October 3, 2008 3:54PM
Ron Paul’s Texas Straight Talk on the Bailout
By Elizabeth MacDonald
If there’s anyone in Congress who should feel like he has been shouting into a field of cotton, it should be Congressman Ron Paul (R-Texas).
And sometimes a journalist just needs to yield the platform for once, for God’s sakes, to someone who is trying to bring some common sense to the debate.
Because God knows we TV gasbags have done enough, doing our part to add to global warming, taking out Arctic glaciers on a daily basis.
T. Boone Pickens, who now advocates a major wind energy plan, should realize that the Central Bank of Wind, the Saudi Arabia of Wind is not Tornado Alley–it stretches from right here in media land in New York City down to outside the halls of Congress.
Yes, Dr. Paul has been criticized and ridiculed. By those who live in an echo chamber and don’t give anyone except those who agree with themselves a fair hearing. It’s time to listen to all points of view, because we are living through one of the rare times when the landscape of this economy is being permanently changed.
I am printing below Dr. Paul’s thoughts on the historic bailout of the financial sector.
Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on a commodity-backed currency, his bio reads.
He is a strong advocate for sound monetary policy and is an unrelenting critic of the Federal Reserve’s inflationary measures.
Dr. Paul is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives. Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the US Constitution, his bio notes.
Dr. Paul serves on the House Financial Services Committee, the International Relations committee, and the Joint Economic Committee.
And he is the author of several books, including Challenge to Liberty; The Case for Gold; and A Republic, If You Can Keep It. He has been a distinguished counselor to the Ludwig von Mises Institute, and is widely quoted by scholars and writers in the fields of monetary policy, banking, and political economy.
Here now is Rep. Paul:
Paul Fears Bailout Could Tank the Economy
The following is taken from a news report quoting Dr. Paul:
The so-called financial “bailout” package could end up tanking the economy, warns Paul. “We’re trying to prop up bad debt,” he warns.
Congressman Paul argued that a bailout does not address the underlying problems that caused the current crisis.
The bad debt should be “wiped off the books” rather than purchased by taxpayers, Paul argued. The Texas congressman said he would vote against the bill, citing a response of 9-1 against it by his constituents.
On a more ominous note, Paul warned of lean economic times ahead. “We will have our recession,” he said, warning that it could turn into a major “depression” if the bailout bill in its current form was signed into law. “We built this problem by…irresponsible spending,” Paul said.
Spending to Wipe Out Bad Debt Equals Inflation
He said the bailout bill would make the economy worse. “It’s propping up bad debt with more spending,” he said. “As long as you can create new money, you create more inflation” he said, referring to the power of the Federal Reserve to introduce new money into the banking system.
Before the late 1960s, the Fed had to keep a percentage of gold on hand for every Federal Reserve note it issued. These constraints were removed by Congress in the mid to late 1960s during the administration of President Lyndon Johnson, thus giving the Fed a blank check on how much currency it could put into circulation.
It forced Johnson’s successor, President Richard Nixon, to remove the final restraint, pegging the dollar to a fixed gold price. This created an inflationary spiral that was not quashed until the mid-1980s via the restrained monetary policy of then-Fed Chairman Paul Volcker.
Paul’s remarks indicated that he believes the economy could be headed for a similar inflationary spiral.
But Paul had a few good things to say about the bailout bill. “I think there have been a few improvements,” Paul said, citing tax breaks and cuts tacked on to the $700 bn in taxpayer-funded buyouts that could make the bill more appealing to legislators. “Maybe the markets will like that for a little while.”
Words of Warning
Here is Rep. Paul on the biggest bailout in the government’s history, words he wrote before the U.S. House of Representatives voted to approve the bill Friday:
This time last week, the biggest bailout in the history of the world seemed to be a fait accompli.
Last weekend, the Fed Chairman and the Secretary of the Treasury had harsh words of doom and gloom for Congressional leaders, with the rest of the administration parroting along, and by last Monday it seemed both parties were about to fall in line and vote our Republic away by socializing the banking industry through this bailout.
Foolish business behavior was about to be rewarded, and propped up a little longer, the bubble blown a little bigger, and our coming Depression made that much greater, but then something happened on the way to the House floor.
Citizens made their voices heard.
The real story behind the story in Congress this week was the thousands of calls and emails sent to Representatives, clogging up inboxes and even slowing down the House internet system.
Slowly, like the Titanic turning around, sentiments on the Hill shifted, and we heard Congressmen capitulating and changing their tune a little, desperately trying to find ways to salvage the bailout without completely enraging their constituencies.
Now we hear about taxpayer protections, about golden parachutes, and about other nuances that hardly cover up the fact that we would be creating more money out of thin air and further devaluing the dollar!
The problem is not HOW the government is spending this money; it’s the fact that the government is spending this money. We don’t have it. We are already nearly $10 tn in debt, not including unfunded liabilities.
We already spend about $1 tn a year we don’t have on our overseas empire. Now nearly $1 tn more is somehow supposed to magically appear and solve all our problems! No — creating more money might delay the inevitable for some well-connected banks on Wall Street, but in a few weeks we will find ourselves right back in this same position, but much poorer.
The unfortunate thing is that we’ve already spent at least $700 bn on other bailouts that did not solve the problem. And while all this negotiation was taking place, the auto industry was quietly bailed out, with no controversy, no discussion, to the tune of $25 bn.
Inevitably, it appears Congress will call their constituents’ bluff and the bailout will pass, because that is the habit Wall Street and Washington have fallen into. People are right to be concerned about our financial future.
I’ve been talking for 30-some years about reasons we need to be concerned and change our ways. We find ourselves now in a position of no good options, and no silver bullets.
But the worst thing we can do is to compound our problems by intensifying the mistakes of the past.
We do have tough economic times ahead, no doubt, no matter what we do, even if we do nothing.
The question is, will we have the courage to take our medicine now and get it over with, or will we prolong the misery for many years to come? I’m less and less optimistic about the answer to that question.
Comment by Grant Kille
Oct 3rd, 2008 at 4:17 pm
I have a question about how we, so-called “main street”, can make money on this bailout deal. If the government makes a profit as has been mentioned as a possibility, how do I benefit?
1. Does this money just flow into the treasury?
2. Is it available to Congress to fund their projects?
3. Is it used to truly put a dent in the national debt?
or
4. Do we all get checks from the government for “doing our part”?
My sense is it will be what’s behind door number 2 . . .
Just curious !
Comment by Lee
Oct 3rd, 2008 at 4:19 pm
I wish to God that we could get Ron Paul as President and fill both houses with Congressman like him. Things would not be easy in the short term but the country would be on fir ground when they were done. I am so tired of the current candidates. There is not ten cents difference between the two.
Comment by greg
Oct 3rd, 2008 at 4:19 pm
Finally, someone giving the voice of reason its due. Ron Paul explained what was going to happen a decade ago, it happened and now he forewarns us of what is to come. Maybe we should listen this time.
Comment by Hannon
Oct 3rd, 2008 at 4:21 pm
Ron Paul Revolution FOREVER!
Comment by Big Yahoo Mike
Oct 3rd, 2008 at 4:22 pm
1) Every incumbent running for office who voted yes on the bail out needs to be named by the media in the form of a list…. discussions about why they should be voted out of office… or why we thank them can begin now.
2) Same thing with our candidates…. Are they political party puppets or do they have American best interest guiding them? If they are puppets of their party - we should rebel by writting in Ron Paul as our next president.
SY Mike
Comment by jeff
Oct 3rd, 2008 at 4:28 pm
There is no shame and we are doomed.
Comment by R Coleman
Oct 3rd, 2008 at 4:29 pm
I couldn’t agree more!
