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A message from Ron Paul

This e-mail was received from Connecticut Citizens for Immigration Control on September 24, 2008 and posted on the same date

This is the third time the U.S. public has been faced with the catastrophic destruction of our country coming to us in the form of a vote in the U.S. Congress. The first time was Bill Clinton and the elites pushing NAFTA down our throats, over the objections of the American people. NAFTA supporters promised thousands of jobs, instead the great sucking sound was jobs going to China as Ross Perot predicted.

The second was McCain and Kennedy's amnesty, but the American public was better organized this time. Through the efforts of organizations such as NumbersUSA and FAIR, the destruction of the United States was averted. But the battle is far from over.

This is the third time. The $700 billion will saddle every American man, woman and child with a liability of $2,300 at minimum. And the cost of government programs never goes down. So, it will probably be much more. This bailout is to make whole the banks (foreign and domestic) who ran up their profits by buying sub-prime mortgages. It is shifting the loss from the owners of the debt (the wealthy) to the American public (the middle class).

The propaganda effort is the same as with the amnesty program's "Jobs Americans Don't Want. That is the BIG LIE technique. Tell a lie often enough by credible people and that the public will eventually buy it.

It should also be remembered that Secretary Paulson is the same guy that has spent years running to China making free trade deals to destroy American jobs and to increase the profits of global companies. He has zero interest in the welfare of the American people.

There are three big lies in this case,

1. "There will be no mortgage money. People won't be able to buy houses."

2. "People will lose their homes."

3. "Banks won't have enough money to lend to businesses. We will suffer a great depression."

The counter arguments.

1. There will be money for mortgages. This is a sub-prime crisis, where people with shaky credit got loans they could not pay. Banking will resume its normal standards and prices of houses will probably drop because they are not inflated by the availability of too easy credit.

2. Who owns the sub-prime mortgages has nothing to do with whether a person defaults on the mortgage. If they default, then either the government (if we allow them to buy this mess), or the private banks that now own the mess, are going to foreclose on the house. If the government forgives the mortgages, then American taxpayers are going to be paying the mortgages of millions of people who should not have had mortgages in the first place. (this is a very likely scenario. can you see the U.S. govt going around kicking people out of their houses?) This is a massive subsidy paid for by the American people.

3. Banks will have enough money to loan to businesses. There is not a liquidity crisis like there was in the 1930's. (Banks went bust when all the depositors lined up for their money at once. The banks had their assets in long term loans, like mortgages, and did not have enough cash on demand. They closed. When the banks finally sold off their assets at the height of the depression, they paid back 80 cents on the dollar. The Great Depression was caused by the Federal Reserve's refusal to lend banks short term, to overcome the liquidity crisis, turning a bad situation into a catastrophic disaster.)

Liquidity is not a problem. Loaning to solvent companies is not a problem.

This is a bailout of millionaires and their banks. It is the "sky is falling technique." Yell it loud enough, with enough people, and then the population believes it.

Fortunately, the American people are a little smarter than last time around, and only 7% of the public approves of this bailout. Here is Ron Paul.

Wednesday, September 24, 2008

Dear Friends,

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.

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!

• 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.

• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.

• 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.

In liberty,

Ron Paul