Monday, September 22, 2008

$700 Billion Bailout



LA Times.com: Ron Paul has nothing good to say about the Wall Street bailout plan

... contrary to the White House's contention, this plan does not help Main Street.

"This is Wall Street in big trouble and sucking in Main Street, now, and dumping all the bills on Main Street. ... And you can't solve the problem of inflation, which is the creation of money and credit out of thin air, by more money and credit out of thin air, and not changing policy. We have to change basic policy.

"Yes, it would be painful, but it wouldn't last so long. What they're doing now, they're propping up a failed system so the agony lasts longer. They're doing exactly what we did in the Depression."

"So, yes, there are going to be losses, but everybody lived beyond their means when the prices of houses were going up. Nobody cared about it. They kept borrowing against it. Oh, yes, that was fine and dandy. Everybody was making money, and the owner of the home kept borrowing and living beyond their means. Now they have to live beneath their means.

"What the government is doing now -- and this new program is trying to prop up prices. You want the price structure to adjust. You want the price of houses to go down. You don't want to fix the price of housing. You can't price-fix. We've had too much of that.

"We need a market economy. We need to believe in ourselves. We need to believe and understand how the economy got us -- how the government got us into this mess. And believe me, it wouldn't be that tough. It would be a bad year. But, this way, it's going to be a bad decade."

Paul had nothing but disdain for Republican presidential nominee John McCain's suggestion to create a new government entity to deal with the crisis, calling it "just more of the same, more government, more programs, more spending, more regulations, trying to prop up a system that has been undermined."

He did say that Democratic candidate Barack Obama "has a pretty good grasp on how to attack this politically and go after McCain, but he doesn't have any answer. He's not talking about the Federal Reserve system. He's not talking about balanced budgets. He's not talking about bringing troops home from Afghanistan."

12 comments:

  1. the bush administration is again just trying to delay reckoning day by proping up housing prices and bailing out their friends. If you listen to proponents closely that slips out from time to time. That is a big fat mistake because prices are not in line with what can be sustainably supported, especially if interest rates go up. Keeping interest rates down is driving up inflation and devaluing the dollar.

    They forgot what they learned in Econ 101? Hard to believe.

    The USA partied on debt for a decade. Time to pay up. Shouldn't the party goers be the ones to pay the most?

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  2. Here are a bunch of great links:

    http://patrick.net/housing/crash.html

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  3. This government is willing to nationalize private debt -- including foreign banks who hold distressed mortgages. Unbelievable. Say no to the bailout -- it is just another way the Bush admin is propping up its cronies. Let these companies recover or fail on their own - that is what a market economy is all about. Is it time to start liquidating assets and hiding the gold under our beds?

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  4. Don't forget, Ron Paul is crazy.

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  5. When Ron Paul predicted the Euro would be worth more than the dollar the media called him crazy.

    When Ron Paul critized the hot housing market the media called him crazy.

    When Ron Paul critized the war in Iraq he was called unpatriotic.

    When Ron Paul called the Patriot Act unconstitutional he was the one called unpatriotic.

    Ron Paul is the only republican who has had the balls to call out the Bush administration on the their B.S. the past 8 years.

    Rush, Hannity, O'Rilly and the rest of the Fox News propaganda team can't ignore Ron Paul forever.

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  6. Ron Paul is an American HeroSeptember 22, 2008 8:57 AM

    too bad republicans can't pull their head out of their ass and nominate a real republican that upholds the GOP Platform, instead of some war prisoner who will do anything for the profit of their cronkies even at the Expense of the Country.

    Bush and McCain will go down in history as politicians who sold out their country.

    Ron Paul will go down in history as the hero who screamed the government has no cloths and started a movement to save our constitutional rights of this Country.

    Thank you Ron Paul and all your followers who can see truth and understand how to restore the health of our country.

    Remember, Energy prices including gas are not going up dramatically. The dollar value is dropping like brick due to the devaluation of the dollar against other currencies. Bush and the feds are responsible for the future run of huge inflation

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  7. Why is it that Republicans so fervently believe that their party is the only party that could possibly fix all the horrible problems that have been caused by their party?

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  8. Anon 12:00-

    Because everyone knows a party platform that focuses on big govenment, free everything for everyone, promotes unions for every job and lead thinkers are productivity sucking Attornies., could never do anything positive for the economy.

    The democrats are just as bad as the fakey republicans.... they are both Republicrats and are killing this country.

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  9. They call this the Leftist Liberal Leucadia Blog (3LB). Now I know why...

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  10. Total sense. But Ron, get a handle on them wild eyebrows. If they were evened out and calmed down some I think you'd be taken more seriously. I know that's shallow and superficial of me, but geez, pick up a Reader someday and try to find a page without cosmetic surgery on it. San Diego is the narcisist capital of the world.

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  11. "They call this the Leftist Liberal Leucadia Blog (3LB)."-

    You are clueless if you think True GOP supporters like Ron Paul are Liberal. Well at least on what counts economics, state and foreign policy. The other social issues are personal issues for families to work out, not the federal government.

    The fakey Republicans like Jerome Stocks are worse than liberal. They believe in a central bank, amnesty, and evading other country to protect the flow of oil to us.

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  12. it's about liberty stupidSeptember 23, 2008 8:41 AM

    The right wing has jumped the proverbial shark.

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