Comment by SC
Oct 3rd, 2008 at 4:33 pm
We will not give up and we will continue to fight this reckless spending. Congress is probably scared now because we are watching every vote they make. I don’t know if Obama or McCain would be worse, but what I’m hoping for is that all of Congress (except for Ron Paul) that is up for re-election gets thrown out this November.
My personal hope is that Obama wins, but the Democrats lose Congress. That way we hopefully won’t be going to any wars, at the same time we will be able to put a check on the crazy spending Obama planned. Obviously we don’t have enough money, we didn’t before, and we definitely don’t now.
If they really needed this bailout the only way they could’ve justified it is if they cut 700 billion in spending somewhere else. As it is, they put us in a deeper hole.
Comment by Patsy
Oct 3rd, 2008 at 4:34 pm
Dr. Paul is saying, and has said, what more than 90% of Americans believe to be absolutely true.
Those of us who fully expect to work for what we get and expect to suffer or enjoy the consequences of our choices/actions, have precious few advocates and those advocates are not being heard … thank the media.
99.9% of government officials, elected or otherwise put in office, in Washington serve only themselves. They have absolutely no interest in the welfare of anyone who cannot line their pockets with power and/or money. This is not just unethical, it is criminal … perhaps even treasonous.
My anger at these idiots knows no bounds. I am ready and eager to be a part of a groundswell of effort to “throw the bums out” - regardless of party - and see them prosecuted if possible!
Comment by Bill_in_NYC
Oct 3rd, 2008 at 4:36 pm
Why can’t this man be president!
Why does the media always have to cheer on big gov’t and try to sell propoganda to people. Paul couldn’t get 1 minute of airtime until this crisis and people all of a sudden realize that he is the smartest man on capital hill. Thanks for finally letting him tell it how it is but I fear it is much to late.
The media in this country has turned into nothing but a bunch of whining, ivy-league educated, ideological, socialist trust fund babies with no interest in actually reporting the news or telling the truth. Main stream media outlets are generally nothing but propaganda. Give Ron Paul some coverage! He can lead this nation back to prosperity!
Comment by sj
Oct 3rd, 2008 at 4:38 pm
I’m a 61 yr old retired military officer. Today is the first time I’ve ever been ashamed of my country and our form of government.
Common sense and dignity no longer apply, and for some reason life is always supposed to go well, with no downturns. The 2 things my parents generation bragged about were WWII and the Great Depression and how they survived and the world got better. Like Mr. Paul said, it’s time to take our medicine and get it over with.
Comment by Charlie Thomas
Oct 3rd, 2008 at 4:39 pm
We have just seen the proverbial final straw that will break the camel’s back. God help us all.
Comment by BHoy
Oct 3rd, 2008 at 4:40 pm
Thanks for the good fight & words of wisdom but it’s not just our money lost today.
Comment by Buzz Gee
Oct 3rd, 2008 at 4:43 pm
I am not a Ron Paul fan, but he has this correctly pegged.
As an economist I have to say the biggest culprit here is “Easy Al” Greenspan. He is supposed to have been the adult in a room full of children (congress) playing their “spend money and buy votes” games. Al Greenspan was supposed to have been the cop, but instead he became the pusher of the drug of easy money. He abandoned his role at the Federal Reserve because he did not want to rain on this parade. And then he left town when the problems created by his easy money policies caught up to our economy.
History will not judge him kindly.
Comment by Joey
Oct 3rd, 2008 at 4:44 pm
American’s are so stupid we can’t even get out of our own way. Want proof of this? The only man who consistently upholds his oath to the constitution is considered a kook by the masses. I liken it to all the inmates of a mental hospital believing their doctor is the one who’s crazy. Americans are dumb, fat, and uninformed. We can pack out football stadiums and Nascar tracks but we don’t know sqwat about the Constitution, Liberty, or the Founders. We can quote irrelevant sport stats all day long. We get what we deserve. Despite what fluff candidates like Obama and McCain say about “America’s best days being ahead”, that’s a big fat lie. The reality is, we peaked along time ago. We’re on our way out.
Comment by Dean
Oct 3rd, 2008 at 4:45 pm
Why is no one listening to dr. paul??????????
This country is finished…..after this bailout….
I hope all you people at fox news that spread propaganda for a living feel good about yourselves when this thing comes crashing down……
the dollar is finished and we are in for some very hard times…………………
good luck…..
Comment by mr green
Oct 3rd, 2008 at 4:47 pm
I am afraid that Rep Ron Paul may be correct. We are just delaying the problem. Our whole system is based on short term fixes. If it is US congress the fix is about one year, because we have to run again next year. If it is US Senate we may look at a 2 year period, because some are elected every two years. The CEO of big business is looking at 3 months, because they need good numbers for the quarterly report.
I do hope Rep Paul is wrong, but I doubt that he is. This bail out is wrong and we and our children will pay for it in the future.
Comment by andrew
Oct 3rd, 2008 at 4:48 pm
Thank you MRS. MCDonald! Great article and Please spread the word. I have been a Ron Paul advocate ever since I hear of his name in the Presidential race last year.
I too have been learning from the Ludwig Von Misses school of economics and I too believe every word Ron Paul has said. I have challenged the political arena to the fullest and am quit certain I am being taxed with out any representation from my country (or what is left of it). This was one of the main reasons why we split from England many decades ago. Will the same thing happen in America? I think America was set-up perfectly with the constitution and our current politicians have no understanding of the constitution.
Keep up the articles, we need to let as many people know…and no i am not a chicken little. The current administration are the chicken littles running around saying the sky is falling and scaring the people who thrive off of this economy. shame on them! Bunch of pessemistic immoral alturistic parrasites
Comment by Joe USA
Oct 3rd, 2008 at 4:49 pm
When Ron Paul was a candidate he couldn’t buy attention, now that we are headed for disaster everyone wants his opinion. It’s basic finance. As a country we don’t have the money. So we will print it, borrow it from overseas or raise taxes to cover it. These representatives are either irresponsible, criminal or just plain stupid. Remember their names, and vote them out!
Comment by Tom
Oct 3rd, 2008 at 4:54 pm
All too unfortunately Congressman Paul is correct. This bill laden with “pork” and putting our government in to business using tax payer dollars is the height of socialism. There are too many free market ideas floating around that should have been put into effect before spending $700B plus on bad paper and all the legislator’s pork projects. Yes, some things in the bill have merit. Overall, however, it’s awful and America is in for a tough time. I feel sorry for the winner of the Presidential race. What a mess to step in to.
Comment by AlpineCapitalist
Oct 3rd, 2008 at 4:56 pm
Sadly Ron Paul is telling the truth. How did Americans become so ignorant of basic economic principles? Our Reps in congress either are as clueless as they sound or purposely deceptive by not pinning the source of problems on Fed policy, market manipulation, gov’t support for Freddy and Fanny leading to malinvestment. There is not now or never been a government which can protect people against the market. It can only smooth things for short term gain with very big blow back later.
Comment by John Van Allen
Oct 3rd, 2008 at 4:56 pm
I hardly recognize what America has become. Socialist. What a better country we would live in if Ron Paul were President. Wake UP America!
Comment by Peter
Oct 3rd, 2008 at 4:59 pm
Emac,
I have always followed your articles, and you are quite the intelligent person. You work extremely hard to break down the details so we all can understand the micro to the macro and how to connect the dots.
More importantly, you have what the other writer Cody has: A desire to be honest.
Your intelligence and honesty is a wonderful contribution to our society.
Thank You for allowing Ron Paul another bit of platform.
