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Ron Paul has nothing good to say about the Wall Street bailout plan

'We don't have the money,' says Ron Paul about the Wall Street bailout plan. Rep. Ron Paul (R-Texas) may no longer be running for president, but that doesn't mean he slunk away quietly and is simply tending to his re-election bid (though there may not be much to do, since he's running unopposed).

The free-market, small-government libertarian had plenty of harsh words about the Bush administration's proposed Wall Street bailout plan when he appeared on CNN's "Late Edition" today.

WOLF BLITZER ("Late Edition" host): What do you say to the president who wants you and your fellow Republicans and Democrats to quickly pass this $700 billion bailout package?

PAUL: Well, I think that's a mistake because we don't have the money. But that doesn't mean you have to do nothing. I mean, we could reform the system. We could return to sound money. We could balance our budget. We could change our foreign policy. We could take care of our people at home. We could lower taxes.

There's a lot of things that we can do. But the worst thing that we can do is perpetuate the bad policies that gave us this trouble in the first place, and that is that we no longer, over the last quite a few decades, believed in free-market capitalism. Capital is supposed to come from savings. We're supposed to work hard and save.

As a matter of fact, the Chinese work hard, right now, and they save, and they're buying up the world. But we borrow and spend and consume, and now it's caught up to us and it's undermining our whole system. ... So this $700 billion is not going to do it.

Paul also argued that ...

... contrary to the White House's contention, this plan does not help Main Street.

"This is Wall Street in big trouble and sucking in Main Street, now, and dumping all the bills on Main Street. ... And you can't solve the problem of inflation, which is the creation of money and credit out of thin air, by more money and credit out of thin air, and not changing policy. We have to change basic policy.

"Yes, it would be painful, but it wouldn't last so long. What they're doing now, they're propping up a failed system so the agony lasts longer. They're doing exactly what we did in the Depression."

"So, yes, there are going to be losses, but everybody lived beyond their means when the prices of houses were going up. Nobody cared about it. They kept borrowing against it. Oh, yes, that was fine and dandy. Everybody was making money, and the owner of the home kept borrowing and living beyond their means. Now they have to live beneath their means.

"What the government is doing now -- and this new program is trying to prop up prices. You want the price structure to adjust. You want the price of houses to go down. You don't want to fix the price of housing. You can't price-fix. We've had too much of that.

"We need a market economy. We need to believe in ourselves. We need to believe and understand how the economy got us -- how the government got us into this mess. And believe me, it wouldn't be that tough. It would be a bad year. But, this way, it's going to be a bad decade."

Paul had nothing but disdain for Republican presidential nominee John McCain's suggestion to create a new government entity to deal with the crisis, calling it "just more of the same, more government, more programs, more spending, more regulations, trying to prop up a system that has been undermined."

He did say that Democratic candidate Barack Obama "has a pretty good grasp on how to attack this politically and go after McCain, but he doesn't have any answer. He's not talking about the Federal Reserve system. He's not talking about balanced budgets. He's not talking about bringing troops home from Afghanistan."

And, as Paul has said before, his choice for president will be "neither one of those two. They don't offer any alternatives."

-- Leslie Hoffecker

Photo credit: Associated Press / J. Scott Applewhite

Comments () | Archives (111)

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i watched the debate in the house of reps, not once did i hear one of them say they was going to do what their constichents wanted.all most all kept saying the public don`t understand but they need to understand they are one of us and we do ,we know whats going on.and i say it time to vote encombents out and try to have a goverment of the people ,not one who thinks it a goverment over us, remember mccain and obama bouth run to vote for giveing to wall street

If all in favor did a write in vote to elect Ron Paul President we could elect a real President or at the very least send a message that the end is near for the sheep that are currently in power.

From my studies as an accountant with a master's degree, I found that Dr. Paul makes the most sense of the canidates and is in-line with my economic studies.

Unfortunately, many of my economic professors use to warn us of the path we were on in the 80’s (corpratism) and it apprears it has come true. Dr. is also been warning us of this path. As American’s, we will face capitalism profits for the few on the upside and socialism losses for the many on the downside.

