Posted at Barr2008.com. Barr condemns the bailout along with Ralph Nader, Chuck Baldwin, Ron Paul, the CPUSA, Alan Keyes, and Cynthia McKinney.
Atlanta, GA – “It didn’t take much to buy a House vote, only about $130 billion in so-called sweeteners,” says Bob Barr, the Libertarian Party candidate for president, referring to the 58 members of Congress who changed their vote from ‘no’ to ‘yes’ in support of the bailout bill. “So now the House has joined the Senate in taking $700 billion-plus worth of Main Street’s money to bail-out Wall Street. Congress spent money it doesn’t have to get reluctant members to vote even more money that they don’t have.”
“When will it end?” asks Barr.
“The bailout was supposed to pacify the markets, but the stock market dropped after the bill’s passage,” Barr continues. “And no wonder; the 2008 federal deficit ran more than $400 billion. Even without the bailout, Washington will run up a half-trillion in red ink in 2009. The national debt already is $9.5 trillion, with the debt ceiling now pushed to $11.3 trillion. Toss on top of that the total unfunded liabilities for Social Security and Medicare, which exceed $100 trillion,” observes Barr. “Again, when will it end?” Barr asks.
“The bailout will set back the economy’s recovery. It tosses good money after bad. It also punishes companies that attempt to work through their problems without taxpayer largess. Now only a fool will take tough steps to clean up his firm’s balance sheet,” Barr explains.
“Instead, they will put in a call to Treasury Secretary Henry Paulson to ask for help,” notes Barr. “Moreover, Congress is creating a bailout culture. No matter how foolish or irresponsible a borrower, lender, or investor may be, they can count on the government to bail them out,” observes Barr.
“Congress already has approved money for the automakers. How long before other industries begin lining up in Washington with their hands outstretched? Congress will have no good argument to use in saying ‘no,’” warns Barr.
“Finally, who will bail out Washington when the government can no longer pay its bills?” asks Barr. “What happens when the Chinese stop buying America’s debt? If Uncle Sam can’t learn to say ‘no,’ the entire financial house of cards will soon collapse,” Barr says.
“Congress must say ‘no’ more. There must be no more special interest bailouts. Fannie Mae and Freddie Mac must be privatized. There must be no more government pressure on banks to increase lending. We need oversight and transparency at the Federal Reserve. Political meddling in the economy must come to an end,” notes Barr.
“Neither the Republicans nor Democrats can be trusted to protect the taxpayers,” warns Barr. “Sen. John McCain called the bailout a ‘rescue’—a rescue of the most irresponsible and short-sighted borrowers, lenders and investors in America. This is the politics-as-usual railroad, not the Straight-Talk Express. Yet again, those who scream loudest and contribute the most money have their voices heard in Washington. Only a vote for Bob Barr and the Libertarian Party will change the way Washington operates,” says Barr.
Libertarian Party presidential candidate Bob Barr represented the 7th District of Georgia in the U. S. House of Representatives from 1995 to 2003.
Nader’s campaign can be characterized as smart.
I’m not a fan of some of his views, but he has used youtube, personal appearances, press releases, etc., etc., more effectively than the other alternative/independent candidates in the race.
I don’t think youtube was around in 2004, or at least I hadn’t heard of it yet then. From what I have seen, Nader has made better use of it than Barr, Baldwin or McKinney.
He has also done better in all these respects this time than in his last run. Maybe even better than in 2000, but I did not keep track of it as much then.
I’ll be surprised if Nader does not get third place this year.
Nader has been trying to do that, it seems.
See comment 4:
chuckmoulton // Oct 5, 2008 at 10:28 pm
If the Barr campaign is smart . . .
OMG, Chuck, I respect you a great deal, but you can’t be serious to think that the Barr campaign is actually “smart”? I know you’re just speculating, but . . .
Interesting idea.
After the Presidential campaign (presuming he loses), Barr should campaign to have the Congress make him a special prosecutor for this crap.
THE BAILOUT proves Obama and McCain are one and the same:
http://www.nolanchart.com/article5127.html
That rascally fiscal conservative Barr. ROTFLMAO
As I have posted on other sites, the main Freddie and Fannie bail outs were foreign banks and foreign governments whom were warned repeatedly that ‘these funds are not covered by the US Government’!
Oh, I get it, the joke [and the tab] is on us!
I don’t even think Baldwin gets the general idea. He has a few libertarian leanings, but they seem derived from nationalist, anti-globalist, traditionalist, and theocratic notions—not out of sound economics or the non-aggression principle.
Look on the bright side: he’s better than Baldwin on quite a few issues. See
http://thirdpartywatch.com/2008/10/05/lets-get-a-little-practical-why-im-going-for-baldwin-over-barr/
“Fannie Mae and Freddie Mac must be privatized.”
?
Barr seems to get the general idea, but he’s not good on the details…
Anything’s possible.
Unless the conspiracy theorists are right, and the Barr campaign is a very smart operation to destroy the LP.
I’m keeping an open mind.
Yes, I agree.
Chuck,
Given the path the Barr campaign has taken over the past month, I find it much more likely that Barr will make dissing Ron Paul his central issue. He will probably go on the Daily Show and the Colbert Report as “No Ron Paul Bob” and pitch the referendum: “A vote for Bob Barr is a vote against Ron Paul. Ron Paul needs to be sent a strong message from the voters”. This is a strategy destined to get him perhaps tens of votes.
Good advice, but can he successfully make it his own issue? There is broad concensus among many independent/smaller party candidates on this. Nader currently has more money, media, in-person crowds, etc., than Barr; while Baldwin and McKinney trail, they are more likely to be in a heavily promoted debate than Barr – and Baldwin has Ron Paul’s endorsement.
3-4 issues which, as a package, differentiate him from anyone else in the race, with this being one of them, might be good.
Or, perhaps the “No Bailout Bob” gambit might work.
Part of the problem might be the first clause of your first sentence. Contradicts observed facts.
If the Barr campaign is smart, they’ll turn the election into a referendum on the bailout with people against the bailout voting for Bob Barr.
Both Obama and McCain supported the bailout. It seems likely Obama will win by a landslide. All Barr needs to do is convince voters their vote won’t affect the outcome of the election, but they can send a message about the bailout to politicians with a Barr vote.
He should adopt the moniker “No Bailout Bob” and make the bailout referendum his central issue. Get on the Daily Show and the Colbert Report as “No Bailout Bob” and pitch the referendum: “A vote for Bob Barr is a vote against the bailout. Politicians need to be sent a strong message by the voters.”