To complete BS talking points being pushed by Paultards.
First, the Federal Reserve Bank of Kansas is NOT the same as the US Federal Reserve. It does not have any say over monetary policy. Regional Federal Reserve banks’ responsibility is in transferring funds between banks, clearing checks, and making sure banks meet regulatory filing requirements.
Second, his support of TARP is greatly exaggerated. He initially supported temporary emergency loans to banks only but once TARP came out, he vocally opposed it and how it was run.
Paultards are desperate, they know their man will never get as much as 2% of the popular vote.
I’ve seen a lot of this today. Paulites must be really scared of Cain to attack him so fast and furiously.
October 20, 2008
Far from Nationalization, Purchase of Bank Stocks Is a Win-Win for Taxpayers
Earth to taxpayers! Owning stocks in banks is not nationalization of the banking industry. It’s trying to solve a problem.
The unprecedented financial crisis has caused the Treasury of the United States to take unprecedented measures to help solve the problem of frozen credit and cash flow for U.S. businesses.
Most of us had dreams of what we wanted to be when we grew up as children. Some of us wanted to grow up and become a fireman, a policeman, a doctor, a nurse, a lawyer, a teacher, an actor, an engineer, a writer, a dancer, a chef or any number of other professions.
But some of us wanted to own a bank because that’s where the money is!
Wake up people! Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem.
But the mainstream media and the free market purists want you to believe that this is the end of capitalism as we know it. It is not for several reasons that they have conveniently not explained.
First, instead of buying toxic mortgage-related assets of banks as originally proposed, the Treasury has changed tactics and will buy equity positions called preferred stocks, which gives us as taxpayers an ownership stake in their success for a limited period of time.
Preferred stock means we get paid a dividend before any other stockholders get paid a dividend when they make a profit. You got a problem with that?
Second, the purchase agreement between the Treasury and the participating banks has an incentive for the banks to re-purchase the stock back from the Treasury within five years.
If the banks do not re-purchase the stock in five years then we get a bigger dividend until they do re-purchase the stock. That’s a good deal!
The free market purists’ objection to this is that it smacks at government control of the banking industry, which is called nationalization. They are correct. It smacks, but it is not nationalization because that would require the government to own at least 51 percent of the entity for an indefinite period of time.
The ownership by the taxpayers is going to be relatively small and nowhere near the amount needed to be called nationalization. So what’s the problem?
The problem is economic illiteracy and media incompetence. Some people want to continue to fan the flames of anger and outrage over how we got into this mess in the first place. Anger and outrage will not solve the problem.
Unprecedented problems require unprecedented solutions. The actions by the Treasury are a win-win for the taxpayer. But the mainstream media does not get brownie points for reporting win-win solutions for the taxpayers. Their focus is doom and gloom.
These actions by the Treasury, the Federal Reserve Bank and the actions by the Federal Depositors Insurance Corporation (FDIC) are all intended to help solve an unprecedented financial crisis. Unlike steps taken prior to and during the Great Depression, these actions have a high probability of success.
In order for these collective actions to work, the media needs to calm its crisis rhetoric, and Congress needs to just shut up with its political rhetoric.
Now don’t tell Nancy Pelosi and Harry Reid, but if this works, and I believe it will, the Bush Administration will have gotten this one right.
As we say in the South, y’all hush!
The rats have code pink and we have paultards. Just different sides of the same coin. Have you ever seen during election season how these idiots infiltrate and ruin a perfectly good Nascar race? Truth is meaningless to those who are inspired by religious fervor. I agree with probably 95% of Ron Paul’s positions. The other 5% are his followers.
It gets better. I looked at the author's archives and found this nugget:
[Gary] Johnson is a breath of fresh air for many libertarians. And I think when it comes down to it, he is the better choice for the liberty movement. He presents his beliefs clearly, he has a track record of strong executive experience and he is there when it comes to the libertarian philosophy.
He must be proud of Johnson's performance last night.
Thank you you debunked a Paultard argument that my brother used last night.