No Bailout: We The People Prevailed


Thanks in no small part to massive public rejection and outcry the “Bailout Bill” was defeated today 228-205.

But the bankers and their allies in Congress won’t take “no” for an answer.

There could be another vote as early as Thursday… so let’s keep up the pressure!

In addition to speaking out against the Bailout Bill we need to work on getting our financial system back on its feet. As C4L President John Tate pointed out in his email last week, it is time to:

  1. End the Bailouts – Congress must revoke the Federal Reserve’s authority to bail out failed businesses at your expense.
  2. Cut Taxes and Curb Regulation – If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients. It is also time to end failed legislation like Sarbanes-Oxley, which has crippled capital markets, diminished our competitiveness, and greatly harmed small businesses.
  3. Reduce Spending – We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won’t until we start living within our means.
  4. Reform the Monetary System – If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned. We can no longer base our money on the empty promises of bureaucrats that it is sound.

Keep up the pressure!

Say NO to the forced redistribution of billions if not trillions of dollars and the de-facto nationalization of our nation’s entire financial system.

Say NO to the special interests who are working to destroy the dollar and eliminate global confidence in America for decades to come.

Say NO to any sell-out congressman or senator who would vote in favor of this disastrous piece of legislation.

Enough is enough! Take action and spread the word.

Go here to get your representatives’ contact info.

Go here (PDF) and here (PDF) to download the Campaign for Liberty action fliers on this issue.


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  • Michi Samad

    Roger, unfortunately, this financial crisis, is not only America’s problem, it has become a global problem. Please read the following:

    The world is expecting the President of the U.S. to stabilize the world’s financial market, because clearly America is responsible for what has happened. We are “free” to do things and “free” to make mistakes with our own “responsibility”, and when we make a mistake, we have to pay the price to fix it. That I call “responsibility” to be “free” to do things. It’s not in dictionaries, I thought it’s common sense. President Bush asked American people for the use of taxpayer’s money to stabilize the global market caused by America to take the responsibility. This might be “you got to do what you got to do” decision in short term. We do things freely with a responsibility. We’re mending each others’ mistakes. Sometimes we pay the price for others’ mistakes. We Japanese taxpayers experienced a similar crisis in the late ’90s to save the banks. I don’t know what the Japanese taxpayers gained but we saved many of their employees and survived an economic scare. I learned a long time ago that this world isn’t fair. I am one of Dr. Paul’s supporters and want to see him fix the financial system. Regards

  • Roger

    “Freedom isn’t freedom without a responsibility” wrote Michi from Japan.
    I didnt understand that statement whatsoever, so I looked up freedom in 3 differnt diction books. I didnt see resposibilty in there anywhere. I did read something about being free of being forced into slavery. (ie. pay 700 billion to the bankers of the world for nothing in return).

  • Roger

    Guns would probally be a good investment! I dont own one, cause I cant. I had a nervous break down once (i was not a danger to anyone or myself) and the doctor was able to take away my right. But if I was allowed I sure would. I think the right to own guns was made for this very situation. Unbelievable how this country has murdered the constitution.

    P.S. The Keywords Guns, Constitution, Country, Murder will probally trigger the terrorist watch list on some computer database run by the treasury/that used to house part of the new homeland security dept. (border patrol/Customs/ATF/DEA). oops & now the keyword terrorist.


  • Jeff Timler

    Dr. Paul,

    I voted for you in the primaries and proud to say I did. I have no doubt that if this would have happened back in February that the Republican ticket would look much different (and much much better).

    Thank you for being such a shining example of integrity and principle.



  • Michi Samad

    Dr. Paul, I have a lot of respect for you. I’m a Japanese citizen living in the U.S. You’ve been da man! However, the financial crisis that the whole world are facing has originated in the U.S. It has become a global problem. I think the U.S. have a “special” responsibility in this situation. I think everybody must keep a cool head and have a sense of “responsibility”. The U.S. should take its responsibility in this situation, and show statesmanship for your own country, and for the world. Freedom isn’t freedom without a responsibility.

