This was published in today’s edition of Investor’s Business Daily. It outlines a few of my thoughtsand ideason the path towardsrestructuring our financial regulatory system.

Bold Changes Should Prevent Another CrisisBy REP. JOHN CAMPBELL

The credit markets continue to unfreeze. The general economy continues to sink. There are new stock market lows and unemployment highs and we don’t know where and how it will all end.

But it will end. And we need to start thinking about what regulatory structure will replace the one that failed us so miserably this time. We came perilously close to an abyss (or collapse or Armageddon, depending on who is describing it).

I looked down into that abyss and what I saw was way scarier than any Stephen King movie. Therefore, I think we need dramatic changes to ensure that this sort of calamity does not befall us again.… Read More

Despite what you are hearing in the news these days, taxpayers are not to blame for California’s recurring budget crisis. Trust me on this one.

Overspending is built into our state’s budget system and the Democrats have long insisted that Republicans in the Legislature are simply obstructionists blocking the passage of state budgets filled with spending increases. They argue that if the two-thirds vote requirement was abolished, California would have on-time and fully-funded budgets. Even Governor Schwarzenegger has suggested that he might support eliminating the two-thirds vote requirement for passing a budget bill.

The voters of California reaffirmed their strong support of the two-thirds threshold by rejecting Proposition 56 in March of 2004 by a resounding 66% to 34%.

Well, we have learned that in California politics, if at first you do not succeed, just rig the system to get what you want—that is exactly what the Democrats are trying to do with their budget proposal. They have devised and schemed up a proposals that rob or eliminate voter-supported initiatives—such as Proposition 42 funds for transportation projects—and added fees on the… Read More

This afternoon the liberal Democrats who have overspent California's budget into the deficit-mired creature that we have before us today are queuing up their latest attempt to stick-in to taxpayers. Speaker Karen Bass is telling all that this afternoon the lower chamber will have a vote on BILLIONS of dollars in higher taxes — and to that, Republicans should and must send a resounding message –NO WAY.

It doesn't take much of a look in the rear view mirror to know that as of today, we have had NO real cuts in state spending. In fact, the budget adopted after much agony a few months ago still managed to INCREASE (not decrease) state spending by a half a percent. Yes, all of the screaming by liberals and posturing by the unions was all over a “decrease in the increase” that they wanted.

Today's votes are critical in demonstrating that Republican resolve is strong — that without a permanent spending cap tied to growth in population and inflation, passed by the voters — tax increases are not even on the table for a discussion. Frankly, even then, they are a stupid idea in a bad economy.

I have… Read More

Last week, Assembly Speaker Karen Bass threatened that shemay very well "lock down" the California State Assembly next week, for the Christmas Holiday. In legislative parlance, a lock down is when the members of the Assembly are literally forced to stay in the Legislative Chamber and not allowed to leave. I know, it sounds very immature, but it is true. I guess Bass’ theory is that Republican resolve to not punish California taxpayers in response to the chronic overspending of the Speaker’s party is so fragile that the threat of missing church for Christmas mass, or missing a chance to sip eggnog, or not being able to watch their kids open presents under the family tree will cause some GOPers to suddenly embrace billions of dollars in devastating tax increase.

Below is a marquis that one of our loyal readers put together that really captures the essence of Speaker Bass and this very stupid idea.

You’re a mean one, Speaker Bass!!

Care to read comments, or make your own about today’s… Read More

Last week, Assembly Speaker Karen Bass threatened that shemay very well "lock down" the California State Assembly next week, for the Christmas Holiday. In legislative parlance, a lock down is when the members of the Assembly are literally forced to stay in the Legislative Chamber and not allowed to leave. I know, it sounds very immature, but it is true. I guess Bass’ theory is that Republican resolve to not punish California taxpayers in response to the chronic overspending of the Speaker’s party is so fragile that the threat of missing church for Christmas mass, or missing a chance to sip eggnog, or not being able to watch their kids open presents under the family tree will cause some GOPers to suddenly embrace billions of dollars in devastating tax increase.

Below is a marquis that one of our loyal readers put together that really captures the essence of Speaker Bass and this very stupid idea.

You’re a mean one, Speaker Bass!!

… Read More

At 2pm today, California’s Electoral College will meet in the Assembly chambers to cast their votes for president. Although this election didn’t turn out how Republicans had hoped, it’s still historic. The first African-American presidential nominee for a major political party and the first female on a Republican ticket made 2008 an intriguing political year. Today’s meeting of the California Electoral College also provides the opportunity to once again remind voters that the Constitutional Electoral College system is important to our republic.

Following the 2000 election, many Democrats called for abolishing the Electoral College to establish a direct, popular vote election. In their wisdom, our Founding Fathers understood that such a direct democratic vote would essentially disenfranchise voters who don’t live in larger, populous cities or states. Historian David Barton of Wall Builders has a fantastic article on his web site detailing the importance of the Electoral College.

Last session, Senator Carole Migden carried… Read More

GOP TO UNVEIL "NO TAXES" BUDGET FIX Today State Senate and Assembly Republicans will unveil a proposal to resolve the state’s fiscal crisis without increasing taxes. Republican legislators are to be commented for putting ideas out there on the table. There has been a long-standing internal argument amongst GOP strategists about whether to put forward a GOP proposal or not. On one hand, some have said that putting up a list of GOP sponsored cuts serves only to alianate many for no reason, since Democrats would never let most of the proposed cuts see the light of day. On the other hand, to oppose tax increases without providing a road-map to resolve the crisis without them becomes a difficult argument to continue to make. I think it is a great idea, at this stage, for as many ideas as possible to reduce the size and scope of state government be put into the idea marketplace, and commend GOP legislative leaders in advance for their proposal due out today. We’ll share the details with FR readers as they become available.… Read More

GOP TO UNVEIL "NO TAXES" BUDGET FIX Today State Senate and Assembly Republicans will unveil a proposal to resolve the state’s fiscal crisis without increasing taxes. Republican legislators are to be commented for putting ideas out there on the table. There has been a long-standing internal argument amongst GOP strategists about whether to put forward a GOP proposal or not. On one hand, some have said that putting up a list of GOP sponsored cuts serves only to alianate many for no reason, since Democrats would never let most of the proposed cuts see the light of day. On the other hand, to oppose tax increases without providing a road-map to resolve the crisis without them becomes a difficult argument to continue to make. I think it is a great idea, at this stage, for as many ideas as possible to reduce the size and scope of state government be put into the idea marketplace, and commend GOP legislative leaders in advance for their proposal due out today. We’ll share the details with FR readers as they become available.… Read More