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John Norton

  • Common Sense / We The People / The Shot Heard Around The World

    When in the course of events a government decides to leverage the future well being of a free people, and directly effect the ability of its people in its future pursuit of happiness, it becomes the responsibility of said people to collectively correspond and meet to decide the fate of that government.
    Our  National Constitution derives its authority from the consent of the people and to ignore them wholly based upon thinking, that their best interest is being looked after, is reverting to a thought process of Divine Will of Kings, that which the founding fathers gloriously rebelled against. I am the anointed of God and placed upon this earth to think for these people because they are incapable of thinking for themselves is the same type of thinking previous leaders King George and our soon to be leaders Prince Obama, Prince McCain, and the royal court of Congress and the Senate are practicing. It is the focus of the American Revolution and the culmination of The Great Experiment, that which The Founding Fathers INTRODUCED, not created, and hoped future generations would culminate.  It is readily apparent that the people oppose their haste in these matters from the evidence of so much opposition.
    We the people have exercised their right to effect the course of their Government throughout its history and for the common good framed the greatness of THE GREAT EXPERIMENT by this action. Of the People, By the People, For the People are ingrained upon the soul and should not be ignored by an out of touch leadership bent upon the avoidance of responsibility rather than its embrace. 
    Thus the only course of action is to collectively meet at every opportunity, in the streets, in the home, in the business, in their face and voice the direction and what future those in, and the government itself, shall have for the future. We need to voice our alternatives to the problems and collectively make sure our leaders know we have the resolve to stand by our choice by our consent and Common Sense.
  • Contract for the President

    ECONOMIC CRISIS CONTRACT FOR PRESIDENTIAL CANDIDATES

    IN ORDER TO HAVE YOU VOTE TO ELECT ME TO THE OFFICE OF PRESIDENT OF THE UNITED

    STATES FOR WHICH I AM A CANDIDATE NOW CAMPAIGNING, I VOLUNTARILY MAKE THE FOLLOWING

    CONTRACTUAL COMMITMENT TO YOU THE VOTER, EFFECTIVE NO LATER THAN WHEN I AM ELECTED:

    1. I WILL SUPPORT THE BAN OF ALL CURRENT OR PAST CONGRESSIONAL LEADERS, INCLUDING

    COMMITTEE AND SUBCOMMITTEE CHAIRMAN, FROM ANY CONGRESSIONAL LEADERSHIP ROLE. THIS

    IS BECAUSE OF THE CONTINUAL FAILURE OF BOTH DEMOCRATIC AND REPUBLICAN LEADERSHIP TO

    STOP SPECIAL INTEREST LOBBYING CORRUPTION OR RISE ABOVE PARTISAN GAMESMANSHIP.

    Although Congress has only a 9% approval rating, the election is rigged to re-elect incumbents.

    But real change can still happen if those responsible for that low rating - the incumbent Congressional

    leadership - can be fired. In fact, they can be fired after the election, when they can be replaced with

    new bipartisan leadership chosen nationally for the first time!

    Until now, Congress has elected its own leadership by itself. Those elected are always among

    the most senior, with the longest, strongest ties to corrupt big business special interest lobbyists.

    That tradition appears to promote double-dealing and must end now.

    The ban includes any lame-duck session of the 110th Congress if called back into session after

    the November 4th election. Either or both chambers would have to hold new leadership elections, if

    the number of incumbents signing this Contract ends the current Congressional leadership's majority,

    as is likely.

    It should be recognized that it is the current system inbred with special interest lobbying, not

    the people working within it, that is fundamentally corrupt. Nonetheless, both the current system and

    its leaders must be changed to bring needed change.

    2. I WILL SUPPORT REPLACEMENT OF THOSE FAILED REPUBLICAN AND DEMOCRATIC LEADERS

    WITH FRESH NEW CONGRESSIONAL LEADERS THAT WILL GOVERN A BIPARTISAN WORKING

    MAJORITY OF FISCAL CONSERVATIVES AND MODERATES.

    THE GOAL OF THIS NEW CENTER MAJORITY OF CONGRESS IS TO BE A SUCCESSFUL TEAM USA

    WORKING IN THE NATIONAL INTEREST. IT IS TO STOP SPECIAL INTEREST LOBBYING CORRUPTION,

    ESPECIALLY WASTEFUL SPENDING SUCH AS EARMARKS LIKE THE BRIDGE TO NOWHERE. THE NEW

    CENTER TEAM USA LEADERS ARE HEREBY DRAFTED AS FOLLOWS:

    SENATE MAJORITY LEADER SEN. TOM COBURN (TEAM USA REPUBLICAN)

    SENATE MAJORITY WHIP SEN. BLANCHE LINCOLN (TEAM USA DEMOCRAT)

    SENATE PRESIDENT PRO TEM. SEN. JIM DEMINT (TEAM USA REPUBLICAN)

    SENATE MINORITY LEADER SEN. BILL NELSON (TEAM USA DEMOCRAT)

    SENATE MINORITY WHIP SEN. DAVID VITTER (TEAM USA REPUBLICAN)

    HOUSE SPEAKER REP. MARCY KAPTUR (TEAM USA DEMOCRAT)

    HOUSE MAJORITY LEADER REP. PAUL RYAN (TEAM USA REPUBLICAN)

    HOUSE MAJORITY WHIP REP. ALLEN BOYD (TEAM USA DEMOCRAT)

    HOUSE MINORITY LEADER REP. PETER DEFAZIO (TEAM USA DEMOCRAT)

    HOUSE MINORITY WHIP REP. JEFF FLAKE (TEAM USA REPUBLICAN)

    WHEN ELECTED I WILL ACT AS A MEMBER OF TEAM USA TO SUPPORT AND WORK DIRECTLY

    WITH MEMBERS OF THE CONGRESSIONAL CENTER WORKING MAJORITY, TEAM USA. I WILL ALSO

    SUPPORT AND WORK CLOSELY AND COOPERATIVELY WITH THE ABOVE CENTER MAJORITY TEAM USA

    LEADERS OF BOTH CHAMBERS UNTIL THE END OF MY TERM.

