Saturday, October 4, 2008

Bob Barr on the Bailout

Bob Barr, the Libertarian Party candidate for President, put out this press release following yesterday's bailout. Some excerpts:

“The bailout will set back the economy’s recovery. It tosses good money after bad. It also punishes companies that attempt to work through their problems without taxpayer largess. Now only a fool will take tough steps to clean up his firm’s balance sheet," Barr explains.
"Instead, they will put in a call to Treasury Secretary Henry Paulson to ask for help,” notes Barr. “Moreover, Congress is creating a bailout culture. No matter how foolish or irresponsible a borrower, lender, or investor may be, they can count on the government to bail them out,” observes Barr.
“Congress must say 'no' more. There must be no more special interest bailouts. Fannie Mae and Freddie Mac must be privatized. There must be no more government pressure on banks to increase lending. We need oversight and transparency at the Federal Reserve. Political meddling in the economy must come to an end,” notes Barr.
“Neither the Republicans nor Democrats can be trusted to protect the taxpayers,” warns Barr.

And here is a video he recently made in which he references the now famous 1999 article predicting the crisis which I linked to earlier this week:

No comments: