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John McCain and Barack Obama have both been playing it safe with the bailout bill. McCain ran back to Washington and tried to “move things along” and Obama stayed behind and blamed Bush for the failure in the first place after the bailout collapsed. Ron Paul isn’t someone that the media usually runs to when it wants an opinion but it definitely did when the bailout started to roll in. Bob Barr and Chuck Baldwin have made their opinions about the bailout clear from the beginning as well and it’s worth noting.

The public outcry against the bailout bill has been tremendous. I can only imagine the amount of phone calls the office workers had to answer. According to a Rasmussen poll only twenty-four percent of those polled agreed with the $700 billion bailout. That didn’t stop forty-seven percent of the House from voting for the bill. The bill did fail but it’s interesting to note how many of these so called representatives did anything but represent the people.

Baldwin’s take on the situation was anything but approving.

Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by the bailout of Freddie and Fannie that will cost the taxpayers up to $200 billion. Then the Fed announced the bailout of AIG to the tune of $85 billion. Mind you, AIG is an enormous global entity with assets totaling more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into global money markets. And the Treasury Department promised $50 billion to insure the holdings of money market mutual funds for a year. Now, taxpayers are being asked to provide $700 billion to Wall Street. (I hope readers are aware that, not only will American banks be bailed out, but foreign banks will also be bailed out. Then again, at least half of the Federal Reserve is comprised of foreign banks, anyway.) In other words, the Federal Reserve is preparing to spend upwards of $1 trillion or more. Remember again, this is fiat money, meaning it is money printed out of thin air.

Bob Barr had a lot to say about the unconstitutional bailout as well.

“The leaders of both the Republican and Democratic Parties are rushing ahead with their $700 billion bill,” says Bob Barr, the Libertarian Party candidate for president.  “Without a single hearing and without considering other solutions, Congress is preparing to put the typical American family on the hook for more than $8,000.  Legislators in both parties need to stand up for the American people and say no,” says Barr.

“If bailouts are the answer, why hasn’t the $300 billion housing bailout worked?  What of the $100 or more billion bailout of Freddie Mac and Fannie Mae?” Barr asks.  “This bailout package doesn’t resolve the underlying problems.  It merely transfers the liabilities to 5the taxpayers,” he observes.  “Instead, we need to make Wall Street take the hit for its irresponsible investment decisions.”

Being third party allows these two candidates to speak the truth. It’s clear that a financial crises is unfolding but the urgency and force used to try and get this bailout through was suspicious and wrong. Without holding hearings and seeking further opinions and solutions we are left with the one solution and absolutely no alternatives. If we could have three or four plans laid out in front of us to allow the best decision to be made we wouldn’t be so reluctant to fix this problem. Both Obama and McCain can learn from these two.

John McCain and Barack Obama saw the bailout of Wall St. at our expense as necissary. Forty-Seven percent of the House saw the bailout of Wall St. ar our expense as necissary. Seventy-six percent of Americans didn’t see this bailout as necissary and neither did the Libertarian of the Constitution Party candidates Barr and Baldwin. It’s worthy of noting because it makes you wonder what John McCain is doing. Is he a conservative? Does he abide by his own party’s platform? In this sense I guess both answers are no.

Related Posts

• Does McCain and Obama’s Support for the Bailout Bother You?
• Choices
• Congress Wanted This Bailout. Let Them pay for It.
• If McCain Snubs the Debate how About a Substitute?
• Why You Should Consider Voting Third Party

Tags:  Bob Barr Chuck Baldwin Government Bailouts ron paul