Thursday, January 29, 2009

Sound the Alarm, Prepare to Dive

Looks like another round of Bailouts to further pull down the economy. JB Williams wrote an article that puts it in perspective. Let me quote a small section for you.

Congressional Democrats Bankrupted the Nation

History of Government Sponsored Enterprises
Even though the US congress has been mucking up the banking industry since 1916, few Americans are familiar with GSE’s, (Government Sponsored Enterprises). As a result, the people have hired the same people who destroyed the US economy to begin with, to fix the US economy. Those people are now attempting to save the nation from complete economic collapse via the same failed economic policies that caused the crisis...
History repeats for benefit of those who have not yet learned the lesson
Although the US Constitution affords the federal government no such power whatsoever to engage taxpayer revenue in banking or any other economic enterprise, Congress has been recklessly meddling in private enterprise for almost one hundred years now, with a devastating track record of unparalleled failure.
The 2008-2009 collapse of the US banking system is not the result of failed free market mechanics, but rather a clear demonstration of just how unqualified the federal government is to regulate industry and private enterprise. It is not the result of the last eight years, but rather the last eighty years or more... It was not an accident, but instead a natural end to a bad idea.
The Beginning
The 64th US Congress created the first federal GSE in 1916, with the establishment of the Farm Credit System. Democrats controlled both the House and the Senate at the time and Democrat Woodrow Wilson was president.
The stated objective was to “provide sound and dependable credit to American farmers, ranchers, producers or harvesters of aquatic products, their cooperatives, and farm-related businesses. - We do this by making appropriately structured loans to qualified individuals and businesses at competitive rates and providing financial services and advice to those persons and businesses.”
A noble objective, but the key word in this statement is the word “qualified.” They were not talking about “credit worthy” qualifications, or a borrower’s ability to repay, but rather qualifications tied to a borrower’s “need.”

Read the Rest Of JB Williams Article

I know I have written similar stuff but it is good to hear others profess the same thing. This points to the fact that we are not alone. The problem is visible to others willing to look. Those who are unwilling and blind to the lessons of history are running our nation. Once again I am asking you to help them out by writing and telling them. Use the tool on my side bar to get the names and addresses of your congressional critters.
It took WWII to save us the last time. I hope we don't need WWIII to recover this time. There might not be a planet left.

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