Thursday, September 26, 2008
Dear C4L Member,
Yesterday, Ron Paul sent out a letter warning of the dangers of the Paulson and Bernanke bailout plan and asking you to contact your representatives and senators. A vote on this bill could literally come at any moment, and it is crucial that you immediately express your opinion to Congress.
The picture painted by the supporters of the bailout is dire. President Bush reinforced this notion in his address to the nation last night and again urged Congress to act immediately.
Remember what happened the last time the executive branch warned of horrible consequences and rushed legislation through Congress? We got the Patriot Act, which to this day threatens our civil liberties on an unprecedented scale.
We do know that our economy is in for a rough ride. These bad mortgage-related assets will have to be cleared out and the market will have to reset. The only question is how that will happen.
The easy way out is to continue the same practices that got us to this point. We can put $700 billion, for starters, in the hands of Treasury Secretary Henry Paulson (a former CEO of Goldman Sachs) and Federal Reserve Chairman Ben Bernanke, and let them spend the money on whatever they wish.
This option will only delay the economic downturn, which will only be worsened.
Or, we can take this opportunity to end the federal government's interference in the marketplace, truly embrace free market capitalism, and return to a sound monetary system.
The Federal Reserve's practices of easy credit and monetary inflation have crashed our economy, and now they're asking us to trust them to fix it.
When you call Congress to express your outrage at the bailout, tell them you want real solutions.
It is time for Congress 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.
The federal government is trying to scare us into accepting more tyranny. Don't stand for it.
Check out our action alert, and let Congress know that you will no longer tolerate the Federal Reserve's stranglehold on our economy.
Best Regards,
John Tate
President
Campaign for Liberty
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Comments: 3
In other words the loan sharks made the loans let them face the consequences of their actions. People who knew they could not afford houses need to face the consequences of their action as well.
As to being talked into a bad situation - "Let the Buyer Beware" comes to mind.