Emergency Economic Stabilization Act of 2008

Ron Paul Votes NO BAILOUT (Speech on the House Floor)

TRANSCRIPT:

Madam Speaker, I rise in strong opposition to this bill. This is only going to make the problem that much worse. The problem came about because we spent too much; we borrowed too much, and we printed too much money; we inflated too much, and we overregulated. This is all that this bill is about is more of the same.

So you can’t solve the problem. We are looking at a symptom. We are looking at the collapsing of a market that was unstable. It was unstable because of the way it came about. It came about because of a monopoly control of money and credit by the Federal Reserve System, and that is a natural consequence of what happens when a Federal Reserve System creates too much credit.

Now, there have been a fair number of free market economists around who have predicted this would happen. Yet do we look to them for advice? No. We totally exclude them. We don’t listen to them. We don’t look at them. We look to the people who created the problem, and then we perpetuate the problem.

The most serious mistake that could be made here today is to blame free market capitalism for this problem. This has nothing to do with free market capitalism. This has to do with a managed economy, with an inflationary system, with corporatism, and with a special interest system. It has nothing to do with the failure of free markets and capitalism. Yet we’re resorting now, once again, to promoting more and more government.

Long term, this is disastrous because of everything we’re doing here and because of everything we’ve done for 6 months. We’ve already pumped in $700 billion. Here is another $700 billion. This is going to destroy the dollar. That’s what you should be concerned about. Yes, Wall Street is in trouble. There are a lot of problems, and if we don’t vote for this, there are going to be problems. Believe me: If you destroy the dollar, you’re going to destroy a worldwide economy, and that’s what we’re
on the verge of doing, and it is inevitable, if we continue this, that that’s what’s going to happen. It’s going to be a lot more serious than what we’re dealing with today.

We need to get our house in order. We need more oversight–that is a certainty–but we need oversight of the Federal Reserve System, of the Exchange Stabilization Fund and of the President’s Working Group on Financial Markets. Find out what they’re doing. How much have they been meddling in the market?

What we’re doing today is going to make things much worse.

Bailout Fails!

Senate modifies the EESA of 2008. Adds more bullshit to the ESSA of 2008. See link for details on the new EESA of 2008: https://scatattack.wordpress.com/2008/10/02/hidden-in-the-emergency-economic-stabilization-act-of-2008/

Ron Paul On Passage of the Bailout

If your senator or congressman voted for the EESA of 2008 he/she needs to be voted out of office in November!!!

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~ by Scat on October 3, 2008.

2 Responses to “Emergency Economic Stabilization Act of 2008”

  1. Very good !

  2. The fundamental mess that is glossed over is not the name of the organization known as the Federal Reserve Bank (not officially a part of the U.S. Government – as its name suggests). It is, rather, the practice of financial usury/interest. It is this that is a great enemy to Muslims, yet is used as a tool of oppression – and indeed is financial terrorism – against the masses in the U.S. and around the world. Muslims champion the elimination of this practice. However, the Western populous usually doesn’t see this because the Islamic World is busy dodging the smear campaign of being terrorists when not dodging bombs and bullets by the real terrorists.

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