“…selling by corporate insiders in August has surged to $6.1 billion, the highest amount since May 2008. The ratio of insider selling to insider buying hit 30.6, the highest level since TrimTabs began tracking the data in 2004.”
Said Charles Biderman, CEO of TrimTabs:
“The best-informed market participants are sending a clear signal that the party on Wall Street is going to end soon…Investors who think the U.S. economy is recovering are going to get a big shock this fall…Companies and corporate insiders are signaling that the economy is in much worse shape than conventional wisdom believes.”
Auto Cast Inc has filed for bankruptcy after its bank, Huntington National Bank, called in its loans.
In a filing in US Bankruptcy Court in Grand Rapids, Mr Carl Homrich CEO of Auto Cast Inc said that “The filing was driven by one factor, an aggressive position from Huntington National Bank. Today’s credit market has resulted in Huntington National Bank cutting off credit line and demanding unconditional personal guarantees from the owners for 100% of all indebtedness.”
How many more companies will face an aggressive position from bankers and how many more bankers will assume an aggressive position?
If it wasn’t so serious it would almost be funny. Our money is confiscated, used to buy property for government functions (in this case a school) and then when those who disagree with the government attempt to assemble and voice opinions they’re threatened with violence in the form of arrest for trespassing.
And did you catch the “I’m doing my job”. When will someone who has sworn an oath to the Constitution get some backbone, stand up and say, “enough is enough”? And when they do, will we stand beside them or hide in the shadows?
How is that [paying taxes is] any different than me and a friend mugging you on the street, and then when you protest, we take a vote among the 3 of us to determine by democratic principles whether we can rob you or not?
If it’s wrong for one person to steal from another, then it’s wrong for 2 men to steal. It’s also wrong for 10 men to steal from one. It’s also wrong for 299,999,999 men to steal from one man. Democracy doesn’t change truth. Taxation is theft and theft is wrong.
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
Then abolish this law without delay, for it is not only an evil itself, but also it is a fertile source for further evils because it invites reprisals. If such a law—which may be an isolated case—is not abolished immediately, it will spread, multiply, and develop into a system.
The person who profits from this law will complain bitterly, defending his acquired rights. He will claim that the state is obligated to protect and encourage his particular industry; that this procedure enriches the state because the protected industry is thus able to spend more and to pay higher wages to the poor workingmen.
Do not listen to this sophistry by vested interests. The acceptance of these arguments will build legal plunder into a whole system. In fact, this has already occurred. The present-day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretense of organizing it.
Don’t forget the Christian Libertarian Blog Carnival is fast approaching. We’re looking for a recent post of yours that presents your thoughts from a Christian, libertarian perspective. To get an idea of how this works you can review the original introductory post at The Holy Cause and take a look at the past carnivals here, here and here. You can send your submissions by email to me here, use the submissions form at BlogCarnival.com or the submission widget found on the right sidebar at The Holy Cause. Deadline for submission is August 31. The targeted publishing date is September 7.
We’re also looking for a new host. Please let me know if you’d like to volunteer to host the next carnival. I’ll provide the dates when I publish the upcoming carnival.
In Racism is the Left’s Trump Card, The Holy Cause has excellent coverage of recent propaganda broadcast by MSNBC. This is nothing less than outright deceit. It is a lie. And it comes from a major news venue owned by one of the biggest corporations in the world. I saw the original coverage of the man with the rifle and in this case CNN gets it right. The man was not a white male as MSNBC leads viewers to believe. Brent Bozell get’s it right: “This was a deliberate effort to brand conservatives as racists – and now as violent racists.” And not only conservatives, but anyone who disagrees with the present administration.
I read tonight in a local weekly paper this economic nugget about Cash for Clunkers from Candice Miller, a local Republican representative in Congress, “I think that, by anybody’s standards, this has been the best economic stimulus program that the government has enacted.” Later on she continues, “This is going to be a critical component of how we get out of this recession, especially in Michigan. Throughout our nation’s history, it has been auto sales that have pulled our country out of the recessions. Talk to any economist.” [emphasis added]
The article further states without quoting that she sees another upside – a goose to the state revenues through new license and registration fees and increased sales taxes. Now I feel better.
The Financial Times reports that Cash-for-clunkers [has] boost[ed] Japanese car sales. Is it any surprise? With a decades long quality and image problem compared to imports, the government buyouts can do nothing but make matters worse in this regard for GM and Chrysler. The rational consumer knows exactly where to put new money. Just one of many “unseen” consequences.