    Seniority during at least the 111th Congress will be considered generally a negative factor in

    the selection of any committee and subcommittee chairmen or any other leadership roles.

    Earmarks are targeted because they are the most blatantly corrupt spending in Congress. They

    are slipped into bills without any review, usually at the last minute. Earmarks are bribes to

    constituents to buy votes and must be completely banned, including "soft" earmarks. Ending

    Earmarks is just the first step in controlling wasteful government spending, but a first step that must

    be taken. Earmarks are the low hanging fruit.

    Viewed in another way, earmarks are only the most visible tip of the huge iceberg of wasteful

    spending. They are the clearest possible proof of Congressional total lack of fiscal discipline with the

    public's money. And proof of much larger waste hidden beneath the visible tip. If Congress cannot

    even control Earmarks, it cannot control any other wasteful spending either.

    3. I WILL SUPPORT AND SIGN A BILL BANNING ALL FEDERAL OFFICIALS, STAFF, AND OTHER

    EMPLOYEES FROM SPECIAL INTEREST LOBBYING JOBS OR ANY OTHER WORK IN WHICH THE

    APPEARANCE OF A CONFLICT OF INTEREST EXISTS WITH ANY PRIOR FEDERAL DUTY.

    More specifically, with the same speed as used in passing the Bailout Bill, I will promulgate

    regulations and sign into law legislation banning the lobbyist revolving door no later than January 31,

    2009, with an immediate effective date. This is my highest non-emergency priority.

    The new regulations and law are critical in establishing this vital ban to restore confidence of

    the American people in the integrity of their government and the essential economic and other

    services it provides the country. We will never find good solutions to critical problems confronting our

    nation until we take corruption out of the process.

    The ban must absolutely prohibit any former Federal government official or employee from

    working for compensation (as an employee or lobbyist, registered or not, or other contractor or in any

    other capacity) for any organization having any interests over which that former Federal government

    official or employee had any administrative, regulatory, or legislative oversight or control during his or

    her government service.

    The mere appearance of any conflict of interest between any of an individual's Federal

    government duties and his or her later non-Federal work must absolutely preclude that later work.

    To work the law must have teeth. Therefore, anyone found to be violating the prohibition would

    be subject to personal penalties including fines equaling at least all compensation for the prohibited

    work such as any salaries and/or other financial or other benefits. Personal penalties shall also

    include incarceration equaling at least the entire period of prohibited work.

    Any business or other organization providing any such prohibited work will face the same

    personal penalties for those individuals within the organization responsible for the violation, and the

    organization itself will be subject to compensatory and punitive damages.

    The Justice Department's budget will be increased in terms of funding and employment

    sufficient for fulfilling its new function of policing the new anti-revolving door statute and regulations

    (the resources may become directly self-sustaining from fines). Also, whistleblowers Federal statues

    will be modified to include specifically violations of the new prohibition.

    Both Capitol Hill and the Administration have thousands of wonderful, talented and patriotic

    Americans working there, but the revolving door system within which they all work has evolved over

    many decades in a way that is fundamentally corrupt and broken, and that must be completely swept

    away, with no exceptions.

    4. I WILL VOLUNTARILY REJECT ANY GIFTS, SUBSIDIES, OR DONATIONS OF FUNDS OR VOLUNTEER

    WORK FROM ANY SPECIAL INTERESTS OR LOBBYISTS, AS WILL ALL OF MY STAFF.

    In addition, I will never use campaign contributions to put any of my family members on my

    campaign payroll.

    5. I WILL VOLUNTARILY CHOOSE TO BAR ANY PRIVATE MEETINGS AND ANY CONFIDENTIAL

    COMMUNICATIONS WITH ANY LOBBYIST OR SPECIAL INTEREST, AS WILL ALL OF MY STAFF. I WILL

    NEVER ALLOW LOBBYISTS TO PARTICIPATE IN PRIVATE DRAFTING OF REGULATIONS OR LEGISLATION,

    AS WILL ALL OF MY STAFF.

    More specifically, barred private meetings include but are not limited to airplane rides or other

    forms of travel, golf or other games or exercise including walks, meals, drinking, receptions, parties,

    entertainment, or educational visits or conferences.

    Barred confidential communications include but are not limited to letters, notes, memos,

    emails, phone calls, voicemail and text, audio, video, or other messages. Any non-private meetings

    will be open to the public with reasonable notice provided in advance. All official business

    communications will be made public at least by posting quickly on my Web site for easy access.

    6. I WILL SUPPORT AND SIGN REGULATIONS AND LEGISLATION FOR FULL INVESTOR RIGHTS TO

    CONTROL THE GOVERNANCE OF PUBLIC CORPORATIONS AND ALL FINANCIAL FUNDS, INCLUDING

    HEDGE FUNDS. THIS IS TO END WIDESPREAD CORRUPTION, PARTICULARLY INTERNAL SELFDEALING

    AT THE BOARD AND/OR TOP MANAGEMENT LEVEL. INCLUDED ARE BOTH OWNERSHIP OR

    GOVERNANCE RIGHTS AND FUND INVESTMENT RIGHTS.

