Ron Paul Sees Great Depression

Oh, R. Aware, you just stepped in it. I'll leave the history lesson to people who don't have small children distracting them, but I just wanted to let you know you should keep reading this page today.

Ron Paul makes more sense than anyone out there. Why he didn't get more support for his presidential run is beyond me. This economic dire straits we find ourselves in only validate what he's been saying all along.

Wow Rick - that's courage. To INSIST on airing your ignorance when everyone else is speaking reason - that's brave. You wouldn't be heavily invested in financials, would you Rick? Too bad.

Well Rick if you did live through the depression then you should remember that the seed for this current crisis was planted by government in 1938 when it created Fannie Mae. This was the first of many socialist interventions by our government in the housing market. This IS NOT a free market problem. This crisis was 100% induced by our own government. 2003 from Barney Frank "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Are these the people you are still listening to. The same ones now saying we need a bailout! HAHAHHAHA

Although I never suppport FOX news and canceled my cable because of the network, I followed a link that got me here. FOX bias to not include Paul in the Presidential debate the day before the NH primary and O'really's and Hannity's treatment of Paul was nothing short of disgusting of a 'news' agency. Why are we rewarding people for failure? Privatizing the profit and socializing the debt? Isnt that what 'socialist' countries do? Surely not in America where the free market rules! Then again, who would expect this current crop of leaders in DC to get some balls and knowledge to follow our Constitution? They have dismantled ALL of our rights, well at least soldiers cant be quartered in our homes, yet. Congress refused to declare war and now, the Dems, have handed Bush more power than he even asked for. I am personally disgusted with the negligent and dishonest people at the helm. Without our civil liberties we are no better than China. Its the lack of respect for the Constitution and rule of law that got us here and the only person I see respecting either one is RON PAUL. I supported Ron Paul for one reason. The respect he has for our RIGHTS. Government does not grant rights, they are God given. Historically, the ONLY thing government does is TAKE rights and FORCE citizens into crap situations like the one we are in now. He is consistent and although I do not agree with everything, I KNOW where he stands and TRUST him. Thats something I cannot do with any of the clowns running. Now that banks are failing its up to us taxpayers to shoulder the burden. Anyone gone to the grocery lately? My grocery bill is up 15% in ONE MONTH. Wait until they inject another TRILLION into the system. I cant wait to see how much its going to cost me to feed my family in another month. Let the bad debt liquidate or face a depression. The govt is trying to keep prices artificially high. If prices do not come down, it will cause a worse crisis. 'Economic law will win in the end.' Ron Paul

Rick Aware, I am sorry but you are UNAware of the real facts that kept the Depression prolonged (artifically supporting prices that needed to correct. I suggest Murray Rothbard's "America's Great Depression," a scholarly look by a brillian economist. Your belief in the now disgraced Keyenesian/Galbraith economic theories will lead you to financial ruin. We haven't had free markets in this country since before the ICC was created in the mid 1800's. Economic education will serve you well.

If everyone was like Ron Paul. our household debt would not have just surpassed our nation's GDP. What happened to personal and fiscal responsibility? Even if this silly bailout passes, we are going to keep marching towards financial disaster. Look at charts of the CPI, M1, M2, M3, dollar value over time. The trends look really sad indeed.

John D. Rockefeller: "These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again." The last time this sort of thing was tried it failed miserably. In contrast even if it does work the taxpayers will never see this money again. The Federal Reserve (contrary to the way it sounds) is not part of the US Government. It is a Private group of banks that operates for profit like any other private business. Numerous programs were dreamed up to attempt to reverse the effects of the Great Depression and they all failed. The Reconstruction Finance Corporation was just one of the programs created by the Hoover Administraton helping to drive the budget deficit to 40% of the Gross Domestic Product where it stayed until WW II caused it to skyrocket to 128% of the GDP. We are facing an oppourtunity to destroy the "Business as usual" virus that has been ravishing this Great Nation since the crash of 1929. No one knows what would have happened if Hoover had listened to Andrew Mellon and allowed natural market events to "...purge the rotteness out of the system." I see two options as well, but one is unthinkable. 1) Allow the market to correct itself and learn a hard lesson in financial responsibility. 2) Let ourselves be attacked to justify deficit spending in the name of "National Security."

Thank you Ron for telling it like it is...Rick Aware get your head out of the sand!

Wasn't Ron Paul running for President? He seems so much better than Mc Cain or Obama. I wonder why he didn't win the primary election and the GOP nomination. Oh yeah, that's because every media outlet made him out to be "not a frontrunner" or "not a top tier candidate". Well, it seems now that people will notice that he is an expert in economics and foreign policy. Too bad, America that your corporate owned media lies to you.

Why does this smell like a huge scam to loot the American people before Bush and his cronies leave office...

We're channeling too much energy into getting Ron Paul elected as President right now. We should be working to get Ron Paul elected as Speaker of the House! This economic meltdown is exactly what we need right now. The People can finally realize what power they have to take advantage of the situation and un-elect the majority of the incumbents in Washington. It's time to clean house again! Replace the incumbents with liberty-minded folks and get Ron Paul elected as Speaker, which is the best chance We The People have in getting Ron Paul's bills introduced! And the first order of business in a Ron Paul House of Representatives should be for the government to immediately default to the Fed and cut off its head! I suppose it sweetens the deal that the House Speaker is the next in line behind the Vice-President in the line of succession. :-)

I guess now that Ron Paul is no longer a "threat" (since he is no longer running for Presdident), he is FINALLY getting some respect from the media. Our children and grandchildren will be paying for this bailout long after we're gone. Ron Paul is the voice of reason. I can't believe that our next President will be either Obama or McCain. America is in big trouble.

Ron Paul could not be more right. He has talked about this coming disaster for decades. And now all of a sudden everybody wants to hear what he has to say. Well its too late now.

Obama fans please gaze upon the real change candidate that doesnt need a telepromter...

Mr Aware, Where do you propose "we" find this large sum of money that is needed to "invest" to save us from an impending depression? OHHH...that's right...PRINT IT OR BORROW IT. What good comes when the USD becomes as worthless as an old Mexican Peso?

Rick Aware, prepare for a Depression! Please read up on Austrian economics on the web. Central banks were created to finance the welfare-warfare state we live in.

Rick Aware you know absolutely nothing about economics than what you've been spoon fed from FOX News. We are in this mess because the Federal Reserve pumped way too much into our economy again and again. Now they want to fix te problem with the same thing that caused the problem. You are a fool if you still by any of the bill of goods from either party! You think McCain will make a difference? This "Disaster" did not happen overnight. Ron Paul has been warning us for years... Why is it that McCain, Bush, Obama or Biden did not even know about it until 10 days ago? These companies should be allowed to fall and go bankrupt. In nature there is no mercy for stupidity like yours. Idiots have lived well because the Federal Reserve has been pumping billions of dollars out of thin air into our economy. The Federal Reserve has a right to COIN MONEY but not to produce it out of nothing. This fiasco is going to raise inflation and totally deflate the US Dollar. Everyone does know that the US Dollar is going to be worthless in the near future. This bailout will accelerate it's demise. Think China is going to keep lending us billions? They didn't offer for this debacle... I advise any of you with money in the Stock Market to pull it out no matter how well it appears to be doing. Invest in Silver and Gold. There are some overseas stocks that are good but all of the Paper you have will soon be worthless.

The Crash of 1929 was caused by the overextension of credit to allow stockbrokers to buy with money they did not have. They made it illegal to overextend credit made on margin purchases. When the market crashed, all those loans got called in but nobody had the money to pay all the loans they used. Now this situation has been created by the overextension of credit to individuals for consumer purchases (again, spend, spend, spend to make the rich get richer) and for mortgages to buy houses on overextended credit. "Living beyond on our means," just like he says. Now they are going extend even more credit, which will make the problem even worse and cause both inflation as the dollar becomes worthless and the burden on the economy in the present of paying off all the bad loans of the past will kill investment, hence growth and productivity, in the future, which is what will cause the recession to be a depression. More importantly, the government does not have the constitutional authority to do this under the Supreme Court case of Youngstown Steel v. Sawyer. There, the steel workers union struck during the Korean war, which threatened to cut off the troops at war in Korea. Truman ordered the government takeover of the steel industry. Sound familiar? Amazingly by today's "war on terror" standards, the Supreme Court said that there was not constitutional authority for the president to take over private industries. Truman had based this on the Commander in Chief power to act in emergencies, but the Supreme Court said the Commander in Chief power does not give the president the authority to disregard the Constitution during wars by claiming everything is a threat to "national security." Sound familiar? The President is not even claiming Commander in Chief power here. There is no explicit power granted to the President and Executive Branch to take over private industries. If the government can take over 1 industry, it can take over all industries. That will solve the problem of Wall Street crashes, Comrade, because capitalism will be dead if it is not already. But at least we know capitalism is alive and well in Washington where you can buy and sell politicians and legislation for the right price with even more freedom and privacy than you can buy stocks on Wall Street. The problem is not on Wall Street but in Washington.

