Our race for the White House seems like it has gone on forever. Canada just got the job done in less than 2 months. (Lucky them!)

Who did Canadians elect? The Conservative or the Liberal?

The Conservative.

Canada's new Prime Minister is Stephen Harper and according to the Wall Street Journal, Conservative Canada, John McCain take note: (My emphasis)

...Harper and his Conservative Party coasted to an easy victory in national elections on Tuesday, winning 38% of the vote and 143 seats in parliament. Mr. Harper's closest competitor, Liberal Party leader Stéphane Dion, managed only 26% of the popular vote for 76 seats.

Though he did not win the 155 seats he needed to secure a majority, Mr. Harper did pick up 16 new members of parliament, while the Liberals lost 19 seats. In other words, in a time of great economic uncertainty, Canadians by a large margin went with the tax cutter over the tax raiser.

The WSJ suggested that Harper hoped to secure a parliament seat majority but his response to "the global financial panic" that critics said was "too casual" might have kept him from it. 

So what prompted his victory? His pro NATO role, funding military, and troops in Afghanistan to fight terrorism platform.

Mr. Harper restored Canada's important role in NATO and revived Canadian pride in playing a role on the world stage. He reversed a pattern of parliamentary neglect of Canada's armed forces and made proper funding for the troops a priority. Rather than flee Afghanistan as Mr. Dion wanted to do, Mr. Harper's Canada is playing a crucial role in the international effort to defeat al Qaeda and the Taliban.

Domestically, Harper "promised to cut corporate taxes to further attract capital and grow the economy."

What was Harper's closest challenger, Liberal Mr. Dion's platform? "To levy a new carbon tax on business" and "flee Afghanistan."

What Americans will do on Nov. 4th remains the mystery. Will they be like their Canadian neighbors to the north and vote for the true tax cutter--especially on corporations--and pro military presence man John McCain? Or choose the wealth/income redistributor (remember Obama wants Bush Tax Cuts to expire) and abandon Iraq candidate Barack Obama?

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

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I heard both Congressmen Paul Ryan and Jim Sensenbrenner interviewed on Jay Weber's radio show this morning. (Hour 4 Part 2). Since I trust the opinion of both of these men, I was curious as to why Ryan voted YES and Sensenbrenner NO on the latest bailout bill. 

First Congressman Ryan, who does have a degree in economics. The following are some notes I took from the interview--they are not direct quotes. Listen to the podcast if you can.

Ryan said the bill yesterday was the Paulson plan with quite a bit of tweaks.

The original Paulson bill was 3 pages: Give me a blank checkbook with $700billion.

We wrote a [Republican] alternative. Ours said, Let's make the firms buy insurance.

We rewrote the bill, added stock options--warrants to taxpayers, so the taxpayer is first in line to get money back (if there are profits--that means ACORN would not be getting funding as the orig. Paulson bill stated.) Executives won't get a Golden Parachute.

This bill was $350 billion: $250b immediately and $100b later. An additional $350b would need to be voted on in the future.  

Over the weekend, credit markets went crazy. The problem is not just on Wall Street. Credit markets are shutting down. [That means cash flow for payrolls is unavailable.] There is a fear of recession.

"I'm now sincerely worried this could lead to recession."

Jay Weber: Can we move slowly or do we need to move quickly?

Ryan: Tax money goes out the door either way, this way (bailout) or from FDIC (if banks fail.) Paulson mishandled this so badly.  We added 107 pages to his bill. 

I have never seen things like this [credit freezing up]--ever. Businesses won't be able to cash flow payrolls.

Weber: There is a deep distrust of Congress.

Ryan: 2,300 calls [to my office] almost all against the bailout. [That is changing a little now.] We have to corral Wall Street so it doesn't spill to Main Street.

Weber: Why aren't Republicans hammering this?

Ryan: I am. Since 2002 I have voted against Freddie and Fannie every time.

