The rescue plan is not only "stupid", but "disaster" that Ron Paul believes? Remembering that he has been vilified as an idiot to have this specific situation, is it worthwhile today?
"The rescue plan is about to be thrust into the throat of Congress is not just economically foolish. It is downright sinister. It mocks our Constitution, our leaders should never pretend penalty is still in force. It promises the American people a never-ending nightmare of ever more debt liabilities they will incur. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac because of the America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It's bailing out the financial, banks, Wall Street."
That describes the current bailout plan to a T. And we are told that it is inevitable.
The assertion that the market caused all this is so incredibly stupid that only politicians and the media could pretend to believe. But that has become conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences - predictable, that is, those who understand sound, Austrian economics - are letting go. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit in this mess!
aec The Treasury Secretary is authorized to purchase up to 700 billion dollars of assets linked to mortgages at one time. This means that $ 700 billion is only the beginning of what will hit us.
aec Financial institutions are "designated as financial agents of the government." Is the New Deal to end all New Deals.
aec Then there is 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 a court of law or any body administration. "Translation: the Secretary can buy whatever junk debt he wants to, burden the American people with him, and he is subject to none in the process.
There goes your country.
Even some so-called free market economists call all this "sadly necessary." Sad, yes. Necessary? Do not make me laugh.
Our party system is complicit in another crime against the American people. Both presidential candidates of major parties initially indicated their strong support for rescue of this kind - another example of the great choices we are presented with so-called November: yes or yes. Now, with a mix of play, they are not quite sure what their views are. A sad display, really.
Although the current rescue plan is almost certainly not the end of the political atrocities we'll witness in connection with the crisis, time is short. Congress may vote tomorrow. With a Rasmussen poll finding support for the bailout to anemic seven percent, some members of Congress are afraid to vote for him. Call them! Let them hear you! Tell them that you will never vote for someone who supports this atrocity.
The question boils down to this: do we care about freedom? Do we care about responsibility and accountability? Should we ensure that our government and media have been bought and paid for? Are we sure 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, we stand up and fight, even if it means getting up against every stripe of fashionable opinion in politics and the media?
These moments have a way to tell us what kind of people we are and what kind of country we are.
Yes, I told my representatives that if they vote for it, I will.
Posted on April 13, 2010.
