CHESSNOID

I have to agree with this congressman from Texas.  Regardless of what your political affiliation is, it is hard to argue with a man who understands big government is a big waste.  He was against the war and voted against it at every opportunity.  He voted against this bill and with good reason:

Once again, Texas Representative and former GOP Presidential hopeful Ron Paul has voiced his criticism on the bailout. It was not long before Bush made his televised address to Congress, that Paul said the bailout deal was a bad idea. Paul said that this is another example of the government butting in.

Paul had given his input with an interview with John Roberts of CNN. Paul also serves on the House Financial Services Committee. Unlike the last time, Paul gave both his criticism of the bill and his solution to the financial crisis.

So far, he said that the bailout is bad for taxpayers and that the government is doing the same thing that led to such problems. Paul has recognized and acknowledged that he has little clout and influence in Washington DC. He said that you go to people that do have the influence. Paul implied that Congress underestimates how much influence the American people have.

Then Paul would give his solution. First, he said that the root of the problem needs to be recognized. He cited too much debt and too many bad investments. Paul said that they have to be liquidated. In addition, Paul said that the market needs to be allowed to adjust the prices downward.

According to Paul, one big mistake is the encouragement of more housing yet keeping the prices high at the same time. He said that we should be doing the opposite. Paul adds that the debt needs to be liquidated. But, he admits that things would be tough for at least a year.

This is what Paul proposes for his solution. However, Paul gave criticism to the stipulations that the Senate wants to add onto the $700 billion bailout bill. He said that the government is only thinking short term and not long term.

The way he explains it makes it seem like common sense. I hope Congress looks for a better solution for helping the economy. Going on a buying spree on bad debt is definitely not the solution and will actually make the recession both longer and more severe.