The current battle over who should run this economy, the people or central planners, is liberty's last hurrah. by Rick Fisk
(libertarian)
Friday, September 26, 2008
If you're like me, no expert in economic theory, there are parts of the bailout discussion which make your eyes turn glassy. However, one does not need to be fluent in Austrian or Keynesian schools of thought to understand that current proposals by members of the Federal Reserve and Executive branches of our government border on, if they do not completely cross the line, criminal activity.
Paulson's desire for total authority with no oversight is far more than just cynical politics.
President Bush's speech last Tuesday, all of 15 minutes worth, was an attempt to justify and explain the extreme measures proposed. Unfortunately it raised more questions than it answered. It was also, even to this layman, full of half-truths and contradictions. The defining moment in the speech was when Bush claimed that he was not prone to intervening in markets but in this case he had to act because the market "wasn't functioning properly."
What he meant to say was that the market was not behaving the way that financial experts employed by the government, to a man who are Keynesian theorists, needed and wanted it to behave. The fact is, the market is acting in a perfectly rational way to the completely irrational manipulations by these same people. The market has no confidence in mortgage-backed securities at past prices. It's clear that these tar-babies should be sold to the highest bidder, those who were dumb enough to invest in them should cut their losses, and we should move on with our lives. Those companies which speculated, should either just go bankrupt or liquidate and learn a lesson. The problem with this is that doing so would reverse the fortunes of a good number of Wall Street moguls who not only profit from poor business practices and deception, but who also finance the political campaigns of most of Washington's politicians.
So desperate was Paulson to get these measures through Congress, he literally got down on one knee and begged Nancy Pelosi to make sure the measure passed in the House. Is that the action of one who has your best interest at heart or his own? That is the action of a very desperate man. Bush has proven himself desperate as well. If he has intended to look and sound Presidential this week, he has failed miserably. He looks to be the water boy for the elite bankers of America. And he's in a hurry. In 50 odd days, we elect a new President. What happens if the bailout is not passed, and the things that Paulson has been doing remains judicially scrutable? This seems far more a concern of the administration than they would lead you to believe.
I mean, really. If they're so truly concerned about the impending economic meltdown, and they are serious about this, why weren't they so concerned even one week ago? In spite of a mountain of evidence that has been available to them since 2001, the administration deliberately ignored that data and tried to mislead the public about the condition of the economy. And while they were telling everyone to just pretend there wasn't a fundamental problem with the unlimited credit that the Federal Reserve was pumping into the economy, their buddies were gobbling up mortgage-backed securities like they were tulip bulbs.
Here are just some examples of this:
December 17, 2007 - "The most negative thing Congress can do in the face of economic uncertainty is to raise taxes on the American people" - George W. Bush - (And just what is a 700 Billion dollar tax-payer-funded bailout going to accomplish?)
February 11, 2008 - "This report indicates that our economy is structurally sound for the long-term and that we're dealing with uncertainties in the short-term" - George W. Bush - announcing the findings of his crack economic team
July 15, 2008 - "I believe there's a lot of positive things for our economy." - George Bush - on the day that we learned inflation had reached its highest point in 27 years.
September 16, 2008, - "Treasury Secretary Henry Paulson Jr. today told Americans they should remain confident in the U.S. financial system, in the wake of Lehman Brothers Holdings Inc. filing for Chapter 11 bankruptcy and Bank of America Corp. being purchased by Merrill Lynch & Co. Inc."
See, it is quite clear that they are completely disingenuous. When it's convenient, the economy is sound and no taxes should be added to the public burden, and when it's convenient, the economy is doomed and the government needs to place a 30,000 dollar additional tax burden on every man woman and child in the U.S.
We are witnessing the final showdown for liberty. The bailout would only be a first step in a long chain of bailouts given the carte blanche authority it promises to the Treasury Secretary and indirectly the President himself. This first step represents a transfer of wealth that exceeds the entire military budget directly from you and me into the pockets of almost every Federal Reserve member-bank. Keep in mind that Goldman-Sachs, of which Paulson was once a very high executive, stands to benefit greatly.
If they win this, there will be no chance for us to regain any possible route to a restored Republic. It is now or never. The army that Ron built has to come together now for this last hurrah. Contrary to what we're being told, this bailout only allows the Fed and its members to prolong the bubble's burst and further take us down the road to poverty. Frankly, I am certain that this is their intent and I do not intend to sit idly by while they further ruin this once-great country. How about you?
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Posted By: patrick henry
Date: 2008-09-26 20:19:07
This is the final step towards making our country a neo-american fascist country. I mean neo-American, because the first time fascism prevailed in our country was during FDR and prior to term limits making total dictatorship possible. Now with two term limits it is religated to the oligarchy of the machinemaking it uniquely American. The "Duces" can go on indefinate within our one party (republicrat) system so the difference is really a matter of symantics.
If we dont stand up now, I too am affraid it may be too late. It is time for all American Patriots to take to the offices of our elected officials and demand an end to this tyrranny. This vile ilk is enslaving all of our offspring by waging war on the citizens of this country. Search your souls and decide to get out of your comfort zone and stand up for yourselves, for your children and their children. If we dont stand up now for our blessed REPUBLIC we will cease to live in freedom, and all hopes of PEACE and PROSPERITY will be cast unto the river Styxx for all eternity.
Oh... I see now. The misinformation is taken directly from the article linked. I'm not claiming that Meryll Lynch Bought B of A, the reporter is. The context as used here is just to show that Paulson was claiming the economy was sound even when things were obviously going sour.
I am celebrating at the announcement that the Bailout failed. I hope the democrats don't use underhanded means to try to put it through later. I don't feel like bailing out comanies misappropriation of funds and blunders and people who bought houses that they could not afford and the banks gave them mortgages anyway. I think we need what is happening now so that Americans won't continued the mall sport mentality and big companies won't blunder as much as they have. Why should I have to pay for that and why should our grandchildren have to continue! THanks.
I am celebrating at the announcement that the Bailout failed. I hope the democrats don't use underhanded means to try to put it through later. I don't feel like bailing out comanies misappropriation of funds and blunders and people who bought houses that they could not afford and the banks gave them mortgages anyway. I think we need what is happening now so that Americans won't continued the mall sport mentality and big companies won't blunder as much as they have. Why should I have to pay for that and why should our grandchildren have to continue! THanks.
I am celebrating at the announcement that the Bailout failed. I hope the democrats don't use underhanded means to try to put it through later. I don't feel like bailing out comanies misappropriation of funds and blunders and people who bought houses that they could not afford and the banks gave them mortgages anyway. I think we need what is happening now so that Americans won't continued the mall sport mentality and big companies won't blunder as much as they have. Why should I have to pay for that and why should our grandchildren have to continue! THanks.
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