I found myself wondering today why Ron Paul has been completely absent from media coverage of the Merrill Lynch sale and Lehman Brothers bankruptcy. Paul, more than any other candidate for president this year, made an issue of the government's management of the economy and how he believes we're being led off a cliff. He would no doubt have a lot to say, given his remarks in May against proposed House bills to bail out mortgage lenders:

It is neither morally right nor fiscally wise to socialize private losses in this way.

The solution is for government to stop micromanaging the economy and let the market adjust, as painful as that will be for some. We should not force taxpayers, including renters and more frugal homeowners, to switch places with the speculators and take on those same risks that bankrupted them. It is a terrible idea to spread the financial crisis any wider or deeper than it already is, and to prolong the agony years into the future. Socializing the losses now will only create more unintended consequences that will give new excuses for further government interventions in the future. This is how government grows - by claiming to correct the mistakes it earlier created, all the while constantly shaking down the taxpayer. The market needs a chance to correct itself, and Congress needs to avoid making the situation worse by pretending to ride to the rescue.

In a search of Google News, I could find no evidence that Paul has been interviewed about the current financial crisis. I did find a speech he made on the floor of the House of Representatives in March.

The text of his speech also is online.

-- Rogers Cadenhead

Add a Comment

These HTML tags are permitted: p, b, i, a, and blockquote. A comment may not include more than three links. Participants in this discussion should note the site's moderation policy.

:
:
: