Tuesday, November 6, 2012
During Bailout I, in September 2008 at the end of the Bush presidency, Representative Mike Pence was one of the first and few in Congress to cross the "combine" and suggest America defy the banks, specifically The Federal Reserve. That was back when most Americans did not know the Federal Reserve was a private group of bankers and not really federal.
I remember how much I loved him back then, as one of the only guys in Congress to speak out against and stand up to the Fed's threat of martial law if the bailout didn't happen.
"To have the freedom to succeed, we must preserve the freedom to fail." Pence declared.
He also said, "“There are no easy answers but there are alternatives to massive government spending.”
I admit, a respect and adoration of Mike Pence began in me at the time he took a well-grounded leadership role in our country against bailouts, when most in his party including presidential candidate McCain, were making sure they were on The Hill to cast their pro-banker vote.
During this time, Iceland ousted it's prime minister, arrested the bankers, put them on trial, found them guilty, put them in prison, and forgave mortgages equivalent to about 25% of its GDP. Had America followed Mike Pence's lead, America would be in a different boat today. She might look a little more like Iceland. She would have taken the bitter pill, shored up her fiscal problems, arrested guilty bankers, and bounced back into relative prosperity like Iceland did.
Instead, we give our guilty more power and money.
I respected Mike Pence then and I respect him now as our Governor-elect. I hope he is as courageous a Governor as he was for Indiana and our country in Congress. I want to trust him to protect Indiana's sovereignty.
P.s. to you Occupy types that might be reading... American taxpayer bailout money so far would pay for pretty much every mortgage in America. If we were not paying mortgages, we would be spending it in the economy instead and everyone would be good including deserving banks. Just sayin'.
Posted by M Theory at Tuesday, November 06, 2012