Dr. Paul's Statement on the Passage of the Bailout
United States House of Representatives
Statement on HR 1424
October 3, 2008
Madame Speaker, only in Washington could a bill demonstrably worse than its predecessor be brought back for another vote and actually expect to gain votes. That this bailout was initially defeated was a welcome surprise, but the power-brokers in Washington and on Wall Street could not allow that defeat to be permanent. It was most unfortunate that this monstrosity of a bill, loaded up with even more pork, was able to pass.
The Federal Reserve has already injected hundreds of billions of dollars into US and world credit markets. The adjusted monetary base is up sharply, bank reserves have exploded, and the national debt is up almost half a trillion dollars over the past two weeks. Yet, we are still told that after all this intervention, all this inflation, that we still need an additional $700 billion bailout, otherwise the credit markets will seize and the economy will collapse. This is the same excuse that preceded previous bailouts, and undoubtedly we will hear it again in the future after this bailout fails.
One of the most dangerous effects of this bailout is the incredibly elevated risk of moral hazard in the future. The worst performing financial services firms, even those who have been taken over by the government or have filed for bankruptcy, will find all of their poor decision-making rewarded. What incentive do Wall Street firms or any other large concerns have to make sound financial decisions, now that they see the federal government bailing out private companies to the tune of trillions of dollars? As Congress did with the legislation authorizing the Fannie and Freddie bailout, it proposes a solution that exacerbates and encourages the problematic behavior that led to this crisis in the first place.
With deposit insurance increasing to $250,000 and banks able to set their reserves to zero, we will undoubtedly see future increases in unsound lending. No one in our society seems to understand that wealth is not created by government fiat, is not created by banks, and is not created through the manipulation of interest rates and provision of easy credit. A debt-based society cannot prosper and is doomed to fail, as debts must either be defaulted on or repaid, neither resolution of which presents this country with a pleasant view of the future. True wealth can only come about through savings, the deferral of present consumption in order to provide for a higher level of future consumption. Instead, our government through its own behavior and through its policies encourages us to live beyond our means, reducing existing capital and mortgaging our future to pay for present consumption.
The money for this bailout does not just materialize out of thin air. The entire burden will be borne by the taxpayers, not now, because that is politically unacceptable, but in the future. This bailout will be paid for through the issuance of debt which we can only hope will be purchased by foreign creditors. The interest payments on that debt, which already take up a sizeable portion of federal expenditures, will rise, and our children and grandchildren will be burdened with increased taxes in order to pay that increased debt.
As usual, Congress has show itself to be reactive rather than proactive. For years, many people have been warning about the housing bubble and the inevitable bust. Congress ignored the impending storm, and responded to this crisis with a poorly thought-out piece of legislation that will only further harm the economy. We ought to be ashamed.
Categories: Ron Paul, Finance
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Showing comments 1—50 of 70 [Newer]
Posted 10/03/08 2:02 PM
Revshawn
Rock Hill, SC | Our government is truly stupid. Where can we turn our hopes when the media brainwashes public opinion and the voice of common sense falls upon deaf ears? |
Posted 10/03/08 2:05 PM
Jonathan Kovaciny
Mankato, MN | Digg: http://digg.com/political_opinion/Dr_Paul_s_Statement_on_the_Passage_of_the_Bail out |
Posted 10/03/08 2:05 PM
Mosaic
Lyons, KS | I'm still speechless. I can't form functional thoughts about what this means or whats in the future.
If you're in Kansas please add me as a contact. Everyone should be on the lookout for members in their state, and add them when they see another Patriot. |
Posted 10/03/08 2:06 PM
LordFirebrand
batavia, OH | Thank you Dr. Paul and all of those who stood their ground!
Time for some accountability ladies and gents.
While we focus on said accountability, lets not forget to support those who voted no, and those who are seeking election who "would have" voted no. ex: B.J. Lawson |
Posted 10/03/08 2:07 PM
Mosaic
Lyons, KS | I'm still speechless. I can't form functional thoughts about what this means or whats in the future.
If you're in Kansas please add me as a contact. Everyone should be on the lookout for members in their state, and add them when they see another Patriot. |
Posted 10/03/08 2:09 PM
Revshawn
Rock Hill, SC | What Firebrand said. It is our time more than ever to take back Washington. You guys looking for a precident to vote for? You guys against spending? This is the biggest spending bill in our nations history. We can take back the Senate singlehandedly if we can get to the polls, and we can put a serious dampering on the House if we can convince enough of the electoral college that enough is enough. |
Posted 10/03/08 2:17 PM
JANET
FORT MILL, SC | Mockery.
I would like a list of Pork in this disgusting bill..I've heard of a few idiotic items..
My head is spinning..