    Also, I will support and sign regulations and legislation to ban mandatory arbitration for investor

    disputes, since it is unfairly biased against investors, who must be guaranteed their full legal rights.

    7. BECAUSE OF THE DANGEROUS ECONOMIC CRISIS, I WILL NOT VOTE FOR ANY NEW TAXES OR

    TAX INCREASES (INCLUDING INCREASING EFFECTIVE MARGINAL TAX RATES) DURING THE TERM OF

    THE NEW 111TH CONGRESS. PRESIDENT HERBERT HOOVER RAISED TAXES AT THE BEGINNING OF

    THE GREAT DEPRESSION. I WILL NOT VOTE TO REPEAT THIS TERRIBLE MISTAKE.

    The entire two year term of this Congress is going to be required to rebuild the extremely fragile

    capital markets necessary for renewed economic prosperity in America.

    Any new taxes or tax increases, such as capital gains tax increases or increases to the highest

    brackets or marginal rates of the income tax (President Hoover's terrible mistake), reduce the value

    of capital, certainly cause further real estate and stock market declines.

    The American economy would thereby lose many trillions of dollars, in addition to what it

    already has lost in October. This would occur at exactly the time the economy's most critical need is to

    rebuild its capital base, which has already suffered a $14 trillion decline in the credit, stock, and real

    estate markets.

    In addition, I will not vote for any refundable tax credits or any other tax change that increases

    effective marginal tax rates, thereby creating perverse incentives not to work, both for low income

    workers and moderate income workers.

    The only exemption is gradually phased-in increases over the next decade in the gasoline tax in order

    to reduce our extreme over-dependence on foreign oil, which greatly reduces the strength of the

    economy and national defense. It is absolutely imperative that the U.S. transitions out of SUV's and

    large trucks and into smaller hybrid, all-electric, CNG and Diesel cars and light trucks as soon as

    possible. The CAFE approach is a proven failure.

    Also, "Cap and Spend" programs, including carbon tax systems, are in effect major new taxes. They

    will be deferred at least during this Congressional term and until New England and Europe can test the

    efficacy of the approach.

    Since nearly all economic growth and employment increases in America are created by

    individuals and small businesses, U.S. economic policies must focus on supporting and protecting

    them. Most laws and regulations have been written by big business lobbyists to their advantage, so

    they must all be reviewed and revised as soon as possible to correct this unwarranted bias.

    8. ALSO BECAUSE OF THE DANGEROUS ECONOMIC CRISIS, I WILL CREATE A SPECIAL TEMPORARY

    POSITION FOR FORMER FEDERAL RESERVE CHAIRMAN PAUL VOLCKER (DEMOCRAT), THE MOST ABLE

    AND DEDICATED PUBLIC SERVANT IN AMERICA. HE WILL SERVE AS THE ECONOMIC CZAR FOR THE

    ENTIRE AMERICAN ECONOMY, ACTING DIRECTLY UNDER THE PRESIDENT AND WITH MY AUTHORITY.

    Economic Czar Volcker would have the broadest possible oversight and appointment authority

    over at least the Treasury Department, Federal Reserve, Securities and Exchange Commission (SEC),

    Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Commission (FDIC),

    Comptroller of the Currency, Office of Thrift Supervision, Federal Housing Administration (FHA),

    Fannie Mae and Freddie Mac, as well as with international counterparts. His mission to to end the

    current economic crisis and prevent any future such crisis.

    His Deputy will be Anna Schwartz, by far the most highly qualified monetary expert in America.

    The nation's economic leadership during this economic crisis has been appalling bad. The poor

    performance includes both reactive crisis management and ignoring significant long term warning

    signs over many years. With implementation of the previous seven provisions of this Economic Crisis

    Contract and with a new Presidential Administration in January, all the Federal perpetrators of this

    historically ugly economic mess will be replaced.

    Except one: Federal Reserve Chairman Ben Bernanke, whose term expires in January, 2010.

    I will vote to support a Congressional demand by January 31st that Chairman Bernanke resign

    immediately. This is due also to his leading role in the Fed's deeply flawed policy of monetary ease

    that led directly to the real estate bubble and the later commodity bubble, without both of which the

    current economic crisis would not have occurred.

    In solitary contrast, FDIC Chairman Sheila Bair's performance has been outstanding and I will

    strongly support her continuing her exceptionally vital service through the end of her term in mid-2011.

    I WILL NOT COMPROMISE THIS VOLUNTARILY MADE CONTRACTUAL COMMITMENT THAT I HAVE

    MADE TO YOU THE VOTER, NEITHER THE LETTER NOR THE SPIRIT OF ANY PART OF THIS ECONOMIC

    CRISIS CONTRACT.

    I AFFIRM MY COMMITMENT TO YOU WITH MY VOLUNTARY SIGNATURE ON THIS ECONOMIC

    CRISIS CONTRACT, WHICH IS SIGNED AS IS MANDATORY WITHOUT ANY CHANGES OR

    QUALIFICATIONS, EITHER WRITTEN OR ORAL, AND WHICH I WILL MAKE EASILY AVAILABLE TO THE

    PUBLIC ON MY OFFICIAL OR CANDIDATE WEB SITE.