Voting is useless, they have found the way around the parade to install whoever they wish as President.
The Council on Foreign Relations (CFR) is the handler of John "the song bird-traitor to his fellow POW's", and the Tri-Lateral Commission is the handler of Barrack "not an american born citizen" Obama. So, either way they have their man.

Until someone drops one of these clowns and shows them that we have had enough, and the time has come to fight fire with fire, they will not listen or heed any of your words.

Time for the malitia's to rise again and take back this country from the despots that have infiltrated the congress and the white house.

Isn't it about time we put our house in order?

What a surprise...Ron Paul is the only man in Congress with the political will to actually want to solve the problem. Years from now, people will remember that we had the opportunity to elect Ron Paul as president, and we collectively blew it. How very sad.

Well...Americans, if you've been reading and listening...CALIFORNIA has just approved Ron Paul to be an official write-in candidate as an alternative to the "LESSER OF TWO EVILS" currently available bidding for our vote.

What Americans need to know is that YOUR VOTE DOES COUNT...YES, your little individual vote does count and once collectively counted and reflected in a total number can easily win over the mainstream media's pick for your candidate, and preserve what's left of our freedoms and liberties assured us in the U.S. Constitution.


If you value your future as an American citizen and your children's futures, log onto his website and read his political platform...know that there is an alternative!


YOU HAVE A BRAIN...USE IT! Read about what Ron Paul has to say about your economy, your military, your immigration issues, your healthcare issues, your education issues, your domestic pricing issues...THEY'RE YOUR ISSUES TOO...not just fodder for Washington to use to manipulate you into fear or misguided complatiency. WAKE UP AMERICANS...BEFORE NOVEMBER 4TH...YOUR VOTE CAN MAKE A DIFFERENCE...VOTE YOUR CONSCIENCE and feel satisfied you've done your can tell your children, your neighbors, your friends..."I voted my conscience, I voted the best I could because...I VOTED!"


I'LL WIRTE-IN RON PAUL FOR PRESIDENT to save our Constitution and our country!

It seems that about 99% of the US population has no clue that the Federal reserve is one privately owned giant corporation that has a monopoly on money creation out of thin air. People think that exxon's quarter earnings are immoral, the fed reserve makes TRILLIONS of dollars each year in profit. When they bail out the bankers to the tune of 800 billion, that basically means there is going to be an increase in the money supply of 7.2 trillion dollars due to the fractional reserve banking system. 7.2 trillion dollars is going to create a huge amount of inflation, watch the almighty dollar decrease in value until it is valueless and we move over to the Amero as our North American Union currency. Ron Paul has been speaking out against the federal reserve for over 20 years. Its about time the sheep (US) started listening. Look at history, the founding fathers were against a central bank because they knew it would and can only lead to debt slavery. Andrew Jackson fought against these central banks as did any president who knew anything about the economy. Soon the US will not be able to pay the interest on the huge loans we have gotten from the Feds and the government will go Bankrupt. Wait and see what happens to the US dollar, its in a heap of trouble due to the Federal reserve having absolute unchecked power to manipulate the value of the dollar and bring the markets to its knees whenever they so desire.

I know it's only 1 day since Obama was voted in, not on my vote. All who support Dr. Paul, we have to band together to help raise awareness of him. I learned about him toward the end of Feb. 08. I vow to do whatever I can to make sure people everywhere know what he stands for. Join the Revolution!


Thank you Ron Paul for being the beacon of truth in this house full of lies. I hope all of you who put Wall Street before Main Street get the judgment you deserve.

Ron Paul has some good ideas but he only makes himself vocal when its election time... why this that? On the other hand someone like Dennis Kucinich is always speaking out against injustices. I just found this article on truthdig... its awesome. It shows how outlandish these big banks truly are. I say we should have let them fail and give the taxpaying dollars to those who follow the laws and were taken advantage of by these wall street execs.

Here's the article, check it out... kinda long but its a great story

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About the Columnist
A veteran foreign and national correspondent, Andrew Malcolm has served on the L.A. Times Editorial Board and was a Pulitzer finalist in 2004. He is the author of 10 nonfiction books and father of four. Read more.
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