Comment by Stephen
Oct 3rd, 2008 at 4:59 pm
Dr. Paul is speaking sense. However, I do not think our elected officials will do anything but kick the problem down the road until it becomes impossible to do so any longer. The monetary system will collapse before Congress acts responsibly.
Comment by James Mallery
Oct 3rd, 2008 at 5:00 pm
Ron is most likely correct. It is my belief that unless we can strongly encourage the resource development and manufacturing side of the economy, we will have to “inflate” our way out of this problem. Inflation is the enemy of the poor, the retired individuals, and wage earners.
We are simply trying to prop up an already inflated real estate market that was “social engineered” by our well meaning Democratic “friends” who refused to allow banks to use a “reasonable” person standard in loan underwriting. This “bail out” will not solve the problem, only make it worst a few months or years from now.
Comment by neal
Oct 3rd, 2008 at 5:08 pm
He is right. Again congress did not listen to the people. You don’t spend money to get out of debt. And buying “toxic loans” is not an investment.
Comment by Matt
Oct 3rd, 2008 at 5:09 pm
I wish Dr. Paul was my congressman. I’m no genius and I’m certainly not a seer, but I can see the dark times ahead. These men and women we elect into office are supposed to intelligent people. For the most part, this is not the case.
Comment by Christie
Oct 3rd, 2008 at 5:11 pm
Ron Paul makes more sense than anybody I’ve heard.
I’m just sorry people didn’t listen.
I have the names and when voting time comes, they will not get my vote.
Comment by Mike
Oct 3rd, 2008 at 5:13 pm
Ron Paul is an idiot
Comment by Connie Clark
Oct 3rd, 2008 at 5:18 pm
Well I have listened to Ron Paul tell what is around the corner for some time now and he has nailed it. I can’t believe the nations leaders can’t see it too. Thus it makes me believe they want to break the dollar and bring in the new money system the Amero. From there where too will the Real ID get as much calls and emails as this when it comes to vote, hopefully with a different result. No, I feel our senate and house are nothing but Lemmons heading for the coast, all of a sudden we will hear them scream, “My God, I can’t believe we are falling!!!!”
Comment by Jersey Grrrl
Oct 3rd, 2008 at 5:23 pm
Ron Paul is one of the rare voices of reasoned thought in public service today. If he had been able to rally a larger number of people to his cause earlier in the presidential campaign, he’d be well positioned today to win in November by a landslide, the current financial crisis being the final straw for most of us. But even in this dark hour, I think we all know that not enough Americans will see the light and be fearless enough to move toward it come November 4, choosing instead to vote for who they perceive will be “the winner,” and thus be on the “winning team” - bragging rights on November 5, I guess. Too bad it’s not really a game; if it were, I do believe most of us would simply shout “do-over” right now and start over.
Consider that Sen McCain - the guy who said that, as President, he’d veto every bill that comes before him with earmarks - just voted for one of the worst earmarked bills ever to come before Congress. I have no hope that a McCain presidency would be any different than any other. (And we need not guess what an Obama presidency would mean to this country - socialism.)
Our only true “hope for change” is to do a clean sweep of the House this November - vote out anyone who voted for the bailout and make it clear to the incumbent why you’re doing so. When your Senators are up for reelection, do the same thing.
Remember this day. It’s the day we stepped out onto the ledge and looked down and saw … the truth.
Comment by Levi
Oct 3rd, 2008 at 5:29 pm
The Dr. knows the cure but Americans aren’t willing to think long term. No one wants the short term pain that is necessary to get a solid economy back. I fear we will only get what we deserve, which is the socialism that too many uneducated people are passively allowing.
Comment by Joy LeBlanc
Oct 3rd, 2008 at 5:31 pm
Ron Paul you are the only person I trust in our government!!!!!!!!!!!!!!!!!!!!!!!
Comment by Conrad Jarrell
Oct 3rd, 2008 at 5:39 pm
The bailout should never have been passed in its present form.
Without it, it would have been Hell to Pay for a while.
Now, it’s going to be Hell to Pay FOR A LONG, LONG TIME.
The fact you have so little response to this article is a commentary on the successful academic lobotomy performed on the brain of the Body Politic for the last 75 years by the government subsidized public schools. Dumb down three generations for the final coup de grace.
Next, Socialism by Evolution while the Constitution is laid aside (the heart of the bailout is unconstitutional).
Wave your tiny little flags and chant after me, “USA…USA…USA…”
Comment by Ron Edwards
Oct 3rd, 2008 at 5:41 pm
Dr. Ron Paul,
You are right on mark! Maybe some day America will wake up and begin to take interest in their country and their own future . . . hopefully. Please stay on track with your message. R.E.
Comment by Sean Brooks
Oct 3rd, 2008 at 5:45 pm
Those of us who have supported Dr Paul throughout the last year and a half have, of course, known this economic crisis was comming. The only question was, would we wake up and return to fiscal responsibility and the Constitution, or would we look to more government to bail us out. Unfortunately, America took a sad turn today toward socialism.
But the silver lining in all this is that average citizens are waking up to the real problems in this country. And when people see where at least half of this 700 billion is really going, that would be to foreign central banks, the people will finally be ready to take action.
Comment by Scott
Oct 3rd, 2008 at 5:45 pm
Ron Paul is so right on.
It is a shame Dr. Paul is not our Republican nominee.
He would make such a better president than either of the two running.
Comment by patrickhenry
Oct 3rd, 2008 at 5:46 pm
I wish more people hadn’t allowed the media to choose their candiadte, but allowed this honest, honorable cahmpion of liberty to have the opportunity to lead We the People. The fact that he didn’t want to do it in the first place, yet conceded to the plea of freedom loving Americans says alot. Freedom and our country weap beacuase of it. Sad times indeed, yet we have nothing but huburis and ignorance to blame.
Comment by ConcernedCitizen
Oct 3rd, 2008 at 5:47 pm
I am very pessimistic about where our country is headed after seeing the bailout pass. I am tired of seeing Bush along with all his rich associates get their way like usual, while the hardworking citizen is either tricked into supporting the bailout or is ignored completely. At least there are still people out there who are willing to listen to reason, and forget about their own selfish interests. The way I see it is that increasing the $100,000 FDIC to $250,000 will not be helping the average citizen. How many people do you know that are struggling while having more than $100,000 in the bank?. This is a bailout for the wealthy, not for the struggling. Also the bailout only helps keep this country on its addiction to debt, which I’ve always known to be a form of slavery. I’m tired of living in a society that believes that debt brings prosperity and that freedom must be sacrificed for security. Those are flawed beliefs. Its also enraging to know that the majority of the American people have been ignored by their representatives! This should serve to show the true face of our leadership in Washington as bought and paid for politicians.
Comment by CD
Oct 3rd, 2008 at 6:04 pm
Ron Paul is a prophet. Glad you are noticing.
Comment by Scott Harmon
Oct 3rd, 2008 at 6:07 pm
Paul is just voicing a concern that many already know, because you don’t need a Ph.D. or rooms full of incompetent Wall Street analysts to know that this GAME is OVER. That is, the shell game, the Keynesian ruse of moving money around so fast that no one will ever find out where it is. Unfortunately, that carnival trick has one downfall: you can find out where it ISN’T if you look under enough rocks. That’s what the world banksters are finding, now that the wheel of illusion has stopped. Everyone, from Main Street to Wall Street to the International Cabal are finding that out. In the past 10-15 years, the major US policy, financial and foreign, is MORE. MORE of everything, from wars to domestic spending (Homeland Security) to pork. Today was just one more day, like the thousands of others before it. Today, I felt like I was at the carnival watching a few hundred geniuses throw darts at one of those balloons on the wall. They popped a lot of them; no prize inside.
