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The Creation of the Second Great Depression


Karlis

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The Creation of the Second Great Depression

By Ron Paul

25/09/08 "Lew Rockwell" -- - Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.

The events of the past week are no exception.

The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."

That describes the current bailout package to a T. And we’re being told it’s unavoidable.

The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

* The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.

* Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.

* Then there’s this: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.

Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don’t make me laugh.

Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.

Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

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

http://www.informationclearinghouse.info/article20862.htm

-=-=-

Question to consider:

*Are the Big Banks virtually blackmailing Congress?

The new legislation states: “Decisions by the Secretary [of the Treasury] pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

What is your opinion?

Karlis

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The Creation of the Second Great Depression

By Ron Paul

25/09/08 "Lew Rockwell" -- - Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.

The events of the past week are no exception.

The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."

That describes the current bailout package to a T. And we’re being told it’s unavoidable.

The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

* The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.

* Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.

* Then there’s this: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.

Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don’t make me laugh.

Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.

Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

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

http://www.informationclearinghouse.info/article20862.htm

-=-=-

Question to consider:

*Are the Big Banks virtually blackmailing Congress?

The new legislation states: “Decisions by the Secretary [of the Treasury] pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

What is your opinion?

Karlis

Right On Bro, I thing shirt is rolling uphill and 500 of The 700 billion will be going to Pay the debt to the Chinese which I think is due this year.

I Agree with RonPaul and apreciate you posting this, too bad independants aren't allowed to resond in the debates.

I think we should overhaul this election process by the people for the people!

The old way just is not Fair IMO.

Love Omnaka

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Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

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For general info.

The Great Depression was so called because the whole world as affected.

The current depression isn't yet a depression may very well be headed that way but that is the way of things on this planet. You do very well and then it tanks and then you do very well again.

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For general info.

The Great Depression was so called because the whole world as affected.

The current depression isn't yet a depression may very well be headed that way but that is the way of things on this planet. You do very well and then it tanks and then you do very well again.

I'm Glad the mormans are growing lots of food for the masses.

Love Omnaka

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I'm Glad the mormans are growing lots of food for the masses.

Love Omnaka

Hmm I have started a veggie garden.

It is very hard to see how one should or even can prepare, and how places like AUS where I am are going to be affected. I have a permanent job in local government and am thinking of chucking it in to go casual to work less/get paid more....but I really don't know if I should because of what is looming. All totally disconcerting.

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~~~ ...

The current depression isn't yet a depression may very well be headed that way but that is the way of things on this planet. You do very well and then it tanks and then you do very well again.

Daniel, do you believe that your above conclusion is how economies "should" operate?

Don't you think that in a truly "free market" economy, the economic forces would keep the economy in a fairly undulating balance?

I for one believe that the economic recessions are not brought on by the "free market" actions, but are brought on by manipulators of greed.

Methinks the present USA economic crisis is an example of manipulation by the greedy.

Is seems the greedy are about to receive an initial seven or eight hundred billion dollars -- which inevitably will lead to more and more hundreds of billions.

How long can this process continue, I wonder?

Any other thoughts, anyone?

Karlis

PS: Daniel, do you understand what Ron Paul meant by his reference to "Austrian Economics"? If you do, then I think you probably should retract your statement that, "... You do very well and then it tanks and then you do very well again."

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I will be votig My conscience, and Those two Puppets , are not even in the running, ILove Omnaka

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Daniel, do you believe that your above conclusion is how economies "should" operate?

Don't you think that in a truly "free market" economy, the economic forces would keep the economy in a fairly undulating balance?I for one believe that the economic recessions are not brought on by the "free market" actions, but are brought on by manipulators of greed.

Methinks the present USA economic crisis is an example of manipulation by the greedy.

Is seems the greedy are about to receive an initial seven or eight hundred billion dollars -- which inevitably will lead to more and more hundreds of billions.

How long can this process continue, I wonder?

Any other thoughts, anyone?

