LP of Contra Costa and Alameda switch banks in response to bailouts and raised fees
May 12, 2010
LIBERTARIANS QUIT BANK OF AMERICA
CONCORD, CALIFORNIA — In response at government bailouts of banks, the Contra Costa County and Alameda County Libertarian Parties severed all financial ties with Bank of America.
Annoyed at the federal government’s Troubled Asset Relief Program (TARP), the two Libertarian groups wanted to put their resources in a bank that did not accept taxpayers’ dollars. Bank of America has accepted TARP funds.
Moreover, the two groups — which are considered small organizations — were incensed that Bank of America, on the brink of collapse, raised its bank-service charges and provided only minimal service.
In February, New York State Attorney General, Andrew Cuomo, brought a lawsuit against retired Bank of America Chief Executive Officer, Ken Lewis. In the lawsuit, Mr. Cuomo accused Lewis of defrauding the bank’s investors and customers. Mr. Cuomo’s actions made the Libertarians feel justified in putting their money in a more trustworthy institution.
The Libertarians found two acceptable banks: Bank of the West and Mechanics Bank. Contra Costa Libertarian Party Chairman, Mr. Cory Nott, said: “Both banks are excellent to work with.”
According to Mr. Nott, the two Libertarian groups settled on Mechanics Bank. Mr. Nott said that that Mechanics Bank “will provide more convenience for all party officers, did not need or apply for any TARP funds, and can give superior service to our organizations.”
Inflation: An Analogy
I was discussing today the nature of inflation, and thought of an analogy.
Imagine that you take your car to an airport parking garage every week. When you return from your trip, you take your ticket to the front, and they bring back your car. Now, imagine that the parking garage operators, in order to increase operating revenue without increasing prices, decides to return a lesser amount to customers when they come to exchange their ticket for their car. At the beginning of the week you bring in your 2010 Toyota Camry, and when you return, they give you back a 2009 model. A silly idea of course. The customers would rightly be up in arms and would flood the police agencies and courts with complaints. So why do we let the government get away with it when it comes to our money? Most people think that such a system is required for growth and that to return value for value would “limit the economy.” If it doesn’t make sense for parking garage operators (they’d certainly grow, but the rest of us would be the losers), then why does it make sense for the government and its banking system.
Ponder that!
Cory Nott
Chair, Libertarian Party of Contra Costa County
IBABuzz: CD10 Special Election Attracts a Bakers Dozen of Candidates
According to Lisa Vorderbrueggen, political editor for the Contra Costa Times, the special election for former Rep. Ellen Tauschers CD10 seat has attracted a whopping 14 candidates!
http://www.ibabuzz.com/politics/2009/07/20/a-bakers-dozen-to-run-in-cd10/
Sadly, there are no Libertarian candidates in this race. Most of us are too busy, but even those who are interested find the cost prohibitive. It’s $1700 to file, and another $8000 to file signing statements in the three counties which this district covers. Gary Clift (http://cliftforcongress.com) visited our regular meeting this month and he was a very pleasant fellow.
Libertarian Party of Contra Costa County Calls for Audit of Government Finances
LOCAL LIBERTARIAN GROUP WANTS GOVERNMENT FINANCES AUDITED
Contact:
Mr. Cory Nott
Chairman
Libertarian Party of Contra Costa County
3206 Claudia Dr
Concord, CA 94520
TEL (925) 595-6095
FAX (866) 596-0360
E-mail: cory@lpccc.org
Web: www.meetup.com/lpccc
Date: July 16, 2009
For Immediate Release
CONCORD, CALIFORNIA — To let citizens know how their hard-earned tax dollars are being used, the Contra Costa Libertarian Party (LPCCC) is urging all local Congresspersons to support HR 1207, a bill that would audit the activities of the Federal Reserve Board. The bill, sponsored by Rep. Ronald Paul (R-TX) currently has 261 cosponsors
To date, local Congresspersons George Miller and Jerry McNerney have not said whether or not they will support HR1207. The two Congresspersons are both Democrats.
The Federal Reserve (the Fed) is planning to buy $2 trillion worth of United States debt. The debt stems from the current $2 trillion annual deficit engineered by the Obama Administration and the Democratically-controlled Congress.
The LPCCC believes that there must be Congressional oversight of this massive purchase of American debt.
To generate the $2 trillion, the Fed plans to order the printing of $2 trillion worth of American dollars. By law, the Fed has the power to print money.
Once $2 trillion worth of printed dollars start to circulate in the American economy, LPCCC believes that the result will be massive inflation. LPCCC chairman, Cory Nott, says that American inflation rates could reach 30% annually by mid-2010. Thus, what costs $100 in today’s money might cost $130 by June 2010, according to Nott.
The American government tried to get China, Japan, and Saudi Arabia to buy the $2 trillion worth of debt. However, these countries refused, arguing that holding American dollars would mean the holding of a worthless paper 12 months from now.
