Glenn Beck Greatly Disappointed By “Buy Gold” Bill’s Failure

Putting the “silly” in “silly season,” the Denver Post reports:

It’s easy to see the gold on the outside of the Colorado Capitol, but if one lawmaker had his way, the state would be hoarding millions of dollars of bling inside the building.

That’s the idea being pushed by Rep. Kent Lambert, R-Colorado Springs, who thinks the state should take the severance-tax revenue it collects from the extraction of gold and other precious metals and convert that money into gold.

Lambert believes having a portion of the state’s assets in gold would provide a hedge against inflation. And, he said, it would give taxpayers confidence to see their money vested in actual physical assets…

The bill would require that the gold be kept in the Capitol itself and that media outlets be allowed to see it once a year. There are three vaults in the state treasurer’s office in the Capitol – one historical and two of which are in use – and a few older vaults scattered throughout the building.

However, the Department of Personnel and Administration said the state would need to build a new vault in the spooky sub-basement of the Capitol. Estimated cost of construction: $2.3 million…

The House State, Veterans and Military Affairs committee rejected the bill Tuesday on an 8-3 vote. Some members said they were concerned about potential security issues.

Now, Rep. Kent Lambert (a member of the Joint Budget Committee, where being a grownup used to be a prerequisite) reportedly dismissed his own bill afterwards as a “hare-brained” idea, but he also promised it would be back next year. So maybe it’s just that Lambert likes buying an asset valued at what many economists believe is the peak of a long and somewhat irrational upward spike (usually considered a bad idea by responsible investors), or maybe…

That’s why Glenn Beck thinks you ought to buy gold anyway. That, and the checks he gets to promote something called “Goldline.” Rep. Lambert has always struck us as someone in Glenn Beck’s target demographic, from “VA Tech all over again” to those armed Minuteman patrols of the border–which is why we warned months ago that giving him a seat on the JBC would turn out…well, more or less like this.

12 Community Comments, Facebook Comments

  1. Froward69 says:

    then push them (both) into the deep end of a swimming pool.

  2. Aristotle says:

    because I don’t know what “oligarhy” is. Sounds like a specific strain of food poisoning found at the Olive Garden.

  3. BICora says:

    We need more gold-plated buildings.

    That way, we buy the gold, store it in plain sight avoiding the need for media show-and-tell and any new vaults.

  4. OneEyedOwl says:

    that they appointed someone of Lambert’s caliber to the JBC.  

  5. Pam Bennett says:

    Very interesting that there is nothing about buying Colorado gold.  After all that is the reason Denver is where it is!  Buy Colorado gold (ABC) at $35/oz just like it used to be.  

    Buying Colorado gold would solve the jobs problem in Colorado.  It would also solve the mule problem, we could export excess Colorado mules.  And, there would be a lot of interest in the “Get your ass up the hill” race.

    Rep Lambert does possess the solution to excess money in Colorado and at the same time solving the unemployment problem and the way to highlight a lot of Colorado assess.

  6. GOPwarrior says:

    Obama borrows US dollars into worthlessness, but gold holds its value and is safe when greenbacks are good for kindling.

    Obama IS driving the dollar to worthlessness by mortgaging our children’s future, so I support Rep. Lambert. Buy gold and put it in the deepest, darkest vault in the Capitol!

    • redstateblues says:

      Borrowed way more than Obama has. He already mortgaged the future before Obama was even a name on the political radar.

      • RedGreen says:

        and whether he restored dignity to the White House. I believe he did — waterboarding has never been coordinated from the Oval Office by men in tuxedos and women in evening gowns before. But this is about Obama and his broken promises, not Bush and his broken economy. Obama promised he’d make gold worthless, didn’t he? Another instance where The One told a Big Lie.

    • Raphael says:

      so ridiculous on so many levels.

      Please continue to post here frequently GOPwarrior, your writing always is able to give me a chuckle.

      I love the jokes that: 1) it was Obama that created the second largest real debt in history. 2) gold hold its value. 3) devaluation of the dollar is bad right now when we need to boost our export sector. 4) Economic stimulus/growth is somehow worse for our children than recession. 5) Spending $2.8 million on gold is worth it when we’re facing a budget gap of just a few hundred million dollars. Yeah that’s fiscal responsibility! You can see how “Obama” (read “Republicans”) drove us into this fiscal hole.

      Thanks for brightening up my day!

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