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The Creation of the Second Great Depression
Ron Paul
Lew Rockwell.com
Thursday, Sept 25, 2008
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.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
(Article continues below)
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!
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The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
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Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.
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Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.
There goes your country.
Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
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23 Responses to “The Creation of the Second Great Depression”
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September 25th, 2008 at 6:48 am
Fuck!!!Fuck!!!Fuck!!! Shit!!! God Damnit!!! Fucking Whores!!! Shit!!! Damnit!!!
Fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuck!!!!!!!!!!!
Ahhhhhhhhh………. I feel better now…..
September 25th, 2008 at 6:51 am
“New Deal to end all New Deals”?
Creating a government cooperation to build back long lost INDUSTRY, is slightly different from bailing out fascist pigs.
In fact, this is EXACTLY what Hoover did. Just print money and watch the piggies slurp it all up.
“Socialism for the rich”???
My God, does he have to use the word “Socialism” to describe everything he doesn’t like?
“Gee, this coffee tastes a little Socialism to me”.
Come on Lew, call it what it is. Stop linking the word “Socialism” to everything.
This is FASCISM. Pure and simple. Pigs at the trough.
Calling it anything else is just plain silly.
September 25th, 2008 at 7:14 am
Senator Dennis Deconcini was petiful yesterday at the Senate. He is carrying the water for the Banksters that got us into this mess.
As he explained he was departing from his “prepared remarks” which he also said were a discussion of the banking and credit system in this country since 1929.
Not good enough Senator!
How about returning to the Creation of Monster, the creation of the Federal Reserve System by central bankers in 1913! It was suppose to eleminate this perpetual boom and bust cycle. The truth that our citizens must absorb, is that it would invariable lead to just such booms and busts to continually rob the masses of their savings and economic stakes in the society.
Will our willfully ignorant fellow citizens avail themselves of the information that we the Ron Paul supporters have been pleading with them to expose themselves too: i.e.,
G. Edward Griffin’s “The Creature From Jekyll Island” and Aron Russo’s “America: Freedom To Fascism”?
We The People cannot demand that our representatives solve the problem until we understand the problem. Don’t rely on the majority of our Senators and Congess Critters that have whored themselves to the crooked process and allowed their perogatives, responsibilities and duties to be usurped by this President and Administration. He and many of them are openly supporting a fascist construct of government.
We need to Revolt!
September 25th, 2008 at 7:22 am
THIS IS WHAT I THINK. something has to be done to help the economy, BUT not 700 billion dollars. SO quickly the debate became either 700 billion dollars or NOTHING. Bad Guy Bush is pushing this 700 thing because they actually dont what it to pass. They dont want anything to pass. They want the economy to collapse.
September 25th, 2008 at 7:28 am
With issues as serious as this, I found it extremely unfair of George Noory to try to call Alex to task about “loosing” it at the convention while confronting Malkin. Why would any warm blooded person have been “calm” when facing a malignant promoter such as Malkin? Should we all just titter and gosh darn our way through life like Noory? Sorry, but what a wimp. Alex just vented as any of us would have but he had the courage to be the one who was THERE….getting pushed, harassed…
If Alex can be accused of “loosing it” Noory should call himself to task to “find it”, some skin in the game. Noory is just a bit too detached to passionately involve himself in issues, though he may made nods to great issues…he’s cheifly an entertainer. He prides himself on his journalistic detachment. OK, great, he gets to be who he is and Alex gets to be who he is. How about that? Alex, by contrast to Noory, is a real person.
September 25th, 2008 at 8:11 am
I agree # 2, we could actually use a new deal right now under an FDR type president… this is a bit different in the very ways you already said. FDR actually respected the true American system of Economy as proposed by Alexander Hamilton.
We’re talking about a Weimar hyperinflation, we’re talking about food shortage, cultural degeneration, the ability to install a fascist dictator over the gullible people who will do what they’re told, and take the precedents that have been laid fourth from this war party administration to create a militaristic culture beyond anything this country has ever seen before. The economy is only the beginning of the oncoming storm of the future. People fail to comprehend the pure evil of Cheney, Bush and merely chalk it up as incompetence when it’s just the opposite, they laid the ground for dictatorship, and complete control over food, transportation, housing, relocation of residents into work camps ext..
September 25th, 2008 at 9:42 am
this staged crash was talked about 18 years ago that I know about !!!!!!!!!!!!!
http://www.youtube.com/watch?v=lm_xX1Ur43I
September 25th, 2008 at 11:26 am
Welcome to the New World Order Folks!! It’s only a short matter of time the dollar will be worthless/gone and the good ol USA will be one with Mexico and Canada. There’s no reason to lock down our borders because we will all become one big happy family, replacing the non-existent dollar with the Amero!
Obviously, this has been in the works for YEARS!! We need to wake up and stop voting for this two I mean one party system!
