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Expect the Bailout Culture to Grow During an Obama Presidency

 
PINE BLUFFS - I've been wanting to write something on the economy for several weeks. Found this by Ken Blackwell, and I really think he expresses some of the points I wanted to make even better than I could. So, here's his article of 12/11/08, reproduced with full credit to him.
 "THE LOOMING RETIREMENT MELTDOWN"

By: Ken Blackwell,  former Ohio secretary of state, and a senior fellow with the Family Research Council. Special to www.saccoservices.com

December 11, 2008:

        The government has been reacting aggressively to America's economic woes. But these short-term measures are not addressing the root problems of our economic distress. And the current crisis will awaken Americans to the coming tsunami of entitlement insolvency, which if not resolved will make our current situation look like a walk in the park.
        The bailout culture, flawed from the beginning, is now completely out of hand. The government, supported by congressional Democrats, bailed out Wall Street, saying that banks were essential to the American economy. Since then, many bank executives have shown their disdain for American taxpayers by continuing to throw lavish parties and pay themselves big bonuses for their incompetence. 
        Predictably, a long line of would-be welfare recipients is forming in Washington, D.C., saying that they too are "essential" to the American economy. The Big Three automakers, city mayors, and others are asking for your money. Having run lousy businesses with unworkable plans, they are asking politicians for your money with no guarantee that they will not simply default in a year or two.
        Recently, a joint interview on Fox News Sunday with House leaders, Democrat Steny Hoyer and Republican John Boehner, showed two completely different outlooks on how government ought to respond to such times. The Democratic line was about hundreds of billions of dollars more in bailouts, subsidizing any industry that calls itself "essential" to the economy and taking an ownership stake in the company in return. The Democrats also support hundreds of billions of dollars more in public works projects, looking increasingly like the 1930s. The Republican line was about fostering business growth and long-term economic development. Mr. Boehner spoke of domestic energy production and new energy technologies. Republicans also promote removing the burdens on business to foster private investment, business innovation and new hiring.
        The foundational difference between these two visions is the Republican understanding that government cannot create sustainable jobs; instead it can only create a favorable environment for the private sector to make jobs. Government has no money of its own; it takes your money. A stimulus package is a one-time injection of money, but it takes money away from businesses and consumers by taxes. Taking money out of the economy destroys jobs in the long term, rather than create jobs.
        The bailouts thus far have, on average, shouldered every family in America with a $15,000 debt. We will be paying it off for the rest of our lives. More debt is not the solution to our problem. Debt is the problem. Out of our $2.6 trillion budget, $300 billion goes to interest on our current debt every year. We need capital-friendly policies and a radical cut of federal spending to get out of this terrible mess. Right now we have a 35 percent corporate tax rate - the second-highest in the world. We have a 15 percent tax on capital gains, with pressure from the left to raise it to 28 percent. Millions of small businesses are struggling and cannot afford to give their employees health benefits. Each of these needs immediate reform. However, President-elect Barack Obama's plans on these issues are unclear.
        Our current economic crisis provides Mr. Obama with a brilliant opportunity to lead. The American people are becoming increasingly aware of the dire problems with the country's long-term entitlements - Social Security, Medicare and Medicaid. The ugly truth, which everyone in Washington knows, is that all three programs are headed for bankruptcy. They are completely insolvent, and if not completely overhauled they will go bankrupt, leading to automatic massive cuts in monthly payouts. The amount of commitments currently promised by those programs, but not currently funded, exceeds $40 trillion. That monstrous number is so large that it is essentially incomprehensible. If nothing is done, retirees will see cuts of 30 percent or more to the checks they rely upon to live. After his reelection, President Bush spent all of 2005 trying to get Congress to address this looming disaster. Some Republicans just didn't get it or lacked the courage to act - depriving the president of the votes he needed to reform the system. But the Democrats went further. Instead of proposing their own alternative and beginning negotiations, they took the extraordinarily irresponsible course of denying there was a problem. They said Mr. Bush was just trying to scare people and destroy Social Security. Thus, Americans missed a golden opportunity to tackle the largest financial problem facing our country.
        Now, Democrats control all the levers of power. And the current market declines have shaken the American people awake to the point of realizing this nation faces tremendous economic troubles. It is likely that in the coming months, millions of baby-boomers are going to start asking President Obama and Congress what they are going to do about the $40 trillion shortfall. The sleeping giant is stirring, and about to awaken.


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Wheatland, Wyoming’s Fond Farewell to Local Citizen John Birkbeck Bunker: The Wyoming Room at the Platte County Library

PINE BLUFFS - When John Birkbeck Bunker passed away on May 25, 2005, little did he know that his name would shortly be linked forever to the Platte County Library on 9th Street in Wheatland, by a seemingly unconnected string of fortuitous events.  

          John was the eldest son of former Ambassador Ellsworth Bunker and Harriet Allen Butler, of Yonkers, N.Y. His father, a prominent Democrat, served both Republican and Democrat Administrations as an Ambassador to Argentina, Rome, India, The Organization of American States (OAS), and South Vietnam until his death in 1984. Hawkish on that war, while in Vietnam he strongly supported the war efforts of both Presidents Johnson and Nixon.

 

          John’s mother, a bright, articulate woman from a wealthy family, saw her role in the traditional way; providing personal support for her husband, and taking part in the social life that figures prominently as an ambassador’s duties. For her, that included ensuring that the children were well brought up, developed a strong sense of right and wrong, and enjoyed a stable home life. And this was the first of the fortuitous events mentioned above, because John and his two siblings, Ellen and Sam, benefited greatly from their mother’s tutelage during their parents’ 44-year marriage. Harriet died in 1964.

 

          The second fortuitous event was Ellsworth Bunker’s deep seated belief in public service fostered during his four years at Yale, and later passed on to his three children.

