(Untitled)

[darthcrank]

Rep. Ron Paul, MD. / United States House of Representatives:

Statement on HR 1424

Madame Speaker, only in Washington could a bill demonstrably worse than its predecessor be brought back for another vote and actually expect to gain votes. That this bailout was initially defeated was a welcome surprise, but the power-brokers in Washington and on Wall

Comments

[sharissa]

My God... I love that guy. If there was ever someone who was actually worth voting for... it would be him.

[counsalorneph]

Typically, I don't agree with or like Republicans, but I seriously like his take on the whole situation.

[counsalorneph]

let me rephrase that, Republicans in office.

[darthcrank]

He is definitely not your average politician...

[darthcrank]

I have to be reminded sometimes that he is a republican...in my mind he is an independent...

[hwc]

With deposit insurance increasing to $250,000 and banks able to set their reserves to zero, we will undoubtedly see future increases in unsound lending. No one in our society seems to understand that wealth is not created by government fiat, is not created by banks, and is not created through the manipulation of interest rates and provision of easy credit.
Except that those things---government spending, fractional-reserve lending, et cetera----have a direct impact on the economy. Business create wealth, and business need loans to get started and to expand.

A debt-based society cannot prosper and is doomed to fail...
Nope. Borrowing money for capital investments is something local governments, corporations, small business, and households do all the time. It's one of the drivers of the economy. Even (modern) communist China has banks---even if they are state-run and very inefficient.

Congressman Paul knows absolutely nothing about economics. Or at least he acts like it.

Awesome!!

[tymergnath]

http://www.channel3000.com/save-money/17631785/detail.html

That bailout plan sure is calming things down.

I'm so glad that we have representatives in congress that know what's best for the citizens. The overwhelming majority of Americans that urged congress to vote it down are just uninformed. They know absolutely nothing about economics.

I'm an anarchist and so, non-partisan. All politicians are full of shit.
Can we just burn it all to the ground and start over now?

Re: Awesome!!

[hwc]

I didn't say I was happy with things as they are. At this point I'd like to see putative wealth taxes on the top bracket, because they are all to blame for this mess. I'd also like to see us fully nationalizing more banks. With regard to FNMA and FHLMC, the mistake wasn't nationalizing them this year, but was privatizing them in the first place, 40 years ago.

And if the banking system doesn't want to provide credit to keep the economy going, then I say the federal government bypasses them, and create a FNMA-analogue for investment banking.

Re: Awesome!!

[darthcrank]

And here is where we will fundamentally disagree...the government and socialism is not the answer...allowing real-world risk and rewards of the market to work without interference is the solution