Crisis on Wall Street
Massive fluctuations in the stock market are signaling economic unrest at home and around the globe. On September
15th, the stock market dropped over 500 points - the largest point drop since 9/11.
The Federal Reserve's recent bailouts of Fannie Mae, Freddie Mac, and AIG have already cost American taxpayers
hundreds of billions of dollars, and the price may ultimately be in the trillions.
What's the Federal Reserve? It is an unelected, government-licensed monopoly that inflates the supply of dollars in our
economy.
The mortgage crisis and the current economic turmoil is a direct result of the Federal Reserve's artificial lowering of
interest rates - which spurred major banks and other corporations to back bad mortgages.
And the bills are now coming due. With each new bailout, you are forced to take on the liabilities of Wall Street, all while
the value of your paycheck decreases due to the inflationary policies of the Federal Reserve.
What are our leaders in Congress doing about it?
"No one knows what to do...."
- Senate Majority Leader Harry Reid (Bloomberg.com, "Democratic Congress May Adjourn, Leave Crisis to Fed, Treasury,"
September 18, 2008)
Now, Treasury Secretary Henry Paulson (former CEO of Goldman Sachs) and Federal Reserve Chairman Ben Bernanke
want American taxpayers to take on $700 billion in bad mortgage-related assets.
Is there a solution?
America became the greatest, most prosperous nation in history through low taxes, constitutionally-limited government,
personal freedom, and a belief in sound money. The way out of this current financial crisis is to return to those timeless
principles:
1.) End the Bailouts - The Federal Reserve's authority to use taxpayer money to bail out Wall Street must be revoked and
the Fed must be held accountable.
2.) Stop Congress' Reckless Spending - We must freeze all non-entitlement spending by the federal government at
current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget.
3.) Cut Taxes - If Wall Street can be given your tax dollars, shouldn't you get some back? It's time to cut taxes and return
your money to you. Combined with spending reform, this will increase the purchasing power of our dollars and help
lessen the economic storm.
4.) Reform the Monetary System - If we are to have long-term economic progress, we must end the system of printing
money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned.
What can I do?
Contact your representative and senator today and let them know that it is time to end the Federal Reserve's stranglehold
on our economic future! Ask them to reject the Paulson and Bernanke plan to prop up reckless banks at your expense.
Capitol Hill switchboard - (202) 224-3121
Visit
www.house.gov and
www.senate.gov to find the websites of your representative and senator.
In time, we can turn our economy around and secure our children and grandchildren's economic futures. But we must
take action now!
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