Saturday, September 20, 2008

Washington declares war on debt crisis!

I woke up this morning and as usual, made a pot of coffee, turned on this computer, and started reading the morning mail and news. Here’s what I found and I really don’t think I need to add much to this post.

Ron Paul: This Bailout Won't Be the Last

September 19, 2008 05:35 PM ET | Luke Mullins |

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:

Washington declares war on debt crisis!

Result: With this step, the U.S. government is shooting its funding operation in the foot. It's merely making it that much more difficult for the U.S. Treasury itself to raise the money it will need for each and every one of its bailout efforts.

And sure enough ...

This morning, U.S. bond prices are collapsing, as the interest rate the U.S. Treasury has to pay on its 10-year bonds has surged by an unprecedented 39 basis points (.39 percentage points).

Bottom line: These three government bombshells do not end the credit crisis. They merely threaten to spread the plague to the one borrower who heretofore stood above the crowd of sinking debtors: The United States Government itself.

CLICK HERE to read more.

Peter Schiff On Glenn Beck 3/17:

Peter Schiff on Glen Beck 9/15

The Party's Over

A true conservative cherishes prudence and believes in fiscal responsibility, balanced budgets and a self-reliant republic. He believes in saving for retirement and a rainy day, in deferred gratification, in not buying on credit what you cannot afford, in living within your means.

Is that really what got Wall Street and us into this mess — that we followed too religiously the gospel of Robert Taft and Russell Kirk?

"Government must save us!" cries the left, as ever. Yet, who got us into this mess if not the government — the Fed with its easy money, Bush with his profligate spending, and Congress and the SEC by liberating Wall Street and failing to step in and stop the drunken orgy? CLICK HERE to read more.

Once again, bad behavior will be rewarded and those of us who are prudent and responsible will get taxed more to pay for it. OR, you can start holding Washington DC and your State Legislators accountable under your First Amendment. CLICK HERE FOR MORE.

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