I think Paul Ryan voted for this measure because he is genuinely worried about our economy shutting down. He knows that if businesses cannot get credit to meet their payrolls, that means workers do not get paid. With many Americans just a paycheck away from being broke, we cannot afford to let that happen. Businesses also use credit to purchase supplies and equipment for future production.

Then it was Congressman Jim Sensenbrenner's turn:

Paulson [Barney Frank] plan fatally flawed from the beginning. That money all came from taxpayers.

The word was, $700billion would not be enough.

America can't afford this. We are wealthy, but there is a limit. 

All of this is inflationary. Interest rates will shoot up. [Remember] 20% prime rates during Carter? 

We should go back to the regular order [of crafting legislation] with committee meetings, rather than Paulson saying we have to do this.

Weber: We're racing against the clock.

Sensenbrenner: When markets opened [today] they were up 200, so hopefully the markets have calmed down.

Paulson is pushing for now. It bailed out the people who caused the problem.

I'm prepared to go back when Pelosi calls us back.

This is a case of Congress serving the people. 

Weber: What angers people is Frank and Dodd in charge of the fix. Is there any mechanism to say when you failed the people, get off the committee!

Sensenbrenner: The Community Reinvestment Act was a significant factor [to what is going on.] 

The process worked yesterday. The speeches like from Pelosi need to stop. She also knew there were not the votes to pass. Why did she bring the bill to the floor? [To fix blame on the Republicans]

Weber: Would you change the Community Reinvestment Act?

Sensenbrenner: Repeal of that law should be in the new package now.

The Security and Exchange Commission dropped the ball--enforcement was not vigorous. 

The Justice Department should investigate if any fraud was committed. [Imprisonment would serve as a deterrent.]

So there you have the Yea and the Nay. Where is Solomon when you need him? 

Conservatives would hope the next version of the bailout bill would be better for taxpayers, that it keeps money from ACORN and repeals the Community Reinvestment Act. With this crew I don't have much hope.

My fear is that the next version will included ACORN funding again or worse. The Democrats will vote for it, and President Bush, who is really over a barrel here, will have to sign it.

Calls from Americans running 500 against, to 1 in favor, of the bailout might be the only thing that saving us from an UGLY pig of a bill.

Post Script: Along the lines of Sensenbrenner's request that they craft this bill carefully, 165 Economists rip bailout plan:

The economists say they are well aware of the current financial situation and agree there's a need for bold action but ask Congress "not to rush."

They urge lawmakers to hold appropriate hearings and "to carefully consider the right course of action." 

Right now the market is up 307 points from yesterday's close. You can check anytime on USAToday. (If you leave it open, it automatically refreshes.) 

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

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Here is a little news for residents to our north, Randy Melchert* is running for State Assembly, 24th District. That area starts just north of Lisbon Road on up to Pioneer Road and from 124th St. west to Hillside Road and includes Butler, Menomonee Falls (most), Germantown, Hubertus and Colgate.

Suzanne Jeskewitz, the current area's representative, announced earlier this month that she would not be running again.

If you live in the 24th District, Melchert will start collecting nomination signatures on June 1st. The primary is September 9th. Check out his website:

"Melchert envisions a pro-life, pro-family, pro-growth Wisconsin. Melchert will be working to make Wisconsin an economic greenhouse attracting high quality corporations, jobs, and families. As posted on his website (www.randymelchert.com) Wisconsin has the seventh highest state and local tax burden according to The Tax Foundation. Melchert believes we need to stop raiding settlements and reserved funds to pay for our out-of-control budget. With aggressive spending controls we can begin to reduce taxes, and thereby revitalize the state economy."

His blog, Randall Melchert for Assembly Blog has interesting (and disturbing) postings containing graphs and information on how Wisconsin is losing jobs and increasing taxes and debt. This would be of interest to all Wisconsin residents, not just those in the 24th District.

Wish we had more like him in Madison! 

*I have known the Melchert family for 8 years. 

Don't forget the Music Concert to Benefit Chinese Quake Victims, Saturday, May 31st, 10AM - 1PM, Brookfield Civic Plaza

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