Great post on Huckpac- 14 yr. old CPAC Speaker/mark to market/congress payraise

Judge Deborah

03/08/2009 07:33 PM

Suchora, Steven
03/08/2009 05:41 PM

That 14-year-old is Jonathan Krone.

Here is his website: http://www.defineconservatism.com/index.php/authorsbio

Here is his book: Define Conservatism: For Past, Present and Future Generations"

http://www.defineconservatism.com/index.php/howtobuy

Wikipedia -- Mark to Market Accounting

http://en.wikipedia.org/wiki/Mark-to-market

"The Emergency Economic Stabilization Act of 2008 was passed and signed into law on October 3, 2008.

On October 7, 2008, the SEC began to conduct a study on "mark-to-market" accounting, as authorized by Sec. 133 of the Emergency Economic Stabilization Act of 2008.

On October 10, 2008, the FASB issued further guidance to provide an example of how to estimate fair value in cases where the market for that asset is not active at a reporting date.

On December 30, 2008, the SEC issued its report under Sec. 133 and decided not to suspend mark-to-market accounting."

For some reason Michelle Bachman and other House Republicans believe that we still need to suspend Mark to Market Accounting while the market is not trading properly.

Mark to Market downgrades the holdings value to the actual depressed value, even though we are in an abnormal trading pattern after we had a financial cyber terror attack on our banking system in which the Saudi's or Chinese tried to remove $550 billion dollars within a 2-hour time period last Sept.

http://www.capitalismgonewild.com/2009/02/electronic-run-on-banks-550-billion.html

It's even suspected that China has been raiding the World Bank via online cyber terror.

http://www.drudge.com/archive/113495/chinese-hackers-raid-world-bank

Here's the C-Span video explaining what happened and what the T.A.R.P. funds were supposed to do:

http://www.liveleak.com/view?i=ca2_1234032281

http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/10/holy-shiite-wor.html

 

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b, richard

03/08/2009 06:23 PM

TeamColtra
03/08/2009 04:56 PM

Here is info on a bill to repeal the Congressional pay raise:
Every Huckpac candidate who is already in congress needs to co-sponsor HR156

Campaign for Liberty recently gathered over 20 organizations together from the right, the left, and all over the rest of the political spectrum to oppose the 2010 Congressional Pay Raise and to urge Congress to support Representative Harry Mitchell's H.R. 156.

During the entire 110th Congress, Representative Mitchell's bill garnered just over 30 cosponsors. In the first month and a half of the 111th, H.R. 156 already has 109 cosponsors, and its bipartisan support shows that it is the perfect vehicle to make sure the pay raise is not enacted.

We're very excited to be joined by this many other groups early on in our efforts during this Congress, and we look forward to building on this success with more initiatives this year.
Congressman Dr. Ron Paul strongly supports HR156, and was one of its first co-sponsors.

HR156 http://thomas.loc.gov/home/gpoxmlc111/h156_ih.xml

The coalition's letter
http://www.campaignforliberty.com/materials/coalitionletter.pdf