Ron Paul: “They’re Doing Exactly What We Did In The Depression”

President Bush: “The risk of doing nothing far outweighs the risk of the [bailout] package!”

Wold Blitzer: “What do you say to the President who wants you and your fellow Republicans and Democrats to quickly pass this 700 billion dollar bailout package?”

Ron Paul: “Well I think that’s a mistake because we don’t have the money, but that doesn’t mean that you have to do nothing. I mean, we could reform the system, we could return to sound money, we could balance our budget, we could change our foreign policy, we could take care of our people at home, we could lower taxes, there’s a lot of things that we can do, but the worst thing that we can do is perpetuate the bad policies that gave us this trouble in the first place and that is, that we no longer over the last few decades believed in free market capitalism. Capital is supposed to come from savings, you’re supposed to work hard and save, as a matter of fact the Chinese work hard right now and they save and they’re buying up the world. But we borrow and spend and consume, and now it’s caught up to us and it’s undermining our whole system.”

  • thanks !! very helpful blog!

  • We are coming out of the normal time of year when we have flu circulating in the UK so we don’t really know what size of epidemic there may be in the next couple of months.

  • Right on Tub!


    I think the proposal to restore financial sanity and the people’s wealth by Sam Kennedy makes the most sense:

    1. Repeal the Federal Reserve Act of 1913. This would provide and instant end to the $9 trillion dollar US debt currently owed to the Fed for borrowing our own money that they merely print.
    2. Repeal the Income Tax Act of 1913 which exists to pay the interest on the debt to the Fed.
    3. Process the Articles of Impeachment filed (and still pending) for conspiracy, fraud, unlawful conversion and treason in 1934 by Congressman Louis McFadden, the chairman of the House Banking and Currency Committee, against the Board of Governors of the Federal Reserve Bank, the Comptroller of the Currency and the Secretary of the Treasury.
    4. So everyone would know, publish the words of Congressman McFadden spoken to Congress in 1934:
    “…we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Rederal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over.

    “This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operated, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.

    “Some people think that the Federal Reserve Banks are United States Government institutions. They are not. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and the rich and predatory money lenders. In that dark crew of financial pirates there are those who would cut a man’s throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislatures; there are those who maintain International propaganda for the purpose of deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.”

    5. Confiscate the total assets of the Federal Reserve Bank thereby effectively returning all the credit, liquidity and wealth that were stolen from the American people in 1913, 1933, 1964 and 2008.

    Imagine that. With the mere stroke of a pen on a single piece of paper, Congress, with or without the President, could effectively:
    – return all of the people’s wealth.
    – end the greatest financial scam in history which will otherwise inevitably lead to tyranny, oppression and the destruction of world order.
    – restore the dignity of the American people by abandoning satanic principles such as debt, instant gratification and avoidance of responsibility.
    – restore dignity AND SOLVENCY to our children and grandchildren. The deeds to THEIR home should never again call them a TENANT.
    – end the vile satanic Internal Revenue Service scam that has literally destroyed the lives of hundreds of thousands of honest Americans and transferred the wealth of a nation to a private banking cartel.

    If you agree with the above, might I suggest circulating it as widely as possible? If just one noteworthy media outlet reports on these options, perhaps the course of events could be changed and your children might be spared enslavement.

  • Grace

    I fail to see how giving a trillion dollars to some unelected “czar” to administer as he sees fit is wise or an answer to anything. I’d rather take my chances with these “dire consequences” then see our capitalistic system be thrown out, and our currency become more worthless with good money after bad. It smells too much of special interests going for the money again, at the expense of the rest of us. And this rush to judgement and decision on something so important, seems like Iraq, Patriot Act etc all over again – all fear based. I’m fine with letting the banks go down, then maybe we can get some new ones that will actually be better run.

  • Make the lenders take responsibility for their actions! Rather than making the average American pay about $2000 out of their own pocket (on average, based on $7B spread evenly over the population) to bail out an irresponsible pack of thieves.

    Ron Paul, you obviously won’t be the next President as the race is firmly between Obama and McCain, but by god your country needs you. Keep up the good work, see if you can’t tear apart the GOP while you’re at it.


  • Why don’t we just take things back over and put real people back in the house and senate.

  • DoctorZ

    I agree with you, Robert. Obama and McCain won’t help at all. They’re both just fools.

    I mean, come on? Why are people so stupid about voting? You’re picking the leader of the free world!

    Think, Fannie Mae, Freddie Mac….does all this remind you guys of something that happened a while back?

    I believe it was called…..THE GREAT DEPRESSION
    And yes, we had misguided leaders back then too.


  • Ron & Ralph

    Are you prepared to consume a fake “Debate” once again?
    – paid for by your “Friends” on Wall Street

    Nader & Paul

  • IN any business financials, OVERHEAD is kept to a minimum for a reason….. OUR GOV’T IS OVERHEAD, plain & simple ….TOO much OVERHEAD makes any ENTITY become worthless & NOT worth persuing …JUST so happens we NEED GOV’T , but not this shamefull exhibition of stupidity…

  • I would like RON to call this mess what it is . “A buyout” &/or “sellout”.,matter of perspective…..Those who bought & got paid to take the RISK,have now decided the RISK is too great & they want to SELL the RISK to WE THE PEOPLE….SIMPLE FACT….WE will essentially BUY their worthless RISK,which THEY no longer want & can see eminent collapse they created……SIMPLE….THIS is strictly a SMART business manouver….THEY see it comming towards THEM. …THEY, who already took their CUT for assuming the RISK. …NOW they want to unload the impending RISK,”CRISIS” on US ,WE THE PEOPLE ….
    THIS will save NOTHING for us, but their worthless, cold, calculating, FACES….IT does not save ME & YOU from anything….TAKE the little bit of $$ CLINTON left me in 1999,& stickit….I would rather loose that than satisfy those criminal scum bags…
    says TLF

  • Justin

    Its a lot simpler than that. Don’t bail out anybody, let the principles of risk and return work their magic. Let people learn to make smart investment decisions. Let the market correct itself. Then we don’t need to make politicized decisions as to who we bail out, and we don’t have the problem of privatized return and socialized risk.

  • I think you are right on the money, Ron(pun not intented).

    The issue is systemic and the more we fuel a system that is systemically bleeding, the more it will continue to bleed out. American’s don’t realize but with the passing of this $700 billion dollar bill(more like 1.5T), our country is headed towards a more than likely outcome, a broke nation.

    As they say “you break it, you own it”.

    We broke it, we must now own up to it.

    PS. God help us, Obama or McCain, they can do nothing to stop it.

  • Kim

    I think you have to apply some evolutionary principles here :- If you don’t select out the bad elements and select in the good elements the species ( eg. the USA ) will die out . As such the people who caused the problems must not be rewarded but those who are doing things right must be saved . The solution is very simple – extend a FDIC style guarantee to each investor – as such each investor is guaranteed to $1M – irrespective of how much they have invested – ie. whether they have $1M or $1B invested . As such you preserve the small investors – who are largely not a major part of the problem , and select out the rich who have invested unwisely – who are largely a major part of the problem . Those of the rich who have invested wisely will largely survive with their investments intact . As such the economy , through natural selection , will become stronger and the level of the bailout will be minimized .