Comment by CT Johnson
Oct 3rd, 2008 at 6:07 pm
Why oh why is this guy NOT President!!!! He seems to have been the only one in Washington who knows what the heck is going on and has been saying it for years. It appears that some people in Washington are picking up on what this humble congressman is saying and that is encouraging.
These are scary times and Ron Paul seems to be the one small light shining bright in an enveloping darkness.
Comment by althusius
Oct 3rd, 2008 at 6:12 pm
This bailout is the product of a corrupt, vile Congress. One day in the future the bailout will be a scandal as famous as Teapot Dome.
Comment by EcoMom
Oct 3rd, 2008 at 6:15 pm
Thank you SO much for posting this! I would like to hear more of this reported from the media! I vote for taking the bitter pill and getting healthy again.
Comment by Ted Pert
Oct 3rd, 2008 at 6:17 pm
I believe that he is one man that is telling the truth but what can i do to help the situation i am spending as little as i can and save as much as can put away.
Ron Paul would have made a great president!!!!
Comment by Brian
Oct 3rd, 2008 at 6:21 pm
Now that’s a real Maverick! Too bad Conress didn’t listen, because we have a long way to go before this all all over. Trillions more and more socialism is what we can expect from this.
Comment by Austyn
Oct 3rd, 2008 at 6:25 pm
Thanks for being legit. Not often does the MSN listen and write about someone who actually knows whats going on.
Comment by The Dream
Oct 3rd, 2008 at 6:30 pm
This is indeed a sad day for the dream that is America.
Some thought that the rank and file American population were too dumb to realize that not passing this bill would have effected the average citizen in profound ways. What they fail to realize is that not only did most of us understand the risks, we were and are still ready for anything to preserve and uphold the Constitution. We are willing to defend our Constitution at all costs. Unfortunately, it seems those who vowed to do so are not.
Citizens of the United States, we must act and not just talk if we want to affect change. Too many of us feel we have done our civic duty to bring about change when we vote, call our Representative or leave a note like this on a website. While these are noble and necessary efforts, they are obviously not enough to let our voice be heard in a way that creates the true, lasting and fundamental change in our country we all seek - forcing our leaders to return to the Constitution which they vowed to uphold, and which millions have lost their lives defending. Coordinated protests of an unprecedented scale are the first steps we must take to get the ear of those in power. Do we have the courage to insist our voice be heard, or are we too busy with our daily lives to realize that our country is being taken from us before our very eyes? Would we act if our leaders went on television and burned the Constitution openly for all to see? How are their current actions any different?
Comment by Aaron
Oct 3rd, 2008 at 6:46 pm
Amen! from an atheist
Comment by Darryl Schmitz
Oct 3rd, 2008 at 6:49 pm
Our elected representatives have spoken: Throw good money after bad.
Comment by Tyler, TX
Oct 3rd, 2008 at 6:56 pm
I am disgusted by the Congress passing this bail out. Americans do not have to wait until November 4th to vote “NO” to everyone who voted “YES”. I voted “NO CONFIDENCE” by selling to CA$H on my 401k website this afternoon, so that I can still get $0.70 on the dollar, before the glorious U.S. Government rides in on a white horse and “FIXES” all of our problems.
Economists and the American Public tried to reason with Washington, but Washington KNOWS IT ALL.
New Mantra: Abandon the free market at the first sign of trouble. Government and socialism is our savior.
GOOD LUCK ON MONDAY!!!
Comment by Kim Kelley
Oct 3rd, 2008 at 7:01 pm
Thank you Dr. Paul for being and advocate for our liberty. I salute your courage and applaud your outspokenness. It is people like you that keep the free market “free” for us all.
It is a terrible shame that more of your colleagues are not as honorable.
Thank you again. You are keeping my hope alive!
Comment by mike
Oct 3rd, 2008 at 7:06 pm
“In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot.” - Mark Twain
I wonder when the rest of the sheep in the congress will join Ron Paul and start being the true patriots they are supposed to be. If they dont do this soon, we will be reduced to nothing more than worker bees that perform our labor for the Federal Reserve and nothing else.
Comment by ART DEKKO
Oct 3rd, 2008 at 7:20 pm
WELL FOLKS…..THE MEDIA PUPPET-MASTERS THAT OWN THE USA AND ALL OF WESTERN EUROPE, HAVE THEIR PLAN IN PLACE….AND FUNCTIONING WELL. THE UN-ARMED, STUPID SHEEPLE HAVE AGAIN BEEN STEERED BY THE MEDIA AWAY FROM CANDIDATE RON PAUL….AND STRAIGHT INTO THE ARMS OF THE MEDIA CHOICES….HOWDY OBAMA AND MR. BLUSTER. THE SMOKE-SCREEN LAYS HEAVY OVER THE FAKE ELECTION PROCESS AND THE CRIMINALLY CONSTRUCTED ROBBERY OF THE PEOPLE.
THEY HAVE BEEN SKILLFULLY FRIGHTENED INTO PAYING-OFF THE FINANCIAL MASTER-VILLAINS….WITH THE ALMOST WORTHLESS BUCKS OF THE PEOPLE. THESE FIENDS OF FINANCE JUGGLE THE BOOKS, FUNNEL DARK MONIES TO SWISS BANK ACCOUNTS….AND GROW, GROW, GROW RICHER. THE MONEY THEY DON’T KEEP THERE GOES HOME TO ISRAEL….TO HELP PUNISH ARABS (WHO WANT THEIR LAND BACK).
BRITAIN IS AGAIN FILLING THEIR SECRETARIAL OFFICES WITH THESE MASTERS OF THE “SLIGHT-OF-HAND”. FRANCE AND IRELAND ENJOY ONE AS “PRESIDENT”. ANOTHER ONE IS THE “TITAN OF NYC” WHO IS DESPERATE TO INSTITUTE “THIRD TERMS” NOW….FOR HIMSELF, OF COURSE. AND NATURALLY….WHO ARE THE HEADS OF THE US TREASURY AND FDIC? YEP….YOU GUESSED IT.
NOPE, THEY DON’T WANT INTELLIGENT, HONEST RON PAUL AS PRESIDENT. HE “SPEAKS THE TRUTH”….AND THE TRUTH IS LIKE THE “LAMP, COMING FROM UNDER THE BUSHEL….LIGHTING THE “DEN OF THIEVES”. THEY FEAR THE LIGHT, RATHER LIKE DRACULA. OH, YES….THEY ARE QUITE REAL. AND A FOOL IS ALWAYS EASILY SEPARATED FROM HIS MONEY.
Comment by ART DEKKO
Oct 3rd, 2008 at 7:24 pm
TO FOX “NEWS”….
YOU MAY CLOAK MY COMMENTARY (WHICH SQUARELY CONDEMNS YOU AND YOUR PALS). YOU MAY CLOAK RON PAUL AND HIS MILLIONS OF SUPPORTERS. BUT YOU ARE SLIDING, NONETHELESS. THE CIRCLE HAS ALMOST FULLY TURNED. YOU ARE BEING “FOUND OUT” EVERY MINUTE.
Comment by Russell E. Murphy Jr.
Oct 3rd, 2008 at 7:24 pm
The Root Cause of the “Financial Meltdown.”
1775: the American Revolutionary War began. America sought to detach from England and its oppressive monarchy. Though many reasons are cited for the Revolution, one in particular sticks out as the prime cause: that King George III of England outlawed the interest free, independent currency the Colonies were producing and using for themselves, in turn forcing them to borrow money from the central “Bank of England”, at interest, immediately putting the Colonies into debt, and as Benjamin Franklin later wrote:
“The refusal of King George III to allow the Colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the Revolution.”