I started paying attention to Ron Paul when I heard him ask, " Who's looking out for the dollar?"

Rick Aware, You didn't read the article if you think what you think you are the fool. Mr. Quinn quoted a Noble prize winning economist that said the OPPOSITE of what you said. So who's the goose now?

How can they ram this down our throats when only 7% of the population agrees its the right thing to do? Finally people are waking up, sadly too late for many of them. Ron Paul cured my complacency. If Baldwin wins the bid for president then he at least will put Ron Paul in the second best position he could be in. Wanna know what that position might be? Google Baldwin+Ron Paul for lots of interesting information. Make yourself heard! Call your congressman (and mine) and tell them NO to any bailout no matter how they modify it!!!

Ron Paul is the only one I hear who is talking honestly about this situation. NO BAILOUT!!! Let the system fail and die and let it be replaced with and honest one.

Yes, there are two choices: 1.) Do nothing and Wall Street panics - the terds are flushed down the crapper. (or) 2.) Pass the bailout, sink into depression and Wall Street comes out smelling like a rose. Look up "moral hazard".

"Consummate fool" huh? Not so fast. Rewind to 2003... "Buffett fears that there is a lynchpin out there in the derivatives market that, when pulled, will send the financial world into a spin" Well, Rick, looks like the lynchpin was the decline in the housing market and the wave of foreclosures. For anybody to pretend they never saw this coming makes them a fool or a liar. The Oracle told them 5 years ago. Dr. Paul has been explaining all of this for years as well. Last I checked, Bush still hasn't admitted our economy is in a "recession". What a total joke.

Who is the guy and why is he trying to save my economy?

Rick Aware, I have a couple questions. What was the cause of the great depression? What could have prevented it from lasting so long. I think Dr. Paul answered these questions fairly well. The cause was credit creation caused by loose monetary policy in the Federal Reserve. Less government intervention, i.e. price fixing, would have caused a sharp but relatively short recession. Our credit system is a house of cards. We can postpone it for a couple years and make the inevitable even worse or we can take our medicine now. As a young person, I want to get it over with now and rebuild a better freer America. sigmaseek.blogspot.com

Rick Aware You are a tool

I am a Republican. Was until today. Pelosi has given 25 billion to the Auto Industry to bail them out and pay for people who bought autos they could not afford. Why was this fact hidden in the media on all fronts? Wasn't this 700 billion about the Housing and Mortgage industry? Now Pelosi is sucking on the shaft of the Lobbyist while throwing rocks at the republicans for the same thing. We are in dire straights here and I understood bailing out the mortgage markets even though I didn't agree with it, it had to be done to save our economy. But with Pelosi getting this through and NO Oversite from either side. I have had it. They never learn and never Serve us. I stand to lose a hell of a lot in investments but this is WAY over the top. Republicans are the same dime. I hereby change my vote to Ron Paul!

Rick Aware: You have no understanding what money is. The two options are: 1. do nothing = severe, relatively brief recession 2. slam new fiat currency into the stream and towards a great depression. why? because keyesian economics don't work in the long run. they did for a while during your experience at the time because we were still tied to the gold standard until 1971, the Brenton-Woods Act. We were also a creditor nation, production/savings based. Now we've had a complete break from the gold standard, do not hold the Federal Reserve accountable now, and have gotten addicted to credit out of thin air and have become a debtor/consumer based society. Look to Hayek and our Constitution. The answers lie within. "Allow me to issue and control our nation's money and I care not who writes its laws!". Amshell Rothschild

Dr. Paul is the only one who has literally spent his entire political life fighting for sound money and all the great things that come with it (difficult to fund uneccessary wars when you can't just print money). He can go toe to toe with anyone in that Capital building when it comes to economics. Why doesn't Congress humble themselves and hear what this Statesman has to say?

Ron Paul has been warning about this situation for many years. Great hard hitting interview. Ask these same questions to ignorant leaders like McCain or Obama and watch them squirm.

