UPDATED: Ron Paul Admonishes Congress for the Forthcoming Auto Bailout

Update: The 2nd video of Representative Ron Paul (R-TX) speaking out against FEDERAL RESERVE and monetary policy is now available. Sadly, the House passed the auto bailout bill Wednesday evening. The only hope to stop the auto bailout now rests with the Senate. Every Dollar given to the Corportacracy, is another Dollar borrowed from foreign creditors and thus one more Dollar mortgaged against our future generations.

In a capitalism with a free market, companies who make poor choices fail. They then go into bankruptcy and either change their flawed business models or are absorbed by competitors or cease operations. By bailing out these incompetent automotive industry executives, it further substantiates two very important points:

1. We in America do not have a Capitalist Free Market, we have allowed our Republic to become a Corporatism, where business failures are not an option as long as you grease the hands of politicians and special interests. Thereby causing motivation for additional mismanaged companies to seek bailouts.




2. The current crop of plutocratic oligarchs are determined to cushion their own unearned wealth and lifestyles while caring not one iota for us, our children or our grandchildren who will suffer from a declining standard of living.

These reckless spending policies must cease or our Republic will fail, it is not an opinion, it is not speculation, it is fact. The era of buy now, pay later is over. Please if you are taking the time to read this post and have thus read this far, then please phone your Senators and demand that they vote NO on the automotive industry bailout.

Let us give them this chance to show that they understand their job descriptions and oaths of office.

Today on the House floor, Representative Ron Paul lambasted his colleagues in Congress for the endless bailouts they have issued over the last 6 months. He mentioned sarcastically during his speech that he ran the risk of being dismissed for referencing the Constitution, but stressed that Congress must learn to restrain itself to its Constitutional bounds or run the risk of the recession worsening.

The House is scheduled to vote on another $15 Billion Dollars for the Big 3 automakers. The AP is reporting:

The proposal would attach an array of conditions to the auto bailout money, including some of the same restrictions imposed on banks as part of the Wall Street rescue. Among them are limits on executive compensation, a prohibition on paying dividends, and requirements that the government share in future profits and taxpayers be repaid before any other shareholders.

The proposal gives the car czar say-so over any major business decisions by the automakers while they’re taking advantage of federal aid. The companies would have to open their books to the government, including informing the overseer of any transaction of $25 million or more.

Source(s): C-SPAN • Associated Press, “Top Senate Democrat sees auto bailout by Wednesday”