Comments on bailing out banks and corporations

Kitteh reacts to news of more bailout plans, this time the government taking over banks.
Kitteh reacts to news of more bailout plans, this time the government taking over banks.

“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.”

— Thomas Jefferson Letter to the Secretary of the Treasury Albert Gallatin (1802)

“Under the Federal Reserve Act panics are scientifically created. The present panic is the first scientifically created one, worked out as we would figure a mathematical problem….Wall Street, with its vast banks in New York City and associated banks in all other large cities, suggested that there was prospect of the most disastrous panic that the world had known—unless Congress gave them emergency currency. …..therefore the profiteers, unless they got assistance from Uncle Sam, would not be able to get the bargains they were offered. ….Instead of aiding the people as government should have done, Congress immediately passed and Emergency Currency Act to furnish banks, that the speculators controlled, all the money they should need….and could get as much as they wanted.”

— Page 96-98 ,The Economic Pinch, published in 1923 by Charles A. Lindbergh Sr.

Oh, look. Same scheme then as now. And all we keep hearing President Bush say is unless the government, via the taxpayer, continues to bail these gutless greed machines out there will be panic. And not just American cutthroats, but some handpicked European rapists as well.

Oh, scream.

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