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Ron Paul on CorporationsRepublican Representative (TX-14); previously Libertarian for President |
PAUL: First, I don't like the idea that you have good bailouts and bad bailouts. If bailouts are bad, they're bad, and we shouldn't be doing it. But this argument about maybe one that works, you know, the bailing out of GM worked, that's sort of like if a criminal goes out and robs a bank, and he's successful, therefore you endorse what he did, because he's successful. The government is supposed to protect contracts. They're not supposed to regulate contracts and they're not supposed to undermine contracts. And that's what we've been doing. A lot of people will accuse me of advocating a free market, that there's no regulations. Actually, the regulations are tougher, because you have to go through bankruptcy. And it isn't like General Motors would be destroyed. There were good parts of General Motors. But politicians can't figure this out.
It's not a question of being an ideologue. The ideologue label is used to make the morally principled ideology look confrontational and uncaring. This then makes it seem like the immoral philosophy, based on government force, is morally superior. It's always couched in terms of caring for the underdog & not as a bailout of those who have unfairly been benefiting from an economic system artificially stimulated by an inflated currency that benefited certain industries' CEO salaries and workers' wages and benefits.
Very simply, there can't be a more immoral system of money than one based on a banking monopoly that can counterfeit money in secret. The moral argument against the Fed should be enough to dispense with it posthaste.
No, they come to Washington to demand that innocent Americans bail them out & protect a system that deserves no protection. They beg to be taken over, nationalized, to obey a car czar and sacrifice every bit of self-respect that they might retain.
There's a lot of blame to go around for bringing us to this point: the Fed, the Congress, the courts. But the most abhorrent is the failure of the giants of industry to defend free markets. They are willing to be junior partners with government. Fascism is not on their mind.
I call it "nationalism without a whimper," and the corporate business community is begging for it. The nationalization of industry, while retaining private ownership in name only, is just another word for fascism.
For example, large insurance and pharmaceutical companies were enthusiastic supporters of many provisions of ObamaCare because they knew in the end their bottom lines would be enriched.
Socialism is a system where the government directly owns and manages businesses. Corporatism is a system where businesses are nominally in private hands, but are in fact controlled by the government. In a corporatist state, government officials often act in collusion with their favored business interests to design polices that give those interests a monopoly position, to the detriment of both competitors and consumers.
In reality, the typical corporate lobbyist opposes free markets and champions CORPORATISM--an economic system where the government intervenes in the economy for the benefit of certain politically connected business interests. These lobbyists often claim their client's cause is an exception to their staunch free-market principles. My staff refers to these lobbyists as "libertarians, buts" because they often begin their pitch to us with, "I'm a libertarian, but in this case government intervention is necessary because."
The Fed was the key driver behind the housing bubble, which was the key instigator of the 2008meltdown. But it operates largely in secret. Congressman Ron Paul has proposed a bill to audit the Federal Reserve, and he has also called for killing the Fed. Friends of the free market should have no love for his disruptive, unaccountable entity.
Many big business people, bankers, union leaders, politicians, and professors all grew to love inflation, as they saw in it a chance to pursue their goals. Sometimes these were purely materialistic; at other times they embodied the lust for power. In both cases they were immoral.
Some say business profits are the cause of inflation. But profits--in a voluntary market--are only an indication of efficiency and service to consumers. Legitimate profits have nothing to do with inflation. But big business' demand for "easy money" certainly has been a significant reason for monetary expansion. $600 billion in federally guaranteed loans, all of which are for the benefit of business, is the most significant contributing factor to our inflation. Since 1970, 80% of the inflation may have been for "stimulation" of the economy to aid big business and big banking.
Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.
Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.
`To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility.`The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization`s preferred position.
A BILL To repeal the expansion of information reporting requirements for payments of $600 or more to corporations. Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted. [This is the first attempt at dismantling ObamaCare by pieces, as opposed to H.R. 2 which dismantles ObamaCare in whole. The proposed section of the ObamaCare law to be repealed appears below. --OnTheIssues editor].
Congressional Summary:
Supporter`s Comments: (by CUNA, a pro-credit union organization)
America`s small businesses are the engine of growth of our nation`s economy. The effects of the financial crisis of the past few years have spread to all types of lending, resulting in a reduction in the availability
of business credit. At a time when banks are withdrawing credit from America`s small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. Congress should enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions
Opponent`s Comments: (by the Independent Community Banks of America, Nov. 15, 2012)
The tax-subsidized credit union industry is pressing for doubling the statutory cap Congress placed on member business loans. Shifting assets from tax-paying banks to tax-exempt credit unions would reduce tax revenue to the government; the CBO estimates the revenue impact at $354 million over 10 years. We believe that banks are currently meeting the needs of credit-worthy businesses, as substantiated by numerous business surveys.
The United Food and Commercial Workers International Union (UFCW) is North America`s Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.