This is beyond upsetting to me. I can't THINK! |
Posted 10/03/08 2:18 PM
AK209
Manteca, CA | I was wondering if there were any plans to get a hand out together to be used in educating people before the upcoming election for the House seats.
I think it would be good to have a three fold handout that outlines the pork in the bail out , along with the language that enables the government to aid foreign banks.
In another section could be the list of all the congress persons who voted in favor of the bailout. If there is any more room, maybe put the statement that was signed by over 180 economists listing the problems with the bill.
Is there anyone who has a knack for designing such things? Maybe make it available in a file and we could print them out and distribute them all over. |
Posted 10/03/08 2:18 PM
Christopher Schrader
Lansing, MI | Dear Dr. Paul,
Thank you for saying what you said today on the House floor. Moreover, thank you for everything you've done to help preserve this country and protect what freedoms we have left.
Please let your staff (both legislative and C4L) know that we love them too, and we thank them for all their hard work too. And finally, please relay to your family how much we appreciate all the sacrifices they must be making too; for for David taking on Goliath is no small feat.
Sincerely,
Christopher Schrader, and family.
Islamorada, FL |
Posted 10/03/08 2:18 PM
JANET
FORT MILL, SC | Brain storm over at the Q A section..Mark, I'm with you..
Where there is a will, there is a way.
|
Posted 10/03/08 2:20 PM
Cosmo
Coos Bay, OR | I'm looking forward to attending my first local meet-up tonight. WE CANNOT BECOME DISCOURAGED. The real work is just beginning.
The so-called "bi-partisanship" that managed to get this bill rammed down the throats of the American people is not "bi-partisan" at all, it is totalitarian. I can't repeat that enough. There is no opposition party at work when it comes to this most important of American quality-of-life issues. As with so many crucial issues today, dissent is not allowed.
The American people are very anxious to hear a way out of this--they are anxious to hear our message. They know that they will not hear solutions from Congress, or the White House, or the mainstream media. With minimal effort I have managed to convince several co-workers who had only a cursory knowledge of Dr. Paul's campaign to become very interested in our message.
We simply have to get the word out, loud and proud. Having to bypass the mainstream media will only make our voices more resonant when they do reach sympathetic ears. |
Posted 10/03/08 2:24 PM
Revshawn
Rock Hill, SC | Ron Paul 2012? |
Posted 10/03/08 2:25 PM
Billy V
Columbia, TN | When the bill failed the dow dropped and they all immediately blamed it on the failed bailout. Today the dow dropped and they say it didn't have anything to do with the passage.
Crooks and Liars wrote:
"Friday's rollercoaster trading session ended in disappointment, leaving the Dow more than 450 points away from the day's highest point. Still, the selloff likely wasn't an indictment of the rescue plan. Instead, it was an indictment of the economic situation that necessitated a rescue in the first place. " |
Posted 10/03/08 2:30 PM
Two-if-by-Sea
Wakefield, MA | okay, we need to elect more people like Dr. Paul. Unfortunately, politics doesn't seems to attract anyone else with so much goodness- most other politicians are just greedy and power-hungry. I'm only eighteen, so I can't run for Congress, but I strongly urge anyone out there who might be interested in running for office, and is actually eligible to do so, to give it a shot. Even if you don't win, you'll still get the message of liberty across, but you'd probably pull some serious votes, seen as how most of the country was against the bailout in the first place, at least until the media and politicians told them they were wrong to do so.... I'm confident that if more people like us ran for office at any level, at least some of us would win. |
Posted 10/03/08 2:41 PM
swingset
Salida, CA | Tu ne cede malis, Dr. Paul!
I'm trying to get as many people as we can for the cause of sound money, but it's hard. My boss, for example, could be squarely in our camp for the want of my speaking ability. I know about credit and how it causes inflation and how our national debt is involved... and, even, how to get out of this mess! But there are no easy soundbites that substitute for a well-reasoned, studious understanding of economics (i.e., via mises.org), is there? We can't just give problem, cause, solution: "1, 2, 3!" since it's such a complicated mess.
Please persist and fight boldly. I hope our support encourages you as you take it to the Leviathan, even in the face of temporary defeat. Thank you very much. |
Posted 10/03/08 2:46 PM
kapteinAmerica
OXFORD, CT | I need a day to rest after this week. |
Posted 10/03/08 2:55 PM
Failing Experiment
Glendale, AZ | I'm hoping the markets will simply crash. I'm hoping that this will alert the general population of what's been going on. I'm hoping that people will care when their money is finally worthless.
Oh...but wait...this is the same majority of people that will run to the government, and beg for their daddy to save them.
I'm literally sick of running into people who either don't know whats going on, or simply do not care. I mean, why listen to all this boring politics when its football season (at least, I think...or is it baseball?).
