Economy & Budget

Ron Paul and Occupy Wall Street should jointly call for full public disclosure of all Fed bailout money

In case you haven’t noticed, the crisis in Europe has initiated what I
would call TARP 2, a rerun of the circumstances and policies of the
original banking and Wall Street bailout. Governments and central banks
are pouring taxpayer money through direct spending and monetary policy,
through multiple channels, in a continuing and growing bailout of Wall
Street firms and banks.

While I have areas of agreement and disagreement with Dr. Paul, one area
I have strongly agreed with him about is the need for full disclosure
by the Fed and other agencies. This is also a major area of potential
agreement between Dr. Paul, traditional liberals, non-corporatist Tea
Party believers and the Occupy Wall Street movement.

What I propose today is limited, targeted and crystal-clear: that Ron Paul join forces with the Occupy Wall Street movement and all other honorable players to push for a white paper issued by the Federal Reserve detailing all bailout spending, through all channels, that benefits major banks and Wall Street firms.

I suggest one clear, understandable and factually complete white paper issued by the Federal Reserve that simply details the facts and the truth.

I am NOT proposing or opposing any specific monetary policy with this idea. I AM suggesting that we are a free people, with actions taken with the consent of the governed, and that a free people deserve to know the truth, the whole truth and nothing but the truth on matters involving the great economic crash of our times.

Exactly how much assistance is being given to the giants of the financial sector, in the U.S. and Europe? If the U.S. is giving assistance to European banks, or to American banks exposed by the Euro-crisis, that should be fully disclosed. To the degree assistance continues today to the American banks, including heavily discounted capital that is a de facto continuing bailout, exactly how much is being given, and on what terms?

At a time when banks are now significantly laying off their own workers, significantly increasing fees to patriotic citizens who paid for the bailouts and foreclosing more homes by the hour, while paying executives huge salaries, we have the right to know how much assistance they are still receiving, right?

Let me praise Dr. Paul, despite our disagreements, about the thoughtful and respectful way he has addressed the Occupy Wall Street movement.

If you are being shafted by banks, Eric Cantor calls you a mob. If you are punished by layoffs, Herman Cain calls this your fault. Ron Paul has tried, with integrity and dignity, to address these issues and these patriotic Americans in his own way. For that, I tip my hat.

Today I therefore propose that Dr. Paul, the Occupy Wall Street movement, traditional liberals, honest libertarians, and those Tea Party supporters who are not agents of banks in disguise should join forces for a full debate based on full disclosure.

It is time to learn the truth, because the truth will set us free.

Tags Eric Cantor

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