Tuesday, November 25, 2008

NYTimes offers nonsense, Ron Paul offers truth

While the NYTimes' Floyd Norris is offering his nonsensical analysis that America currently has no choice, but to stay the course of bailout after bailout:

Even if Citigroup is the last bailout, the Bush administration... will leave a trail of socialized risk.

But that trail may not be at an end. The auto companies want billions in bailouts, and other industries are lining up.

And as the nation’s obligations rise into the trillions, at some point investors may begin to question whether a government running huge deficits can also credibly promise that the dollar will not lose its value....

But those are problems for another day.

Congressman Ron Paul's piece entitled "The Bailout Surge," proves he continues to speak the truth and make sense:

It won’t work. It can’t work. We need to cut our losses and get back on course. There is too much at stake for too many people to continue down this road. The bailouts thus far to AIG, Bear Stearns, Fannie and Freddie, and TARP funds amount to around $1.5 trillion. Considering our GDP is $14 trillion, and our Federal budget is already $3 trillion, this additional amount will significantly eat into our future lifestyles. That amounts to an extra $5,000 that every person in the country needs to somehow produce just to keep up. It is obvious to most Americans that we need to reject corporate cronyism, and allow the natural regulations and incentives of the free market to pick the winners and losers in our economy, not the whims of bureaucrats and politicians.

Tim White

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