I blame Hamilton and Edward Bernays for all this...and a slew of others.
We need to hurry up and design a time machine and get our Founding Father's back. I'd love to see their reaction to what we've become. |
Posted 10/03/08 2:57 PM
donnasue*
Hillsdale, MI | Amen!!!!! That talk probly didn't affect one of the yea sayer. You have to have a conscience for that. SHAME!!!! I'm sure they have none.
On a happier note..... Long Live Ron Paul!!!! Thank You |
Posted 10/03/08 2:59 PM
cloudbusting
Raleigh, NC | This is the land of confusion. People no longer accept unfortunate events but instead expect, no, demand, that Big Brother intervene to protect them. The fact that such measures always fail, which should be so self-evident, is always forgotten, only to be relearned later, usually when another faction is pursueing office. We hear now promises that the unfortunate event has been prevented, that this necessary measure will protect and secure our future.
As with every case before, these lies of convenience Americans will unlearn in bitterness. |
Posted 10/03/08 3:03 PM
gjnlibertarian
Rochester, NY | @ Two-If-By-Sea
I plan on running for congress upon reaching 25.
|
Posted 10/03/08 3:19 PM
blackseabrew
Freeman, MO | If I remember correctly, the people living in the region we now know as the eastern seaboard of the United States, came to blows over similar unprincipled decisions by a certain King George III.
A favorite Thomas Jefferson quote, "What country can preserve its liberties if it rulers are not warned from time to time that their people preserve the spirit of resistance?"
I don't espouse violence but under such circumstances I refuse to eliminate the possibility!
When a ruling government has collapsed into an amoral pit of greed and self-promotion that heeds neither common sense or the will of its constituents, then the decision must be made to root tyranny from its den of inequity.
Our voices were completely ignored this past couple of weeks. I humbly submit that our votes in November will be utterly ignored. What will we do then? Vote again?
After the passage of this enslaving legislation, I can only hope that a consensus of non-compliance will grow so large that our government will simply fall apart at the seems, leaving nothing for the wolves and vultures of corporate greed to feast on. Only then can our government be re-built on the principles of our very dear Constitution! |
Posted 10/03/08 3:20 PM
Santiago
Virginia Beach, VA | I say its time for a constitutional convention. Im pushing my delegates in VA that way and I honestly think we all should do this. |
Posted 10/03/08 3:23 PM
Failing Experiment
Glendale, AZ | "Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."
Never forget -- we have the 2nd Amendment for a reason. And that reason is NOT so we can kill deer. |
Posted 10/03/08 3:37 PM
rbhill
Fresno, CA | If you haven't read (which would be surprising for members of C4L) Thoreau's Civil Disobedience I encourage you to.
http://thoreau.eserver.org/civil.html |
Posted 10/03/08 3:46 PM
ScottyT
Jersey City, NJ | The American republic will regret this day. |
Posted 10/03/08 3:46 PM
cugir321
Boynton Beach, FL | How dare Pelosi say she is giving Barney Frank the control of hearing into the financial crisis! He has zero credibility! How about Ron Paul! |
Posted 10/03/08 3:57 PM
WokeUp
Northridge, CA | I signed up today because I am disgusted and infuriated by the passage of this corporate welfare bill. We need to do something. I've been apathetic towards the political process but not anymore. We need to say enough!
American will regret the day that this bill passed. |
Posted 10/03/08 4:07 PM
AuthenticAuthor
Canutillo, TX | No inflation without representation! I will no longer seek to be paid in U.S. dollars. Fortunately, I'm taking free economic courses here in UTEP under millionaire Professor Hawkins over how to make money off the stock market. In times like these, short-selling would be great if it wasn't banned (for financial stocks that is). But still, why work when you can invest wisely? I mean, it's not like hard labor is rewarding anymore; you'll just be taxed more than you would as an investor. Talk about slavery.
And this is coming from a C.J. major, who wanted to work with the Fed to protect our rights in law-enforcement. Guess which direction I'm heading now. |
Posted 10/03/08 4:08 PM
AuthenticAuthor
Canutillo, TX | Oh, by the way, may God bless people like you Ron Paul. God bless you all. |
Posted 10/03/08 4:09 PM
AuthenticAuthor
Canutillo, TX | Oh, by the way, may God bless people like you Ron Paul. God bless you all. |
Posted 10/03/08 4:17 PM
aarett
Los Angeles, CA | this is ridiculous! i watched c-span yesterday and some republican representatives were petitioning to propose an amendment to the bill which would limit this first injection to 250 billion, the idea being that they could see how the bailout process goes before agreeing to give such a large sum. paulson himself said that he would only spend about 50 billion per month so this should have been sufficient to cover him through the rest of the year, and his tenure in office... anyways the person presiding over that committee didn't even want the amendment to be discussed for 10 minutes in front of other representatives because she was afraid that if the House changed the bill, the Senate would have to vote again and it would take an extra day or two to pass this thing... it was acknowledged that Paulson was already hiring his people to do the wealth redistribution, and they wouldn't be ready to start for a couple weeks... and still they wouldn't allow the possibility of lessening the magnitude of the bill, even though EVERYBODY there said they agreed that it was a good idea... SHAME on them! |
Posted 10/03/08 4:17 PM
Steven Vincent
Studio City, CA |
END THE FED!