Rick UnAware is the consummate consumer of propaganda, whereas Dr Paul spent decades studying monetary policy. Dr Paul correctly predicted the break down of Bretton-Woods I and II, the Nasdaq and housing bubbles and the consequences of the Treasury extending guarantees to GSE's and that the $2 Billion line of credit to Freddie/Fannie back in 2003 would result in malinvestments many times greater. The Great Depression was the result of a decade of easy credit in the 20's courtesy of the Fed fixing the cost of money artificially low. And when the bubble burst it was the intervention to "fix the system" by propping up prices that prolonged the pain. The whole episode has now been repeated with Greenspan's decadence creating bubble after bubble. And now instead of letting the bad debts liquidate at their true market value, the Fed and the Treasury is looking to prop up the prices of houses and bad debts on the backs of ordinary Americans with more debt and inflation.

One more thing; for "Rick Aware": If the amount of cash is not limited by a hard asset, such as gold or silver; what stops the banksters from piling up huge bets, like the $90 Trillion in CDO's that this "crisis" is really all about??? New regulations??? Ask a banker: "Let me issue and control a nation's money supply, and I care not who makes its laws." (Mayer Amschel Rothschild, Founder of Rothschild Banking Dynasty) Only a return to a hard asset based currency as our Constitution defines will stop these thieves from robbing our kids 20 years from now after they've worked us till death paying off their bad bets... Think about it! Seize the assets of the CEO clowns first, that ought to add up to a few Billion right there...

A threat of not voting for your sitting Congressman is NOT enough. They are traitors to America. They are selling YOUR souls (and money) to the highest bidder - the diabolical greed of the Private banks that make up the FEDeral Reserve. These banks have existed long before America became great. They financed BOTH sides of wars throughout Europe over the last 300 years. In 1913 they sank their tentacles into America and have been sucking it dry ever since. Bernanke is the talking head of the Fed. Paulson is GoldmanSaks - a member of the Federal Reserve. They ARE the problem. They created it with their greed. They threatened YOU with disaster if YOU don't pay THEM to fix it. What these greedy bankers are asking for is more of the same to fix the problem - the very definition of insanity!! Their lies make me want to puke yet the average citizens are just so many bleating sheep .. "save us, save us." YOUR Congressmen are either too stupid or they are bought and paid for. Their is a HIGHER POWER that should be at work here. It is called the US CONSTITUTION. If EVER there was a RIGHT TIME to REVOKE the Federal Reserve Act and bring back the GUILLOTINE (for treason) NOW is the TIME!! If you don't let your Congressmen know that you KNOW what they are doing is TREASON and they WILL be held fully accountable then you DESERVE the Government you have !!! It is sad that if you let this happen not only will you be destroying America but you're moronic INaction and acquiescence will drop the entire planet into the worst DEPRESSION the world has ever seen.

Too bad Ron Paul talks over the hosts' heads...he doesn't do this on purpose, he is just light years ahead in understanding the fraud our current system is built upon. If citizens would spend a few hours researching "fiat currency" and "Bretton Woods II" they would understand what Ron Paul is saying here, and would finally understand how the private FED Reserve stole America by parting us of our gold and silver based currency and substituting worthless unbacked pieces of debt based paper. Only the Bretton Woods agreements allowed us to ship these scraps of paper around the world, exporting our inflation... and destroying the trust. Now it will all unravel as the bagholders are PISSED... and we are the New Banana Republic. Google it. Case in point: JP Morgan just got all of WaMu's assets for $1.9B and non of its liabilities... they are one of the 12 members of the PRIVATE Fed Reserve... nice to have friends on the inside??? Privatize the profits, socialize the losses.

Ron Paul makes some very good points with regard to economics as well as politics. Imagine, running the country in accordance with the Constitution! How novel! Surely, the constitutionality of our financial system, or lack thereof, ought to be part of serious debate about this bailout scheme. The fact that it is not fairly well demonstrates that the debate is rigged.

It is time for Ron Paul to lead us back to the great republic we were founded on and regain our personal freedoms and liberty. You have the words of a true patriot in Ron Paul

They have been putting band aids on our financial cancer tumors for years, now they have some solution sew em up but good and seal the bleeding. Only the good doctor knows that you remove the cancer... but alas, it all falls on deaf ears..