    ______________________________________

    Presidential Candidate Signature

    ______________________________________

    Candidate Name (Printed) and Date

    Copyright 2008 © by the Economic Crisis Contract Team

  • Contract for Congress

    ECONOMIC CRISIS CONTRACT FOR CONGRESSIONAL CANDIDATES IN ORDER TO HAVE YOU VOTE TO ELECT ME TO THE CONGRESSIONAL OFFICE FOR WHICH I AM A CANDIDATE NOW CAMPAIGNING, I VOLUNTARILY MAKE THE FOLLOWING CONTRACTUAL COMMITMENT TO YOU THE VOTER, EFFECTIVE NO LATER THAN WHEN I AM RE-ELECTED OR ELECTED TO THE 111TH CONGRESS: 1. I WILL VOTE TO BAN ALL CURRENT OR PAST CONGRESSIONAL LEADERS, INCLUDING COMMITTEE AND SUBCOMMITTEE CHAIRMAN, FROM ANY CONGRESSIONAL LEADERSHIP ROLE. THIS IS BECAUSE OF THE CONTINUAL FAILURE OF BOTH DEMOCRATIC AND REPUBLICAN LEADERSHIP TO STOP SPECIAL INTEREST LOBBYING CORRUPTION OR TO RISE ABOVE DESTRUCTIVE PARTISANSHIP. Although Congress has only a 9% approval rating, the election is rigged to re-elect incumbents. But real change can still happen if those responsible for that low rating - the incumbent Congressional leadership - can be fired. In fact, they can be fired after the election, when they can be replaced with new bipartisan leadership chosen nationally for the first time! Until now, Congress has elected its own leadership by itself. Those elected are always among the most senior, with the longest, strongest ties to corrupt big business special interest lobbyists. That tradition appears to promote double-dealing and must end now. The ban includes any lame-duck session of the 110th Congress if called back into session after the November 4th election. Either or both chambers would have to hold new leadership elections, if the number of incumbents signing this Contract ends the current Congressional leadership's majority, as is likely. It should be recognized that it is the current system inbred with special interest lobbying, not the people working within it, that is fundamentally corrupt. Nonetheless, both the current system and its leaders must be changed to bring needed change. 2. I WILL VOTE TO REPLACE THOSE FAILED REPUBLICAN AND DEMOCRATIC LEADERS WITH FRESH NEW CONGRESSIONAL LEADERS THAT WILL GOVERN A BIPARTISAN WORKING MAJORITY OF FISCAL CONSERVATIVES AND MODERATES. THE GOAL OF THIS NEW CENTER MAJORITY OF CONGRESS IS TO BE A SUCCESSFUL TEAM USA WORKING IN THE NATIONAL INTEREST. IT IS TO STOP SPECIAL INTEREST LOBBYING CORRUPTION, ESPECIALLY WASTEFUL SPENDING SUCH AS EARMARKS LIKE THE BRIDGE TO NOWHERE. THE NEW CENTER TEAM USA LEADERS ARE HEREBY DRAFTED AS FOLLOWS: SENATE MAJORITY LEADER SEN. TOM COBURN (TEAM USA REPUBLICAN) SENATE MAJORITY WHIP SEN. BLANCHE LINCOLN (TEAM USA DEMOCRAT) SENATE PRESIDENT PRO TEM. SEN. JIM DEMINT (TEAM USA REPUBLICAN) SENATE MINORITY LEADER SEN. BILL NELSON (TEAM USA DEMOCRAT) SENATE MINORITY WHIP SEN. DAVID VITTER (TEAM USA REPUBLICAN) HOUSE SPEAKER REP. MARCY KAPTUR (TEAM USA DEMOCRAT) HOUSE MAJORITY LEADER REP. PAUL RYAN (TEAM USA REPUBLICAN) HOUSE MAJORITY WHIP REP. ALLEN BOYD (TEAM USA DEMOCRAT) HOUSE MINORITY LEADER REP. PETER DEFAZIO (TEAM USA DEMOCRAT) HOUSE MINORITY WHIP REP. JEFF FLAKE (TEAM USA REPUBLICAN) WHEN ELECTED I WILL FUNCTION AS A MEMBER OF THE CENTER WORKING MAJORITY, TEAM USA. I WILL SUPPORT AND TAKE LEGISLATIVE AND OVERSIGHT DIRECTION (INCLUDING VOTING) FROM THE ABOVE CENTER MAJORITY TEAM USA LEADERS OF MY CHAMBER UNTIL THE END OF MY TERM. Seniority during at least the 111th Congress will be considered generally a negative factor in the selection of any committee and subcommittee chairmen or any other leadership roles. Earmarks are targeted because they are the most blatantly corrupt spending in Congress. They are slipped into bills without any review, usually at the last minute. Earmarks are bribes to constituents to buy votes and must be completely banned, including "soft" earmarks. Ending Earmarks is just the first step in controlling wasteful government spending, but a first step that must be taken. Earmarks are the low hanging fruit. Viewed in another way, earmarks are only the most visible tip of the huge iceberg of wasteful spending. They are the clearest possible proof of Congressional total lack of fiscal discipline with the public's money. And proof of much larger waste hidden beneath the visible tip. If Congress cannot even control Earmarks, it cannot control any other wasteful spending either. 3. I WILL VOTE TO BAN ALL FEDERAL OFFICIALS, STAFF, AND OTHER EMPLOYEES FROM SPECIAL INTEREST LOBBYING JOBS OR ANY OTHER WORK IN WHICH THE APPEARANCE OF A CONFLICT OF INTEREST EXISTS WITH ANY PRIOR FEDERAL DUTY. More specifically, with the same speed as used in passing the Bailout Bill, I will vote for and otherwise support the promulgation of regulations and enactment of legislation banning the lobbyist revolving door no later than January 31, 2009, with an immediate effective date. This is my highest non-emergency priority. The new regulations and law are critical in establishing this vital ban to restore confidence of the American people in the integrity of their government and the essential economic and other services it provides the country. We will never find good solutions to critical problems confronting our nation until we remove corruption from all parts of the process. The ban must absolutely prohibit any former Federal government official or employee from working for compensation (as an employee or lobbyist, registered or not, or other contractor or in any other capacity) for any organization having any interests over which that former Federal government official or employee had any administrative, regulatory, or legisative oversight or control during his or her government service Simply put, the mere appearance of any conflict of interest between any of an individual's Federal government duties and his or her later non-Federal work must absolutely preclude that later work. To work the law must have teeth. Therefore, anyone found to be violating the prohibition would be subject to personal penalties including fines equaling at least all compensation for the prohibited work such as any salaries and/or other financial or other benefits. Personal penalties shall also include incarceration equaling at least the entire period of prohibited work. Any business or other organization providing any such prohibited work will face the same personal penalties for those individuals within the organization responsible for the violation, and the organization itself will be subject to compensatory and punitive damages. The Justice Department's budget will be increased in terms of funding and employment sufficient for fulfilling its new function of policing the new anti-revolving door statute and (the resources may become directly self-sustaining from fines). Also, whistleblowers Federal statues will be modified to include specifically violations of the new prohibition. Both Capitol Hill and the Administration have thousands of wonderful, talented and patriotic Americans working there, but the revolving door system within which they all work has evolved over many decades in a way that is fundamentally corrupt and broken, and that must be completely swept away, with no exceptions. 4. I WILL VOLUNTARILY REJECT ANY GIFTS, SUBSIDIES, OR DONATIONS OF FUNDS OR VOLUNTEER WORK FROM ANY SPECIAL INTERESTS OR LOBBYISTS, AS WILL ALL OF MY STAFF. In addition, I will never use campaign contributions to put any of my family members on my campaign payroll. 5. I WILL VOLUNTARILY CHOOSE TO BAR ANY PRIVATE MEETINGS AND ANY CONFIDENTIAL COMMUNICATIONS WITH ANY LOBBYIST OR SPECIAL INTEREST, AS WILL ALL OF MY STAFF. I WILL NEVER ALLOW LOBBYISTS TO PARTICIPATE IN PRIVATE DRAFTING OF LEGISLATION, AS WILL ALL OF MY STAFF. More specifically, barred private meetings include but are not limited to airplane rides or other forms of travel, golf or other games or exercise including walks, meals, drinking, receptions, parties, entertainment, or educational visits or conferences. Barred confidential communications include but are not limited to letters, notes, memos, emails, phone calls, voicemail and text, audio, video, or other messages. Any non-private meetings will be open to the public with reasonable notice provided in advance. All official business communications will be made public at least by posting quickly on my Web site for easy access. 6. I WILL VOTE FOR FULL INVESTOR RIGHTS TO CONTROL THE GOVERNANCE OF PUBLIC CORPORATIONS AND ALL FINANCIAL FUNDS, INCLUDING HEDGE FUNDS. THIS IS TO END WIDESPREAD CORRUPTION, PARTICULARLY INTERNAL SELF-DEALING AT THE BOARD AND/OR TOP MANAGEMENT LEVEL. INCLUDED ARE BOTH OWNERSHIP OR GOVERNANCE RIGHTS AND FUND INVESTMENT RIGHTS. In addition, I will vote to ban mandatory arbitration for investor disputes, since it is unfairly biased against investors, who must be guaranteed their full legal rights. 7. BECAUSE OF THE DANGEROUS ECONOMIC CRISIS, I WILL NOT VOTE FOR ANY NEW TAXES OR TAX INCREASES (INCLUDING INCREASING EFFECTIVE MARGINAL RATES) DURING THE TERM OF THE NEW 111TH CONGRESS. PRESIDENT HERBERT HOOVER RAISED TAXES AT THE BEGINNING OF THE GREAT DEPRESSION. I WILL NOT VOTE TO REPEAT THIS TERRIBLE MISTAKE. The entire two year term of this Congress is going to be required to rebuild the extremely fragile capital markets necessary for renewed economic prosperity in America. Any new taxes or tax increases, such as capital gains tax increases or increases to the highest brackets or marginal rates of the income tax (President Hoover's terrible mistake), reduce the value of capital, certainly cause further real estate and stock market declines. The American economy would thereby lose many trillions of dollars, in addition to what it already has lost in October. This would occur at exactly the time the economy's most critical need is to rebuild its capital base, which has already suffered a $14 trillion decline in the credit, stock, and real estate markets. In addition, I will not vote for any refundable tax credits or any other tax change that increases effective marginal tax rates, thereby creating perverse incentives not to work, both for low income workers and moderate income workers. The only exemption is gradually phased-in increases over the next decade in the gasoline tax in order to reduce our extreme over-dependence on foreign oil, which greatly reduces the strength of the economy and national defense. It is absolutely imperative that the U.S. transitions out of SUV's and large trucks and into smaller hybrid, all-electric, CNG and Diesel cars and light trucks as soon as possible. The CAFE approach is a proven failure. Also, "Cap and Spend" programs, including carbon tax systems, are in effect major new taxes. They will be deferred at least during this Congressional term and until New England and Europe can test the efficacy of the approach. Since nearly all economic growth and employment increases in America are created by individuals and small businesses, U.S. economic policies must focus on supporting and protecting them. Most laws and regulations have been written by big business lobbyists to their advantage, so they must all be reviewed and revised as soon as possible to correct this unwarranted bias. 8. ALSO BECAUSE OF THE DANGEROUS ECONOMIC CRISIS, I WILL SUPPORT AND VOTE FOR THE CREATION OF A SPECIAL TEMPORARY POSITION FOR FORMER FEDERAL RESERVE CHAIRMAN PAUL VOLCKER (DEMOCRAT), THE MOST EXPERIENCED, ABLE AND DEDICATED PUBLIC SERVANT IN AMERICA. HE WILL SERVE AS THE ECONOMIC CZAR FOR THE ENTIRE AMERICAN ECONOMY, ACTING DIRECTLY UNDER THE PRESIDENT AND WITH HIS AUTHORITY. Economic Czar Volcker would have the broadest possible oversight and appointment authority over at least the Treasury Department, Federal Reserve, Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Commission (FDIC), Comptroller of the Currency, Office of Thrift Supervision, Federal Housing Administration (FHA), Fannie Mae and Freddie Mac, as well as with international counterparts. His mission to to end the current economic crisis and prevent any future such crisis. His Deputy will be Anna Schwartz, by far the most highly qualified monetary expert in America. The nation's economic leadership during this economic crisis has been appalling bad. The poor performance includes both reactive crisis management and ignoring significant long term warning signs over many years. With implementation of the previous seven provisions of this Economic Crisis Contract and with a new Presidential Administration in January, all the Federal perpetrators of this historically ugly economic mess will be replaced. Except one: Federal Reserve Chairman Ben Bernanke, whose term expires in January, 2010. I will vote to support a Congressional demand by January 31st that Chairman Bernanke resign immediately. This is due also to his leading role in the Fed's deeply flawed policy of monetary ease that led directly to the real estate bubble and the later commodity bubble, without both of which the current economic crisis would not have occurred. In solitary contrast, FDIC Chairman Sheila Bair's performance has been outstanding and I will strongly support her continuing her exceptionally vital service through the end of her term in mid-2011. I WILL NOT COMPROMISE THIS VOLUNTARILY MADE CONTRACTUAL COMMITMENT THAT I HAVE MADE TO YOU THE VOTER, NEITHER THE LETTER NOR THE SPIRIT OF ANY PART OF THIS ECONOMIC CRISIS CONTRACT. I AFFIRM MY COMMITMENT TO YOU WITH MY VOLUNTARY SIGNATURE ON THIS ECONOMIC CRISIS CONTRACT, WHICH IS SIGNED AS IS MANDATORY WITHOUT ANY CHANGES OR QUALIFICATIONS, EITHER WRITTEN OR ORAL, AND WHICH I WILL MAKE EASILY AVAILABLE TO THE PUBLIC ON MY OFFICIAL OR CANDIDATE WEB SITE. ______________________________________ Congressional Candidate Signature ______________________________________ Candidate Name (Printed) and Date Copyright 2008 © by the Economic Crisis Contract Team
  • Responsible Letter from congressman Goodlatte

    October 8, 2008

    Mr. John Norton

    258 South Massanutten Street

    Strasburg, Virginia 22657

    Dear Mr. Norton:

    Thank you for contacting me regarding the financial turmoil currently facing our country. I appreciate hearing from you, and I share your concern.

    As you know, Congress recently considered an economic bailout package for financial institutions that were facing insolvency due to a sharp decrease in the value of their assets. The mortgage backed securities at the heart of this problem were significantly decreased in value, and resulted in the failure of several investment banks.

    Following a week of serious financial turmoil, where two of the largest U.S. investment banks and one of the world’s biggest insurance companies collapsed, Secretary of the Treasury Henry Paulson met with Congressional leaders on September 18, 2008, and issued a proposal to aid troubled institutions by purchasing devalued mortgage backed securities.

    Secretary Paulson’s proposal requested $700 billion to purchase the troubled

    securities. This vague plan also requested broad authority for the Secretary to administer the funds, with hardly any oversight and no accountability for the irresponsible behavior that led to this situation.

    After a week of negotiations on the Paulson proposal, the House of Representatives voted on H.R. 3997, the Emergency Economic Stabilization Act of 2008, on September 29, 2008. This legislation failed by a vote of 205-228. 1 voted against H.R. 3997, because while I agreed that Congress needed to act quickly and deliberately on this matter, I concluded that this measure was not the solution to the current financial turmoil.

    H.R. 3997 would have been the largest corporate bailout in American history. This bill would have handed over 700 billion dollars of taxpayers’ hard-earned money to the very companies that made the bad decisions which led us into this mess in the first place. In addition, this legislation would have done little to address the irresponsibility that led us to this problem and could have a major inflationary impact.

    This problem is complicated and serious, and acting expediently was important. Inaction was never an option, but I believe that Congress should have taken the time to consider all available options to choose the course of action that would best address this issue. I believe that there were better alternatives to address the problem than simply throwing $700 billion at one aspect of it, particularly when there were no assurances that this action would work.

    One important reform that I fought for in this process was the easing of government-imposed “mark to market” accounting regulations that artificially devalue assets in times of market instability such as this. These accounting rules are useful and important in ordinary conditions. But in times of serious market instability like we are experiencing right now, they cause organizations to report their assets at far below the actual value. In the case of mortgage backed securities, many of these securities are based on sound mortgages, where the borrowers are making their payments. But when considered under mark to market rules in a time of market turmoil, these assets must be accounted for at far below their actual value, causing institutions to appear worse off on paper than they actually are.