The End Begins November 22nd
Every Fed Bank. Every Fed Office.
38 Cities. One Purpose.
END THE FED!
http://www.endthefed.US
http://www.endthefed.blogspot.com |
Posted 10/03/08 4:20 PM
aarett
Los Angeles, CA | btw, one of the things they were trying to cut out of the bill was money to keep Kinky Friedman, a suit maker, in business, but the republicans proposing the amendment said if they could get the amendment to be proposed in congress they would let her put that back in... the lady who headed the committee said that was her addition to the bill because she wanted to save "america's last suit maker" WTF??!!!???! (i'm sure she's getting some free suits out of this) |
Posted 10/03/08 4:26 PM
T.WALT
Waco, KY | Thank you Dr. Paul for Standing up for our liberties in Washington.You are an inspiration to me and many of my friends.Keep up the good fight, our Republic needs more people like you in office. |
Posted 10/03/08 4:32 PM
MarilyninLakeJackson
Lake Jackson, TX | Thank you Dr. Paul for all your hard work, and to everyone who called and emailed their congressmen and congresswomen. Today, as I listened to the urgency in the voices of the people in Congress who wanted this bill passed, it was hard for me to believe that such urgency could come from their genuine concern for the average people. There has to be more to it that that. |
Posted 10/03/08 4:39 PM
Failing Experiment
Glendale, AZ | That's it. I'm moving to Ron Paul's district. At least I'd be in a great man's district that cares about the United States, and a little thing called the Constitution.
|
Posted 10/03/08 5:20 PM
tboe01
Middle River, MD | ....I don't know what to say.... I am absolutely infuriated! |
Posted 10/03/08 5:21 PM
tboe01
Middle River, MD | ....I don't know what to say.... I am absolutely infuriated! |
Posted 10/03/08 5:22 PM
Darren
Tarentum, PA | Thank you, Ron.
I have never been more certain that our Revolution will succeed. Darkest before the dawn and all that, you know. |
Posted 10/03/08 5:27 PM
Wesss2
Pearl, MS | Those of you who are upset or discouraged by this, step back and take a breath.
Rome was not built in a day, and the largest empire the world has ever seen will not stop on a dime for a few phone calls and e-mails.
Its going to be a LONG hard fight with lots of losses and some wins. Liberty, true liberty is NOT attained easily.
Dr Paul and others like him, have fought for decades with virtually zero positive response. They were laughed at and scorned openly for years!!!!
Now we have control of our information like never before, we have the youth of our nation questioning its leaders.
We have even mainstream media occasionally getting the story straight.
We have a DECLINING empire not and EXPANDING one!!!!
All these things are good for our cause and bad for the status quo.
We must be patient but persistent. We must take every inch given and hold on to it but look for more.
We have to spread this message to everyone and do not fear the response until IT IS the mainstream opinion.
I think we have MUCH to rejoice over.
It is easy to despair at our nations peril, in an hour of darkness. But you MUST remember that in order to truly CHANGE a system, the current corrupt one must be swept away!
In some way, the passage of this bill will only hasten Americas return to sanity.
But then, thats just MY opinion.
|
Posted 10/03/08 6:51 PM
gonzo
Holts Summit, MO | My husband (a Bush fan) made the suggestion that we all flood the White House emails before he signs this bill. Probably won't do any good but it sure wouldn't hurt. I can't figure out why he hasn't been impeached yet. It's not like he has ever held up his oath of office, instead he has turned out Constitution into a roll of toilet paper. I know he doesn't care at this point what people think of him and his "legacy", that's quite obvious. Thank You Ron Paul for waking us up from our deep, dark sleep. I think we've all had enough sleep, it's time to get busy and we have a lkot of work ahead of us, we need to make Dr Paul as proud of us as we are of him. Gee, in all this do you think we could put the words, Respect, Trustworthy and Compassionate back in the dictionary? |
Posted 10/03/08 7:02 PM
gonzo
Holts Summit, MO | My husband (a Bush fan) made the suggestion that we all flood the White House emails before he signs this bill. Probably won't do any good but it sure wouldn't hurt. I can't figure out why he hasn't been impeached yet. It's not like he has ever held up his oath of office, instead he has turned out Constitution into a roll of toilet paper. I know he doesn't care at this point what people think of him and his "legacy", that's quite obvious. Thank You Ron Paul for waking us up from our deep, dark sleep. I think we've all had enough sleep, it's time to get busy and we have a lkot of work ahead of us, we need to make Dr Paul as proud of us as we are of him. Gee, in all this do you think we could put the words, Respect, Trustworthy and Compassionate back in the dictionary? |
Posted 10/03/08 7:33 PM
Billy V
Columbia, TN | Let the country melt down, hell, we did our best. Just keep stocking up on provisions, make sure you have plenty of ammo, your guns are all sighted in, and your fishing gear is in good shape.
