For Gold, Peace, and Freedom


Latest Ron Paul Letter Opposes Proposed Bailout

September 24th, 2008

no-federal-bailout.jpgAlthough it’s not exactly a major surprise, Ron Paul’s latest letter to his subscribers earlier today expressed strong opposition to a proposed $700 billion taxpayer-funded federal bailout of several large corporations that managed to get into serious financial trouble by backing questionable mortgage loans and other instruments of debt. Presidential candidates Barack Obama and John McCain both support this unbelievably fiscally irresponsible proposal, with John McCain even going so far as to propose a new federal agency which would create an “intervention system” that would direct the federal government to interfere even more in the affairs of private companies that it already has in the interests of supposedly preventing another such “crisis.” Frankly, I would sooner vote for Obama’s socialism than put up with this piece of garbage!

Fortunately, we do have another alternative. Although Ron Paul correctly identifies the proposed bailout as fundamentally misguided, he is no longer running for president. But Bob Barr is, and he agrees with Ron Paul’s assessment. Bob Barr is the Libertarian candidate for president this year. He is the most qualified candidate we have had in a long time, and he understands that it is blatantly unfair to let major corporations off the hook for their fiscal irresponsibility when smaller businesses and individuals like us are not entitled to be bailed out at the expense of everyone else. You can check out Bob Barr’s campaign website here. Meanwhile, here is the text of Ron Paul’s latest newsletter.

Dear Friends,

Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.

The events of the past week are no exception.

The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”

That describes the current bailout package to a T. And we’re being told it’s unavoidable.

The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences - predictable, that is, to those who understand sound, Austrian economics - are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

  1. The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
  2. Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.
  3. Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.

Even some so-called free market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.

Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind - another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.

Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

In liberty,

Ron Paul

2 Responses to “Latest Ron Paul Letter Opposes Proposed Bailout”

  1. Great post! I’ve stumbled it.

  2. comment number 2 by: Keith Stieneke

    Why are we as a people so blind to see that both McCain and Obama can’t do anything but to add to the problem with their solutions. This bailout is a total mistake in my opinion. Ron Paul is right on… he is the man. To bad he didn’t get the nomination.

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