily what it’s like to not be a military superpower, as terrorists and rogue nations gladly take us up on our weakness.

We will find out what sustained and increasing unemployment is like, what poverty for more Americans looks like—more stores boarded, more businesses failing, more government handouts until they dwindle when there are no more so-called rich to provide them. We will find out what less freedom to express ideas and opinions is like, restrictions on conservative talk radio and alternative media, minimal healthcare, seniors neglected and dying earlier, the privileged political class at the front of the medical lines—all lines for that matter. And the American ship sinking into the abyss of poverty and obscurity.

What separates us from those two paths? It is, simply put … the Tea Party movement. It is their insistence on continuing to be able to speak the truth, to make their own choices, to voice their opposition to a tyrannical government, to defend the constitution and exercise their First amendment rights in public protest.

Who do you think is energizing this country? Is it the politicians in Washington? Is it the Republican leadership? No, they are motivated by this movement. While some have been lulled to sleep by the opium of power, others want to do what’s right and the energy of the Tea Party Patriots has given them the courage to speak up and fight.

Yes, the Tea Party movement is unique. May it provide an example to be followed by oppressed people in other times and places.

Are we exaggerating when we call Obama “the Dictator”?

Judging by this, we  guess that Thomas Sowell would not say we are:

So much of what is said and done by those who rely on the power of government to direct ever more sweeping areas of our life seem to have no sense of the limits of what can be accomplished that way.

Even the totalitarian governments of the 20th century eventually learned the hard way the limits of what could be accomplished by power alone. China still has a totalitarian government today but, after the death of Mao, the Chinese government began to loosen its controls on some parts of the economy, in order to reap the economic benefits of freer markets.

As those benefits became clear in higher rates of economic growth and rising standards of living, more government controls were loosened. But, just as market principles were applied to only certain kinds of slavery, so freedom in China has been allowed in economic activities to a far greater extent than in other realms of the country’s life, where tight control from the top down remains the norm.

Ironically, the United States is moving in the direction of the kind of economy that China has been forced to move away from. China once had complete government control of medical care, but eventually gave it up as the disaster that it was.

The current leadership in Washington operates as if they can just set arbitrary goals, whether “affordable housing” or “universal health care” or anything else — and not concern themselves with the repercussions — since they have the power to simply force individuals, businesses, doctors or anyone else to knuckle under and follow their dictates.

Friedrich Hayek called this mindset “the road to serfdom.” But, even under serfdom and slavery, experience forced those with power to recognize the limits of their power. What this administration — and especially the President — does not have is experience.

Barack Obama had no experience running even the most modest business, and personally paying the consequences of his mistakes, before becoming President of the United States. He can believe that his heady new power is the answer to all things.