In the meantime we can concentrate on abolishing the Federal Reserve which was behind the whole thing.
|
Posted 10/03/08 7:35 PM
Andrew Sica
Woodbury, CT | gonzo, already signed shortly after it was passed. It was a photo op, I saw the images on CNN. As I said somewhere else, they framed it as a great moment - like he emancipated the slaves. We know he actually created hundreds of millions more.
Representative Paul, thank you for your leadership. I only hope that I have the honor to shake your hand someday, and that the people of Connecticut can elect a Ron Paul to represent us. |
Posted 10/03/08 7:37 PM
open07
Town, Singapore | Agree 100% with Dr Paul. Be proactive, buy Gold now rather than wait for the value of money to drop to zero. |
Posted 10/03/08 8:14 PM
Mike in Virginia
Fredericksburg, VA | Does anyone here doubt that the initial defeat of this monstrosity was due to Dr. Paul and his movement? We CAN make a difference. In our infancy, we defeated the House in one battle. As we grow, we will come to be able to defeat the whole power structure in the war. |
Posted 10/03/08 8:19 PM
sonsofliberty
Fargo, ND | Thank you Mr. Paul! I'm curious to know how many congressmen have the sense & guts to give a speech like Congressman Paul's. |
Posted 10/03/08 8:43 PM
dme92
Newport, MN | I am just sadden that the large majority of Americans do not see the harm of this system...so many were for the bail out, and do not understand that the system must remain out of government control. When will America be like Rome? Can we stop it? |
Posted 10/03/08 8:44 PM
dme92
Newport, MN | I am just sadden that the large majority of Americans do not see the harm of this system...so many were for the bail out, and do not understand that the system must remain out of government control. When will America be like Rome? Can we stop it? |
Posted 10/03/08 9:13 PM
vjenks
Boise, ID | What choice do we have left but open revolution? I won't apologize for sounding "radical" but our founding fathers would have already taken to arms decades ago...forget about the fantasy world we see unfolding before us today. Our "representatives" have made it clear that they no longer respect our opinion on how we choose to be governed...time to kick them out and restore the Constitution. |
Posted 10/03/08 9:27 PM
WilliamRunyonJr
Camdenton, MO | From what I saw the majority of Americans were against the bailout. Mostly it was just the media and those they chose to publicize who agreed it was not only needed, but urgent. If you watched the vote (in the Senate anyway, I missed the second House vote) even there there were quite a number speaking out against it (though at the end they would just say "That's why I really hate the fact that I am going to vote for it"). For anyone still on the fence (I'd guess there wouldn't be many of you on this site), this event should demonstrate to the rest of the country that our legislators are no longer working for us and need to be removed. While it's still fresh we need to use the momentum and sentiment to continue to educate and push for abolishment of the fed and the fractional reserve system which are, of course, at the core of the crisis. |
Posted 10/03/08 9:37 PM
John Randolph
Cupertino, CA | Too big to fail? We can fix that!
Suppose one of the conditions of accepting bailout money was that the company doing so was required to separate into smaller organizations, all having less than $1 Billion in assets. How many of them would accept the handout then? Probably only those that truly had no other choice.
-jcr |
Posted 10/03/08 10:36 PM
Patrick Kerby
Pahrump, NV | Unfortunately, in Nevada, the primaries are already over, so our only option to getting rid of Porter, who voted for the bailout, is a Democrat. We could have used some CFL support back during our primary, but that's water under the bridge. Everyone should check the status of your bank (http://www.moneyandmarkets.com/newsletter/103/StrongestandWeakestBanksandThrift s.pdf), and just keep enough money in it for operating expenses. Contact other patriots in your area, and make a preparedness plan for the worse case scenarios. When the money is no good, there is nothing to compel the truckdriver to bring the groceries to the store. I'm hoping it doesn't go that far, but everyone should be ready. How organized we are in our communities will have a lot of influence on how the U.S. comes out of this crisis, as a socialist country, or a nation that is back on the right track.
|
Posted 10/03/08 10:41 PM
brahmel
Universal City, TX | No Honor among thieves!!!