  • Bradley Parker

    The government estimates that the financial-bailout program will cost about $700 billion, which is roughly the same amount as the Netherland’s 2007 gross domestic product (16th largest amongst nations). Perhaps that number is just too big to comprehend, but let’s try: If I gave you one dollar per second, every second, you would have $60 in a minute, $3,600 in an hour, and $86,400 in a day. At that same rate, you would have $1 million in less than 12 days. And in less than four months you’d have $10 million. How long do you think it would take you to reach $700 billion?

    Answer: 22,181.66 years. (No, that isn’t an error.)

    From where is that money coming? The federal government certainly didn’t have an extra $700 billion lying about. The answer, therefore, is that we’re either getting this money on credit or we’re printing more money. If it’s credit, what is the rate and who owns the debt? If we’re increasing the total money supply, how will that affect inflation and the value of the dollar? Since our dollar isn’t tied to a commodity of intrinsic value, the worth of your money is entirely dependant on its scarcity and people’s confidence in the note. Is anyone still feeling good about the bailout?

  • Cori Hyland

    I’d love to see our household finances if I took the same tact as the Fed and our “money managers.” I can’t take another minute of this nonsense. Can people not see that there is no free money, ANYWHERE? Someone is going to pay…us, and not just now or 5 years from now.
    Mr. Paul, thank you for your sanity and thank God you are in a position to do something about this.

  • I found a website called and was able to send a letter to my senator and congressman (woman) expressing my desire that they vote NO to the bail out.

    What else do we need to do to stop this?

  • John Law

    Why the Bailout need to be passed?
    The FED just pumps in 600 Billion into the banking System. The markets is still intact in asia. Dow future is even in the green. Are you american stupid enough to be conned by Dictator Paulson that wants to use his 3 pages bailout plan to control the banking system. He is above the Law in the original plan. Imaging what his brain is thinking. Vote against those in favour of the Bailout.

  • H. Craig Bradley

    The challenges facing America are many and if not successfully managed, could result in necrosis of the body politic. As Rep. Ron Paul tells us, the financial problems we face are not new, but all too old. For example, take the prohibition on gold or silver-backed money.

    When I was just six years old (1961), my grandmother showed me a U.S. Dollar Bill which said “redeemable in silver”. She then walked me to the post office to verify (for me) that this was accurate and true. When President Nixon took America off the Gold Standard in 1971, it then became legal to own physical gold. (Previously, it had been illegal for most to directly own physical gold since 1933). You can bet commodity traders (traitors) DO NOT want to see a return to gold backed currency.

    We once had a chance to do it with less pain, but made the wrong choices. In 1987, Senator Mark O. Hatfield (R-Oregon) [retired] had the opportunity of a lifetime. The Senate was given a chance to vote for a balanced budget amendment to the constitution. Mark Hatfield cast the deciding vote (tie-breaker): “NO”. Consequently, our best chance to begin to get fiscal control went down the drain. Hopefully you can see the attitudes and habits of our current economic set-up are an impediment to positive, constructive reform and change.

    So today, these financial problems and imbalances are deeply embedded in our economy and personal habits. To break this vicious cycle (inflation, boom-bust) we need severe treatments. I am afraid an economic “root canal” may be just what the doctor ordered. Consequently, a severe depression with sky-high unemployment is the Rx which will ring out the imbalances for good. Severe pain will compel the electorate to decide who and how we proceed for the next generation.

    Those of us alive today must stand ready to make the necessary financial sacrifices for our country’s future or risk loosing most of our freedoms to the state, or some other country (state).

    Either we fight and prove once again that we are Americans, or we die separately, albiet a slow, cowardly death. Once again, it is up to you, the voter.

  • Dan Beaulieu

    So what kind of revolution would we need to just overthrow this government and force Ron into the position of presidency. 😉 Whatever it entails… I’m down.

