Thursday, October 2, 2008

74–25: The hucksters have it!

Dr. Pierce, Snakeoil Salesman by Foxfires
Snake Oil Salesman Artist: Foxfires

Detain This

Half an hour ago (just after 9 EST), the Senate passed another version of the bailout bill that failed in the House. In congressional newspeak for yet another death warrant for the dollar, it is referred to as the “Financial Markets” bill.

To get a good picture of the vile disregard these lying, hypocritical cretin have for U.S. taxpayers, take the example of Senator Dianne Feinstein (D-CA).

Here’s what she said about the bailout the other day (my emphasis):

Sen. Dianne Feinstein’s office has heard from about 50,000 constituents since Congress began considering a financial rescue plan about a week ago - and “only one of a thousand supports it - whatever it is,” the California Democrat said. . . .

Feinstein described one source of the outrage: “I’m told that the reason the Treasury secretary doesn’t want limits on executive compensation is because he believes that an executive then won’t bring his company in to partake in any program that is set up.

“Well, here’s my response to that,” she said. “We can put that executive on his boat, take that boat out in the ocean and set it on fire, if that’s how he feels. That’s what should happen, or his company doesn’t come in.”

The senator tends to side on most issues with Democratic liberals and moderates, but her feedback from home was similar to what conservatives were hearing. “People call us and say they’re really against bailing out fat-cats. That’s a big issue,” she said.

Of course her fat ass won’t be in that burning boat with all those ”fat cats.” No! Being set asea in a flaming wreck is for the other 99.9% of us taxpayers. Ms. Feinstein voted aye.



‘Lipstick on a Bailout’

By Ron Paul ∙ ∙ October 2, 2008

Congressman Ron PaulThis 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 trillion in debt, not including unfunded liabilities. We already spend about $1 trillion a year we don’t have on our overseas empire. Now nearly $1 trillion 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 billion 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 billion.

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.

Dr. Ron Paul is a Republican member of Congress from Texas.


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