Duncan Wants Government Out Of (Private) Business

By fitsnews • on June 18, 2009

S.C. Rep. Jeff Duncan wants the government out of the private sector – and the Congressional candidate is looking to make a federal bill that does just that a centerpiece of his upcoming campaign.

It’s called the “Government Ownership Exit Plan,” and Duncan’s advisors correctly deduced that it might appeal to us.

Sponsored by U.S. Sen. John Thune (R-South Dakota), the legislation would prevent the U.S. Treasury from purchasing any additional ownership stake in private companies using Bush bailout funds (which all four “Republican” Congressmen from S.C. voted for, we’d like to add), as well as require the Treasury to sell any current ownership stake in private firms by July 1, 2010.

It would also “re-privatize” failed government mortgage behemoths Fannie Mae and Freddie Mac, and explicitly prevent the government from making private sector management decisions.

“This legislation is filled with practicality and commonsense, both of which seem to be lacking in Washington these days,” Duncan told FITS. “It is not the government’s role to own businesses or to take American workers’ hard-earned money in the form of taxation to invest in private companies. It is time for an exit strategy to this nonsense and the Government Ownership Exit Plan Act of 2009 sets the wheels in motion for this to take place by next year.”

Frankly, it’s sad that legislation like this is necessary in the United States of America, but such is life.

Anyway, Duncan sent a letter about Thune’s bill to every member of the S.C. Congressional delegation, a letter you can read by clicking on the handy-dandy link below …

WEB EXTRA

Duncan Letter

Comments

By CNSYD on June 18th, 2009 at 9:52 am

While not disagreeing with the bill, it would seem that Mr. Duncan, if elected, would have little sway as a freshman in a minority party. Also the timing of the bill seems to be wrong. After getting hosed by the “private sector” on Wall St. it would seem the public is interested in more control and not less.

By hardyboys on June 18th, 2009 at 10:19 am

Mr. Duncan
You DID NOTHING except try “to sit and look pretty” when the moratorium for garbage coming into our state was going on. You, along with other republicans, chose to let our state continue to be the garbage capital of the nation. What makes you think people are interested in anything you want to do now? I, for one, WILL NOT vote or support you and my friends will not vote or support you. We will vote and support BOZO the clown before we do.

By Ron on June 18th, 2009 at 10:46 am

CNSYD,
No sir, the American people as a majority in my view do not favor more government control of private business (fascism). NOT NOW NOT EVER!!

By ABCDE on June 18th, 2009 at 10:56 am

While agreeing with the bill, it would seem that “sway”, as opposed to principles, is relevant only to proponents of a good ol’ boy system. Also, the timing of the bill seems exactly right as it would seem, based on these surveys:

http://www.gallup.com/poll/120842/Disapprove-Majority-Government-Ownership.aspx

http://www.foxnews.com/story/0,2933,525861,00.html

that the public is interested in less control and not more.

By Homer on June 18th, 2009 at 11:07 am

These guys are just playing with themselves. This bill does nothing to reduce or eliminate the greatest central planning committee in the world- our very own Federal Reserve. The Federal Reserve sets interest rates and makes multi-billion dollar loans(subsidies) to undisclosed recipients. Should a handful of cherry picked mega-banks be able to borrow our money from the Fed at 1% and loan it back out to us at 20 to 25% via credit cards? Let the market decide interest rates.

By Waiting on Thompson on June 18th, 2009 at 12:01 pm

Jeff Duncan is an ass clown

By Seth on June 18th, 2009 at 12:16 pm

This bill is exactly what our country needs to escape the clutches of what is essentially a hostile takeover of private industry. I’m glad to hear that someone is standing up for what is right and decent. I like the fact that Mr. Duncan has brought a clear, commonsense approach to ending the federal government’s adventure into the private sector. I think he’ll make a great congressman for the 3rd district.

By Romneywouldhavebeennice on June 18th, 2009 at 1:15 pm

What I appreciate about this issue, is that Jeff is actually offering up a solution to a problem most people have with the way our government is running these days. Everyone I’ve heard who is running for office these days says the same thing “bailouts are wrong, the government is spending to much”. I know the GOP is in the minority, but if we talk about solutions instead of just complaining, we have the ability to put real pressure on Congress (indirectly through the voters)

I appreciate Jeff being innovative on this issue

By Charles on June 18th, 2009 at 1:22 pm

Ron, the government take over of private business is not the definition of Fascism. The government take over of an industry with the goal of permanently operating that industry for the public good would be Socialism. An example would be the oil production industry in Alaska. (Strangely enough, Alaskans, including Sarah Palin, staunchly defend the partially socialist economy they have set up there.)

The temporary take over of select businesses in order to prevent the collapse of the entire economy, or to prevent an industry vital to national defense from ceasing to exist within the country would best be described as self preservation.

Finally, while I would agree the public has no desire for the government to permanently take over and operate previously private businesses (which to my knowledge no one has proposed) The polls show the public does want more regulation of the financial services industry.

Despite what some on the far right would have the public believe, it was, the enactment of the Gramm-Leach-Bliley Act in 1999, which repealed the regulations placed on financial services companies by the Glass Steagall Act and the Bank Holding Company Act after the Great Depression that largely led to the current financial crises and the necessity of government intervention.

By ABCDE on June 18th, 2009 at 2:12 pm

“it was, the enactment of the Gramm-Leach-Bliley Act in 1999…that largely led to the current financial crises and the necessity of government intervention.”

Or, more accurately, it was the aggresive imposition of the Community Reinvestment Act which forced banks to either give (literally) mortgages to people who could not afford them or else suffer the wrath of ACORN.

But hey, what better than a little government intervention to clean up a mess caused by government intervention?

By Fashizzle on June 18th, 2009 at 2:54 pm

This is the same Jeff Duncan who sold out last year so Harrell would make him Ag Chairman. Don’t believe a word he says.

By Jonathon on June 18th, 2009 at 5:11 pm

Bait and Switch Duncan

By Jeff on June 18th, 2009 at 5:15 pm

Frashizzle: Just how do you figure that?

By Ron on June 18th, 2009 at 6:19 pm

FASCISM;often capitalized : a political philosophy, movement, or regime (as that of the Fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition;

Friends, I agree that our country is by no means fascist, but i also have a healty fear, in my view, that we’re headed for big trouble with the tendencies of our present administration for government control of business, education etc. What i see is the beginning of “severe economic and social regimentation” which is fascism as defined above.

By Ron on June 18th, 2009 at 6:43 pm

healthy fear