PBA, Detectives, DA Condemn Newsday
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(Long Island, N.Y.) The Unites States Congress, which could adjourn for the year as early as this week, is now deciding the unthinkable: How to take 700 Billion dollars from the American people and give it to those on Wall Street who lied and cheated us into this financial mess. This is a discussion that shouldn’t even be on the table.
Congress is being pushed into a corner to sign legislation before the end of the week, despite the fact that the White House admitted it drew up this scenario over pervious months and weeks. Some say this is no surprise as unfavorable bills or those which are not in the best interest of the people are often sent to congress with strategic timing such as this.
According to the New York Times, many Americans are writing their elected representatives in the nation’s capital to voice their concerns. “The last time that Congress hurriedly passed legislation that the administration presented as ‘urgent’ we got the Patriot Act, with its mix of necessary reforms and onerous civil rights abuses, Do not fall into this trap again”. One of the constituents wrote. We can only hope that Congress will listen to the many Americans who contact them.
Over the last year, Treasury Secretary Henry Paulson repeatedly assured the American people that the United States economy was sound. While many suspected that the United States was facing a recession, those like Henry Paulson, President Bush, and Federal Reserve Chairman Ben Bernanke explained the downturn as our nation facing “tough times” or “difficult challenges”. Today, they ask the American People to believe that catastrophic danger awaits them around every corner if action is not taken now. That they did not notice this as being possible until days ago – requiring quickly written three page legislation that would put taxpayers on the hook for purchasing troubled assets – mainly mortgage-backed securities, to be signed and passed immediately. Paulson’s original proposal included statements like: “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.”
Representative Ron Paul of Texas, who has been fighting to explain the nations economic difficulties for years, was quoted in a July article as saying “Some Big Events Are About To Occur“. He warned that “These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.” But few ran this story.
Government intervention in the free market has artificially inflated prices for years. This has made money too easy to come by, and let banks lend to previously overly risky buyers. These governmental measures, combined with the Federal Reserve’s loose monetary policy, led to an unsustainable housing boom. The key measure by which the Fed caused this boom was through the manipulation of interest rates, and the open market operations that accompany this lowering.
This lowering of prices which we are experiencing today actually brings the economy back into balance, equalizing supply and demand. However. the government doesn’t like this, and is willing to put the tax payers money on the line to keep prices artificially inflated.
We must restore the checks and balences of our financial system by saying no to another Wall Street Bailout.
The following group of prominent economists, including numerous Nobel Prize winners, has written a letter slamming the bailout proposal: