[TracyCoxx]

Originally Posted by randolph

Well--- That's was before he inherited the Bush meltdown. I got no answer from you on what would have happened if Obama had not poured cash into the economy as the country melted down, where would we be today?

I did answer here:

Originally Posted by TracyCoxx

I think at most it only bought us time, and in the meanwhile, it left us with a larger debt. The ramifications of that are not over. I think as Ron Paul says, we were left worse off in the long run than if we bit the bullet and took the hit.

And here's what Ron Paul said in September of 2008. I still agree with him...

Monday, September 29, 2008

As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.

Stating that the passage of the bailout bill would only make the problem worse, the Congressman from Texas said, ?This has nothing to do with free market capitalism, this has to do with a managed economy, an inflationary system, corporatism, a special interest system, and this has nothing to do with the failure of our free markets and capitalism.?

Paul blamed the current crisis on a Federal Reserve power monopoly over the money and credit system, the ceaseless borrowing and printing of money, and dismissed the bill as nothing but more of the same.

?Long term this is disastrous,? continued the Congressman, ?we?ve already pumped in $700 billion dollars, here?s another $700 billion dollars ? this is going to destroy the dollar ? that?s what you should be concerned about ? if you destroy the dollar you?re going to destroy a worldwide economy and that?s what we?re on the verge of doing.?

Paul said that the long term implications of the bailout would be a lot more serious than the problems currently being experienced by Wall Street.


The Congressman called for more oversight and warned, ?What we?re doing today is going to make things much worse.?

Paul expressed his frustration that free market economists who predicted the crisis were being ignored while the people who created the problem were being given the responsibility to offer a solution.