Paul Fears Bailout Could Tank the Economy

The following is taken from a news report quoting Dr. Paul:

The so-called financial “bailout” package could end up tanking the economy, warns Paul. “We’re trying to prop up bad debt,” he warns.

Congressman Paul argued that a bailout does not address the underlying problems that caused the current crisis.

The bad debt should be “wiped off the books” rather than purchased by taxpayers, Paul argued. The Texas congressman said he would vote against the bill, citing a response of 9-1 against it by his constituents.

On a more ominous note, Paul warned of lean economic times ahead. “We will have our recession,” he said, warning that it could turn into a major “depression” if the bailout bill in its current form was signed into law. “We built this problem by…irresponsible spending,” Paul said.

You are in the middle of some kind of project around the house mowing the lawn, putting a new fence in, painting the living room, or whatever. You are hot and sweaty, covered in dirt or paint. You have your old work clothes on. You know the outfit - shorts with the hole in crotch, old T-shirt with a stain from who knows what, and an old pair of tennis shoes. Right in the middle of this great home improvement project you realize you need to run to Wal-Mart to get something to help complete the job.