September 25, 2008

Stop The Bailout! It Is Time To Demand Inaction

By Julian Dunraven, J.D., M.P.A.

Dear friends,

We are facing economic calamity. We stand upon the very brink of destruction yet, even now, we have the capacity to save ourselves from utter ruin and escape to heal our wounds. We must act quickly though, for the U.S. Congress, in its unerring stupidity, is poised to push us into the gaping maw of doom in a matter of days. It is now incumbent upon every citizen to defend this country by contacting their congress people and begging them NOT to pass this ghastly bailout.

Our choice is simple. We can choose not to pass this bailout, in which case the market will stumble a bit before correcting itself. Some companies will fail, jobs will be lost, and times will be hard. Then the good companies, who have managed to run themselves well, will begin to fill in the gaps left by the failures. Other, dynamic businesses will also grow into the market space, and we will recover.

The other option is to pass this bailout. Thus, we spend more than $700 billion we do not have for a result that is not guaranteed. In doing so, we prop up failed enterprises and create an unending dependence on the government that may require many billions of dollars more to sustain. We have none of this money. To do this, we either need to borrow more money and virtually double our national debt or print more money. Either way, inflation will skyrocket and the value of the dollar will be obliterated. What was a bad economic situation will become full economic ruin. In this case, the whole of the world's economy will face depression and we will not recover for a very long time.

Thus, we can restrain ourselves now, suffer through our hardships and recover as quickly as we can, or congress can pass this bailout and we can suffer terribly for a very long time in full economic ruin.

That is our choice. Congress does not see it because they are too busy looking at elections and think they must be seen to do something--something they do not understand. They are more afraid of losing an election than losing the country. In this case, though, they must do nothing. Only if they refrain from acting will we be saved. We all must write to our congress people immediately, before it is too late, and demand that they do not do this thing--that they do not sacrifice this nation to their ambitions-- and that they do not pass this bailout! Time is running out.

P.S. Ron Paul has issued a similar call.

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