Ron Paul: Don't Ask for a Bailout
So, have you made up your mind yet?
Americans are apparently divided on whether or not to support the financial bailout. Poll findings have been inconsistent, with USA Today reporting that almost 80 percent want the bailout and the CBS Evening News saying only 16 percent of Americans think it's a good idea and more than 1 in 3 thinks it's a bad idea. Judging from yesterday's comments, most Alpha Consumer readers come down firmly against it.
I asked Rep. Ron Paul, the Texas Republican who was one of the first people to speak out against the bailout because it conflicts with his small-government beliefs, what the plan would mean for consumers who are struggling with foreclosures, credit card debt, and other financial stresses. (Some versions of the proposal include provisions to aid such borrowers.) He told me:
"If they've spent more money than they've had and can't pay their bills, they have to either quit spending and work hard to pay off the debt, or, if [necessary], file for bankruptcy. But they shouldn't ask other people, who may be poor themselves and just barely making it [for help.] If you ask taxpayers to do it, someone else gets stuck with the bill. Someone else always has to pay the price. This idea that there are no victims, that's a fallacy."
Do you agree?
- Meanwhile, if you have money in a Washington Mutual account and you're worried about how JPMorgan's takeover last night will affect you, check out my colleague Emily Brandon's explanation.
Tags: Ron Paul | polls | Wall Street | government intervention
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Reader Comments
Thank you Ron
Ron, Thank for standing up for the people. There's only a hand full of you who understand what their jobs are.
It seem that alot of the people who set in the seats in Washington, think it's their right to do what they want and not answer to the people. Washington playground.
I think the people are ready to take the country back.
Ted Poe would be the right judge to set on the hearing people vs speaker of the house gang and you'd be the right one to sat by his side.
Emmett Smith
Bailout
I am 83 and living on SS and a couple of small retirement funds. I am sorely against the govt bailing out big business, and putting a huge burden on taxpayers to do it. It looks to me as if the gov't is simply bailing out the fat cats who made a big mistake, loaning too much money at too low a rate to many fools who were willing to assume debts in amounts they simply couldn't afford.
But I am fearful that, if they don't do the massive bailout, that my retirement will be negatively impacted. What do you advise?
Bailout
I am 83 and living on SS and a couple of small retirement funds. I am sorely against the govt bailing out big business, and putting a huge burden on taxpayers to do it. It looks to me as if the gov't is simply bailing out the fat cats who made a big mistake, loaning too much money at too low a rate to many fools who were willing to assume debts in amounts they simply couldn't afford.
But I am fearful that, if they don't do the massive bailout, that my retirement will be negatively impacted. What do you advise?
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