Mayday, mayday, we are sinking

26 July 2008

The Federal Reserve is doing its level best to destroy this country:

Ron Paul voted against the $325 billion bailout boondoggle bill. His view of this bill hits at the heart of the issue:

“It is neither morally right nor fiscally wise to socialize private losses in this way. The solution is for government to stop micromanaging the economy and let the market adjust, as painful as that will be for some. We should not force taxpayers, including renters and more frugal homeowners, to switch places with the speculators and take on those same risks that bankrupted them. It is a terrible idea to spread the financial crisis any wider or deeper than it already is, and to prolong the agony years into the future. Socializing the losses now will only create more unintended consequences that will give new excuses for further government interventions in the future. This is how government grows – by claiming to correct the mistakes it earlier created, all the while constantly shaking down the taxpayer. The market needs a chance to correct itself, and Congress needs to avoid making the situation worse by pretending to ride to the rescue.”

Attribution– Jim Quinn on lewrockwell.com: http://www.lewrockwell.com/orig9/quinn4.html

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