Ron Paul: A Financial PATRIOT Act




by Ron Paul

It has not been a good week for the Republic. It took quite a bit of trampling of the Constitution, but the bailout bill passed, as I suspected it would.

The bailout failed the first time it was brought to the House. Undaunted, the Senate pressed on by attaching the bailout as an amendment to another House passed bill that was pending in the Senate. The new bailout version had new taxes, so according to the Constitution it should not have originated in the Senate.

The rallying cry heard all over the Hill the past two weeks was that Congress must act. Our economy is facing a meltdown. Would this bill fix it? Nobody could really explain how it would. In fact, few demonstrated any real understanding of credit markets, of derivatives, of credit default swaps or mortgage-backed securities. If they did, they would have known better than to vote for this bill. All they knew was that this administration was saying some frightening things, and asking for a lot of money. And when has Congress ever been able to come up with a better solution to a problem than to throw more of your money at it? So that is what Congress did, enacting a financial PATRIOT Act in the process.

In its embarrassment at being called a “Do-Nothing Congress” the 110th Congress took decisive action and did SOMETHING. No matter that it was the wrong thing. In fact, it wasn’t until the Senate had a chance to load it up with even MORE spending, when it was finally inflationary and horrible enough, at $850 billion instead of a mere $700 billion, that it passed – and with a comfortable margin, in spite of constituent calls still coming in overwhelmingly against it. 57 members switched their vote!

The market went down anyway. Our nation is now just that much more in the hole. You will pay your part of this mess through inflation, and very likely hyperinflation.

Sometimes doing nothing is much better than thrashing about aimlessly. When one is caught in quicksand, for example, or when one doesn’t understand economics and finds oneself in the position Congress was in for the past two weeks, with decades of irresponsible monetary policy coming to a head. Why should we trust the same people who said just a few months ago that the economy was perfectly sound? The same people who just knew there were weapons of mass destruction? The same people that crammed the PATRIOT Act down our throats? Why not consult the people who had the foresight and understanding to see this coming? They would have recommended such logical actions as repealing the Community Reinvestment Act, which forces banks to make bad loans, or allowing the market to set interest rates instead of the Federal Reserve system. How about abolishing the Federal Reserve altogether? There are many things that could have been done, but don’t expect Congress take a course of action that comes from a place of understanding and competence when they could just spend money.

This bailout will be the legacy of the 110th “Do-Something” Congress, along with record low approval ratings. Here’s hoping the 111th Congress will be a “Do the Right Thing” Congress, and will focus on repealing and abolishing what is wrong with government instead of reinforcing it.

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24 Comments:

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  2. Ron,
    The dollar is being devalued intensionally so the FED can push the Amero down Americas throat!
    The NORTH AMERICAN UNION is alive and well and nobody wants to talk about it!

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  3. Yes! I will be penning your name as well!!!

    Even if we can get 5 or maybe 10% of votes in your name, it won’t be wasted! We will have shown the country that we won’t succumb to the ‘choices’ we have been dealt – which aren’t choices at all, if you notice. Voting is a scam, a complete fraud to give Americans the transparent delusion that we have some sort of say in what goes on in this country. Remember the “lost votes” down in Florida? The BS that went on in New Hampshire recently?

    Woops!

    As of now, I am in mourning for our Constitution and our Bill of Rights – mere scraps of parchment that they are now :*(****

    Lastly, this should ring a bell of our current times – in the words of Andrew Jackson in 1832:

    “Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

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  4. I will either write in Ron Paul or vote for the Constitution Party candidate (Chuck Baldwin) that Dr. Paul endorsed. Some people think that unless the person you vote for will win, it is a wasted vote. I disagree. Won’t it be great if out of 100 percent of the votes cast that a huge percentage were cast against the “the evil of two lessers”? I will vote against the evil that is destroying our freedom and prosperity. I will sleep well at night and never feel regret for having gone with the sheep to the slaughter. I will have to suffer along with my fellow Americans once the open slaughter begins, but I will go not as a sheep, but as a RAM fighting every step of the way! Any of the third party candidates are worthy of our votes. I like the idea suggested that Ron Paul use our donations to announce via major network exposure that he will accept our votes as a write in! It could work! It could alteast get people enlightened as to our Campaign for Liberty towards the next Presidential election and all upcoming minor elections. Vote third party. Vote yes for freedom!

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