WOW what a facist government we have allowed to take over. Can we take it back from the organized crime bosses in charge?
Who was just represented by Congress? Who is running the financial institutions, government, acedemia, and treasury? Who benefits the most? It's not us, it's all the ones at the very top of the political and financial world. An un-Constitutional spending bill passing in the senate, then the house? Did I miss something or does Article 1, Section 7 of the Constitution state, "All Bills for raising Revenue shall originate in the House of Representatives." or am I just not patriotic if I say that??
Don't take this lying down!! REVOLT, DEMONSTRATE, MARCH, PROTEST, VOTE,
DO NOT VOTE REPUBLICAN OR DEMOCRAT!!
WE NEED A THIRD PARTY, FREE OF CORRUPTION!
|
Posted 10/03/08 10:56 PM
Dr Dave
Botsford, CT | Dr Paul,
Thank you for speaking for all of us to congress.
Unfortunately your words, as ours have fallen on deaf ears.
Unlike yourself, I don't have the complete understanding of economics and monetary systems as you, but I do understand when things are broken.
A couple days ago I decided to become a precinct leader, have started the courses, and have begun the information collection (again) from my town hall.
I will not have my children burdened with more debt not of their doing.
This bailout has added another $4250.00 to 18+ year old's and above.
It is not right to saddle my children in school with that bill, and I will do all in my power to right this corrupted system.
My senators and Congresspeople have made their positions known, and it's time to have then removed.
Thank you and other C4L, Downsize, RTR, members for trying to keep some sort of semblance of intelligence in the system. I've seen what our country and government should be like, and I know what needs to change.
My further involvement is part of that change.
Again, thank you for standing up for us.
Now It's our turn to stand.
Dr Dave
DR Jurman
Newtown, Ct (The Constitution State)
|
Posted 10/03/08 11:25 PM
Spkrman
Hubbard, OH | For what little good it will do, I hope anyone who has a Rep that voted for this has sent a sufficiently guilt provoking e-mail to them. Here's mine:
Congressman Ryan;
I am very disappointed in your support of the banking bailout bill, the so-called "emergency economic recovery package", which I am certain will do little in the long run for the recovery of the economy. You cite 401K's, which have been performing poorly for a long time now, as well as "business people concerned about their credit lines drying up, and local labor leaders concerned about a lack of work if credit markets freeze-up", yet the glut of foreclosures in this area should indicate to you that the market demands correction, not more intervention. Propping up housing prices, which is obviously one of the main goals of this legislation, will only exacerbate our current economic problems. This legislation fails to address the root cause of the problems we are experiencing, which is a total failure of monetary policy. Throughout the proceedings, no mention was ever made of the Federal Reserve's loose money policies which allowed this economic bubble to reach such monumental heights. This bill does nothing to address this issue at all. An economy based on debt is destined to fail, and curing intervention in the market with more intervention is no solution. It is too late to avert a recession, in spite of the data being delivered by mainstream economists, most of whom are on the banking industry's payroll, and, barring any reform of monetary policy, passage of this legislation will only prolong the duration of the downturn. I hope you are comfortable with the debt you have placed on our children, and probably their children as well, as I have very little confidence in any return on this "investment" that has been forced on the taxpayers of America. |
Posted 10/04/08 05:23 AM
Free Me
Atlanta, GA | Ron Paul Rocks! Ron Paul Rocks our Nation! Thank God for Ron Paul! |
Posted 10/04/08 07:46 AM
Truthseeker
Santa Clara, CA |
FELLOW MEMBERS OF THE CAMPAIGN FOR LIBERTY:
Not too long ago the Campaign for Liberty
encouraged its members and followers to become precinct leaders/workers. That was during the time Congressman Paul
was still a candidate for the presidency in the Republican
party. I am sure that those same thousands of precinct
leaders/workers are still out there.They and those whom they recruited to work with them can do much to educate and motivate people in the congressional districts where their precincts are located to identify those U.S.Representatives
who voted for the "bailout" bill. Also they can identify worthy candidates to replace those "bailout" Congressman and encourage others to vote for said worthy candidates who are of the same mind as Congressman Paul.
I hope those precinct workers have the energy and vision to do so. If you are personally acquainted with any such precinct leader(s)/worker(s), please encourage them to do as suggested above.
This is the primary function of the Campaign for Liberty,
RECAPTURE THE 435 CONGRESSIONAL DISTRICTS, RECAPTURE THE HOUSE OF REPRESENTATIVES AND MAKE IT AS OUR FOUNDING FATHERS INTENDED IT TO BE,A TRUE LEGISLATIVE BRANCH OF A GENUINE CONSTITUTIONAL REPUBLIC.
