Friday, September 26, 2008

The Creation of the Second Great Depression -- by Ron Paul

Here is Ron Paul's take on The Great Bailout of '08.

And here is a teaser quote from the beginning of his statement:

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.

You know, I thought the last great neocon stroke for Bush was going to be an Iran bombing -- guess I was wrong.



Stu Farnham said...

I am really at a loss to know what to think about the bailout. My judgement is clouded by worry and concern. If I were in my 20s or 30s, I would feel now (as I did then) that I have plenty of time ahead of me, and that the major risks here accrue to someone else.

I'm in my late 50s. Most of my wage-earning life is behind me, and I made a decision to walk away from an extremely high-paying career because it was killing me.

The prospect of a ten-year great depression that wipes out everything that my wife and I worked for is frightening, and legitimately so.

I think that the executive branch is trying to use this fear to cause a stampede to action. I assert that we have to do something; the economy is in as close to a free fall as it has been in my lifetime. But I'm damned if I know what we should do. And I sure as hell don't trust the powers that be to figure it out on my behalf.

My suspicion is not limited to those in power; many of the contrarians have axes to grind as well, and I am unsure as to whom I can believe.

I fear that the cost of being wrong is more than I, and we, can afford.

Kate said...

speaking as one in her "20s or 30s", I'm just as scared. I haven't had time to build up anything to hold on to, and my worry is that I will not get that time. I'm depending on the hope that there will be a job waiting for me when I graduate and I haven't got anything to fall back on if that doesn't happen. The next few years of my life are when I should be saving, and if the economy doesn't improve I may well find myself in my 40s with no real savings, no assets, and no stability.
All that said, I don't feel like I understand the ramifications of the bailout well enough. I have a general sense of right and wrong that means I don't like the idea of these jerkoffs getting away with robbery, but I'm also not sure of what other options there are. I'd like to say I'll spend the time to do more research, but I've been so busy trying to get this education that is supposed to give me a leg up in life...well...yeah.

Bpaul said...

Awesome set of comments folks. I'm still just kind of wide-eyed with shock and getting my thoughts/feelings together as I report on this ridiculousness -- this dangerous ridiculousness.