In 1783 America won its Independence from England, however its battle with the central bank concept, and the corrupt, greed filled men associated with it, had just begun.
So, what is a central bank? A central bank is an institution that produces the currency of an entire nation. Based on historical precedent, two specific powers are inherent in central banking practice: the control of interest rates, and the control of the money supply or inflation.
The central bank does not simply supply the government’s economy with money, it “loans” it to them, at interest, then through the use of increasing and decreasing the supply of money, the central bank regulates the value of the currency being issued.
It is critical to understand, that the entire structure of this system can only produce one thing in the long run: DEBT! It doesn’t take a lot of brains to figure this scam out: for every single dollar produced by the central bank is loaned at interest. That means every single dollar produced is actually the dollar plus a certain percentage of debt based on that dollar. Since the central bank has the monopoly over the production of the currency for the entire country, and may loan each dollar out with immediate debt attached to it, where does the money to pay for the debt come from? It can only come from the central bank again, which means the central bank has to perpetually increase its money supply to temporarily cover the outstanding debt created, which in turn, since that new money is loaned out at interest as well, creates even MORE DEBT!
The end result of this system, without fail is SLAVERY, for it is impossible for the government and thus its citizens, to ever come out of the SELF GENERATING DEBT!
The Founding Fathers were well aware of this: “If the American People ever allow private banks to control the issue of currency…the corporations, that will grow up around them will deprive them of their property until their children wake up homeless on the continent their fathers conquered.”—Thomas Jefferson US President 1743-1826
“If you want remain slaves of the bankers and pay for the costs of your own slavery, let them continue to create money and control the nations credit.”—Sir Josiah Stamp, head of the Bank of England, 1880-1941
In the United States we have had such a bank since 1913. The Federal Reserve Incorporated. This is not a government agency. It is a private bank owned by several member banks, and it operates for a profit to its stockholders, 70% of whom are EUROPEAN! Only 30% of its owners are even American.
Depressions do not occur naturally. If the stock market crashes, the only people really hurt are those who participate in the market. Even then wealth doesn’t disappear; it merely transfers to fewer hands.
So what caused the “Great Depression”, one might ask. From 1921- 1929, the central bank or Federal Reserve, increased the money supply by 62%, resulting in extensive loans to individuals and banks, there was also a new type of “margin loan” in the stock market, which allowed an investor to put down only 10% of a stocks price, with 90% being loaned through the broker. A person could own $1000 worth of stock for only $100. This is why they called it the “Roaring ‘20s”, everyone seemed to make big money in the markets.
There was a catch to this loan: it could be called in anytime, and the borrower had 24hrs to pay. This is termed a “margin call”, and the typical result of this is the selling of the stock purchased with the loan.
A few months before October 1929, J.D. Rockefeller and many other bankers and insiders, quietly exited the market, and on October 24, 1929 the New York financiers, who supplied these loans started calling them in en masse. This sparked an instantaneous massive sell-off for everyone had to cover these loans, resulting in bank runs, also for this reason collapsing 16,000 banks. The conspiring bank cartels bought up rival banks and massive corporations for pennies on the dollar, the greatest robbery in American history.
It didn’t stop there, rather than expanding the money supply to recover from the damage, the Fed actually contracted it, fueling one of the largest depressions in history.
Congressman Louis T. McFadden in outrage stated: “It was a carefully contrived occurrence. International bankers sought to bring about a condition of despair, so that they might emerge the rulers of us all.” Not surprisingly, and after two previous assassination attempts, McFadden was poisoned at a banquet before he could push for impeachment proceedings against the Federal Reserve Board.
Wake up citizens, it is happening again. Increased money supply, calling in of bank loans, and increases in the markets only add up to one thing: they are doing it again. The Fed has the power to bring the country to its knees, all it has to do is call in bank loans and decrease the money supply. It’s math plain, and simple.
We are SLAVES to the Federal Reserve Central Bank, and its stockholders until we abolish it, and Congress coins our money without interest, as it is ought to. This is not a new or radical concept, the Colonies did it, and Lincoln did it, with great success, I might add.
Comment by Rob Jackson
Oct 3rd, 2008 at 7:39 pm
Its nice to hear people are finally starting to listen to what he has to say. Paul has had a hard road. Even though he has followers and people who really want to listen. The media did a great job of censoring him during the debates, people mocked and laughed at him because he didnt want war, FOX included. O’reily ridiculed him giving him no chance to talk, only wanting to talk about his views on the war.
At least Glenn Beck is starting to come around. Its pretty simple, we are broke how can we afford to fund an overseas military a Trillion + dollars each year. We cant even cloth ourselves, everything is made in China. We have been sold out by our government and now we watch the ship sink. All I know to do is to right his name in. I have a question for all the Obama supporters. Where is Obama going to get all the money for his social programs and more big government?
A. More Taxes
B. Borrow from China
C. Print more money.
D. All of the above.
If you choosed all of the above then welcome to the Bush policy, not change. We had the opportunity for change, and that was Ron Paul. I would absolutly love to see Paul vs. Obama and McCain in and Economy debate.
Comment by Bill Dumke
Oct 3rd, 2008 at 7:42 pm
Ron Paul wants to abolish the FED. But if that succeeds, then the monetary system would fall into the hands of Congress. And you saw what happened today. What is the difference? Our government leaders are so corrupt, they expect people to vote for corruption as well as applaud it.
Bill
Comment by Gene Berkman
Oct 3rd, 2008 at 7:43 pm
Ron Paul stood up for the taxpayers, and for the Free Market Economy as Bush, McCain & Obama joined to push through the taxpayer funded give-away to well-connected bankers.
It is time for Americans to recognize the reality of big government, and the threat it poses to American values and American prosperity. We need more people in Congress like Ron Paul, and we need to retire the George Bush and John McCain types who talk about private enterprise and then push socialism for the rich.
Comment by OnePatriotleft
Oct 3rd, 2008 at 7:46 pm
I really never got to now Ron Paul well, but I know now that he was right all along. The current Republican and Democratic congress and senate have doomed us to hell. There will be a temporary rally in the markets when the bill goes through. At this time pull out all of your investments and find the safest thing you can. Gold, mattresses whatever. It is only after Rome burns to the ground that we conservatives can rally to rebuild it with a solid constitutional foundation.
Comment by Ron Salars
Oct 3rd, 2008 at 7:50 pm
Ron Paul
I have no dought in my mind sir that you are absoulutly correct. The time has come
to become lean and mean!
Ron salars
Comment by Sven Hougdahl
Oct 3rd, 2008 at 7:50 pm
Thank you for writing an honest article about the truth of this “bailout”. I hope that many more Americans with any sense left in them will wake up and punish our legislative body this November by voting for the non-incumbent candidates. We need a list of every Representative and Senator in Washington who voted for this insane “bailout” for these bad businesses, and they should all be fired! We also need to hold our government responsible for creating an incentive for these companies to give out bad loans in the first place. The Feds. did so through the Community Reinvestment Act and with the help of “community organizations” like ACORN, and now they want to solve the problem they created in the first place. You’ve got to be joking!! I have ZERO TRUST for nearly every politician in D.C.; we would never run our own households the way they do our government, which now has a debt approaching the tens of trillions of dollars, not to mention the inflation, if not stagflation this is going to cause. And who will we look to to solve that future, and more serious problem, when our dollar is worthless? I’m sure Master Government will have all of the answers, the same reactionary ones we’re witnessing today. Maybe they’ll even approve of the IMF coming in to “manage” our crisis, totally violating our national sovereignty. In this next election, I encourage anyone with sense to vote third party. Look up the Constitution Party; it is very much in tune with Ron Paul’s fiscal, monetary, and foreign policy. Ron Paul is a hero, and the American people need to wake up and hear what he has to say, even if his voice is one among a sea of idiocy.