 

           Born in Manhattan, John spent his early years there, where he attended local private schools. Later, after the family moved to Dummerston, Vermont, near Brattleboro, his parents sent him to the Putney School, a private, college-preparatory high school not far from Vermont’s border with New Hampshire. Later, as his father and grandfather had before him, his college years were also spent at Yale.

 

          The third fortuitous event was Wyoming’s gain – of the Bunker family. John’s son, John C. Bunker, was the first to arrive. Part owner and General Manager of Brown Company, which sells New Holland farm equipment in Wheatland, John told me, “I came out here in 1983 and bought a 6000-acre ranch. My father was partners with me in that. Later he decided to retire here. In fact, if you look at his Yale yearbook, it [the caption under his photo] says his ambition was to ‘move west and cattle ranch.’” 

 

          The fourth event was John’s acceptance of a position on the Board of Directors of the First State Bank in Wheatland. Retired as President of C&H Sugar, California’s and Hawaii’s sugar company, he was asked to serve, and he did not refuse a chance to become a part of his adopted community. He filled that post with distinction until his death after a short bout with stomach cancer. “Dad fought cancers [of various kinds] in other parts of his body on and off over the years,” young John said. “He was diagnosed with stomach cancer in December 2004, and died a few months later.”

 

          Enter Bruce A. Hellbaum, First State Bank’s President and Chief Operating Officer, with the fifth fortuitous event. “It was a long-standing bank policy to do something special for a Board member after his or her death,” Bruce told me in an interview at the Platte County Library. “John had been an avid reader, so I approached Julie Henion, the Library’s Director, with an idea; a circa 1900 Wyoming ranch house reading room, containing western literature and art, rustic furnishings, and a place for local residents to hold meetings or just to work quietly. (See photo). With her help, we flexed out the concept.”

 

          “When Bruce came in, we’d been wondering what to do with some space which used to be the alcove at the Library’s old front entrance,” Julie explained. “We wanted to do something different with it. Bruce’s idea was exciting.”

 

          The next event was a gathering of people who could make it happen; DaMarr Raben, a local artist and interior designer, and Blayn Tamlin, maintenance supervisor with Platte County. “The bank set our budget,” DaMarr, who did the design and decorating, said. “It was a generous but also realistic $10,000 - $11,000.”

 

          Together these two talented people came up with a concept for the room’s entrance, and an interior design for the 28’ x 13’ space. “Our idea featured two French doors that can be closed for meetings, for laptop use, or just reading and research,” DaMarr said. “On each side of those doors are two decorative panels that I painted,” she elaborated proudly, “The subject is Wyoming’s State flower - Indian Paintbrush. The panels are canvas painted and applied to sheet rock, and antiqued to remind of turn of the Century architecture.”

 

          Meanwhile, Blayn recalled seeing an old oak table and several chairs in a storage room in the Courthouse, which appeared to date back to 1910-1915. “The County Clerk and Commissioners were all in on it,” he chuckled. “With their permission, I negotiated that table and several chairs from over there, in exchange for a few chairs the Library had on hand.”

 

          It took several months to put the project together. “We used all local resources,” Julie Henion said. “We didn’t have to go out of town for anything. Or anyone.”

 

          First, an acoustic tile ceiling was installed, with track lighting on each end designed by DaMarr Raben. Then the block walls were coated and textured, creating the effect of a leather finish, merging modern function with early 20th Century style. Crown molding was then added. Next, bookcases with adjustable shelving were built on both north and south walls, allowing plenty of room for expansion. Finally, additional furniture was introduced.

 

          “The Library already had several barrister bookcases,” Julie said. “and also a beautiful hat rack with mirror, which had been around for ages. They fit the look we were striving for, so we moved them in.”

 

          What about the leather couch and two comfortable overstuffed chairs, which add so much character to the room? Another fortuitous event. DaMarr Raben explained: “They’re reproduction pieces from the 1800s. A client of mine, local developer and collector, David S. Cronk, was downsizing his home. He wanted to dispose of them. I was able to acquire all three pieces.”          

   

          Some other very interesting artifacts adorn the Wyoming Room. These include a framed, undated but very early reproduction of a map of Wyoming, Colorado and Utah, a Charles Russell (1864-1926) print – The Broken Rope; a historic photograph, entitled Winter-Absaroke - donated in October 1985 by W. R. Jones, William K. Vines, and Raymond B. Hunkins, of the local law firm of Jones, Jones, Vines & Hunkins, a bronze sculpture of an Indian on horseback, entitled The Scout, by James Allard, and another, Cowboy on bronc, presented in memory of Rachael Ann Fish.

 

          But the crowning item – a piece of artwork that dominates the room and brings everything together - is an original oil painting on Masonite, by Wyoming’s noted landscape artist, Conrad Schwiering. Donated to the Library by Ed Foreman in April 1967, the painting portrays the famous twin peaks of the Grand Tetons towering above the Snake River, with trees in the foreground. Schweiring’s work completes the theme originated and carried out by Hellbaum, Henion, Raben, and Tamlin, and is part of a fitting tribute to John B. Bunker, who adopted the Cowboy State as his home in his later years, and served it well until his death.  

          Anthony J. Sacco, a writer, licensed private investigator, author of two novels; The China Connection, and Little Sister Lost, and a biography, Echoes in the Wind, holds degrees from Loyola College and the University of Maryland Law School. His articles have appeared in the Washington Times, Baltimore Sun, Voices for the Unborn, the Catholic Review, WREN Magazine, and the Wyoming Catholic Register. E-mail him at AnthonyjSacco@hotmail.com and visit his blog at AnthonyjSaccosr.townhall.com. His work can also be seen at Triond, an on-line Internet magazine.

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