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Posted 10/04/08 08:23 AM
Truthseeker
Santa Clara, CA | I HOPE THAT THE STAFF FOR THE CAMPAIGN
FOR LIBERTY HAS KEPT THE NAMES AND ADDRESSES OF THOSE
WHO VOLUNTEERED TO BE PRECINCT LEADERS OR WORKERS.
I ALSO HOPE THAT THE STAFF READS THESE POSTS.
AS TO THE NAMES AND ADDRESSES, SUCH A LIST WOULD
BE HELPFUL TO THOSE WHO DO NOT KNOW WHO THEY ARE AND WHERE THEY ARE BUT WANT TO WORK WITH THEM. THE GENERAL ELECTION ON NOV. 4 WILL BE UPON US SOONER THAN WE REALIZE. MUCH
GOOD WORK CAN BE DONE BETWEEN NOW AND THEN TO NOMINATE CONSTITUTIONALLY
PRINCIPLED CANDIDATES FOR THE U.S. HOUSE OF REPRESENTATIVES.
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Posted 10/04/08 09:28 AM
WILL WORK FOR PEACE
Idaho falls, ID | I see where Paulson has hired 10 investment firms to help him distribute our money. I wonder how much they will be paid?
Although I am not surprised, it does make me mad as hell that the very people who got us into this mess are being rewarded - not only by the bailout, but with federal contracts. Paulson and his buddies will pick who survives this mess and who fails. The fox is truly in charge of the chicken coop.
Look up "derivatives" and "credit default swaps" if you want to see where the latest bubble is and the potential for world-wide calamity. These bubbles are coming closer and closer together now because of reckless monetary policy in this country. The tech bubble, the housing bubble and now the derivative bubble - all right on the heals of the last.
I wanted to share a source of news that I enjoy. They carry all the Ron Paul news, a lot of news that relates to the economy as well as Mises.org and Lew Rockwell. Check this out:
http://ronpaulnews.net/
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Posted 10/04/08 10:37 AM
DanielCochran
Conway, SC | At least there is one person that represents the citizens of America in Washington.
We need to get more up there before it's too late.
If your in SC Vote Bob Conley to get rid of Graham.
If your in District 1 in SC Vote Linda Ketner for House to get rid of Brown.
DanielC in SC |
Posted 10/04/08 12:18 PM
DaleInVirginia
Lynchburg, VA | Well, so much for this GREAT BAILOUT PLAN
For bailout to work, housing market needs to mend
By STEVENSON JACOBS, AP Business Writer 27 minutes ago
Washington's financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right?
Wrong. Experts say the most important thing that needs to happen before the $700 billion bailout even has a chance of working: Home prices must stop falling. That would send a signal to banks that the worst has passed and it's safe to start doling out money again.
The problem is the lending freeze has made getting a mortgage loan tough for everyone except those with sterling credit. That means it will take several months or longer to pare down the glut of houses built when times were good — and those that have come on the market because of soaring foreclosures — before home prices start appreciating.
Housing is a critical component to the U.S. economy and by extension the availability of credit. Roughly one in eight U.S. jobs depends on housing directly or indirectly — from construction workers to bank loan officers to big brokers on Wall Street. A turnaround in housing prices would boost confidence in the wider economy and, experts hope, goad banks into lending again.
"Housing traditionally does lead the economy through a recovery. I think it's going to be critical for a sustained recovery in this cycle, too," said Gary Thayer, senior economist at Wachovia Securities.
In the meantime, people like Alicia Elliott are adjusting to a new American reality: Life without credit.
The 21-year old Morgantown, W. Va., resident just bought a used mobile home, borrowing $4,000 from friends and family because she couldn't get a bank loan.
"I tried to. Couldn't do it. It's just hard to get a loan," said Elliott, who works as a cashier at a Lowe's Cos. store.
She used to get bombarded with offers for credit cards. Now she can't even get one. "I get denied one after another after another. It doesn't matter if you have a co-signer or not," she said.
Trey Simmons, a 31-year-old barber at a Dallas hair salon, said he worries tighter lending standard will squash his goal of buying a home next year.
"Credit is a privilege everybody can't get," Simmons said. "I had credit at a young age and messed up."
He now operates on a strictly cash basis. "If I don't have it," he said, referring to cash, "I don't spend it."
The dilemma boils down to a matter of trust.
"Credit, by definition, means trust and faith, and for many reasons trust and faith have been damaged," said Sung Won Sohn, an economics professor at California State University, Channel Islands.
Sohn said the near certainty of a recession makes it too risky for the thousands of small and medium-sized banks across the country to lend to people like Elliot.
"Banks know the economy is getting worse, so ... they will keep being cautious," said Sohn, a former banking executive.
