You Can’t Save Free Markets by Socialism

In California, the Governator has declared a “state of emergency” and in New York, the state is facing a $47 billion dollar shortfall are among states going bankrupt and calling for federal (i.e. taxpayer) bailouts from a government that is living off borrowed money.

Here is Ron Paul doing what he does best – explaining to the utterly clueless “pundits” how government intervention in the form of “rescue” and “bailout” and “stimulus” are what caused the financial crisis in the first place. How the dollar is being destroyed and has made our government bankrupt. It won’t be long before the government does what Argentina’s government did – Nationalize our IRAs and 401Ks so they can fund more bailouts.

Quotes from the video:

“You have to allow the market to set the prices.”

“This won’t solve the problem.”

“Are you going to have a short painful period for a year, or are you going to prolong the agony with a depression.”

“You can’t save free markets by socialism”

“This country is bankrupt and we won’t admit it.”

“We are on the verge of destroying our dollar.”

Socialism: 9 US banks to receive $125 billion of taxpayer funds

This is socialism for you. Think about it….how does this differ from the philosophy of German fascism, which preached “the common good comes before the private good”? (Hitler quote), A defining characteristic of fascism was that all profits were private, but losses were socialized.

Chairman Waxman Requests Compensation and Bonus Information for Employees of Major Banks

In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008.

Click here to read letters to the banks.

We, the taxpayers will be paying for the bonuses this year for these Maserati driving fat cats on Wall Street. Bloomberg reports that they will not surrender their bonuses this year:

Wall Street’s chief executives will hunker down and pay bonuses this year in the face of the worst financial crisis since the Great Depression, a taxpayer bailout and mounting political outcry, industry veterans say.

Did Karl Marx Have It Right?

An Online Poll in the London Times shows how popular Communism has become….majority of the people (51%) believe Marx had it right:

Karl Marx: did he get it right?

Not one socialist/communist state ever succeeded….all socialist/commie states were totalitarian and run by tyrants or dictators. They all collapsed.

Shows you how stupid sheeple have become – TV does that to you.

I bet you these people couldn’t live one day in a socialist country.

I have lived under socialism; my family owned two buildings which were “nationalized” by the government in their country when they went socialist – “These buildings belong to the people now” we were told and my family had to pay rent to live in the property they saved up for and built. Businesses, farms, etc all were nationalized. Government stole everything from the people and screwed the citizens dearly.

We had to lineup for things like bread and milk and carry ration cards for simple things like flour or sugar – 2 kilos per household – rice was limited so there was a black market. If we went abroad we used to smuggle in light bulbs and toothpaste.

What do these idiots who voted yes know about socialism?

God damn Marxism, Marx and all those airheads who love socialism/communism.

Argentina’s Pension Grab – Coming soon to an IRA near you.

Argentina’s government is going to steal the money from the very people who worked hard, lived frugally and saved money for retirement.

This is what treacherous, incompetent governments do…they use crisis like a financial collapse as a smokescreen for stealing more money from hard working, responsible citizens.

In the USA, Americans who worked hard, lived frugally, saved money and made wise investments, are being forced to bailout banks that made bad investment decisions. The people who lost billions are being rewarded with millions of dollars in bonuses and 9-digit salaries and a bailout of their companies at taxpayer expense. They will not lose their jobs either. Only in America….

The US government bought stakes in banks at our expense, when these socialist reforms by the Bush administration do not work we will have to bail out the government again. Imagine that – 8 years of a Republican President… Bush and we end up with Socialism in America.

In Argentina – the government decided they are nationalizing private retirement accounts of individuals to bail out the government because it is unable to pay it’s bills.

Can this happen in the US or Europe? If it does…Please cry for me Argentina…..

Argentina’s Property Grab

Argentine President Cristina Kirchner announced this week that her government intends to nationalize the country’s private pension system. If Congress approves this property grab, $30 billion in individually held retirement accounts — think 401(k)s — managed by private pension funds will become government property.

That the state could seize retirement savings no doubt seems outrageous to Americans. But it is a predictable development in a country where government intervention in the financial system is the norm. With Washington now expanding its role as guarantor in American banking, that’s something to think about.

UK Police State Stories – Mobile Users Need to Register

In the UK now – mobile users will have to register into a DB – this is a violation of a person’s privacy. They will need a passport or ID to purchase a cell phone – every move they make will be monitored. Every word they say in the cell phone will be monitored. 24/7 you will be tracked….All Brits are terrorists now.

Passports will be needed to buy mobile phones

Everyone who buys a mobile telephone will be forced to register their identity on a national database under government plans to extend massively the powers of state surveillance.

Phone buyers would have to present a passport or other official form of identification at the point of purchase. Privacy campaigners fear it marks the latest government move to create a surveillance society.

A compulsory national register for the owners of all 72m mobile phones in Britain would be part of a much bigger database to combat terrorism and crime.

U.S. Stocks Tumble; S&P, Dow Average Post Worst Annual Retreat Since 1937

People are wondering why the bailout is not working. How can it – the mess was caused by government action, spending and lowering the interest rates that fueled an economy on borrowed money. That is all ended now. Time to pay the bills….


http://www.guardian.co.uk/business/2008/oct/07/creditcrunch.marketturmoil1

Last week the bailout bill passed – it was like pouring gasoline over fire. It will be known as The Great Bank Robbery of 2008.

They took the $700 bn, stuffed it with pork to make it $850 bn, it went from 3 pages to 451. I bet you no one even read it.

Last week in addition, the Fed “injected” $600 bn and the US government quietly passed another $630 billion spending bill which includes the largest spending bill for the Pentagon (a massive $488 billion). Great – war is a bigger priority in this country than the economy.

Its a lie – There is no credit crunch – today the Fed doubled their auction reserves available to banks to $900 billion.

The automakers are not selling vehicles because of high gas prices not because people are not financing cars.

Homes are not selling because they are overpriced and the sub prime “liar loans” (where anything you lie about including your income is accepted) are not available any more.

Banks are not lending to other banks because they do not trust each other and they have been burnt badly so they have stricter borrowing rules now for consumers as well.

I am staying away from borrowing, I’d rather put money in gold bullion or tax free municipal funds – Vanguard offers Tax Exempt Funds backed by states offering just over 5%.

The only way to a path to economic recovery is to stop the wars in Iraq and Afghanistan, close down the over 700 military US bases in 130 countries, stop threatening countries like Iran. The trillions going to the war should go back to the taxpayer as lower taxes which can be used as capital for investment.

That is the only way this economy will recover. More bailouts will only feed this fire….