To Rick Aware, and anyone else who is ignorant of history and economics. Living within our means and reforming the monetary system is not 'doing nothing'. It's fixing the problem. Spending alot of money(that we don't have by the way) won't solve the problem, it IS the problem. You can not spend your way to prosperity. The Federal Government spent a pretty penny on New Deal programs but unemployment never dipped to the single digits before Pearl Harbor.

LOL @ Rick Aware! Rick, if you want to see the fool, look in a mirror. Yes, the great depression lasted so long because the government did just the types of things they're trying to do know. And, there are more than just 2 options that exist in this situation. The clowns calling for this "bailout" are the same clowns who said the economy is fine, just weeks ago. Ron Paul, who you claim is a fool, has been warning that this crisis was in the making for YEARS. He predicted the Fanny and Freddie crisis years before it happened. He predicted Lehmen Brothers and all the rest. In the run up to the Iraq war, he warned that it would be a very costly debacle that would last for years, not be the "cakewalk" that certain clowns claimed it would be. Your calling Ron Paul a fool is equivalent to calling Einstein an ignoramus.

I have agreed with Ron Paul from the beginning of his campaign for president and will continue till I no longer breathe. If we have an election, I will be writing him in! He is the ONLY one saying ANYTHING!!! He tells you what the problem is and how to fix it! He is the ONLY one for REAL CHANGE, not these puppets McShame and Osama, oh wait my bad, Obama. NO! I will NOT ever be for the BAILOUT! NO NO NO!!! Time to turn the TV's off people and get off your butts, it's time to take our country back!!! WE'RE TAKING OUR COUNTRY BACK! Time for a revolution!

@ Rick Aware, Rick, better check your history one more time. The reaction to the crash in 1929 was not 'do nothing' different from previous crashes as happened in 1921 under Calvin Coolidge for example. The reaction from Herbert Hoover was one of government interventionism on a big scale. Later this was widened by Roosevelt and called the new deal. This is why the depression didnt last 1 year, but over a decade. And no, WW2 did not end the depression because a lot of money was spend fast. Americans only began to get more wealthy after the second world war was over. If government spending a lot of money makes a country wealthy and cures depressions, why weren't the Soviet Union, China, Cuba and North Korea the most wealthy countries in the world? If a war makes wealth and cures a depression, why is the US not the wealthiest country in the world? You are in 2 wars right now which are costing you lots of money. Check your reasoning again.

Mr. "Aware", Herbert Hoover bailed out businesses, helped fix prices, raised tarriffs and numerous other heavy handed interjections into the economy during his term. That he "did nothing" is entirely a myth. He did nothing to help everyday folks, but he did MANY things to "help business". Read some history instead of trying to remember what things were like when you were a child.

Ron Paul is a REAL conservative. He's one of the few people in our government that has a clue. It's too bad it took a crisis to wake up some of the American sheep.

Kudos to Ron Paul for cutting off Cheryl when she tried to blame this disaster on mortgage companies and appraisers. Wall Street and loose credit standards created this mess.

Ron Paul is the consummate fool. It is impossible to get this anymore wrong than he has. Two options exist in this crisis 1) do nothing and sink into depression as happened in 1929 or 2) invest a large sum of money to keep the economy running. The great depression and new deal lasted for 10 miserable years. It ended when WWII forced us to spend a lot of money very fast. Yes, that was how it happened. I know, I lived through it but I didn't see it on TV as one braggart claimed he did. If you listen to Ron Paul or Joe Bidden you must be wearing a "suspend disbelief" hat.

I hope that any congress person who votes for this bill finds themselves voted out of office next term. It seems clear to me that taxpayers do not want this to pass. If it does, our 'representatives' do not represent us.

I just returned from Europe, and was surprised that the news paper there was full of information about American Companies and banks that were owned by other countries, including China. China controlls some of our ports. When is this information covered by the American News Agencies? How much of America is actually owned by other countries, and why aren't you telling us?

Regarding your interview of Ron Paul, The gov't has no right to approve this "bail out" when the tax paying citizen says NO. We have a society that buys first and then worries about how to pay for their purchase later. We are going to give $700 billion to wallstreet with the hope that these mortgage backed securties will have value in the furture and the $700 billion will be repaid. I ask, when will this accure and what makes you believe these bad loans will ever get paid by their homeowners. We gave loans to people who had bad credit, that means they didn't pay their bills in the first place, Why would one assume they will change this behavior? If we bail out individuals and companies for bad behavior, these behaviors will never change.