Comment by Tammy
Oct 3rd, 2008 at 7:56 pm
It’s about dang time people started listening to Ron Paul. We his faithful supporters have only been screaming it for the past year. Oh well, better late than never…I just hope more people start listening to the one man in Congress who is actually making any sense whatsoever. Oh, and BTW…END THE FED!
Comment by PJ
Oct 3rd, 2008 at 7:58 pm
Absolutely on the mark! Had the political news shows and debates actually been fair to Ron Paul during his presidential campaign, we may not be in this situation right now. However, Ron Paul is right– the passing of this bill will bring about a depression greater than the 1930’s. I hope America is ready to experience the negative economic consequences of voting for socialism (i.e. Obama and McCain). Now we all get to ’share the shortage’. Thanks for nothing, America. You just sold your country to China today.
Comment by Gary Hardee
Oct 3rd, 2008 at 8:09 pm
Thank you again Dr. Paul for being frank with us. Once again you will be proven essentially correct when the dust clears and the reality of Congress’s irresponsibility is in full view and felt by every citizen in the form of higher prices for everything because our currency has been further compromised. What a bunch of lemmings we have in D.C. Oh, and by the way, did you notice the 495 point DOW drop after the House passed the measure? Goes to show you just how wrong the advocates were! Shows also just how wrong Warren Buffet was! Doushbag!(sp). On November 4th, vote against those who voted for its passage and let’s send a big message to each of them.
Comment by Larry
Oct 3rd, 2008 at 8:09 pm
I think I like you Elizabeth….Good article.
Comment by Melissa Cato
Oct 3rd, 2008 at 8:13 pm
I want Ron Paul for President.
Comment by Luke
Oct 3rd, 2008 at 8:16 pm
I would just like to say that Ron Paul has been predicting this for 20+ years!!!
we would not be in this mess if people had woken up and voted for him. The Federal Reserve is the cause of all our problems.. we NEED to get rid of them and the people in the government who are not following the Constitution.. this is TREASON.
today we have been sold out just like in 1913.
Comment by Dan
Oct 3rd, 2008 at 8:20 pm
Absolutely correct, $700 billion plus dictatorial financial powers for the Treasury Secretary is huge and I cannot fathom why there has been no real debate on this issue.
Ron Paul is the only one out there talking sense about the economy. There are a lot of PEOPLE out there listening, but politicians won’t listen. Why is this?
Comment by Chris
Oct 3rd, 2008 at 8:21 pm
If the primaries were going on right now, John McCain would not be the Republican nominee, Ron Paul would be. Many of my ex-McCain supporting republican friends feel the same way.
This “rescue” bill was a mistake. Even the President kept saying that the bill is not perfect. Then DO NOTHING! I heard Obama say that he didn’t agree with it, but he would vote for it.
If the American people wanted a true MAVERICK in the white house, they should have nominated Ron Paul. Instead he was virtually laughed off the stage by the likes of Giuliani, Romney, and McCain throughout the primaries.
People, this is your wake up call. I beg of you, never again to let the mainstream media annoint your candidates for you. All major media outlets were mocking Ron Paul a year ago, now he is seen as an intellectual savior of the economy.
It’s sad, sad that’s it’s too late for real change now. This was the last attempt for Dr. Paul. He is 72 now, so it’s probably safe to say, he won’t be running in 2012. If he did…I’d still be voting for the old “kook”.
God bless Ron Paul, one of the few patriots left.
Comment by S Stock
Oct 3rd, 2008 at 8:24 pm
Finally, one decent reporter on this bailout. I’m just saddened the media couldn’t have done a better job earlier to get solid truthful information out to the public before congress and the white house had their way. Thank you Ron Paul and thanks Ms. MacDonald for inserting some common sense into the diaglog.
Comment by Robin
Oct 3rd, 2008 at 8:30 pm
No comments? America loses a battle and goes back to sleep? Go ahead and roll over there wo’nt be any sheep to count before long so count while your government helps the banksters steal them from under your mattress. Then comes back for the mattress.
I actually had hope that America was waking up.
Comment by Michelle
Oct 3rd, 2008 at 8:31 pm
Dr. Paul Is Correct. Where Do We Think All This Money Comes From? We’ll Kids, The Fed Fires Up The Presses, Prints New Money And Sends The American Tax Payer The Bill Plus Interest. Meanwhile With All This New $$$ In Circulation Things Cost Us More (Inflation).
And REALLY, Who’s Going To Benefit? The People Who Created The Problem Ofcourse! Who Suffers? The American Taxpayer. And Will We Ever See Any Profits On Our Investment(Bailout)? That’s Assuming We Make a Profit Which Is Unlikley Because What We Bought Was Bad Debt. No, Because We Are Now 11 Trillion Dollars In Debt And It Will Never Be Payed Off Because The Government Keeps Creating New Debt. It’s Very Simple Math.
In addition, This Is A Perfect Example Of How People Are Ruled Through Fear. We Were Against This Thing At First, But After A Few Weeks Of Hearing “Dome” And “Gloom” In Every Media Outlet In The World, We Changed Our Tune. The Said Thing Is That The Doom And Gloom Is Inevitable. The Only Question Is When?
Comment by Gina
Oct 3rd, 2008 at 8:32 pm
Everything Ron Paul has said since the 80s has come true. People need to start listening to him more.
Comment by Brian
Oct 3rd, 2008 at 8:36 pm
Thank you for writing this article. I find it frightening that many of those who helped caused these firms to fail are now in charge of the bailout, while those who have been warning this was our future are ignored. Perhaps in a few weeks or months when this money is gone and bailout 2.0 is urgently demanded by our president we’ll do better.
Comment by David A. Nelson
Oct 3rd, 2008 at 8:39 pm
Hear hear!! Finally a legislator who that the “Emperors of Washington” have no clothes!! I didn’t creat this mess - greedy people made this mess!! Just like the greedy morgage companies looking for a quick buck!! THe buck should have stopped the other night but I feel special interest group win again!! I’ve long seen the slide to socialism but this is a free fall to it! THe same people who created this fiasco will still be at their offices Monday morning with the same freedom to mess it up again! I’d fire them in a New York minute!! But the reality of our special interest ladened government is that they will not insist that happen as a condition of resolution. Too bad Washington doesn’t listen to the already overburdened tax payer on issue they get stuck with. Thanks Dr. Paul for your candor!!!
Dave Nelson, CTP, MBA
Financial Analyst
Comment by Gina
Oct 3rd, 2008 at 8:43 pm
Ron Paul is a genious…absolutely…and those of us who knew this earlier were trying to tell everyone…but the feds and big banks speak more loudly than we do with their printing presses….You Go Ron Paul
Comment by Marion Akins
Oct 3rd, 2008 at 8:46 pm
I am a US citizen living in Canada, and feel a great deal of despair and hopelessness over the direction the United States has been taken for some time, especially under the leadership of George W Bush. Ron Paul seems to be one of very few voices of sound reason regarding the current state of affairs in the United States. He is very pragmatic, knows his facts, and is truly concerned about getting the United States back on track that will be beneficial for all of its citizens, and not just for the interests of large corporations and the good ole boys in charge of the print press for the US greenback. Too many congressmen and senators are bought and paid for by the strong lobby groups, and this will continue unless they keep getting voted out of office. The only things that will change the current direction is if every one of them that voted for the bail out package are voted out of office on November 4. Then, things may start to change, but it will require vigilance on the part of every citizen to be watchful for the actions of the next ones that get voted in. We are headed into a time of great turbulence that could be allayed to some degree if we start running our country like a family runs its household… there is a finite budget and the family cannot spend beyond what it can afford. Unfortunately, the banks have encourgaged bad financial behaviour for families in the United States, which is one of the contributing factors for the current financial mess. If Ron Paul was a write in candidate, I would be voted for him, but unfortunately he is not, so I will be voting for one of the write in candidates that he has endorsed. The United States needs the leadership of someone like Ron Paul to help guide the way into the future… without this pragmatic guidance, I truly fear for the future of the United State of America. God Bless America.
