Friday, September 19, 2008

"Saving" the markets could cost 1 trillion dollars

Remember a few days ago when I told everyone how much the government says that this financial bailout of the market will cost? Remember when I said that number will most definitely go up? Today the other shoe has dropped and you should prepare to dig deep into your pockets.

The new financial plan that Paulson has proposed and lawmakers have worked on and seemingly agreed on is going to cost an estimated 1 trillion dollars. That is staggering.
Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.

Of course everything with the government is under estimated and I am sure $1 trillion may be less than what we think.

Please raise your hand if you think it is a smart idea to continue to allow the government to print money not backed by anything, raise your hand if you think they should still have this power. You will note my hand planted firmly at my side. End the Fed folks and go back to sound money.

It is now 9:40am as I write this, and Paulson is going to speak at 10am. I will have an update after his speech.

UPDATE: The only thing Paulson said was that this $1 trillion dollar plan will be better for the taxpayers than the alternative. He is presenting this plan to Congress for them to review over the weekend and to get passed by the end of next week.


The Government, the Federal Reserve, and these companies made large mistakes and they should suffer for them. The Federal Reserve is one of the primary culprits. Demand that the Federal Reserved be ended. The Federal Reserve is not a government organization, it is a private business that charges the Government interest to print money. It is in the best interest of them to print more money.

It is funny, over the past hour I have heard many people on the news talking about how bad the Fed is, but Dr. Ron Paul has been saying this for years before the markets have gotten bad. Pay close attention folks. Listen to the Ron Paul supporters, they tend to be smart as a whip on economics and government regulation, but do not take their word as truth, research it for yourself.

Welcome to the world of more regulation, to the world of you, the taxpayer, bailing out PRIVATE COMPANIES. Congratulations American's, you are now the proud owner of many large private companies...I hope you demand to see the profits.

Welcome to the People's Republic of China America.


1 comment:

  1. The .gov now holds a majority stake in the banking, mortgage and insurance markets.

    It is well past time to get totally out of debt. Own you home outright and leave those credit cards behind. Up until a couple of weeks ago I was all for leveraging debt, but now debt equals servitude. The only free men will be those who are free from debt.


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