Where Do Bad Bills Go to (hopefully) Die?

I know it’s been mentioned before here, but in case you missed that, check out www.badbills.com where you will find specific bills, unrelated to the party of the sponsor, highlighted for being particularly “bad” in the eyes of Bozeman-ite Steve White. I have yet to disagree with him on his assessments.

That’s not the only feature of his website. For those of you who are unfamiliar with the process of a bill becoming a law in the State of Montana, he links to several tutorials explaining it in detail. Also included- legislative resources and links to things like the Montana Constitution, Legislative Committees, and a daily session agenda.

www.badbills.com is a great resource especially as we approach what is going to be a very difficult and contentious session… And while ignorance is said to be bliss, when it comes to state spending, I would disagree and say that more knowledge is the key to frugal and wise governing. So study up on the bills coming up this session and make sure to keep in touch with your legislators- they work for you!

OTHER PEOPLE’S MONEY: IT’S TIME FOR SOME ALL-AMERICAN INTROSPECTION

I am following with interest the recent decision by the Federal Reserve to guarantee loans made by “rich Arabs” to America’s Citigroup. You remember Citigroup, the company with truly bad accounting, investing, and lending practices. The same company which teetered on the edge of insolvency until investors from Saudi Arabia and other UAE countries decided to loan money to our American enterprise to help it meet its obligations. Well now, in what appears to be an extension of the great American bailout, our Treasury Department is providing taxpayer backed guarantees for the loans made to our friendly neighborhood Citigroup executives.

Personally, I do not take issue with the Treasury Department’s decision; though I am concerned with the lack of public disclosure and participation. It is one of the responsibilities of our federal government to protect outsiders against those of us who would otherwise use fraudulent means to achieve their self-interested goals in violation of U.S. and International Laws. This includes assuring American laws which regulate securities and other investments apply equally to everyone regardless of the “national origin” of the money being invested. And, whether you and I like it or not, in the absence of providing these guarantees, our country’s inhabitants might well be subjected to all manner of manipulation and/or retaliation. Yes, my friends, if the federal government fails to protect investments by foreign nationals in our institutions we lose more credibility than we do for waging war.

This latest decision by the Treasury Department is no more than an extension of our federal government’s policies of bailing out poorly run enterprises, individuals, and state and local governments. Unfortunately, in this and many other instances, it is the bad behavior of individuals that necessitates the federal government’s stepping in to protect our system of government; including, our legal system (our laws). The “FEDS” are taking responsibility for protecting our system of government because some of our citizens feel the inherent need spend more than they earn or to somehow increase their inflated sense of self-worth by getting one over on the “other” guy. The FEDS, via the great American Taxpayer revenue stream, are covering up for the ill-informed, under-educated, and/or otherwise unacceptable, personal decisions and behaviors of US: you and me.

This latest decision also further reinforces the need for government intervention in the personal decision making processes. [Lest we forget, government programs are self-perpetuating only in the absence of personal responsibility.] By covering-up our self-serving behaviors, the FEDS are taking responsibility for the actions of American citizens. The FEDS are also doing what unchecked government does best: spreading the costs and risks associated with personal actions across the spectrum to every citizen. Finally, the FEDS are ensuring that more programs and more dollars for oversight are necessary. I can see it now: a new 12-step program for American citizens who overspend; American citizens who invest their retirement dollars unwisely; and, of course, for financial planners and investors who simply have no self-control. Because we as individuals refuse to accept responsibility for our own decision making processes, the FEDS will once again redefine personal accountability and make everyone else pay for the bad behavior of a few.

Does any of this sound familiar? Are you beginning to understand why our country is certain difficulties? Do any of us have a family structure anymore? The Federal Government is not a proper paternal or maternal figure. And, despite what some in our country believe – ie., “it doesn’t matter, those rich Arabs can afford to absorb a little loss” – it simply is not good business to seek investors for a failing institution with no intention of repaying those investors. Citigroup was fully cognizant of this reality when it sought and accepted the loans from UAE. Citigroup was also fully cognizant that the FEDS could not (not would not, but COULD NOT) allow Citigroup to default on those same loans.

Wake up Montanans, it is time for some All-American Introspection. If there is anyone out there who does not understand these very basic principles, send me a message and we’ll have a more in-depth discussion.

Justitia will be a regular Contributor to Right In The Rockies. Today’s entry is the first in the series “Other People’s Money.” My appreciation to Rocky for providing this forum, let us please keep our dialogue civil, even in times of heated disagreement.