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Ron Paul: This Bailout Won't Be the Last


acidhead

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Ron Paul: This Bailout Won't Be the Last

September 19, 2008 05:35 PM ET | Luke Mullins | http://www.usnews.com/blogs/the-home-front...e-the-last.html

I recently chatted with Rep. Ron Paul (R-Texas) about the gigantic financial bailout that the government is preparing to undertake.

Some excerpts from the interview:

What's your take on this huge financial bailout?

"It's more of the same. More debt and more inflation and more pressure on the dollar. Ultimately, although the markets are responding very favorably at the moment, I think it is going to be devastating to the dollar and to our financial situation in this country."

But don't we need to get these toxic assets off banks' balance sheets?

"Sure, they need to be removed. Somebody needs to suffer the consequences [but] not the taxpayer. Everybody knows that they have to be removed. They are priced too high. The assets don't have real value—some have zero and some have 10 cents on the dollar.

The people who had been making profits for all these years and dealing in all of this debt creation and derivatives—that now is becoming unwound—are claiming that it would be so painful if somebody went bankrupt and therefore we have to put so much burden on the taxpayer and on the dollar because the alternative is worse. But quite frankly, if they destroy the dollar and the dollar system, then they have a much bigger problem that they are going to have to deal with and it would be the collapse of the whole international monetary system—which is conceivable."

So instead of having taxpayers buy the bad debt, the market should take care of it by itself?

"Sure, prices need to go down. Bad debt needs to be eliminated. The taxpayer ought to be protected. Taxes ought to be lowered...We are following the same routine that we did in the Depression, and that is artificially try to keep prices up. People were starving in the Depression and the only thing they did was try to keep wages artificially high and keep food prices high. We are doing the same thing now—we are trying to keep housing prices high.

So you think the government should not have bailed out an y companies during this crisis?

"That would have been the best thing. It would have been painful, but housing prices would have come down sharper and faster, and it would have been over by now.

What we've been doing now—especially since 1971—is preventing the real liquidation of the malinvestment and the excess of debt . . . If this process continues, we're going to own General Motors and Ford, then we will have to own the airlines. We are socializing our country without even a vote by the Congress. It's a horrible situation."

Will this bailout stabilize the crisis?

"I personally don't think so. It might be temporary, but no, there is much more involved. I mean, we are talking about trying to unwind trillions of dollars of derivatives . . . You have to get rid of all that stuff."

Will this bailout be the last?

"No, no. This won't be the last one. There will be something else later on. But that doesn't mean you might not have a few months of a reprieve. But it will continue."

Will we have to bail out the auto makers?

"Oh I think so. We are not going to let them fail. Our policy is such that everybody gets bailed out. It's like a drug addict, they've got to take their fix. It's too tough getting off these drugs. And the drug here is easy credit.

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He's probably right.

But there is the concern about the appearance of loss of confidence in the American economy and institutions of that economy. While I'm all for letting the markets play out as nature goes, there are some hard realities like this too. Governing a nation is never as simple as A+B=C.

Edited by MasterPo
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Paul speaks the truth. It's too bad most people in America wrote him off as a nut case though.

Even Charles Manson could stumble into truth once in awhile.

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Isn't it shocking that months, hell even years ago Ron Paul articles on this forum were either immediately moved to the conspiracy forum or just trolled to death. Now no one is even opposing him and hes on all the mainstream news channels at primetime. AMAZING.

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Even Charles Manson could stumble into truth once in awhile.

Lovely. You compare an American patriot, congressmen, and one of the few honest politicians out there, to Manson.

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Isn't it shocking that months, hell even years ago Ron Paul articles on this forum were either immediately moved to the conspiracy forum or just trolled to death. Now no one is even opposing him and hes on all the mainstream news channels at primetime. AMAZING.

Well about a third of this forum is libertarian. Hard to shout out 33% of the posters. What I love is how the media's attempt to discredit him has only led to more growth.

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Even Charles Manson could stumble into truth once in awhile.

Please site where Charles Manson stumbled on truth. Please site your sources. Such obstinate ramblings.

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I was comparing the fact that anyone can come across the truth once in a while. Doesn't mean they are Heaven's gift to the world!

Sheesh!!

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Isn't it shocking that months, hell even years ago Ron Paul articles on this forum were either immediately moved to the conspiracy forum or just trolled to death. Now no one is even opposing him and hes on all the mainstream news channels at primetime. AMAZING.

Yea, at this rate it will only be another 30-40 years before he's on the ballot! :rofl:

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Yea, at this rate it will only be another 30-40 years before he's on the ballot! :rofl:

He was on the ballot genius. He could have been on the main election ballot as well but chose to simply support third party candidates.

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He was on the ballot genius. He could have been on the main election ballot as well but chose to simply support third party candidates.

Yea.

Like I could have been on the Olympic team but chose to give others a chance.

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Yea.

Like I could have been on the Olympic team but chose to give others a chance.

Trying to rationally talk to you is pointless. You're obviously blinded to the facts because of your dislike of the man. If he were to run he would get on the ballot, and finish in third. Anyone objectively looking at the numbers knows this. Unforunately there is nothing objective about you.

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I don't like or dislike him. Never really paid much attention to him. Like the dozen or so other small party canidates in most elections. They just don't amount to much.

It's this blind cult-like following he has. People wishing against reality that the seas will part and lay a path for him to the White House where he will lead the country in a heretofore untried new direction and all will be right with the world.

Wishing and hoping that the fates will anoint him President doesn't change the fact that the next President will be McCain or Obama.

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I was comparing the fact that anyone can come across the truth once in a while. Doesn't mean they are Heaven's gift to the world!

Sheesh!!

Actually, you-yourself have been making a good case that some people never find the truth. They just ramble through life not listening to anyone but themselves.

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I don't like or dislike him. Never really paid much attention to him. Like the dozen or so other small party canidates in most elections. They just don't amount to much.

He's a republican. But ya, they're so small.

It's this blind cult-like following he has. People wishing against reality that the seas will part and lay a path for him to the White House where he will lead the country in a heretofore untried new direction and all will be right with the world.

Blind and cult-like following is nonsense. Ever think maybe his supporters believe in something, have studied his policies, and have realized he supports their beliefs and policies? Nah, of course not. Also, his method are not untried. They worked for over a hundred years. They are the views of our founding fathers; we want to go back to our roots. I also don't recall anyone asking the sea to part for him. All I recall doing is excercising my right to support him and correct your lies and false information.

Wishing and hoping that the fates will anoint him President doesn't change the fact that the next President will be McCain or Obama.

Really? Thanks for the information. It's a good thing we have you here to tell us that the candidates pulling in 45% in the polls are going to win.

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