Karlis

PS: Daniel, do you understand what Ron Paul meant by his reference to "Austrian Economics"? If you do, then I think you probably should retract your statement that, "... You do very well and then it tanks and then you do very well again."

No there are forces that we have no control over such as personal desires. When people are buying gadget b for years and all of a sudden decide that they want gadget d. The people working to make gadget b lose their jobs. Until gadget d gains the popularity of gadget b you have a recession. Or in the case of the 2000 recession when we had more jobs than people the whole system collapsed do to the weight of not having enough workers.

Which was different than the Great Depression in that that one was brought about because there were too many workers and not enough jobs. IE when world war 1 ended all those troops came home and left the service and needed jobs. The ones who had stayed here didn't want to give up those jobs, and most of them were women who more or less hadn't been in the job market before world war 1. So basically those looking for work doubled over night and we just simple didn't have enough jobs for everyone.

I did not read the article. But if I had I wouldn't detract my truthful statement.

I do agree tho that this bailout is about protecting those who don't need the protection.

Edited by danielost
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I will be votig My conscience, and Those two Puppets , are not even in the running, ILove Omnaka

So instead your going to go with a third party puppet. Maybe the one who couldn't/didn't get nominated for one of the main parties and didn't give up running.

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So instead your going to go with a third party puppet. Maybe the one who couldn't/didn't get nominated for one of the main parties and didn't give up running.

"your vote is your voice"--- if enough voices are heard just maybe, the system can begin to change.....

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"your vote is your voice"--- if enough voices are heard just maybe, the system can begin to change.....

I agree but I think we need to hit them where it really hurts and vote everyone in congress out. I don't care which party they all have to go.

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So instead your going to go with a third party puppet. Maybe the one who couldn't/didn't get nominated for one of the main parties and didn't give up running.

A third Party Puppet, no not at all I will vote for the one which best represents my Ideals and way Of life. Mcain and Obama Do not represent my Ideals or way of life, even if Obama sounds close, I see things whic are bad wrong with this campaign between the two Parties, A kind Of excluseve Monopoly , not representing Every walk of Life.

See, I think elections should Be fair. and I want to hear every candidate not just the two, that the two want os to hear.

I will not be responsible For a man getting elected If I don't agree with him, I plead my conscience here, which is what I think all should do, with what ever they attempt in this life.

Be acountable for your actions .

Voting for the lesser of two evils does not sit right with my personal accountability, and I don't want to get sick by going against My own will.

Love Omnaka

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I found It , now i need to find out what he is diong now, back in a bit

Love omnaka

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You wonder why the german people did nothing about Hitler, just look at US.

Robert Valley | 09.25.08 - 6:53 pm | #

--------------------------------------------------------------------------------

Read some Of the comments from people who are Irate with this system

http://www.informationclearinghouse.info/article20862.htm

.

It's a dictatorship and the people are not aware what is happening..

I cant waite till Father puts his foot down, These Fools will not be able to hide in their bunkers Underground Built on Americans backs. Spirit Of this earth will eject them like the puke they are

Love Omnaka

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You wonder why the german people did nothing about Hitler, just look at US.

Robert Valley | 09.25.08 - 6:53 pm | #

--------------------------------------------------------------------------------

Read some Of the comments from people who are Irate with this system

http://www.informationclearinghouse.info/article20862.htm

.

It's a dictatorship and the people are not aware what is happening..

I cant waite till Father puts his foot down, These Fools will not be able to hide in their bunkers Underground Built on Americans backs. Spirit Of this earth will eject them like the puke they are

Love Omnaka

Maybe but it won't be this election.

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Maybe but it won't be this election.

I can hope, and Pray can't I.

At least untill they make a Law forbidding Prayer and Hope, It might be next the way the constitution is being used For toilet paper by thos in Office and those wanting to gain office.

I think they will all be exposed for the evil dictaters they are before this election. so hold on to your Skivvies.

Love Omnaka

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