    Read Ron’s Book!

  • Brian Sherrill

    Go get em Ron! Thank you for standing up against this bill. It just goes to show you that the masses really do get it. They understand what a disaster of a plan this is for our economy. I like to think of it like ripping off a band aid – as opposed to the agony associated with slowly removing one. The market will correct itself, yes it will sting a little in some areas, but we can deal with the pain and move on.

    Keep up the good work!


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  • NubianGoddez

    I am glad this ridiculous bill did not pass, time to end corporate welfare!!!

  • Bryan

    I am SO Happy that the Bill failed to pass!!! This makes a statement to the American tax payer that Wallstreet cannot and is not able to strong arm congress into making a rash and unjust decision based on scare tactics. Come on, Wallstreet has been watching the train come down the tracks for a long time, but now they want us to pass a 700 Billion check to them within a WEEK!!!

    I completely support that some type of action needs to be taken, but not a 700 BILLION dictorial regime bailout where Wallstreet and those in their pockets can ride off with profits in hand while the American taxpayer is left holding the “bag” for the next several years, waiting and hoping for a positive return.

    I propose an idea that would recitfy this situation rather quickly……. We take the 700 Billion and break it up into 1/4’s. We then loan,(at a small interest) a divided portion among the “solvent” Main Street banks. The Main Streeet banks can then loan the funds out to the American people at a fair % and require “practical” qualifying requirements. This will give liquidity to our markets and allow the economy to proceed (bottom up) without having to foot the bill for Wallstreet to get it’s “greedy investment money” back in their hands. We the people of America are being asked to put up 700 Billion to buy bad investments with the hope they (toxic assets)come back in value and turn a profit!!!! Well, why doesn’t Wallstreet hold on to “them” and WAIT for their return like their asking Mainstreet to do?? If we bail out Wallstreet, I can gaurauntee you that we will have to give an arm and a leg just to get a basic loan. The credit crisis will still be a problem if we bail out Wallstreet’s bad investment!!! Wallstreet has been making untold of fortunes from the American people for decades, now that their tactics backfired, they want to scare us into bailing them out with the threat that the things will get really bad??? I say we dont need to let them scare the money out of us to put into their pockets!! We can use our own tax dollars to get the economy going again, and then they have to make the choice to join the “new economy” or get lost! Dont be fooled, the private sector has HUGE amounts of money that is just waiting on the sidelines to jump on the discounted morgatges.

    NOW is the time to stand up and take our Country back from the Monopolites!

    I sure hope someone sees this idea and spreads it around!

    Thanks for reading!!

  • Brent

    Thank you, Dr. Paul! I was beginning to lose faith in the ability of the voice of the American people to sway Congress. I sent an email to Rep. Marchant on Thursday urging him to vote “no” on any bail out measures and I’m glad to see he voted with you.

  • Carlos Yun

    Dear Congressman Paul,

    I am extremely grateful to you for having stood against this bill. I also want to tell you I respect you greatly and voted for you. You are a shining example of the true American democracy as enshrined in our Constitution, and I am proud to be an American in no small part thanks to the example set by true and proud American patriots such as yourself. Thank you Dr. Paul, thank you for the REVOLUTION!

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  • Proclamation on the Federal Reserve System of the United States of America

    March 2008

    WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”;

    WHEREAS, on December 13th, 1913 the US Congress enacted the Federal Reserve System;

    WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;

    WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;

    WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;

    WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;

    WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;

    WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;

    WHEREAS, the United States and likely the entire world’s financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations’ currencies);

    WHEREAS, the US dollar, the “Federal Reserve Note” is declining in value due to these parasitical activites, as well as potentially other causes;

    WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;

    WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;

    WHEREAS, it is recognized that the current time is such a time of great difficulty;

    WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;

    WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;

    WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;

    WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its constitutional mandate;

    IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;

    WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.

    NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.

    IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;

    FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;

    WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.