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Bailout Vote Tally
The Campaign for Liberty website has posted a tally of today’s vote on the bailout plan. Check it out to see how your congressman voted.
Update: that link no longer exists but you can find updated information on the final vote at Final Bailout Vote Tally.
Ron Paul on Worthless Assets
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Tagged bailout, depression, economy, ron paul
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The Bailout Reader
The Mises Institute has posted a list of articles by subject area that will help anyone trying to understand the current ecnomic situation. It’s available at The Bailout Reader.
Predicting the Mortgage Crisis
Ron Paul in July 2002 spoke to the house when he presented his bill, the Free Housing Market Enhancement Act. His speech, Government Mortgage Schemes Distort the Housing Market, can be read in full on his congressional website. Ron Paul predicted the crash in the housing market:
Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges of Fannie, Freddie, and HLBB have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.
He then went on to explain what the government just might do to make it worse:
Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary but painful market corrections will only deepen the inevitable fall. The more people invested in the market, the greater the effects across the economy when the bubble bursts.
We are now having the beginnings of a crash in the housing market and the Federal Reserve has stepped in to delay the final day of reckoning. As Ron Paul points out, “postponing the necessary but painful market corrections will only deepen the inevitable fall.” That last part hasn’t happened yet but should be down the road soon.
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Tagged economics, mortgage crisis, ron paul
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A Deepness in the Sky
I just finished Vernor Vinge’s book A Deepness in the Sky. It is a loose prequel to his former novel A Fire Upon The Deep. Both of these are great science fiction books with characters that you will love. These people are surrounded by far future technologies, and they are living in the middle of galaxy changing events.
A Deepness in the Sky won the Prometheus Award for best novel. This award is given out by the Libertarian Futurist Society on a yearly basis. A major theme of the story involves a main character who struggles against his desire to make a “great society” while at the same time realizing the necessity of freedom for everyone. This and the many other ideas throughout the book will keep you reading to the end as quicky as possible.
Creating the Second Great Depression
Ron Paul has a new article, The Creation of the Second Great Depression, at LewRockwell.com pointing out some of the problems with the proposed economic bailout. Go read the article for yourself and then contact your congressman and senators. A couple of interesting quotes follow:
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.
And the problem with our current two party system:
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.
I would also recommend that you buy Dr. Paul’s latest book, The Revolution: A Manifesto, and read it if you haven’t already.
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Tagged economics, Liberty, ron paul, second great depression
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The Mystery of Banking
The Mises Institute has just republished Murray Rothbard’s book The Mystery of Banking. I hope to get this soon and add it to my reading list. This book in addition to America’s Great Depression, The Case Against the Fed, A History of Money and Banking in the United States, and What Has Government Done to Our Money? should help anyone to have a better understanding of the current crisis and the government bailouts. The problem is that many of our congressmen and senators don’t seem to understand basic economics or they do understand and are trying to use this crisis to nationalize as many industries as possible.
You can also read The Mystery of Banking for free at the Mises website by downloading the pdf of the book.
Ron Paul Endorses Chuck Baldwin
In case you missed it, Ron Paul endorsed Chuck Baldwin of the Constitution Party yesterday. Dr. Paul’s excellent article, A New Alliance – By Dr. Ron Paul, is available at the Campaign for Liberty. It seems that Bob Barr of the Libertarian Party helped make sure that Ron Paul would endorse someone and it wouldn’t be Bob Barr.
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Tagged chuck baldwin, election 2008, Liberty, president, ron paul
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the Great Lands 