Comment by Gary Driscoll
Oct 3rd, 2008 at 8:47 pm
I am wondering when people will figure out the the mortgage-backed securities behind the current “crisis” are the BEST of the trillions of dollars worth of derivatives on banks and companys’ books.
Comment by Adam1mc
Oct 3rd, 2008 at 8:49 pm
Too bad Ron Paul couldn’t have been heard more during the Presidential debates. He was warning of this collapse while the MSM and other political puppets laughed.
He has been warning us.
We don’t need bailouts, we need to cut spending. End the unconstitutional Iraq war, bring our troops home. End the unconstitutional drug war. Tax and profit from the Country’s leading cash crop. And we also need to eliminate the unconstitutional Government programs like Sarbanes Oxley, Patriot Act, Homeland Security to cut costs there as well.
The FED was created to PREVENT market crashes like we are witnessing. They have obviously FAILED at that task. We need to eliminate the FED.
Until we address these issues that Dr. Paul has warned about, we will continue down this downward spiral.
Comment by American Taxpayer
Oct 3rd, 2008 at 8:49 pm
Every representative that voted for this bill should be tried for treason. Or at the very least, thrown out of office immediately.
Comment by Barry Donegan
Oct 3rd, 2008 at 8:51 pm
I wonder if it hurts Ron Paul being so right all of the time. He is the Cassandra to our Troy. Cursed to always be right, but for no one to listen to him.
Comment by Al Benton
Oct 3rd, 2008 at 8:52 pm
WISH HE HAD STAYED IN THE RACE FOR PRESIDENT!
Comment by Elaine
Oct 3rd, 2008 at 8:52 pm
To a man (or woman) the congressmen and women who spoke admitting they would be voting YES on the bailout, promised to work to ‘fix’ the bill when they came back in session. I don’t know what happened to the promise at the beginning that they were going to take the time to ‘do it right’, but they passed a horrendous pork-filled bill in haste!
They should now go to the congressmen who had the knowledge of the financial crisis and the patriotism and fortitude to stand up for what is right and vote NO, and ask for their input. Of course, we know they have no intention of fixing it, as the ‘fix’ is in and many of them are profiting from the bailout.
Comment by DRUMZ
Oct 3rd, 2008 at 8:57 pm
Nice article. Too bad more journalists weren’t quick, or smart enough to catch on to Paul’s message when it mattered… before the media anointed McCain as the Republican nominee.
Comment by liz
Oct 3rd, 2008 at 8:57 pm
Ron Paul is a man among mice and a time will come when everyone will wish they had listened to him before it was too late. He’s a hero in my book and my admiration for him knows no bounds. He’s absolutely right of course which makes it even sadder that he’s been riduculed instead of listened to.
Comment by Courtney
Oct 3rd, 2008 at 8:58 pm
It’s nice to see this article. The more people that understand the root of the problem we’re in, the sooner we can actually do the right thing — and this bailout is NOT the right thing.
Comment by Marc
Oct 3rd, 2008 at 9:00 pm
“Ron Paul is an economic genius” - Neil Cuvoto
Comment by Kelly Pope
Oct 3rd, 2008 at 9:05 pm
Hey… great… thanks for coming out in favor of Dr. Paul AFTER the vote has gone through. How daring of you. You… you… REBEL!!!
Comment by nkleffman
Oct 3rd, 2008 at 9:10 pm
Way off on the books he wrote. The Case for Gold yes, but the other two? Challenge to Liberty was written by Herbert Hoover and A Republic, If You Can Keep It is by Earl Warren. How about plugging his newest book, New York Times bestseller, The Revolution: A Manifesto.
Comment by John
Oct 3rd, 2008 at 9:10 pm
Ron Paul has been telling people for years and years about this, and finally people are starting to listen to him. I hope it’s not too late, as many have said lately “privatizing gains and socializing losses”, as in forcing the tax payer to bail out yet again more millionaires and corrupt leadership. It’s very saddening to see what is happening in America and they way things look, even with the bailout, more hardship is coming and we’ll probably be in this rut for 10 years or more. Dr Paul’s ideas and testimony would have allowed the markets to succeed and fail as they do business. That is perfectly normal. Every business carries risk, it’s how the people at the top deal with those risks. Many have failed by taking on more risk then they could handle. The tax payer is a dying breed. The tax payer is at the mercy of governement who helps bail out these failed businesses by forcing us, the tax payer to pay for their mistakes, or even worse, their corruptness.
Comment by MichiganJack
Oct 3rd, 2008 at 9:27 pm
Glad to see Ron Paul’s thinking finally getting more exposure. He alone addressed these issues in the primaries, and he alone among current and former White House candidates understands economics. He and some supporters have been calling for a collapse of our house of cards for some time, so it’s disturbing to read now that he thinks the bailout’s benefits will fade soon. I join Dr Paul in hoping he is wrong.
Comment by Aaron
Oct 3rd, 2008 at 9:32 pm
I wish there were a few more Americans who didn’t feel content being ignorant. I think there are too many Americans who are happy enough to hear someone say they’ll fix it, whether or not they even have a clue. People like Ron Paul try to get the word out, and most other people call them crackpots. Things aren’t getting better, and our money gets stretched thinner and thinner as the government spends more and more fake money, making the green bills in my wallet worth less (worthless?).
I don’t know how it will end, but it doesn’t look good.
Comment by John
Oct 3rd, 2008 at 9:32 pm
Is there any wonder anymore why Ron Paul has such a devoted following unlike any politician of today?
“Banking establishments (The Federal Reserve) are more dangerous than standing armies.” -Thomas Jefferson
Comment by Janette Garside
Oct 3rd, 2008 at 9:32 pm
Please help us… what can we do? I have thought that perpahps that all of Main
Steet can send our Bills and loses to the Government and ask for a bail out.rescue.
It would be unconstituional if they would deny us the right. I am angry but I don’t
want these feelings to just go away un justifed. What legal things can Main Street do?
Then we could have main street heard……
Comment by MichiganJack
Oct 3rd, 2008 at 9:32 pm
Thanks for giving space to the writings of this great man, Ron Paul — the only White House candidate this year who understands economics. With passage of the so-called $700 billion bailout bill, I just hope his admonitions are not getting attention too late to do any good.
Comment by Mary Howard
Oct 3rd, 2008 at 9:39 pm
I feel as if I am in mourning right now, once again our elected representitives knew how we felt and voted the opposite way. Make no mistake, we are in for tough times such that most of us have never seen. We are in real trouble. I feel though (very strongly I might add) THIS BILL IS NOT THE ANSWER!!!
I have worked hard my whole life and put myself through college, Saved money in my 401k, and other than my house, I am debt free.
So why should I pay for greed and bad debt? Did people not realize a variable loan could go up in interest as well as down?
Socailized Banking Thats just great!
