Wednesday, September 24, 2008

Bailout Roundup

What Really Happened?
by Lawrence H. White | Cato Institute | December 2nd, 2008
The housing-finance boom and bust are not the results of a laissez-faire monetary and financial system. We didn’t have one...The housing boom and the aftermath of its bust arose from market distortions created by the Federal Reserve, the government backing of Fannie Mae and Freddie Mac, the Department of Housing and Urban Development, and other federal interventions.

Bailouts will lead to rough economic ride
By Ron Paul | CNN | September 23, 2008
Many Americans today are asking themselves how the economy got to be in such a bad spot. For years they thought the economy was booming, growth was up, job numbers and productivity were increasing. Yet now we find ourselves in what is shaping up to be one of the most severe economic downturns since the Great Depression...

Ron Paul: Don’t Bail Out Wall Street
By David Alliot | NewsMax | September 23, 2008
Blame government intervention for the current economic crisis, Rep. Ron Paul, R-Texas, says in an article on “The bailout of Fannie and Freddie, the purchase of AIG, and the latest multi-hundred billion dollar Treasury scheme all have one thing in common: They seek to prevent the liquidation of bad debt and worthless assets at market prices, and instead try to prop up those markets and keep those assets trading at prices far in excess of what any buyer would be willing to pay,” he writes...

"Insight" with Brian Oxman, Kathryn Milofsky [audio]
KLAA 830-AM (Los Angeles) | September 23rd, 2008
Guest: Ron Paul on the economy

Late Edition with Wolf Blitzer [video]
CNN | September 21, 2008
Guest: Ron Paul
"You don't need a 401k to be injured by the destruction of the dollar!"

U.S. Congressional Joint Economic Committe [video]
CNBC | September 24, 2008
Congressman Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market at the Congressional Hearing. Ron also questions Bernanke's authority and constitutionality of using the printing press to generate all this extra money needed for the bailout.

Fox Business News [video]
Ron Paul | 9/24/08
Paul gives his take on the bailout to rescue the collapsing global financial markets.

Ron Paul's Answer to the President

The financial meltdown the economists of the Austrian School predicted has arrived...

Mises Institute Bailout Reader | 9/26/2008
The events taking place in the financial market offer an illustration of the soundness of the Austrian theory of money, banking, and credit cycles, and is your source not only for analysis of these events but also the economic theory that helps explain what is happening and what to do about it.

A Tale of Two Gaps: Achievement and Home Ownership
Tom Shuford | | 10/21/2008
A lot of politicians and, now we know, a lot of Wall Street CEOs are "doing the three-monkey thing." It was their hear-no-evil, see-no-evil, and, above all, speak-no-evil attitude towards lowered lending standards — to close the white-to-minority "home ownership gap" — that caused the immense destruction of wealth of recent months.

The Rest of the Meltdown Story
by Neal Boortz | September 19, 2008
[...] Right now this crisis is being sold to the American public by the left as evidence the failure of the free market and capitalism. Not so. What we’re seeing is the inevitable result of political interference in free market economics…

What Would Ayn Rand Have Done?
By Michael Duffy | Time Magazine | Sep. 19, 2008
[...] [Ayn Rand Institute executive director Yaron] Brook doesn’t blame speculators, traders or financiers for the market’s near-collapse, but instead blames government for having over-regulated the markets in the first place. The business leaders bailed out by government this week “are victims,” he said, “and the government set it up.” Washington under-reacted to previous crisis, let Fannie Mae and Freddie Mac spin wildly out of control as quasi-government agencies while taxpayers piled up unsecured debt in their names. The crisis, he added, was “really fed throughout by government policies.”…

Corporatism, Not Capitalism
Radley Balko | Reason Magazine | September 24, 2008
Many commentators have blamed all of this on capitalism. This isn't capitalism. It's a peculiar kind of corporatist socialism, where good risks and the resulting profits remain private, but bad risks and the resulting losses are passed on to taxpayers. There's nothing free-market about it.

Don't Blame Capitalism
By Peter Schiff | Washington Post | October 16, 2008
...Absent from such conclusions is the central role the government played in creating the crisis. Yes, many Wall Street leaders were irresponsible, and they should pay. But they were playing the distorted hand dealt them by government policies. Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets.

Is Capitalism on the Ropes?
by Larry Elder | September 25, 2008
[...] The Federal Reserve Bank, in effect, prints money to pay for things that voters demand -- but their taxes cannot cover. The proposed bailout of financial institutions enables the Fed to create hundreds of billions of dollars out of thin air. The cost is greater inflation -- a stealth tax on us all...

A Crisis of Global Statism
Pierre Lemieux | Mises Institute | 9/25/2008
The current financial turmoil is a "crisis of capitalism," said a spokesman for Britain's Socialist Workers Party, as good Marxists have been repeating for more than a century. "[A]n unregulated financial system is a disaster," echoed Sheila Rowbotham, professor of gender and labor history at Manchester University. Added a leftist London mayoral candidate, "Capitalism has had its chance and failed; now it's socialism's turn." I wonder what they have been smoking...

The Real Lesson of the Great Depression
Dr. Yaron Brook | Ayn Rand Institute | September 24, 2008

Ayn Rand on Today's Crisis
Alex Epstein | Ayn Rand Institute | September 23, 2008

Why Big Government Is Back, and How to Shrink It to Its Proper Size
Dr. Yaron Brook | Ayn Rand Institute | September 23, 2008

Don't Cap CEO Pay: End Bailouts
Dr. Yaron Brook | Ayn Rand Institute | September 23, 2008

Credit Crisis Makes a Case for Abolishing, Not Expanding, the Fed
Dr. Yaron Brook | Ayn Rand Institute | September 22, 2008

Stop the Bailouts
Dr. Yaron Brook | Ayn Rand Institute | September 22, 2008

** UPDATE **

You're Going To Destroy A Worldwide Economy! [video]

Bailout Fails! [video]

Bob Barr on Your World w/ Neil Cavuto [video]

Ron Paul Warns of Dark Ages [audio]