Mr. Jefferson was right.
Thomas Jefferson’s Warning To America :
“I believe that banking institutions are more dangerous to our liberties than standing armies.
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Just a thought there… back to the drawing board for me.
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So today, no matter how little most people in America want it. Congress will vote to put an expensive bail-out plan into effect. Why will they really do this? So they can appear to be doing something. Basic economics says to just let the system adjust naturally, but no, politicians can’t leave it alone. This proves that it really doesn’t matter what you vote, democrat or republican, either way they will mess with things that don’t need messing with. All the stock market needs is time to readjust to a more realistic value. All the bailout will do is slow this process and direct tax money to a task that isn’t the government’s domain. Economic adjustments aren’t fun, but they are needed. Funny, when the economic adjustment to Oil came on the horizon, the government told us just that, that it is just normal market adjustments. Now that wall street is finally adjusting for the excessive valuation growth, the rich players want to get some padding for the pain. Since they have more input to the system than Joe Blow at the pumps, here we are.
Funny thing I thought about the other day. What if this was some type of plan by the larger banks to get rid of the smaller and middle sized banks. Before there have been tight controls on how big banks in the US could get but with the failures much of that is being bypassed and assets are being sold to larger banks without much being said about it. It just makes me wonder because so much of this could have been avoided but everybody just let it happen.