Constitutional Principles and the Battle Against Bank Consolidation

On Friday, September 22, 2023, Kim Monson explores America’s founding principles through two distinct but connected conversations. First American State Bank CEO Jay Davidson exposes how Federal Reserve monetary policy has devalued the dollar and threatens Main Street businesses, while Liberty Toastmasters members reflect on constitutional principles and the sanctity of the individual. Republican activist Patty McKernan also weighs in on the critical vote to opt out of open primaries.

Federal Reserve Policy Threatens Independent Banking

Start listening at 72:41 – Hour 2

Jay Davidson, CEO and founder of First American State Bank, sounds the alarm on bank consolidation and its implications for American liberty. Davidson explains that the banking system has consolidated dramatically over the past 50 years, dropping from over 12,000 banks to around 4,000 today, with the top 10 largest banks now controlling approximately 90% of all deposits.

The community banker argues that independent banks serve a critical function that mega-banks cannot replicate. While large institutions handle commodity transactions with cookie-cutter approaches, community banks work directly with Main Street America, private businesses, and independent entrepreneurs who do not fit standardized lending criteria. Davidson warns that regulators have been systematically targeting independent banks, particularly since the 2008 Great Recession, attempting to dilute ownership or force them out of business.

Davidson traces inflation directly to Federal Reserve monetary policy, specifically the quantitative easing that printed over $8 trillion since 2008. He argues that every dollar printed devalues existing currency in circulation, forcing consumers to spend more for the same goods. Rather than reducing the money supply through decreased government spending, the Fed has chosen to raise interest rates, which Davidson contends crushes private business with higher debt burdens instead of addressing the root cause.

“The sanctity of the individual is paramount in our nation. It should be paramount in all our minds. It should be the criteria by which we judge the people that we support in politics. And if the individual that’s trying to get our money for a political run says anything about forming some new government program to solve your problem, run from that person.”

Jay Davidson, CEO, First American State Bank

Liberty Toastmasters on America’s Founding Principles

Start listening at 33:43 – Hour 1

Bob Zimmerer, President of Liberty Toastmasters North, leads an in-studio discussion on the timeless principles of America’s founding. The segment features table topics from multiple Toastmasters members who share their perspectives on constitutional values, individual rights, and civic responsibility.

Brad Beck opens by quoting Margaret Thatcher: “Europe was created by history, but America was created by philosophy.” He emphasizes that individual rights are inherent in American DNA, with government power deriving from the consent of the governed. Beck outlines Dr. Cranawitter’s four components of citizenship: self-reliance, self-restraint, self-assertiveness, and civic knowledge. He connects these to classical virtues of fortitude, courage, justice, prudence, and temperance.

Marshall Dawson draws on Justice John Marshall Harlan’s lone dissent in Plessy v. Ferguson, highlighting Harlan’s declaration that “our Constitution is colorblind. Neither knows nor tolerates classes among citizens in respect of civil rights.” Dawson encourages listeners not to fear standing alone for principles, noting that Harlan was one of nine justices but refused to compromise on equal protection.

“All men are created equal. All citizens are equal before the law. Don’t be afraid to speak up and call people out for where they are failing to uphold these principles.”

Marshall Dawson, Liberty Toastmasters

Republican Primary Opt-Out Vote

Start listening at 22:09 – Hour 1

Patty McKernan urges Republican state central committee members to attend the September 30th vote to opt out of open primaries. She points out that since unaffiliated voter participation began in 2018, Republicans have experienced three consecutive losing election cycles with an 11% decline in unaffiliated voters choosing Republican ballots, with Democrats gaining that same percentage.

McKernan explains that the opt-out requires 75% approval from all state central committee members, a high bar requiring strong turnout. She emphasizes this is a one-cycle measure to manage the 2024 election while a separate lawsuit challenging the constitutionality of open primaries proceeds through the courts. McKernan argues that opting out would prevent Democrats from flooding Republican primaries to weaken the candidate pool, as she claims happened with Pam Anderson and Joe O’Dea petitioning onto the ballot.

“If we opt out, we get to manage our own election process, our own runoff process, our own candidates. I just really urge all central committee members to show up on the 30th and vote to opt out. It is our one chance to clean up our 2024 election.”

Patty McKernan, Republican Activist

Additional Perspectives on Liberty

• Greg Morrissey, an Australian-born naturalized U.S. citizen, stresses that timeless principles must be taught in schools so children understand the opportunities America provides through hard work and freedom.
• Terri Goon, candidate for Longmont mayor, argues that founding principles were designed to be colorblind and sex-blind, protecting the smallest minority: the individual. She advocates for limited city government that stays out of the way.
• Rick Rome, running for Centennial City Council, traces American liberty back to the Mayflower Compact’s failure of communal resource sharing, which nearly starved the colony before property rights saved it.
• Allen Thomas promotes the Northern Colorado Blessings of Liberty event at Windsor High School, featuring Dr. Tom Cranawitter’s keynote on rediscovering the Constitution.