    H.R. 3997 contained provisions that called for a study of mark to market accounting, but did not contain any requirement to temporarily suspend the rules. I sent a letter, along with over 60 of my colleagues, that urged Chairman of the Securities and Exchange Commission (SEC) Chris Cox to suspend mark to market regulations in the midst of this market turmoil. Fortunately, on September 30, 2008, the SEC announced that it would ease mark to market accounting regulations to allow organizations to more accurately account for their assets in the current market conditions. I believe that this action will help keep this problem from being unnecessarily exacerbated.

    I supported alternative initiatives that did not require assuming such a large debt by taxpayers, such as requiring the Treasury Department to insure mortgage-backed securities. I cosponsored H.R. 7223, alternative legislation that would have required such an insurance program, funding the measure through premiums provided by the industry. This legislation, while not perfect, would have made several adjustments to address the current crisis. H.R. 7223 would have encouraged organizations to bring profits earned overseas back home. This legislation would have taxed these funds at 0% if invested in distressed debt, as defined by the Treasury. In addition, l-I.R. 7223 would have suspended capital gains taxes for individuals and corporations for two years, encouraging corporations to sell unwanted assets, and encouraging the economic growth and job protection that will be necessary to lead us out of this turmoil. While this proposal was not a cure-all, it presented initiatives that were worthy of consideration, that would not have exposed taxpayers to a large debt.

    Other proposals worthy of consideration included funding assistance to troubled institutions through a guaranteed bond program, which would be purchased by private investors, or a guarantee initiative similar to the net worth certificate program of the 1980s. These initiatives deserved scrutiny and consideration.

    Unfortunately, these proposals were not seriously considered, and FIR. 3997 was brought before the House of Representatives without the option to amend the bill. As a result, H.R. 3997 failed by a vote of 205-228.

    Then, on October 1,2008, the Senate considered composite legislation that included the provisions of H.R. 3997, as well as mental health parity legislation and several tax measures. This legislation passed the Senate by a vote of 74-25. On October 3,2008, this legislation was considered by the House of Representatives, where it passed by a vote of 263-171.

    After much deliberation, I voted against this legislation because, again, while I recognized the seriousness of the problem at hand, I did not believe that the practically identical $700 billion Wall Street bailout approach was the correct course of action. This composite legislation included notable initiatives that were worthy of support, such as the child tax credit, alternative minimum tax relief, and energy tax credits. But ultimately the amount of risk this legislation would expose taxpayers to with no assurance of it actually working, made me unable to support this bill.

    An additional concern that I had with this bailout was the lack of action to address the c of this crisis, including fiscal irresponsibility and a lack of resolve to provide the incentives to rebuild our domestic economy, including energy production. Congress also has an obligation to get to the business of enacting additional reforms to ensure that companies that have engaged in risky behavior in the past do not continue to do so in the future. I am encouraged to learn that hearings are scheduled to examine the roots of this problem, md I look forward to taking part in the aggressive attention to this issue.

    I appreciate you taking the time to contact me. I feel it is important to keep an open line of communication so I can best serve the interests of the 6th District. I hope you will continue to be in touch as the 110th Congress debates issues of importance to the United States.

    Again, thanks for the benefit of your conmients. Please feel free to contact me whenever I may be of assistance.

    Sincerely,

    Bob Goodlatte

    Member of Congress

  • Next Week

     

    Market Comment

    Mortgage bond prices finished last week lower pushing mortgage interest rates considerably higher. The Federal bailout plan along with an unexpected Fed rate cut dominated almost all headlines as uncertainty loomed and the liquidity crisis continued. Fear gripped the markets, which caused many investors to exit stocks and bonds to head for cash positions. Trading in the financial markets was extremely volatile. The only bright light appeared to be a precipitous decline in oil prices. For the week, interest rates on government and conventional loans rose by over a full discount point.

    The consumer price index Thursday will be the most important data release this week. The financial markets remain volatile as traders digest the bailout developments. Expect the up and down trading pattern to continue.

    LOOKING AHEAD

    Economic
    Indicator

    Release
    Date & Time

    Consensus
    Estimate


    Analysis

    Columbus Holiday

    Monday, Oct. 13

    None

    Important. Shortened trading week may lead to market volatility when trading resumes Tuesday.
    Producer Price Index

    Wednesday, Oct. 15,
    8:30 am, et

    Down 0.3%,
    Core up 0.2%

    Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates.
    Retail Sales

    Wednesday, Oct. 15,
    8:30 am, et

    Down 0.4%

    Important. A measure of consumer demand. Weakness may lead to lower mortgage rates.
    Fed "Beige Book"

    Wednesday, Oct. 15,
    2:00 pm, et

    None Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower rates.
    Consumer Price Index

    Thursday, Oct. 16,
    8:30 am, et

    Up 0.1%,
    Core up 0.2%

    Important. A measure of inflation at the consumer level. Lower figures may lead to lower rates.
    Industrial Production

    Thursday, Oct. 16,
    9:15 am, et

    Down 0.8% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
    Capacity Utilization

    Thursday, Oct. 16,
    9:15 am, et

    78.0% Important. A figure above 85% is viewed as inflationary. Weakness may lead to lower rates.
    Philadelphia Fed Survey

    Thursday, Oct. 16,
    10:00 am, et

    Down 5.0 Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.
    Housing Starts

    Friday, Oct. 17,
    8:30 am, et

    Down 1.7% Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates.
    U of Michigan Consumer Sentiment

    Friday, Oct. 17,
    10:00 am, et

    69.0 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.