September 25th, 2008 at 12:27 pm
When america makes the government overthrow the federal reserve, because reserve isn’t really accurate. i hope the oil reserve is really that too. I think they can’t release that oil because they probably already sold …
September 25th, 2008 at 2:59 pm
Meet our Masters. Remember no review of the upcumming, in your mouth, legislation.
The Federal Reserve Banks are a privately owned consortium controlled by the eight major stock-holding families: The Rothschilds of England and Germany, Moses Seif of Italy, Lazard Freres of France, the Warburgs of Germany, Kuhn-Loeb of Germany, Goldman-Sachs of the United States, Lehman Brothers of the United States, and the Rockefellers of the United States. Only three of these families are American. This small group decides the fates of hundreds of millions of people by their financial policies and maneuvers. It was Baron Meyer Amschel Bauer Rothschild, (born in 1744 and died in 1812), who said, “Give me control over a nation’s currency and I care not who makes its laws.”
September 25th, 2008 at 3:45 pm
I agree with Alexa, it was a little scoldy of George Noory. I think he means well, but his personal laid-back style has sometimes made me wonder just how committed he is and sometimes I think he just plays it both ways for ratings…too many serious topics are bracketed by b.s. like hauntings and bigfoot. C’mon George, these are serious times, stop putting on every wacko who wants to talk about Aunt Marge’s ghost who flew around the room last night…at least Alex, as you said, is a real person who deeply cares and stays on topic.
September 25th, 2008 at 4:05 pm
Jewnited States must die
September 25th, 2008 at 4:46 pm
When a company is about to crash the bosses usually plunder it of all assets and hide the money in places like Switzerland. This whole bailout thing looks pretty much the same. Is the US about to go bankrupt? Why else are the high and mighty robbing its treasury and run for the hills?
September 25th, 2008 at 7:32 pm
Jews fucked the USA: throught the media, schools, finance, legal, culture
September 25th, 2008 at 11:16 pm
you know, spewing racist bullshit isn’t gonna make this stuff seem that credible to people beginning to learn about it, and its only give skeptics more ground on which to dismiss “conspiracy theories”. why the fuck are you guys letting people make obnoxiously anti-semitic posts??? do you want to make people believe that the rest of the truth movement is guilty by association?
September 26th, 2008 at 4:06 am
“They create the crisis and then they pose as our saviors”
September 26th, 2008 at 6:07 am
i agree with “V” you ass holes need to stop with all your anti semetic bullshit ! dont even get on this website if your going to say shit like that! you are just as rediculous and assinine as our tyrranical government that got us into this mess. Its racist, uncooth shitheads like yourselves that are being part of the problem and not the solution!!!
September 26th, 2008 at 10:37 am
It’s not racist if it’s true. Do some research jackasses.
- Peace!
September 26th, 2008 at 2:02 pm
It is the Vatican. The Vatican can bring down any leader, government, or country and get away free as a bird. This very year we had to watch as that evil satanist came here to our country. Maybe to make some final adjustments before this all came down on us I wonder. I have to say something about people saying things about “Jews”. The Jesuits created that term. These so called Jews are not even real Jews from the times of the bible. Do some better research yourself V. Everyone here needs to read “Vatican Assassins” 3rd edition by Eric John Phelps. There is more truth in that book than there is on this entire site. No one ever seems to look at the Vatican. I guess they are doing their job of deceit very well. They are behind everything that happens on this earth and they are behind what is happening to our economy as well. Every major family answers to Rome and have from the beginning. There is nothing we can do unless we revolt in a big way. DEATH TO ROME!!!! The true enemy.
September 26th, 2008 at 3:02 pm
Good post ox: I keep telling people that the government officials are just puppets. It’s those way above them that are running things. They keep us busy arguing politics while spinning their webs. A majority of our population cannot conceive this.
September 26th, 2008 at 8:26 pm
Remember, the Federal Reserve aren’t just “printing money out of thin air” as some people seem to be wording it, they are TAKING American tax dollars and GIVING it to these fat cats who ran their companies and businesses into the ground.
I agree %100 with the final sentence of your article. I am watching closely from Canada, and should this bill pass, it will be a testament to weakness of your position as citizens of the Unites States. It is your money, don’t let them rob Peter to pay Paul(son).
September 27th, 2008 at 6:18 am
Mudman says the only real solution is for Treasury to print US Treasury notes and to tell federal reserve we no longer need there service.but no one has the balls to do this,JFK tried and was killed for trying to save us! this is fed reserve plan to detsroy middle class,well lets arrest them and take back are country,or we can sit back and let them finnish us all off! as this is there real goal!”
September 27th, 2008 at 10:08 am
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason
http://www.youtube.com/watch?v=uw5dP5gy2Vs