Monday, September 15, 2008

Taxpayers finally win one!

After the federal government bailed out the billionaire bankers at Bear Stearns and, the morally corrupt, Fannie Mae and Freddie Mac... the billionaires finally encountered pushback from Paulson!

The AP reports:

In Washington, Treasury Secretary Henry Paulson, who refused to toss a financial lifeline to Lehman, was unapologetic as the Bush administration signaled strongly that Wall Street shouldn't expect more rescues from Washington. (By PATRICK RIZZO and JOE BEL BRUNO)

As far as I'm concerned, that's great news. But the story continued:

The American people should remain confident in the "soundness and resilience in the American financial system," Paulson told reporters at the White House.

I'm not quite onboard with that comment. To me, it's kind of like being lost in the desert and finding a canteen of water. Yes, it's refreshing. But are you out of the woods?

Until we return to some sort of commodity-backed currency (for instance, a gold standard), America runs a high risk of people controlling the money supply who may place personal interests before American interests.

Unfortunately, until Congress learns to control the money supply... they have a "partner-in-crime" with the Fed enabling Congress' spending addiction.

If either McCain or Obama would speak the phrase "monetary policy," he may win my vote. Along with ending the corruption of Washington and dealing with the unfunded long-term liabilities... either would have a shot at my vote by being honest and forthright about the issues that, IMO, could actually destroy the republic (though not in the next four years).

Anyway, hats off to Hank Paulson for finally standing up for The Little Guy! And telling Bernanke's Billionaire Banker Buddies to take a hike.

Tim White

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