    Fundamental Week

  • 10/8/08

    The Federal Reserve, the European Central Bank and several other central banks slashed key lending rates by one half of a point today in a coordinated effort to ease the global credit crisis.  The move comes after a continued global stock slump with U.S. stocks ending the day yesterday down by 508 points.  Economists are predicting possible additional rate cuts with the Fed indicating they are ready to move again whenever warranted.  Treasuries and mortgage bonds are rallying and mortgages rates look to improve again today.  Currently the DJIA is up over 100 points after starting the day in the red again.  All eyes are on the stock market.
  • National Tax Payers Union Stats

    NTUF's fourth and final round of assigning price tags to the candidates' platforms since January 29 found that Sen. McCain (R-AZ) would increase yearly federal spending by $92.4 billion, compared to Sen. Obama's (D-IL) $293.0 billion. NTUF also released a first-time analysis of Libertarian Party candidate Bob Barr, who would instead cut annual federal spending by $200.9 billion. The studies include proposals through September 19.
  • My Profile on Picken Plan .com

    Are you interested in becoming an organizer in your area?YesTell us about your experience with alternative energy:I have done research and know I can currently purchase a solar energy system for my home for about $27000.00 that will allow me to power my home and sell some energy back to the grid. I cant afford 27K and it does not pay for itself. This is due to regulation. We need tax incentives and low interest loans for this. This will provide energy independence quicker almost immediatly compared to other alternatives.
    Next I can put a natural gas system on my vehicle that will allow me to choose what fuel. Then again due to regulation it costs 45 hundred per vehicle which does not pay for itself. Systems in South America cost about 800 dollars which would pay for itself. You cant buy them because they have to be installed there due to lobbying by our government to block us from a cheaper alternative. I have people down there researching getting systems to the us .What excites you about this campaign?That maybe some deregulation might come about and free up some alternative products and allow them to be produced on a large scale and reduce the costs even more.What do you want to do to help?Find a way to get Natural gas conversion kits for their vehicles at a reasonable price that will save them money. Find a way to get tax deductions for home solar energy and super low interest loans that will allow the technology to be implemented as fast as possible. Go http://www.johnnorton.us join my blog and post comments that will help and give ideas about how we can make a company to make this affordable.
  • Single Story For Sale in Strasburg

    IMAG0001
    Restored Cabin Facing

    • 1,100 sq. ft., 1 bath single story - MLS® $230,000 - Commercial or Residential

     -  Restored Log Cabin in the heart of town across from town hall.Can be used as commercial or residential. Well layed out for a small office or business. Large spacious yard and spacious newer shed. Run your business and live all for one price. Need to finish some minor work can be done before settlement. Can hold a second on 25 percent of full price offer.

    Property information

  • Single Story For Rent/Lease in Strasburg

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     -  Steam shower, 3 peice crown molding, chair rail, Cherry flooring, Make this home like model home. It is an end unit and the second floor and the basement entrances were upgraded to sliding doors. The entrance has an oak hardwood landing. Just a few personal touches and you will be the envy of the neighborhood.

    Property information

  • Single Story For Rent/Lease in Strasburg

    IMAG0001
    Commercial or residential

    • 100 sq. ft. single story - MLS® $1,000 USD Monthly - Restored Log Cabin

     -  Restored Log Cabin in the heart of town across from town hall.Can be used as commercial or residential. Well layed out for a small office or business. Large spacious yard and spacious newer shed. Run your business and live all for one price. Need to finish some minor work can be done before settlement. Can do some building modification for long term lease

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    PICT1229
    3 bay 4 to 6 car garage

    • 1 bath, 3 bdrm single story - MLS® $850 USD Monthly - Farm house

     -  close to downtown Strasburg but in the country with views of the Shenandoah Valley and mountains. New Kitchen, new fixtures in bathroom, new carpet, and newer appliances.

    Property information

  • 2 Story For Rent/Lease in Strasburg

    800pendleton.ashx

    • 3 bath, 4 bdrm 2 story - MLS® $1,250 USD Monthly - end unit

     -  Rent to own. Lease option to purchase. Steam shower, 3 peice crown molding, chair rail, Cherry flooring, Make this home like model home. It is an end unit and the second floor and the basement entrances were upgraded to sliding doors. The entrance has an oak hardwood landing. Just a few personal touches and you will be the envy of the neighborhood. See rental listing.

    Property information

  • 2 Story For Sale in Strasburg

    800pendleton.ashx
    Largest made model

    • 3 bath, 4 bdrm 2 story - MLS® $230,000 - End Unit

     -  Steam shower, 3 peice crown molding, chair rail, Cherry flooring, Make this home like model home. It is an end unit and the second floor and the basement entrances were upgraded to sliding doors. The entrance has an oak hardwood landing. Just a few personal touches and you will be the envy of the neighborhood. See rental listing

    Property information

  • 2 Story For Sale in Shenandoah County

    PICT1605
    Creek Views

    • 2 bath, 2 bdrm 2 story - MLS® $285,000 - Country Setting

     -  Arts and Crafts home with many innovative updates.Breathtaking Views of Creek and surrounding country and Mountains. Property has 4 plus acres and Neighbor purchases hay from field for resale. Workshop at the end of driveway. Property has barn which conveys AS Is. Build your Field of Dreams.

    Property information

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