Still, the government hopes that by scooping up billions of dollars in bad mortgage debt and other toxic assets, banks eventually can clean up their shaky balance sheets, crack open the vaults and send money washing through the system again.
The rescue plan also raises the federally insured deposit limit from $100,000 to $250,000, a move that could boost banks' reserves and further grease the lending wheels.
Rep. Barney Frank, D-Mass., the Financial Services Committee chairman and a key negotiator over the past weeks, said the measure was just the beginning of a much larger task Congress will tackle next year: overhauling housing policy and financial regulation in a legislative effort comparable to the New Deal.
In the meantime, the Treasury Department is moving swiftly to get the plan started. Treasury Secretary Henry Paulson said Friday he did not wait for final approval of the measure to begin preparation. He has been lining up outside advisers as his staff works out details on a multitude of complex issues.
But several hurdles could trip up the plan. For starters, even when the Treasury starts buying bad assets, some banks may hoard the cash they receive in return until they see how the plan pans out. That has the potential to make the lending logjam worse, said Vincent R. Reinhart, former director of the Federal Reserve's monetary affairs division.
"They may sit on the sidelines and wait to see (the bailout) get some traction. The problem is if everybody sits on the sidelines, nobody gets in the game. It's a risk," he said.
It also creates a vicious cycle: No trust means no lending; tight credit means it's harder to buy a home; the more difficult it is to buy or sell a home, the further home prices will fall; and the further prices drop, the more foreclosures there will be.
U.S. home prices — down 20 percent from their peak in July 2006 — still have further to fall, and must hit bottom before demand picks up. The long-awaited bottom in prices could be a year or more away.
But Jim Gillespie, chief executive of Coldwell Banker Real Estate, said he hopes that lower prices, combined with the government's actions will jump-start stagnant demand. The federal bailout plan, he said, "will give people reassurance that mortgage money is available."
Jobs are another big concern. The stranglehold on credit has choked companies big and small that depend on regular inflows of borrowed money to pay employees and stay afloat.
The Labor Department said Friday that employers cut 159,000 jobs in September, the fastest pace of losses in more than five years. Experts say that number will grow as the effects of the credit gridlock course through the economy in coming days and weeks.
The nation's unemployment rate is now 6.1 percent, up from 4.7 percent a year ago. Over the last year, the number of unemployed people has risen by 2.2 million to 9.5 million.
The unemployment rate could rise to as high as 7.5 percent by late 2009, economists predict. If that happens, it would mark the highest since after the 1990-91 recession.
Boosting employment is critical to kick-starting lending because "if jobs are growing, then incomes are a growing, and if incomes are growing then people are consuming," Reinhart said.
Consumers and businesses have retrenched so much that some analysts fear the economy stalled or shrank in the third quarter that ended last week. The Labor Department report Friday showed wage growth for workers is slowing, meaning they'll be more hard-pressed to spend, especially for something as expensive as a home.
Many economists predict the economy will contract in the final quarter of 2008 and the first quarter of next year. That would meet the classic definition of a recession — two consecutive quarters of a shrinking economy.
One bright spot: optimism hasn't been totally squashed yet.
Morgan Cavanaugh, proprietor of Moriarty's Pub in downtown Cleveland, has been trying to sell another bar he owns to ease his workload, but the prospective buyer hasn't been able to raise the money.
Now that the bailout legislation has the green light, he's hopeful he'll get a deal done.
"It passed. Let's work something out," Cavanaugh told the man over a cell phone Friday just after the House approved the plan.
He flipped the phone shut and smiled from behind the weathered mahogany bar of his 75-year-old Irish pub.
"He's going to put the loan request in again. It's looking up," Cavanaugh said. |
Posted 10/04/08 11:14 PM
itcame
Memphis, TN | I'm glad to see as many dismayed people as I. Hell, everyone I've talked to except a few sheep are upset as me. People have gotten on the phone and written their congressman overwhelmingly about this and they throw it our face that we have no power, that OUR voice carries no weight. Hopefully this November we will have our say(if diebold doesn't stop us) and kick these traitorous bastards out |
Posted 10/05/08 08:03 AM
Wesss2
Pearl, MS | Inver Grove Heights, MN...................
I do not know if we can stop it or not. That is why it is called fighting the good fight.
No way to tell if you will win or loose. But consider that YOU have won already by waking up to the scam! |
Posted 10/05/08 9:40 PM
Witness Matthias
Pasadena, TX | I just had a horrible thougt, if the tax debt gets as bad as we all believe it will, then it would make since that alot of people would prefer to move to countries with much, much lower tax rates. Do you think it would be prevented with the use of passport applications being denied? In the past one could just travel to Mexico and go anywhere from there, not any more.Seems the farther you look at the future the more bleak it seems. Quick! Someone give me a smile and a sympathetic nod, it might make me feel better. |
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