You Owe $3,278 to Wall Street

Excerpted from Andrew Davis’ entry on the LP Blog:

Dear American Taxpayer,

Like most Americans, I’m sure you were glued to the news about the “financial crisis” and the government’s “fix” for the problem.  You probably heard that the government was going to come in and save the mortgage industry by bailing out failing corporations.  And, you probably heard both Barack Obama and John McCain say that this bailout was necessary, and good for the economy.

What you probably didn’t hear was that it was going to cost up to $1 trillion dollars, and you were responsible for this money. . . .

This is how much the government is going to cost you (roughly $3,278 for every man, woman and child in the United States). . . .

“No one voted to pour taxpayer funds into Wall Street,” says Bob Barr, the Libertarian Party’s presidential nominee, “and no one voted for the government to take over an insurance company.  If the Federal Reserve can spend as much money as it desires to bail out any company that it desires, is there anything that it cannot do with taxpayer funds?” . . . [full post]

According to Rasmussen Reports:

Only seven percent (7%) of voters think the federal government should use taxpayer funds to keep a large financial institution solvent. Sixty-five percent (65%) say let the company file for bankruptcy.

In an America where 43% of consumers spend more than they earn, the average household carries about $8,000 in credit card debt, and collectively already owe $2 trillion what’s another trillion? Right?

What are we to make of all this? Should we look to the government to solve the problems it created? Will this election matter?

I’m forced to believe it will not. The monopolistic perpetual bureaucracy will not change with a new figurehead on the throne. Lew Rockwell characterizes the current state this way:

The people making the decisions and conducting policy were not elected by anyone. They report to no one. They are the Secretary of the Treasury and the head of the Fed, and each represents certain private sector interests among the financial elite. They conduct their policies based on their private assessment of what is good for those they represent, and they do it in cooperation with the permanently entrenched bureaucracy and financial managers who rule the country.

Both of the major parties in the U.S. support the perpetuity of this doomed to fail system.


While I’ll vote this election based on my principles, I have absolutely zero faith in the system and no hope in government. It’s a waste of energy and resources to do so. Instead my hope is in God and those Americans who do the same. It’s my hope that We the People will cast off these bonds and through voluntary cooperation work to build a brighter tomorrow.

Can this happen? Maybe, maybe not. Either way, it’s better than the dark times that would lie ahead, as is evident from history, relying on a corrupt and broken governmental system to heal itself of its self inflicted wounds.

He who is joined with all the living has hope, for a living dog is better than a dead lion.

– Ecclesiastes 9:4.

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3 Comments on “You Owe $3,278 to Wall Street”

  1. Flying Sioux Says:

    Great post, I agree 100%! I have a hard enough time paying my taxes, rent, insurance, and other bills, and now the government is going to saddle me with the debt of private businesses that made abysmal economic decisions?! I was an active flight instructor for 3 years and I can tell you from personal and professional expereince that failure is one of the best teaching mechanisms. I am opposed to government bailouts and I do not believe the rhetoric that we must choose between bailout and meltdown.

    Bob Barr is opposed to this bailout which is why I will be casting my vote for Mr. Barr in November.

    We are Americans and we can survive this without government intervention. Leave the market alone. Leave me alone. Stop wasting my tax dollars while increasing the burden of debt upon the citizens of the United States!

  2. tjoseph Says:

    “failure is one of the best teaching mechanisms”

    Ever play chess?

    As a parent and homeschool instructor, I know the value of philosophical lessons. I still remember the values taught by my 3rd grade homeroom teacher and my high school history teacher more than many of the lessons I learned afterwards because I saw their lessons in life experiences.

    I would hope that government would learn its lessons from history and its constituency, but I see that both are ignored in favor of instant gratification. If they were sincere in their rhetoric, then they would uphold them. Otherwise, they are dishonest men unworthy of reelection.

    Barr, like most, has his demons and has tried to deal with them publicly, unlike most. He is truly the only individual on the ballot worthy of consideration.

  3. tjoseph Says:

    “Yesterday’s [Mon. September 29, 2008] vote in Congress confirms to me that only Bob Barr is in touch with the American people, and both the Democrats and Republicans are following Bob’s lead!
    The New York Times reports:

    “But a majority of the House voted along with Bob Barr, the Libertarian who said, “We need to make Wall Street take the hit for its irresponsible investment decisions. . .”
    And the highly read slams both McCain and Obama saying:

    “There was, however, one presidential “contender” who got on the right side of this issue: former Georgia Congressman Bob Barr. Barr called today’s bill “the bailout from hell ” and warned it would make Henry Paulson “an economic dictator, empowered to reengineer the economy as he sees fit.”

    “Of course, it isn’t just Bob Barr who scored major political points yesterday [9-29-08], it was redemption for the American people when the vote – which wasn’t even close – went against Wall Street and in favor of average Americans.”

    – Russ Verney,

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