Too bad Dr Pauls warning fell on deaf ears
Comment by joey45
Oct 3rd, 2008 at 9:41 pm
This vote is the WORST travesty of ignoring the will of the people in recorded American history. There will be a reaction on the part of the public…you have awakened the “Sleeping Giant,” and you will pay dearly. I suppose they will need something like a “witness protection” plan for all you voted for this travesty. And God help those who voted for it. I seldom, in 63 years, found myself this angry at anything my government has done. We’ve been sold done the river!
Joey45
Comment by charles ranalli
Oct 3rd, 2008 at 9:45 pm
thank you Elizabeth MacDonald.
charles ranalli
albuquerque
Comment by Phyllis Adee
Oct 3rd, 2008 at 9:50 pm
It is hard to beleive that our leaders do not have an understanding of basic rules of a budget. Being irresponsible with personal finance is not the same as being irresponsible with the peoples money. 101 of spending other peoples money is that you need to be accountable for every penney and you have a feduciary obligation. I am sorry that the American people have been brainwashed to trust their leders to the point of not thinking on thier own. We have also let our gaurd down thinking we are on top of the world, but have not taken the time to make sure that is true. We need to question everything. Thank you.
Phyllis Adee
Comment by Ron Aldof
Oct 3rd, 2008 at 9:55 pm
The congress except for one is a bunch of bloated over paid clowns. They say it was a bad bill. Then they vote for it. What kind of stupidity is that? Why not sit back, look at it. Cut the things out that stunk and then pass it? They are the most foolish blowhards that you could ever imagine.
Ron Paul warned of this years ago. They never listen. It is like they are a bunch of children. Looking to do as they are told to do. But in a way, they don’t listen to what thier parents tell them what will harm them.
Ron Paul RULES!
Comment by Verlin
Oct 3rd, 2008 at 9:58 pm
Ron Paul is truely a breath of fresh air in the world of politics. He is a true maverick -one who is willing to stand his ground and stand alone if needed.
Elizabeth, I appreciate you reprinting his comments. I also like the way you are willing paint the media in its true colors. Keep up the strait talk!
vwenger
Comment by Marcello
Oct 3rd, 2008 at 10:02 pm
Austrian free market economics are the only hope of coming out of this mess. The Fed, Congress, Bush, McCain and Obama never saw this coming. Ron Paul has been predicting this for years. He is not psychic, anyone with an understanding of the dangers of Kaynesian economics and even a passing familiarity with the role of the Fed has come to the same conclusions. Yet we do not look to those who predicted all aspects of this crisis. Instead we look to Paulson, Bush and Bernanke. We get what we deserve.
Comment by Huh
Oct 3rd, 2008 at 10:04 pm
Dr. Paul is right. This will not work. We spend money that we don’t have both individually and as a nation. Anybody that disagrees with Dr. Paul’s assessment is kidding themselves.
Comment by Dale Knight
Oct 3rd, 2008 at 10:18 pm
I am glad there is someone who is telling the turth. Thank you Dr. Paul.
Comment by Don
Oct 3rd, 2008 at 10:23 pm
Thank you for some responsible reporting. And thank you for letting the good Dr. Paul present his case for sound monetary practices. The Washington morons have gone against the will of 9/10 of their constituents in passing this Bailout bill. What a travesty. The death of the dollar is eminent. God help us all.
Comment by Mike Brewer
Oct 3rd, 2008 at 10:28 pm
This is a Fox News site??? Who da thunk it?
Thanx Elizabeth, for the exposure of Dr. Paul’s wisdom. Sure wish they had listened back in 2003 (and earlier) when he was regarded as a crackpot.
Maybe this travesty will spark a revolt. Naah. The American people are still Sheeple.
Too bad. The Republic was great while it lasted.
capn Mike
Comment by Brandi
Oct 3rd, 2008 at 10:29 pm
Thank you for writing this article. Just think, we had the opportunity to elect Dr Paul as our next president. All we can do now is get more people to listen to what the man is saying, and hope the “experts” catch on. Again, thanks.
Comment by Jesse
Oct 3rd, 2008 at 10:37 pm
How are there no comments here? God knows I’m not the only one who wants to speak up on Dr. Paul’s behalf. In a better world, Dr. Paul would have been placed at the helm of the ship. I don’t know of any other man who would better understand how to best weather this storm.
And believe me, the REAL storm hasn’t even hit yet.
Comment by Dr. Lohmann
Oct 3rd, 2008 at 10:39 pm
If only we had more voices like Dr. Paul, we would not be in the predicament we are. This bailout and the preceding crises were manufactured the same way the crash of 1929 was by the Federal Reserve bank, to drive us into higher inflation, higher debt, an Obama win for the presidency, and ultimately the North American Union and the end of our country…By the time the general populace wakes up, it will be too late. How sad…
Comment by Pat
Oct 3rd, 2008 at 10:51 pm
Amen. “Chuse” Ron Paul on election day.
Comment by Paul F.
Oct 3rd, 2008 at 10:51 pm
Another cry in the forest. Thank you Ms. MacDonald for trying to raise the voice of a guide out of the shadows. A very puzzling time indeed. Unfortunately it appears that no one wants to listen. Indeed the wishes of the common man are ignored as evidenced by this passage of a bailout debackle. As you so elouquently stated, sometimes we all need to yeild the platform. There is only so much Dr. Paul can do. I enjoyed your arcticle. Thank you.
Comment by Joy Metcalf
Oct 3rd, 2008 at 10:54 pm
Dr. Paul was right all along. And our Congress, both House and Senate, sold us out, ignored the voices of the people, thumbed their noses at us all. They’ve fallen into the socialistic habit of thinking that government is the giver of all good things. Think again, guys! Government is not God, though many reach out to it for all their needs!
We will certainly get the depression Dr. Paul warns of. Nations that use fiat money have never survived. He who does not know history is doomed to repeat it, and repeat it we will, with a thundering CRASH!
Thank you, Capitol Hill.
Comment by Jim McClarin
Oct 3rd, 2008 at 10:55 pm
Thanks for this bit of acknowledgment for Dr. Paul. He has shouted warnings to a racing locomotive full of credit addicts that is racing toward a broken tressle and none have been able to hear him, either in government or in (most of) the media.
Comment by triadfreedom
Oct 3rd, 2008 at 11:00 pm
god help us all, replace mccain with ron paul.
Comment by Jeffrey
Oct 3rd, 2008 at 11:05 pm
Tbank you for this!
His message was loud and clear for many of us early in this election, and the virtual blackout and outright ridicule by the traditional media was shockingly blatant and infuriating.
With the senate passing this obscene bailout package, hope seems to be fading that we will avert permanent damage to our nation and to the world economy.
Comment by Rachelle
Oct 3rd, 2008 at 11:10 pm
Why isn’t Ron Paul a front runner for President. He gets my vote.
Comment by Crickett
Oct 3rd, 2008 at 11:16 pm
This is news to you? Why did you not print what he said TODAY, instead of last week..geeze
Comment by bill king
Oct 3rd, 2008 at 11:21 pm
we all [ the ron paul suppoters ] knew when it was too late that the talking heads on fox would give praise to ron paul. your god is rupert murdoch and you collected your 30 pieces of silver for slandering ron paul or ignoring him during the primaries. you the media are responsible for the downfall of the united states and history will record it as such. maybe i could believe you’re sincere a little bit if you would do a piece about how fox threw the election to anyone but paul but i won’t hold my breath.
Comment by bill king
Oct 3rd, 2008 at 11:22 pm
where is my comment
Comment by Justin Riggs
Oct 3rd, 2008 at 11:28 pm
God bless Ron Paul.
There *is* still an election in four weeks. Think carefully who you cast your vote for.
Comment by